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.
This is the complete answer, not a partial one — the list is never padded.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| E. Rand Sutherland | $650,000 | $0 | $0 | $3,300,350 | $341,250 | $0 | $10,500 | $4,302,100 |
| Chief Executive Officer | ||||||||
| Michael Paul Gray | 490,000 | 0 | 0 | 1,287,137 | 205,800 | 0 | 10,500 | 1,993,437 |
| Chief Financial Officer and Chief Operating Officer | ||||||||
| Aaron Deykin | 515,000 | 0 | 0 | 1,089,116 | 216,300 | 0 | 10,500 | 1,830,916 |
| Chief Medical Officer and Head of Research and Development | ||||||||
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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| E. Rand Sutherland | $4,302,100 | $9,108,953 | — | −4,806,853 |
| Michael Paul Gray | 1,993,437 | 2,938,577 | — | −945,140 |
| Aaron Deykin | 1,830,916 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Daniella Beckman | Director | 2026-06-09 | A | 17,096 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Marcella Kuhlman Ruddy | Director | 2026-06-09 | A | 17,096 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Ronald C. Renaud, Jr | Director | 2026-06-09 | A | 17,096 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| H. Edward Fleming, Jr | Director | 2026-06-09 | A | 17,096 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Liam Ratcliffe | Director | 2026-06-09 | A | 17,096 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Erez Chimovits | Director | 2026-06-09 | A | 17,096 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| E. Rand Sutherland | Director | 2026-06-16 | D | 2,095 | 6 | 12,780 | Common | Form 4 ↗ |
| Aaron Deykin | Chief Medical Officer | 2026-06-16 | D | 895 | 6 | 5,460 | Common | Form 4 ↗ |
| Allison Ambrose | General Counsel | 2026-06-16 | D | 477 | 6 | 2,910 | Common | Form 4 ↗ |
| Adam Houghton | Chief Business Officer | 2026-06-16 | D | 700 | 6 | 4,270 | Common | Form 4 ↗ |
| Michael Paul Gray | CFO and COO | 2026-06-16 | D | 853 | 6 | 5,203 | Common | Form 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.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| E. Rand Sutherland | OPTION | 2025-02-06 | — | — | 500,000 | — | $3,300,350 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| E. Rand Sutherland | $0 | $0 | $3,300,350 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Michael Paul Gray | Option | 154,375 | 8.53 | — |
| Aaron Deykin | Option | 53,210 | 3.45 | — |
| Aaron Deykin | Option | 5,081 | 4.27 | — |
| Aaron Deykin | Option | 4,939 | 4.87 | — |
| E. Rand Sutherland | Option | 395,834 | 8.53 | — |
| Michael Paul Gray | Option | 250,335 | 5.69 | — |
| Aaron Deykin | Option | 64,772 | 6.59 | — |
| Aaron Deykin | Option | 7,960,728 | 6.77 | — |
| E. Rand Sutherland | Option | 505,578 | 5.69 | — |
| Aaron Deykin | Option | 23,305 | 3.45 | — |
| Michael Paul Gray | Option | 88,930 | 5.69 | — |
| E. Rand Sutherland | Option | 614,717 | 6.59 | — |
| Aaron Deykin | Option | 130,625 | 8.53 | — |
Our executive compensation philosophy is to provide a competitive and market-based total compensation program to attract, motivate, and retain our executive team. Our compensation is based heavily on performance, which aligns with our goal to drive long-term growth and value creation.
| CEO STI target (% of salary) | 50% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Alpine Rewards |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Ronald C. Renaud, JrIndependent · Board Chair · Compensation (Chair) | $82,000 | $0 | $149,010 | $0 | $0 | $231,010 |
| Daniella BeckmanIndependent · Audit (Chair) | 55,000 | 0 | 149,010 | 0 | 0 | 204,010 |
| Liam RatcliffeIndependent · Audit · Compensation | 53,500 | 0 | 149,010 | 0 | 0 | 202,510 |
| H. Edward Fleming, JrIndependent · Audit · Nominating/Governance | 52,500 | 0 | 149,010 | 0 | 0 | 201,510 |
| Marcella Kuhlman RuddyIndependent · Nominating/Governance (Chair) | 50,000 | 0 | 149,010 | 0 | 0 | 199,010 |
| Erez ChimovitsIndependent · Nominating/Governance · Compensation | 47,800 | 0 | 149,010 | 0 | 0 | 196,810 |
| E. Rand SutherlandEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $40,000 |
|---|---|
| Annual equity retainer | $149,010 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 12,000 / 10,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $340,800 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $340,800 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Upstream Bio, Inc. | 2025 | E. Rand Sutherland | $650,000 | $0 | $3,300,350 | $341,250 | $4,302,100 |
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, E. Rand Sutherland | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “2025 Summary Compensation Table”. As printed: 4,302,100. Filing ↗machine: r2 · c24 · span 433625–433634 |
| 2 | Section 01, Michael Paul Gray | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “2025 Summary Compensation Table”. As printed: 1,993,437. Filing ↗machine: r4 · c24 · span 452063–452072 |
| 3 | Section 01, Aaron Deykin | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “2025 Summary Compensation Table”. As printed: 1,830,916. Filing ↗machine: r6 · c24 · span 470912–470921 |
| 4 | Section 03, E. Rand Sutherland OPTION | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “EXE CUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t10 · r2 · c9 · span 428437–428446 |
| 5 | Section 07, pay ratio | 10-K | 2026-03-26 | 0001193125-26-126188 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 6 | Section 08, Ronald C. Renaud, Jr | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “Director Compensation”. As printed: 231,010. Filing ↗machine: t8 · r2 · c16 · span 325010–325017 |
| 7 | Section 08, Daniella Beckman | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “Director Compensation”. As printed: 204,010. Filing ↗machine: t8 · r7 · c16 · span 359543–359550 |
| 8 | Section 08, Liam Ratcliffe | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “Director Compensation”. As printed: 202,510. Filing ↗machine: t8 · r5 · c16 · span 345770–345777 |
| 9 | Section 08, H. Edward Fleming, Jr | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “Director Compensation”. As printed: 201,510. Filing ↗machine: t8 · r4 · c16 · span 338866–338873 |
| 10 | Section 08, Marcella Kuhlman Ruddy | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “Director Compensation”. As printed: 199,010. Filing ↗machine: t8 · r3 · c16 · span 331974–331981 |
| 11 | Section 08, Erez Chimovits | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “Director Compensation”. As printed: 196,810. Filing ↗machine: t8 · r6 · c16 · span 352663–352670 |
| 12 | Section 08, E. Rand Sutherland | DEF 14A | 2026-04-16 | 0001193125-26-158966 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 13 | Section 02, Daniella Beckman 2026-06-09 | Form 4 | 2026-06-11 | 0001193125-26-268166 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 14 | Section 02, Marcella Kuhlman Ruddy 2026-06-09 | Form 4 | 2026-06-11 | 0001193125-26-268169 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 15 | Section 02, Ronald C. Renaud, Jr 2026-06-09 | Form 4 | 2026-06-11 | 0001193125-26-268168 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 16 | Section 02, H. Edward Fleming, Jr 2026-06-09 | Form 4 | 2026-06-11 | 0001193125-26-268167 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 17 | Section 02, Liam Ratcliffe 2026-06-09 | Form 4 | 2026-06-11 | 0001193125-26-268165 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 02, Erez Chimovits 2026-06-09 | Form 4 | 2026-06-11 | 0001193125-26-268164 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 02, E. Rand Sutherland 2026-06-16 | Form 4 | 2026-06-17 | 0001193125-26-274125 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 20 | Section 02, Aaron Deykin 2026-06-16 | Form 4 | 2026-06-17 | 0001193125-26-274121 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 21 | Section 02, Allison Ambrose 2026-06-16 | Form 4 | 2026-06-17 | 0001193125-26-274119 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 22 | Section 02, Adam Houghton 2026-06-16 | Form 4 | 2026-06-17 | 0001193125-26-274122 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 23 | Section 02, Michael Paul Gray 2026-06-16 | Form 4 | 2026-06-17 | 0001193125-26-274126 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 24 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 25 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 26 | Section 09b board cost (computed) | Computed | — | computed | Cash 340,800 + equity 0 + all other 0 = 340,800, summed across the director compensation table rows.machine: formula: Σ = 340,800 |
| 27 | Upstream Bio, Inc. (subject), Section 10b CEO total | DEF 14A | 2026-04-16 | 0001193125-26-158966 | CEO total compensation as printed in Upstream Bio, Inc.'s own proxy. As printed: 4,302,100. Filing ↗machine: r2 · c24 · span 433625–433634 |