Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-15

Arcturus Therapeutics Holdings (ARCT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,691,000
Joseph Payne total, FY2025
CEO pay percentile vs peers
8.1:1
CEO-to-median pay ratio
97.9%
Say-on-pay support, latest vote
Companies that benchmark against ARCT
8 companies name ARCT as a compensation peer

Each company listed discloses ARCT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ARCT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joseph Payne$750,000$0$0$941,000$0$0$0$1,691,000
President and Chief Executive Officer, Director
Andy Sassine572,0000037,50000572,0001,181,500
Former Chief Financial Officer
Padmanabh Chivukula572,00000290,000000862,000
Chief Scientific Officer, Chief Operating Officer
Lance Kurata540,00000290,000000830,000
Chief Legal Officer
Joe Roberts219,5800054,000000273,580
Interim Principal Financial and Accounting Officer; Controller

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Joseph Payne$1,691,000
Andy Sassine1,181,500
Padmanabh Chivukula862,000
Lance Kurata830,000
Joe Roberts273,580

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dennis MulroyChief Financial Officer2026-05-01A100,000$0$0Derivative, Class A CommonForm 4 ↗
Peter FarrellDirector2026-06-05A15,00000Derivative, Class A CommonForm 4 ↗
John H. MarkelsDirector2026-06-05A15,00000Derivative, Class A CommonForm 4 ↗
Jing L. MarantzDirector2026-06-05A15,00000Derivative, Class A CommonForm 4 ↗
Moncef SlaouiDirector2026-06-05A15,00000Derivative, Class A CommonForm 4 ↗
James BarlowDirector2026-06-05A15,00000Derivative, Class A CommonForm 4 ↗
Magda MarquetDirector2026-06-05A15,00000Derivative, Class A CommonForm 4 ↗
Edward W. HolmesDirector2026-06-05A15,00000Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Padmanabh ChivukulaOPTION2025-12-1754,000$290,000
Joseph PayneOPTION2025-12-17175,000941,000
Lance KurataOPTION2025-12-1754,000290,000
Joe RobertsOPTION2025-12-1710,00054,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Padmanabh Chivukula$0$0$290,0000.0%
Joseph Payne00941,0000.0%
Lance Kurata00290,0000.0%
Joe Roberts0054,0000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Joe RobertsOption6,75016.24
Padmanabh ChivukulaOption62,50028.88
Padmanabh ChivukulaOption31,25016.92
Padmanabh ChivukulaOption54,0006.52
Lance KurataOption45,00016.24
Lance KurataOption54,0006.52
Joe RobertsOption54237.44
Joe RobertsOption10,0006.52
Joseph PayneOption100,00028.88
Joe RobertsOption1,75016.92
Joseph PayneOption62,50016.92
Joseph PayneOption147,00016.24
Padmanabh ChivukulaOption45,00016.24
Lance KurataOption37,50028.88
Lance KurataOption31,25016.92
Joe RobertsOption3,75028.88
Joseph PayneOption175,0006.52
05

Incentive-plan design — the Compensation Discussion & Analysis

Our current executive compensation programs are intended to achieve the following four fundamental goals and objectives: (1) to incentivize and reward sustained long-term performance by aligning significant elements of executive compensation with our stockholders interests, (2) to attract and retain an experienced, highly qualified and motivated executive management team to lead our business, (3) to provide economic rewards for achieving high levels of our performance and individual contribution, and (4) to pay compensation that is competitive, taking into account the experience, skills and performance of the executives required to build and maintain the organization necessary to support our mission to become a leading RNA medicines company.

CEO STI target (% of salary)60%
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0515,254,240327,647176,37597.9%Passed
20252025-06-0618,472,131586,00664,72496.93%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0597.9%a
20252025-06-0696.93%b

a. Approved under the standard stated in the filing — “Abstentions will count towards the quorum requirement for the annual meeting but will not count as a vote for or against the proposal.”.

b. Approved under the standard stated in the filing — “Abstentions will count towards the quorum requirement for the annual meeting but will not count as a vote for or against the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)8.1 : 1
CEO total compensation$1,691,000
Median employee compensation$208,500
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Moncef SlaouiIndependent$80,500$0$154,000$0$-500$234,000
James BarlowIndependent · Audit (Chair) · Compensation80,0000154,0000234,000
Edward W. HolmesIndependent · Audit · Nominating/Governance (Chair)70,0000154,0000224,000
Magda MarquetIndependent · Compensation (Chair)70,0000154,0000224,000
Peter FarrellIndependent67,5000154,0000221,500
Jing L. MarantzIndependent · Compensation · Nominating/Governance65,0000154,0000219,000
John H. MarkelsIndependent · Audit · Nominating/Governance65,0000154,0000219,000
Joseph E. PayneEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)10,000 / 10,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$498,000
Equity awards (grant-date value)$0
All other compensation$-500
Total cost of the board$497,500

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Blueprint Collegium Corcept HeronINSM InsmedNVAX Novavax Travere Ultragenyx VandaVIR Vir BiotechnologyPTC PTCAKR ACADIA Coherus Dynavax Ironwood
10a

Peer reciprocity

Of the companies Arcturus Therapeutics Holdings names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Arcturus Therapeutics Holdings.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1PTC2025Neil Barua$800,000$21,720,456$0$1,620,000$24,315,129
2Insmed2025William Lewis854,5502,999,9409,000,0331,495,46314,467,393
3Novavax2025John Jacobs792,9173,545,4353,763,292640,3318,856,015
4Vir Biotechnology2025Marianne De Backer950,0002,296,8003,507,3601,002,7507,834,045
5ACADIA2025Kenneth Bernstein850,0003,574,54402,486,8986,922,230
6Arcturus Therapeutics Holdings2025Joseph Payne750,0000941,00001,691,000

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Arcturus Therapeutics Holdingsnot disclosedOptions 100not disclosednot disclosed
ACADIA145%LTIP Units 100Yes — Relative TSR vs. Nareit Shopping Center IndexFerguson Partners Consulting (FPC)
Insmed175%Options 75 · RSU 25NoWillis Towers Watson (WTW)
Novavax95%Options 50 · RSU 50not disclosedPearl Meyer
PTC135%PSU 60 · RSU 40Yes — Three Year Relative TSRPearl Meyer & Partners, LLC
Vir Biotechnology125%Options 67 · RSU 33not disclosedSemler Brossy

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Joseph PayneDEF 14A2026-04-240001193805-26-000507Section “Summary Compensation Table” · page 1. As printed: 1,691,000. Filing ↗machine: t116 · r1 · c27 · span 296910–296919
2Section 01, Andy SassineDEF 14A2026-04-240001193805-26-000507Section “Summary Compensation Table”. As printed: 1,181,500. Filing ↗machine: t116 · r9 · c27 · span 305965–305974
3Section 01, Padmanabh ChivukulaDEF 14A2026-04-240001193805-26-000507Section “Summary Compensation Table”. As printed: 862,000. Filing ↗machine: t116 · r5 · c27 · span 301410–301417
4Section 01, Lance KurataDEF 14A2026-04-240001193805-26-000507Section “Summary Compensation Table”. As printed: 830,000. Filing ↗machine: t116 · r13 · c27 · span 310424–310431
5Section 01, Joe RobertsDEF 14A2026-04-240001193805-26-000507Section “Summary Compensation Table”. As printed: 273,580. Filing ↗machine: t116 · r17 · c27 · span 314894–314901
6Section 03, Padmanabh Chivukula OPTIONDEF 14A2026-04-240001193805-26-000507Section “2025 GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t117 · r3 · c15 · span 325492–325499
7Section 03, Joseph Payne OPTIONDEF 14A2026-04-240001193805-26-000507Section “2025 GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t117 · r1 · c15 · span 324065–324072
8Section 03, Lance Kurata OPTIONDEF 14A2026-04-240001193805-26-000507Section “2025 GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t117 · r7 · c15 · span 328306–328313
9Section 03, Joe Roberts OPTIONDEF 14A2026-04-240001193805-26-000507Section “2025 GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t117 · r9 · c7 · span 329470–329476
10Section 07, pay ratioDEF 14A2026-04-240001193805-26-000507Section “CEO Pay Ratio”. As printed: 8.1 : 1. Filing ↗machine: span 387485–387488
11Section 08, Moncef SlaouiDEF 14A2026-04-240001193805-26-000507Section “Director Compensation”. As printed: 234,000. Filing ↗machine: t62 · r3 · c15 · span 152991–152998
12Section 08, James BarlowDEF 14A2026-04-240001193805-26-000507Section “Director Compensation”. As printed: 234,000. Filing ↗machine: t62 · r4 · c15 · span 153692–153699
13Section 08, Edward W. HolmesDEF 14A2026-04-240001193805-26-000507Section “Director Compensation”. As printed: 224,000. Filing ↗machine: t62 · r6 · c15 · span 155088–155095
14Section 08, Magda MarquetDEF 14A2026-04-240001193805-26-000507Section “Director Compensation”. As printed: 224,000. Filing ↗machine: t62 · r7 · c15 · span 155790–155797
15Section 08, Peter FarrellDEF 14A2026-04-240001193805-26-000507Section “Director Compensation”. As printed: 221,500. Filing ↗machine: t62 · r5 · c15 · span 154394–154401
16Section 08, Jing L. MarantzDEF 14A2026-04-240001193805-26-000507Section “Director Compensation”. As printed: 219,000. Filing ↗machine: t62 · r8 · c15 · span 156483–156490
17Section 08, John H. MarkelsDEF 14A2026-04-240001193805-26-000507Section “Director Compensation”. As printed: 219,000. Filing ↗machine: t62 · r9 · c15 · span 157187–157194
18Section 08, Joseph E. PayneDEF 14A2026-04-240001193805-26-000507Section “Director Compensation”. As printed: 0. Filing ↗
19Section 02, Dennis Mulroy 2026-05-01Form 42026-05-070001193805-26-000578Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Peter Farrell 2026-06-05Form 42026-06-150001193805-26-000828Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, John H. Markels 2026-06-05Form 42026-06-150001193805-26-000826Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Jing L. Marantz 2026-06-05Form 42026-06-150001193805-26-000823Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Moncef Slaoui 2026-06-05Form 42026-06-150001193805-26-000825Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, James Barlow 2026-06-05Form 42026-06-150001193805-26-000827Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Magda Marquet 2026-06-05Form 42026-06-150001193805-26-000824Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Edward W. Holmes 2026-06-05Form 42026-06-150001193805-26-000829Insider equity transaction reported since the proxy statement. Filing ↗
27Section 06, 2026 voteForm 8-K2026-06-050001193805-26-000770Item 5.07 · say-on-pay result. As reported: 97.9% (votes for as printed: 15,254,240). Filing ↗
28Section 06, 2025 voteForm 8-K2025-06-060001193805-25-000820Item 5.07 · say-on-pay result. As reported: 96.93% (votes for as printed: 18,472,131). Filing ↗
29Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
30Section 09b board cost (computed)ComputedcomputedCash 498,000 + equity 0 + all other -500 = 497,500, summed across the director compensation table rows.machine: formula: Σ = 497,500
31PTC, Section 10b CEO totalDEF 14A2025-12-230001104659-25-124170CEO total compensation as printed in PTC's own proxy. As printed: 24,315,129. Filing ↗machine: span 1634675–1634685
32Insmed, Section 10b CEO totalDEF 14A2026-04-010001104506-26-000022CEO total compensation as printed in Insmed's own proxy. As printed: 14,467,393. Filing ↗machine: r4 · c51 · span 912553–912563
33Novavax, Section 10b CEO totalDEF 14A2026-04-270001628280-26-027328CEO total compensation as printed in Novavax's own proxy. As printed: 8,856,015. Filing ↗machine: t197 · r2 · c8 · span 944385–944394
34Vir Biotechnology, Section 10b CEO totalDEF 14A2026-04-160001628280-26-025379CEO total compensation as printed in Vir Biotechnology's own proxy. As printed: 7,834,045. Filing ↗machine: t71 · r3 · c22 · span 625913–625922
35ACADIA, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134606CEO total compensation as printed in ACADIA's own proxy. As printed: 6,922,230. Filing ↗machine: span 777495–777504
36Arcturus Therapeutics Holdings (subject), Section 10b CEO totalDEF 14A2026-04-240001193805-26-000507CEO total compensation as printed in Arcturus Therapeutics Holdings's own proxy. As printed: 1,691,000. Filing ↗machine: t116 · r1 · c27 · span 296910–296919
37Section 10a, Insmed reciprocityDEF 14A0001104506-26-000022Insmed's most recent proxy was read; its disclosed peer group does not include Arcturus Therapeutics Holdings. Filing ↗
38Section 10a, Novavax reciprocityDEF 14A0001628280-26-027328Novavax's most recent proxy was read; its disclosed peer group does not include Arcturus Therapeutics Holdings. Filing ↗
39Section 10a, Vir Biotechnology reciprocityDEF 14A0001628280-26-025379Vir Biotechnology's most recent proxy was read; its disclosed peer group does not include Arcturus Therapeutics Holdings. Filing ↗
40Section 10a, PTC reciprocityDEF 14A0001104659-25-124170PTC's most recent proxy was read; its disclosed peer group does not include Arcturus Therapeutics Holdings. Filing ↗
41Section 10a, ACADIA reciprocityDEF 14A0001193125-26-134606ACADIA's most recent proxy was read; its disclosed peer group does not include Arcturus Therapeutics Holdings. Filing ↗