Company: SUPN
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001104659-25-042531
Chunk: 20

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 20
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 removal. Director Independence Our common stock is listed on The Nasdaq Stock Market. Under Rules 5605 and 5615 of the Nasdaq Marketplace Rules (“Marketplace Rules”), a majority of a listed company’s Board of Directors must be comprised of independent directors. In addition, the Marketplace Rules require that, subject to specified exceptions, each member of a listed company’s audit, compensation and nominating and corporate governance committees be independent and that audit committee members also satisfy independence criteria set forth in Rule 10A-3 under the Exchange Act. Under the Marketplace Rules, an affirmative determination must be made that members of a compensation committee are independent from management in connection with the duties of a compensation committee member. Under Rule 5605(a)(2) of the Marketplace Rules, a director will only qualify as an “independent director” if, in the opinion of that company’s Board of Directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying 11 out the responsibilities of a director. The composition and functioning of our Board of Directors and each of our Board committees complies with all applicable rules and regulations of the SEC and The Nasdaq Stock Market. Our Board of Directors has determined that each of the current directors meets the independence requirement of the Marketplace Rules, with the exception of Mr. Khattar, who serves as our CEO. There are no family relationships among any of our directors or executive officers. We have not identified any agreements or arrangements relating to compensation provided by a third party to the Company’s directors or director nominees in connection with their candidacy or board service as required to be disclosed by Nasdaq Rule 5250(b)(3). Board Leadership Structure Mr. Khattar serves as President and CEO of the Company and Mr. Newhall serves as Chairman of our Board of Directors. While our bylaws and corporate governance guidelines do not require that the CEO and Chairman roles be held by separate individuals, our Board of Directors has elected to separate these roles. This separation was established when the Company was formed in late 2005. The CEO and Chairman of the Board work closely together to execute the strategic plan of the Company. Presently, the CEO is responsible for setting the Company’s strategic direction and the day-to-day leadership and performance of the Company, while the Chairman of the Board of Directors provides guidance to the CEO and presides over meetings of the full Board of Directors. This current separation of duties has worked effectively for the Company and is the appropriate leadership structure for the Company at this time.