Lisa Feng
ACM ResearchAbout Lisa Feng
Lisa Feng, 66, is Chief Financial Officer of ACM Research (Shanghai), Inc., serving as CFO since November 2019; she previously served as Chief Accounting Officer, Interim CFO and Treasurer of ACM Research, Inc. from January 2018 to November 2019 . She holds a B.S. in Business/Economics (Southern Connecticut State University) and an M.S. in Accounting (Golden Gate University) . During her executive tenure, ACM has emphasized pay-for-performance with equity and discretionary bonuses; key firm performance reference points show strong multi-year revenue growth and improving profitability, though TSR has been volatile .
Company performance context (five-year):
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue ($USD millions) | 157 | 260 | 389 | 558 | 782 |
| Net Income ($USD millions) | 22 | 43 | 51 | 97 | 131 |
| TSR – Value of $100 investment | 440.4 | 462.2 | 125.4 | 317.7 | 245.5 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ACM Research (Shanghai), Inc. | Chief Financial Officer | Nov 2019–Present | Finance leadership for primary operating subsidiary in PRC; supports global revenue growth and margins |
| ACM Research, Inc. | Chief Accounting Officer; Interim CFO & Treasurer | Jan 2018–Nov 2019 | U.S. public company reporting, control environment, treasury leadership during growth phase |
| Amlogic | Financial Controller | Oct 2017–Jan 2018 | Controller of fabless semiconductor firm |
| Amlogic, Inc. | Corporate Controller | Aug 2008–Sep 2017 | Built/managed accounting processes at a high-growth semiconductor company |
External Roles
- No current public-company directorships disclosed for Ms. Feng in ACM’s executive officer biographies .
Fixed Compensation
| Component (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $174,755 | $196,532 | $201,641 |
| Base Salary YoY change | — | — | +2.6% vs 2023 |
| Actual Cash Bonus | $61,562 | $93,654 | $106,704 |
| All Other Compensation | $4,288 | $4,264 | $5,063 |
| Total | $602,161 | $4,273,155 | $313,408 |
Notes:
- ACM does not operate with fixed target bonus percentages; bonuses are discretionary based on company and individual performance .
Performance Compensation
Annual Cash Incentive – 2024 Design and Outcome
| Year | Metric(s) | Weighting | Targets | Actual | Payout (USD) | Vesting |
|---|---|---|---|---|---|---|
| 2024 | Revenue growth; improved operating margins; progress on new products; new customers; progress with global customers | Discretionary (no fixed weights) | Not specified (committee discretion) | Not specified (committee discretion) | $106,704 | Cash |
- Company identifies Revenue and Operating margin as key performance measures aligning incentives with performance in 2024 disclosures .
Equity Awards – Outstanding and Vesting Schedules (as of 12/31/2024)
| Grant (Underlying) | Exercisable | Unexercisable | Exercise Price | Expiration | Vesting Schedule / Notes |
|---|---|---|---|---|---|
| ACMR Option (Apr 22, 2029) | 60,000 | — | $5.60 | 04/22/2029 | Fully vested |
| ACMR Option (Nov 3, 2029) | 30,000 | — | $4.55 | 11/03/2029 | Fully vested |
| ACMR Option (Apr 27, 2030) | 30,000 | — | $12.75 | 04/27/2030 | Fully vested |
| ACMR Option (Mar 3, 2032) | 22,500 | — | $25.45 | 03/03/2032 | Fully vested |
| ACMR Option (Aug 9, 2033) | 33,333 | 66,667 | $13.89 | 08/09/2033 | 25% on 8/10/2024; remainder vests monthly over 36 months; accelerates on change in control of ACM |
| ACM Shanghai Option (Aug 2, 2028) | 77,500 | 232,500 | $7.06 | 08/02/2028 | 25% on each of first four anniversaries (8/3/2024–8/3/2027); accelerates on change in control of ACM Shanghai |
2024 exercises:
- Shares exercised: 7,500; Value realized: $188,100 .
No equity grants were made to NEOs in 2024; equity remains a significant long-term incentive from prior awards .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 238,334 Class A shares (includes options exercisable within 60 days) |
| Exercisable within 60 days | 188,333 options (Class A) by June 14, 2025 |
| Ownership as % of Class A | Less than 1% |
| Pledging / Hedging | Company policy prohibits hedging and pledging by employees and officers, with limited exception for CFO-approved pledges (not including margin debt) |
| Ownership Guidelines | Not disclosed in proxy materials for executives |
| Section 16(a) Filings | Late filings listed for certain directors; Ms. Feng not identified among late filers in 2024 exceptions list |
Employment Terms
| Term | Summary |
|---|---|
| Employment Agreement | ACM Shanghai employment agreement originally entered Jan 8, 2018 and extended through Sept 24, 2025; includes base salary and annual bonus eligibility . A 2022 agreement reference also notes term through Sept 24, 2025 . |
| Severance | PRC statutory severance; no company-level severance arrangements disclosed for Ms. Feng |
| Change-in-Control (CIC) | Stock options under 2016 Plan accelerate on CIC; estimated value of accelerated vesting for Ms. Feng if CIC occurred 12/31/2024: $581,989 (calculated using $15.10 stock price less exercise prices) |
| CIC Trigger Type | Plan provides acceleration upon change in control (single-trigger on CIC for options, per plan), excluding CEO’s specific 2020 performance option |
| Clawback | Dodd-Frank compliant clawback adopted in 2023, covering incentive comp based on financial reporting measures (including stock price/TSR) for three prior fiscal years; SOX clawback applies to CEO/CFO |
| Tax Gross-Ups | None provided/committed under IRC 280G/409A; no tax gross-ups |
| Hedging/Pledging | Hedging and pledging generally prohibited by policy, with limited pledge exception approval process |
Compensation Structure Analysis
- Cash vs Equity mix: Ms. Feng’s 2024 compensation was predominantly cash (salary + discretionary bonus), with no 2024 equity grant; prior years (2023/2022) featured large option grants, indicating historically higher equity weighting that can fluctuate year-to-year .
- Discretion and metrics: No fixed bonus targets/weights; committee used holistic factors (revenue growth, operating margins, product/customer progress) to determine payouts, supporting a flexible but less formulaic pay-for-performance construct .
- CIC and severance economics: No bespoke severance; option acceleration on CIC provides alignment but represents modest value relative to CEO; Ms. Feng’s CIC acceleration value estimated at $581,989 as of 12/31/2024 .
- Governance features: Clawback in place; hedging/pledging prohibited; no tax gross-ups; say-on-pay support ~85% in 2024; peer benchmarking supported by independent consultant (Aon) .
Investment Implications
- Alignment/retention: Significant unvested options (ACMR and ACM Shanghai) with defined vesting through 2027 create retention hooks; 2023 ACMR grant vests monthly and 2023 ACM Shanghai grant vests annually, which can influence trading windows and reduce near-term voluntary turnover risk .
- Selling pressure: Ms. Feng exercised 7,500 shares in 2024; continuing monthly/annual vesting schedules could incrementally add tradable shares during open windows, subject to insider trading policy and market conditions .
- Pay-for-performance visibility: Discretionary bonus design leverages revenue and margin outcomes without rigid targets; combined with equity upside, this ties compensation to execution but offers limited external visibility into short-term thresholds/maximums .
- Risk controls: No executive-specific severance or gross-ups, presence of clawback, and anti-hedging/pledging policies are shareholder-friendly features; no related-party transactions involving executives since Jan 1, 2024 reported, reducing governance red flags .
- Ownership: Beneficial ownership under 1% suggests limited direct “skin in the game,” but outstanding options provide performance leverage; overall program balances retention with at-risk pay aligned to long-term value creation .