Alex Shootman
About Alex Shootman
Alex Shootman, 59, has served as Alkami Technology’s Chief Executive Officer, President, and a director since November 2021, bringing over 20 years of enterprise software leadership across Workfront (CEO, sold to Adobe in Dec 2020; then Adobe VP/GM Workfront until Jul 2021), Apptio (President, Worldwide Field Operations), and Eloqua (President, acquired by Oracle), with prior roles at IBM, BMC, Vignette, and TeleTech . Under his tenure, Alkami reported 2024 GAAP revenue of $333.8 million (+26.1% YoY), adjusted EBITDA of $26.9 million versus $(1.6) million in 2023, and GAAP net loss of $40.8 million (improved from $62.9 million in 2023) . Since Alkami’s IPO, the value of an initial $100 investment in Alkami shares reached $182.85 by year-end 2024 (peer S&P 1500 Application Software index: $117.37) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Workfront | President & CEO | Jul 2016–Dec 2020 | Led to sale to Adobe in Dec 2020; post-acquisition, continued as Adobe VP/GM Workfront until Jul 2021 . |
| Adobe | VP & GM, Workfront | Dec 2020–Jul 2021 | Integrated Workfront within Adobe’s portfolio . |
| Apptio | President, Worldwide Field Operations | Sep 2013–Jun 2016 | Scaled go-to-market for cloud-based TBM software . |
| Eloqua | President | Mar 2009–Sep 2013 | Grew enterprise SaaS business; company acquired by Oracle . |
| IBM; BMC; Vignette; TeleTech | Executive roles | Not disclosed | Senior leadership across enterprise software and services . |
External Roles
No current external public company directorships for Alex Shootman are disclosed in the proxy .
Fixed Compensation
| Metric ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | 450,000 | 516,500 | 537,000 |
| Target Bonus % | — | — | 100% of base |
| Target Bonus ($) | — | — | 537,000 |
| Non-Equity Incentive Paid | 540,774 | 690,561 | 671,787 |
| All Other Compensation | 7,525 | 8,975 | 8,250 |
| Total Compensation | 998,299 | 4,306,036 | 7,781,711 |
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout % |
|---|---|---|---|---|---|---|
| GAAP Revenue ($mm) | 60% | 328 | 335 | 347 | 334 | 54.25% |
| Adjusted EBITDA ($mm) | 40% | 20 | 23 | 28 | 27 | 70.80% |
| Weighted Average Payout | — | — | — | — | — | 125.1% |
| Incentive Outcome (2024) | Value ($) |
|---|---|
| Annual Cash Incentive Paid | 671,787 |
| Long-Term Incentive (2024 RSUs) | Grant Date | Shares | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| CEO Annual RSU | 2/22/2024 | 258,350 | 6,564,674 | 1/16 quarterly over 4 years, service-based |
Additional LTI design notes:
- 2024 executive LTI was 100% time-based RSUs (no PSUs/options), vesting quarterly over four years, reflecting Alkami’s growth stage .
- Hedging/short sales and pledging of company stock are prohibited by policy; clawback policy in place for restatements .
Equity Ownership & Alignment
| Ownership Metric | Detail |
|---|---|
| Beneficial Ownership (3/17/2025) | 500,390 shares |
| Shares Outstanding | 103,000,820 (Record Date) |
| Ownership % | ~0.49% (500,390 / 103,000,820) |
| 2024 Stock Vested | 348,438 shares vested; value realized $10,589,438 |
| Unvested RSUs at 12/31/2024 | 250,000 (2011/2021 grant) ; 112,500 (2023 grant) ; 209,912 (2024 grant) |
| Vesting End Dates | 2011/2021 grant: Dec 8, 2025 ; 2023 grant: Mar 8, 2027 ; 2024 grant: Mar 8, 2028 |
| Quarterly Vest Cadence (approx.) | 2011/2021: 15,625/quarter; 2023: 7,031/quarter; 2024: 16,147/quarter; all based on 1/16 quarterly vesting |
| Options Held | None disclosed for CEO at 12/31/2024 |
| Pledging/Hedging | Prohibited by Insider Trading Policy |
| Ownership Guidelines | Not disclosed for executives in proxy |
Vesting schedule implies ongoing quarterly supply from RSU settlements; actual market impact depends on sell decisions and net share delivery after tax withholding .
Employment Terms
| Scenario | Cash Severance | Bonus | COBRA | Equity Acceleration |
|---|---|---|---|---|
| Involuntary termination (no CIC) | 12 months base salary: $537,000 | — | Up to 12 months: $28,802 | — |
| Involuntary termination or resignation for good reason in CIC window | 150% base: $805,500 | 100% target: $1,074,000; plus prorated target bonus per agreement | Up to 18 months: $43,204 | Full acceleration; estimated $20,996,072 at $36.68/share |
| Death/Disability | — | Prorated annual target bonus: $537,000 | — | — |
Other terms:
- Double-trigger vesting acceleration upon CIC termination; equity not assumed in a CIC accelerates immediately .
- Clawback policy for restatements; no tax gross-ups; hedging/pledging prohibited .
- Perquisites minimal: $200/month allowance (cell/home); 401(k) match up to 25% of employee contribution up to 8% of earnings; executives eligible like other employees; no pension/SERP or nonqualified deferred comp .
Board Governance
| Attribute | Detail |
|---|---|
| Board Role | Director (Class II), since Nov 2021 |
| Independence | Not independent (CEO) |
| Committee Memberships | None (no committee assignments indicated) |
| Board Leadership | Chair separate from CEO; Brian R. Smith is Chair, providing independent leadership |
| Executive Sessions | Independent directors met regularly in executive sessions in 2024 |
| Attendance | Board met five times in 2024; each director attended ≥75% of meetings/committee meetings served |
Compensation Peer Group and Governance
- 2024 compensation benchmarking peer group included cloud/software companies (e.g., A10 Networks, AvidXchange, BigCommerce, Certara, Enfusion, Flywire, JFrog, MeridianLink, nCino, Olo, PagerDuty, Phreesia, PROS, Q2, Repay, Sprout Social, Workiva, Yext, Zuora); FW Cook served as independent consultant .
- Compensation Committee (Osnoss Chair; Smith, Nelson) met four times in 2024; CEO excluded from decisions on his own pay .
- Say-on-Pay: advisory vote presented annually; Board recommends FOR .
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| GAAP Revenue ($000s) | 204,270 | 264,831 | 333,849 |
| Net Income ($000s) | (58,600) | (62,913) | (40,835) |
| TSR: $100 initial investment | $72.73 | $120.89 | $182.85 |
2024 highlights: 26.1% YoY revenue growth; adjusted EBITDA of $26.9 million vs $(1.6) million in 2023; operating cash flow $18.6 million vs $(17.5) million in 2023; 20.0 million digital users (+2.5 million YoY) .
Investment Implications
- Pay-for-performance alignment: Annual bonus funded primarily by GAAP revenue (60%) and adjusted EBITDA (40%); 2024 payout at 125.1% indicates strong near-term execution on top-line and profitability metrics . The LTI program is 100% time-based RSUs with quarterly vesting (no PSUs), which strengthens retention but reduces explicit performance linkage; scrutiny on sustained fundamentals is warranted given equity-heavy CEO pay mix .
- Supply/overhang and selling pressure: CEO had 348,438 shares vest in 2024 and holds substantial unvested RSUs across 2021/2023/2024 grants with 1/16 quarterly cadence through 2025–2028, implying ongoing share settlement; monitor Form 4s for net dispositions and tax withholdings to gauge float impact .
- Change-in-control economics: Double-trigger CIC terms with full equity acceleration; estimated CEO CIC acceleration value ~$21.0 million at $36.68/share, plus 150% base and full target/prorated bonus—consider as potential incentives in strategic scenarios .
- Alignment and risk controls: No hedging/short sales or pledging permitted; clawback policy in place; minimal perquisites; no tax gross-ups—favorable governance posture .
- Governance: Dual role (CEO + director) with non-independence offset by independent Chair and regular executive sessions; no committee memberships by CEO, supporting independence in oversight .
- Execution track record: Strong revenue growth and adjusted EBITDA inflection in 2024; TSR outperformed peer index since IPO; continued improvement in GAAP net loss trajectory supports confidence but necessitates monitoring durability of margin expansion and user growth .