Hims & Hers Health has added Dr. Andrew Huberman to its board and entered into two paid commercial agreements involving him and a media company he co-founded and co-owns. The arrangements combine a board position with scientific and brand-marketing advice and podcast advertising services.
The agreements carry substantial annual fees: Hims will pay Huberman $3.5 million for advisory services and Scicomm Media $5 million for podcast advertising, with Huberman’s interest in the latter agreement valued at about $2.1 million a year. He may also receive up to $1 million annually for creating short-form advertising videos.
Key details
- Board appointment: Hims & Hers expanded its board from nine directors to 10 and appointed Huberman effective November 4. He will serve until the company’s 2027 annual meeting, unless he leaves earlier or a successor is elected.
- Board status and pay: The board determined Huberman is not independent under New York Stock Exchange standards. He has not been assigned to a board committee and is not currently expected to join one. His annual director compensation includes a $50,000 cash retainer and a $250,000 equity award, both prorated for his service through the 2027 annual meeting.
- Two-year advisory deal: Hims, a wholly owned subsidiary, will pay Huberman an annual cash fee of $3.5 million for scientific and brand-marketing advisory services. He may separately elect to create short-form videos for Hims’ paid advertising, for up to an additional $1 million a year. The agreement can end early only by mutual agreement or for an uncured material breach.
- Podcast advertising deal: Scicomm Media will provide podcast advertising services for up to three years at $5 million a year. Huberman’s approximate annual economic interest in that agreement is $2.1 million. Either side may terminate it for convenience, but not before November 5, 2027; it can also end early for an uncured material breach.
- Potential annual cost: The stated annual fees total $8.5 million before any video work, and could reach $9.5 million if Huberman undertakes the maximum additional video services. The advisory and podcast agreements have different terms and termination provisions.
- Huberman will also enter into the company’s standard director indemnification agreement. The company said there are no other arrangements underlying his board appointment and no family relationship with a director or executive.
What changes
Huberman’s board role is not independent, and it coincides with paid business arrangements involving both him and a company in which he has an ownership interest. The disclosed agreements therefore create a direct economic connection between his board position and Hims & Hers’ advisory and advertising spending. The company’s annual commitments are $8.5 million before optional video services, with the advisory agreement lasting two years and the marketing agreement potentially lasting up to three.