Vay Tham
About Vay Tham
Vay Tham is Chief Revenue Officer (CRO) of ALT5 Sigma Corporation, appointed in June 2024; he was 51 as of December 28, 2024 and brings 20+ years across investment banking, capital raising, startups, and M&A execution . Under his commercial remit, ALT5 reported ALT5 Pay and ALT5 Prime surpassed US$2 billion in transaction volume in calendar 2024, marking a milestone for the fintech platforms . For broader pay-versus-performance context, ALT5’s 2023 disclosure shows the value of an initial $100 investment stood at $40.88 at year-end 2023 and net income was a loss of $7,812 thousand; see the table below .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PI Financial Corporation | Managing Director & Head of Technology Investment Banking | 2018–2024 | Led IB and M&A execution in technology, overseeing capital raising and transactions |
| Forge First Asset Management | Strategic leadership (prior to PI Financial) | — | Investment management and capital strategies; no specific dates disclosed |
| Cormark Securities | Strategic leadership (prior to PI Financial) | — | Sell-side capital markets and deal execution; no specific dates disclosed |
| Waterfall Investments | Strategic leadership (prior to PI Financial) | — | Investment and advisory; no specific dates disclosed |
| National Bank Financial | Strategic leadership (prior to PI Financial) | — | Banking and M&A; no specific dates disclosed |
External Roles
No external public-company directorships or committee roles for Vay Tham are listed in ALT5’s 10-K/DEF 14A materials reviewed .
Fixed Compensation
No disclosure of Vay Tham’s base salary, target bonus, or actual bonus in ALT5’s 2024 DEF 14A or 2024 10-K; he was not a named executive officer in the 2023 pay tables .
Performance Compensation
- Company-wide equity framework: ALT5’s 2024 Equity Incentive Plan (approved Dec 2024) authorizes up to 2.8 million shares, covering stock awards, options, SARs, RSUs/PSUs, and other stock-based awards; minimum 1-year standard vesting, administrator discretion, and performance criteria may apply .
- Change-of-control (COC) treatment: If awards are not assumed/substituted, unvested options/SARs vest on COC; time-based and performance-based stock awards fully vest or vest at target; if assumed, double-trigger vesting applies upon termination without cause within two years post-COC .
- Termination provisions: Disability/death accelerate vesting with post-termination exercisability; retirement after 1 year continues vesting; other terminations forfeit unvested awards and limit exercisability; termination for cause cancels outstanding options/SARs .
No award grants specific to Vay Tham are disclosed in proxy/10-K materials reviewed .
Equity Ownership & Alignment
| Metric | Oct 21, 2024 | Aug 12, 2025 |
|---|---|---|
| Common shares beneficially owned | — (listed as CRO; no stake shown) | — (listed as CRO; no stake shown) |
| Ownership % of common | Less than 1% (*) | Less than 1% (*) |
| Preferred shares (Series B/I/Q/S) | Not listed | Not listed |
Additional alignment factors:
- Hedging is prohibited for directors/officers/employees under company policy .
- Transfer/pledging: Awards generally cannot be sold, pledged, assigned, or transferred prior to vesting/settlement, except by beneficiary designation or descent/distribution, and only to certain family transfers without consideration if permitted .
- Executive lock-up: In Aug 2025, officers/directors entered lock-ups restricting sales of 50% of holdings for 90 days after the resale registration statement effective date and the remaining 50% upon the later of 90 days after effectiveness or stockholder approval of PIPE matters; this tempers near-term insider selling capacity .
Employment Terms
- Appointment: Vay Tham was appointed ALT5’s CRO in June 2024 .
- Employment agreement: No CRO-specific employment, severance, non-compete, non-solicit, or change-of-control cash severance terms are disclosed in filings reviewed .
- Code of Ethics: ALT5 maintains a code of ethics for directors and senior officers and intends to disclose waivers per Item 5.05 on its website/8-K if applicable .
- Award terms (if applicable): Company plan provides detailed vesting/termination and COC mechanics for equity awards (see Performance Compensation) .
Performance & Track Record
- Fintech platform growth: ALT5 Pay and ALT5 Prime exceeded US$2 billion in transaction volume in calendar 2024, highlighting commercial momentum under the CRO function .
- Pay vs performance context (company-level): See quantitative table below for TSR and net income disclosures .
| Metric | FY 2021 | FY 2022 | FY 2023 |
|---|---|---|---|
| Value of initial $100 investment (TSR proxy) | $83.64 | $33.50 | $40.88 |
| Net Income ($USD thousands) | ($16,887) | $10,992 | ($7,812) |
Compensation Committee & Governance
- Compensation Committee: Comprised of independent directors; oversees officer salaries, equity awards, and bonuses. CEO comp recommended by Comp Committee and approved by Board; other officer comp recommended by CEO and approved by Comp Committee .
- Board independence: Multiple directors are classified as independent under Nasdaq rules, with committee charters posted; Audit Committee chair recognized as financial expert .
Investment Implications
- Pay-for-performance alignment: Absence of disclosed CRO-specific cash/equity metrics limits direct pay alignment analysis; however, company-wide plan features use performance criteria and double-trigger COC vesting, supporting at-risk equity design aligned with value creation .
- Selling pressure/retention: Executive lock-ups (Aug–Nov 2025) restrict near-term insider sales, reducing technical selling pressure; standard award acceleration and retirement continuation provisions may aid retention, though CRO-specific severance economics are not disclosed .
- Ownership alignment: CRO beneficial ownership is below 1% in disclosures reviewed, suggesting limited direct “skin-in-the-game”; hedging is prohibited and pledging restricted pre-vesting, mitigating misalignment risks .
- Execution track record: Documented platform transaction growth to US$2B in 2024 provides an operational benchmark under revenue leadership; continued monitoring of revenue capture, client growth, and capital markets initiatives is warranted .