Company: HRTX
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-060882
Chunk: 25

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 25
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 Trading Policy has been filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2024 as required by the rules and regulations of the SEC.

We prohibit insiders, including our Named Executive Officers and directors, from engaging in speculative transactions involving the Company’s securities, including short sales, puts, calls or other publicly traded options on the Company’s common stock. Additionally, insiders are prohibited from engaging in hedging, monetization transactions or similar arrangements involving the Company’s securities, such as zero-cost collars and forward sale contracts.

Non-Employee Director Compensation

Our non-employee director compensation program is designed to attract, retain, and reward qualified non-employee directors and align the financial interests of non-employee directors with those of our shareholders. The program addresses the time, effort, expertise, and accountability required of active Board membership. Pursuant to this program, each non-employee member of our Board received the cash and equity compensation described below for fiscal 2024 Board service. We also reimbursed our non-employee directors for expenses incurred in connection with attending Board and committee meetings, assisting with other Company business, such as meeting with potential officer and director candidates, as well as continuing director education. Employee directors do not receive any compensation for their service as members of our Board.

Our Compensation Committee has the primary responsibility for reviewing the compensation paid to our non-employee directors and making recommendations for adjustments, as appropriate, to the full Board. In 2024, the Compensation Committee directed Compensia, Inc., its compensation consulting firm, to assist with an assessment of our Board compensation program as compared to the same peer group used for purposes of reviewing our 2024 executive compensation program. As part of the assessment, we increased the 2025 cash retainer for the Lead Independent Director to align with market norms. In addition to cash compensation, the use of stock option and restricted stock unit grants further enhances our non-employee Board members’ long-term equity stake in the Company. In particular, because the realization of financial gain from stock option grants is conditioned on the continued increase of the price of the Company’s common stock, the Company believes that stock option grants encourage our directors to engage in behaviors and implement initiatives that lead to long-term value creation that benefits all of the Company’s stockholders.

Our Amended and Restated 2007 Equity Incentive Plan (the “2007 Plan”) provides that the aggregate dollar value of cash compensation and equity awards (based on the grant date fair value of