Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-22

Harrow (HROW)

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.

$23,606,274
Mark Baum total, FY2025
99th
CEO pay percentile vs peers
263:1
CEO-to-median pay ratio
88.29%
Say-on-pay support, latest vote
Companies that benchmark against HROW
4 companies name HROW as a compensation peer

Each company listed discloses HROW 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 HROW 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
Mark Baum$754,910$0$22,294,873$0$542,491$0$14,000$23,606,274
Chief Executive Officer and Chairman of the Board of Directors
Andrew Boll505,259010,169,9240258,258014,00010,947,441
President, Chief Financial Officer and Corporate Secretary
Amir Shojaei441,34600670,569225,00005,7121,342,627
Chief Scientific Officer
Francis Mullery129,808001,054,62453,260001,237,692
President and Chief Executive Officer, ImprimisRx Division
John Saharek475,614000237,807014,000727,421
Former President and Chief Executive Officer, ImprimisRx Division

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
Mark Baum$23,606,274
Andrew Boll10,947,441
Amir Shojaei1,342,627
Francis Mullery1,237,692
John Saharek727,421

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
Andrew BollPRESIDENT AND CFO2026-05-14A3,500$30$104,650CommonForm 4 ↗
Mark L. BaumDirector2026-05-14A10,00030302,000CommonForm 4 ↗
Amir ShojaeiCHIEF SCIENTIFIC OFFICER2026-05-15A10,00000Derivative, Class A CommonForm 4 ↗
Lauren P. SilvernailDirector2026-05-18A1,0003131,000CommonForm 4 ↗
Adrienne L. GravesDirector2026-05-18A1,0003131,070CommonForm 4 ↗
Lauren P. SilvernailDirector2026-06-18A5,24800Derivative, Class A CommonForm 4 ↗
Perry J. SternbergDirector2026-06-18A5,24800Derivative, Class A CommonForm 4 ↗
Adrienne L. GravesDirector2026-06-18A5,24800Derivative, 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
Amir ShojaeiOPTION2025-01-0630,000$670,569
Mark BaumRSU2025-07-01889,50022,294,873
Andrew BollRSU2025-07-01405,75010,169,924
Francis MulleryOPTION2025-09-3033,0001,054,624
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Amir Shojaei$0$0$670,5690.0%
Mark Baum22,294,873000.0%
Andrew Boll10,169,924000.0%
Francis Mullery001,054,6240.0%

% 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
Andrew BollPSU258,258$464,864
Francis MulleryOption33,00048.18
Amir ShojaeiOption30,00035.96
Amir ShojaeiPSU225,000405,000
Francis MulleryPSU52,26094,068
Mark BaumPSU889,5001,601,100
John SaharekPSU237,807428,053
Mark BaumPSU542,491976,484
Andrew BollPSU405,750730,350
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee believes that executive compensation should be directly linked both to continuous improvements in corporate performance (pay for performance) and the achievement of objectives that are expected to increase stockholder value.

CEO STI target (% of salary)70%
CEO LTI target (% of salary)
Independent consultantMercer, Inc.
Clawback policyTrue
Anti-hedgingFalse
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1818,065,8562,395,240502,67988.29%Passed
20252025-06-1822,496,427971,206448,77795.86%Passed
20242024-06-1414,877,1981,709,038133,73689.7%Passed
20232023-06-2119,733,427849,799288,21395.87%Passed
20222022-06-0913,569,789284,58040,15797.95%Passed
20212021-06-0314,781,072600,632583,32796.1%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
20262026-06-1888.29%a
20252025-06-1895.86%b
20242024-06-1489.7%c

a. Approved under the standard stated in the filing — “Because directors are elected by a plurality of the votes cast, abstentions and broker non-votes will not be counted in determining which nominees receive the largest number of votes cast and, therefore, will have no effect on the outcome of the vote on this proposal.”.

b. Approved under the standard stated in the filing — “Because directors are elected by a plurality of the votes cast, abstentions and broker non-votes will not be counted in determining which nominees receive the largest number of votes cast and, therefore, will have no effect on the outcome of the vote on this proposal.”.

c. Approved under the standard stated in the filing — “Because directors are elected by a plurality of the votes cast, abstentions and broker non-votes will not be counted in determining which nominees receive the largest number of votes cast and, therefore, will have no effect on the outcome of the vote on this 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)263 : 1
CEO total compensation$23,606,274
Median employee compensation$89,719
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Perry J. SternbergIndependent · Lead Independent Director · Audit · Compensation · Nominating/Governance$102,500$225,014$0$0$0$327,514
Adrienne L. GravesIndependent · Audit · Compensation (Chair) · Nominating/Governance (Chair)83,750225,014000308,764
Lauren P. SilvernailIndependent · Audit (Chair) · Compensation · Nominating/Governance82,500225,014000307,514
Martin A. MakaryIndependent · Audit · Compensation · Nominating and Corporate Governance · Not standing for re-election · Departed during FY000000
Mark L. BaumEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$268,750
Equity awards (grant-date value)$675,042
All other compensation$0
Total cost of the board$943,792

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.

10a

Peer reciprocity

Of the companies Harrow 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 Harrow.

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
1Harrow2025Mark Baum$754,910$22,294,873$0$542,491$23,606,274
2Mirum Pharmaceuticals2025Christopher Peetz755,0003,683,9044,931,3201,057,00010,441,224
3ANI Pharmaceuticals2025Nikhil Lalwani837,4097,848,71101,572,50010,278,620
4Arrowhead Pharmaceuticals2025Christopher Anzalone981,0466,810,29201,236,0009,029,861
5Dynavax Technologies2024Ryan Spencer835,0014,902,1501,824,299641,9078,210,775
6Ardelyx2025Michael Raab797,0002,953,7243,413,948627,6387,796,171
7STAAR Surgical2025Stephen Farrell580,0006,836,000007,522,385
8Tarsus Pharmaceuticals2025Bobak Azamian726,3332,648,2842,651,487555,7006,617,979
9Agios Pharmaceuticals2025Brian Goff846,8641,291,6802,627,252592,8045,370,389
10RxSight2025Ron Kurtz630,62503,816,530202,9354,650,661
11Heron Therapeutics2025Craig Collard689,431946,2541,352,917517,1893,516,291
12Ironwood Pharmaceuticals2025Thomas McCourt867,568411,6960650,6761,948,390
Eyepoint Pharmaceuticalsnot in coverage universe

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
Harrow100%not disclosedNoMercer, Inc.
Agios Pharmaceuticals100%Options 40 · PSU 40 · RSU 20NoAon
ANI Pharmaceuticals185%RSU 75 · PSU 25Yes — relative TSR against the constituents of the S&P 600 Pharmaceuticals, Biotechnology and Life Sciences IndexPearl Meyer & Partners, LLC
Ardelyx105%Options 50 · RSU 50not disclosedPearl Meyer
Arrowhead Pharmaceuticals125%PSU 70 · RSU 30not disclosedCompensia
Dynavax Technologies102.5%Options 34 · RSU 33 · PSU 33Yes — Relative Total Stockholder Return (rTSR) ranking vs. Nasdaq Biotechnology IndexAlpine
Eyepoint Pharmaceuticalsnot disclosednot disclosednot disclosednot disclosed
Heron Therapeutics100%Options 67 · RSU 33not disclosedCompensia, Inc.
Ironwood Pharmaceuticals100%PSU 50 · RSU 50Yes — relative total stockholder return (rTSR)Alpine Rewards LLC
Mirum Pharmaceuticals200%not disclosedNoAlpine Rewards
RxSight32.18%Options 100not disclosedAon Human Capital Solutions
STAAR Surgical135%RSU 50 · PSU 50NoSemler Brossy
Tarsus Pharmaceuticals108%Options 50 · RSU 50NoPay Governance

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, Mark BaumDEF 14A2026-04-240001493152-26-018912Section “Summary Compensation Table”. As printed: 23,606,274. Filing ↗machine: t87 · r1 · c26 · span 386989–386999
2Section 01, Andrew BollDEF 14A2026-04-240001493152-26-018912Section “Summary Compensation Table”. As printed: 10,947,441. Filing ↗machine: t87 · r4 · c26 · span 390346–390356
3Section 01, Amir ShojaeiDEF 14A2026-04-240001493152-26-018912Section “Summary Compensation Table”. As printed: 1,342,627. Filing ↗machine: t87 · r8 · c26 · span 394722–394731
4Section 01, Francis MulleryDEF 14A2026-04-240001493152-26-018912Section “Summary Compensation Table”. As printed: 1,237,692. Filing ↗machine: t87 · r7 · c26 · span 393586–393595
5Section 01, John SaharekDEF 14A2026-04-240001493152-26-018912Section “Summary Compensation Table”. As printed: 727,421. Filing ↗machine: t87 · r9 · c26 · span 395905–395912
6Section 03, Amir Shojaei OPTIONDEF 14A2026-04-240001493152-26-018912Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t87 · r8 · c14 · span 394313–394320
7Section 03, Mark Baum RSUDEF 14A2026-04-240001493152-26-018912Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t91 · r2 · c25 · span 413517–413524
8Section 03, Andrew Boll RSUDEF 14A2026-04-240001493152-26-018912Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t91 · r4 · c25 · span 416837–416844
9Section 03, Francis Mullery OPTIONDEF 14A2026-04-240001493152-26-018912Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t87 · r7 · c14 · span 393180–393189
10Section 07, pay ratioDEF 14A2026-04-240001493152-26-018912Section “CEO Pay Ratio”. As printed: 263 : 1. Filing ↗machine: t117 · r1 · c3 · span 548949–548955
11Section 08, Perry J. SternbergDEF 14A2026-04-240001493152-26-018912Section “Director Compensation”. As printed: 327,514. Filing ↗machine: t48 · r3 · c11 · span 243128–243135
12Section 08, Adrienne L. GravesDEF 14A2026-04-240001493152-26-018912Section “Director Compensation”. As printed: 308,764. Filing ↗machine: t48 · r1 · c11 · span 241699–241706
13Section 08, Lauren P. SilvernailDEF 14A2026-04-240001493152-26-018912Section “Director Compensation”. As printed: 307,514. Filing ↗machine: t48 · r2 · c11 · span 242440–242447
14Section 08, Martin A. MakaryDEF 14A2026-04-240001493152-26-018912Section “Director Compensation”. As printed: 0. Filing ↗machine: t48 · r4 · c15 · span 243931–243932
15Section 08, Mark L. BaumDEF 14A2026-04-240001493152-26-018912Section “Director Compensation”. As printed: 0. Filing ↗
16Section 02, Andrew Boll 2026-05-14Form 42026-05-150001493152-26-023319Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Mark L. Baum 2026-05-14Form 42026-05-150001493152-26-023321Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Amir Shojaei 2026-05-15Form 42026-05-180001493152-26-024208Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Lauren P. Silvernail 2026-05-18Form 42026-05-190001493152-26-024341Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Adrienne L. Graves 2026-05-18Form 42026-05-190001493152-26-024342Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Lauren P. Silvernail 2026-06-18Form 42026-06-220001493152-26-029658Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Perry J. Sternberg 2026-06-18Form 42026-06-220001493152-26-029659Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Adrienne L. Graves 2026-06-18Form 42026-06-220001493152-26-029657Insider equity transaction reported since the proxy statement. Filing ↗
24Section 06, 2026 voteForm 8-K2026-06-220001493152-26-029486Item 5.07 · say-on-pay result. As reported: 88.29% (votes for as printed: 18,065,856). Filing ↗
25Section 06, 2025 voteForm 8-K2025-06-200001641172-25-015665Item 5.07 · say-on-pay result. As reported: 95.86% (votes for as printed: 22,496,427). Filing ↗
26Section 06, 2024 voteForm 8-K2024-06-170001493152-24-024111Item 5.07 · say-on-pay result. As reported: 89.7% (votes for as printed: 14,877,198). Filing ↗
27Section 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
28Section 09b board cost (computed)ComputedcomputedCash 268,750 + equity 675,042 + all other 0 = 943,792, summed across the director compensation table rows.machine: formula: Σ = 943,792
29Harrow (subject), Section 10b CEO totalDEF 14A2026-04-240001493152-26-018912CEO total compensation as printed in Harrow's own proxy. As printed: 23,606,274. Filing ↗machine: t87 · r1 · c26 · span 386989–386999
30Mirum Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-230001759425-26-000027CEO total compensation as printed in Mirum Pharmaceuticals's own proxy. As printed: 10,441,224. Filing ↗machine: r2 · c21 · span 580200–580210
31ANI Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-090001023024-26-000039CEO total compensation as printed in ANI Pharmaceuticals's own proxy. As printed: 10,278,620. Filing ↗machine: r2 · c48 · span 484144–484154
32Arrowhead Pharmaceuticals, Section 10b CEO totalDEF 14A2026-01-270000879407-26-000019CEO total compensation as printed in Arrowhead Pharmaceuticals's own proxy. As printed: 9,029,861. Filing ↗machine: span 692475–692484
33Dynavax Technologies, Section 10b CEO totalDEF 14A2025-04-170000930413-25-001273CEO total compensation as printed in Dynavax Technologies's own proxy. As printed: 8,210,775. Filing ↗
34Ardelyx, Section 10b CEO totalDEF 14A2026-04-290001140361-26-017800CEO total compensation as printed in Ardelyx's own proxy. As printed: 7,796,171. Filing ↗machine: r2 · c25 · span 677112–677121
35STAAR Surgical, Section 10b CEO totalDEF 14A2026-05-040000718937-26-000015CEO total compensation as printed in STAAR Surgical's own proxy. As printed: 7,522,385. Filing ↗machine: r3 · c16 · span 1045477–1045486
36Tarsus Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-280001819790-26-000028CEO total compensation as printed in Tarsus Pharmaceuticals's own proxy. As printed: 6,617,979. Filing ↗machine: span 448592–448601
37Agios Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177086CEO total compensation as printed in Agios Pharmaceuticals's own proxy. As printed: 5,370,389. Filing ↗machine: r2 · c31 · span 613185–613194
38RxSight, Section 10b CEO totalDEF 14A2026-04-280001193125-26-187240CEO total compensation as printed in RxSight's own proxy. As printed: 4,650,661. Filing ↗machine: t20 · r4 · c24 · span 978530–978539
39Heron Therapeutics, Section 10b CEO totalDEF 14A2026-04-300001193125-26-196306CEO total compensation as printed in Heron Therapeutics's own proxy. As printed: 3,516,291. Filing ↗machine: span 728212–728221
40Ironwood Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-280001104659-26-050325CEO total compensation as printed in Ironwood Pharmaceuticals's own proxy. As printed: 1,948,390. Filing ↗machine: t29 · r1 · c48 · span 584182–584191
41Section 10a, RxSight reciprocityDEF 14A0001193125-26-187240RxSight's most recent proxy was read; its disclosed peer group does not include Harrow. Filing ↗
42Section 10a, Dynavax Technologies reciprocityDEF 14A0000930413-25-001273Dynavax Technologies's most recent proxy was read; its disclosed peer group does not include Harrow. Filing ↗
43Section 10a, Arrowhead Pharmaceuticals reciprocityDEF 14A0000879407-26-000019Arrowhead Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Harrow. Filing ↗
44Section 10a, Ardelyx reciprocityDEF 14A0001140361-26-017800Ardelyx's most recent proxy was read; its disclosed peer group does not include Harrow. Filing ↗
45Section 10a, Agios Pharmaceuticals reciprocityDEF 14A0001193125-26-177086Agios Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Harrow. Filing ↗
46Section 10a, Mirum Pharmaceuticals reciprocityDEF 14A0001759425-26-000027Mirum Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Harrow. Filing ↗
47Section 10a, Heron Therapeutics reciprocityDEF 14A0001193125-26-196306Heron Therapeutics names Harrow in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, STAAR Surgical reciprocityDEF 14A0000718937-26-000015STAAR Surgical's most recent proxy was read; its disclosed peer group does not include Harrow. Filing ↗
49Section 10a, ANI Pharmaceuticals reciprocityDEF 14A0001023024-26-000039ANI Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Harrow. Filing ↗
50Section 10a, Tarsus Pharmaceuticals reciprocityDEF 14A0001819790-26-000028Tarsus Pharmaceuticals names Harrow in its own disclosed peer group (read from its most recent proxy). Filing ↗