Eyal Goldstein
About Eyal Goldstein
Eyal Goldstein, 49, is President and Chief Revenue Officer at Asure; he joined as Chief Revenue Officer in December 2016 and was appointed President in August 2020. He holds a BA in English from the University of Nevada, Las Vegas, and previously held senior go-to-market roles at FilmTrack (CRO), DAZ Systems (EVP), Oracle (Regional VP), and Ceridian (VP) . In 2024, Asure’s annual bonus plan for NEOs was tied 50% to Total Revenue and 50% to Adjusted EBITDA; actuals were $119.792M revenue and $22.534M Adjusted EBITDA versus targets of $125.000M and $26.000M, leading to below-target payouts . For long-term incentives, 2024 PSUs were converted at 70% of target based on Recurring Revenue ($114.471M) and Non-GAAP Gross Profit ($88.160M) performance, reinforcing a pay-for-performance orientation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| FilmTrack (Insight Venture Partners portfolio) | Chief Revenue Officer | 2013–2016 | Not disclosed |
| DAZ Systems | Executive Vice President | 3 years (years not specified) | Not disclosed |
| Oracle | Regional Vice President | Not disclosed | Not disclosed |
| Ceridian | Vice President | Not disclosed | Not disclosed |
External Roles
No external public-company directorships or outside board roles for Mr. Goldstein are disclosed in the proxy’s executive officer biography section .
Fixed Compensation
Base salary
| Year | Base Salary |
|---|---|
| 2023 | $400,000 |
| 2024 | $425,000 |
Annual cash bonus (FY2024)
| Item | Value |
|---|---|
| Target bonus opportunity (% of base) | 80% |
| Target bonus ($) | $340,000 |
| Actual bonus paid ($) | $228,480 |
| Actual as % of base | 54% |
| Actual as % of target | 67% |
Plan performance framework (FY2024)
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout mapping |
|---|---|---|---|---|---|---|
| Total Revenue | 50% | $112,000,000 | $125,000,000 | $138,000,000 | $119,792,000 | Between 50%–100% of target |
| Adjusted EBITDA | 50% | $22,000,000 | $26,000,000 | $30,000,000 | $22,534,000 | Between 50%–100% of target |
| Total cash bonus | — | — | — | — | — | Paid at 67% of target |
Performance Compensation
2024 equity mix and grants
| Instrument | Grant date | Target shares | Grant-date fair value | Vesting |
|---|---|---|---|---|
| RSUs | Jan 1, 2024 | 55,000 | $497,200 | 1/3 on each anniversary of 1/1/2024, over three years |
| PSUs (settle in RSUs based on goals) | Jan 1, 2024 | 55,000 (target) | $497,200 (target fair value) | Convert 0–200% based on goals; post-conversion RSUs vest over 3 years |
2024 PSU performance calibration and outcome
| Metric | Weight | Threshold | Target | Maximum | Actual | PSU payout vs target | RSUs paid (shares) | Paid award fair value |
|---|---|---|---|---|---|---|---|---|
| Recurring Revenue | 50% | $111,000,000 | $124,000,000 | $132,000,000 | $114,471,000 | 70% total PSU payout | 38,239 | $345,681 |
| Non-GAAP Gross Profit | 50% | $82,000,000 | $94,000,000 | $106,000,000 | $88,160,000 | 70% total PSU payout | 38,239 | $345,681 |
| Vesting of paid RSUs | — | — | — | — | — | — | 1/3 on Final Payment Date (Mar 6, 2025), 1/3 on Jan 2, 2026, 1/3 on Jan 2, 2027 | — |
Additional outstanding awards and vesting mechanics (as of 12/31/2024)
| Award | Unvested shares | Market value at 12/31/24 | Vesting schedule |
|---|---|---|---|
| 1/1/2023 RSUs | 18,750 | $176,438 | 33% at 1st anniversary; remaining vests quarterly over two years |
| 1/1/2023 PSUs (converted at 1 PSU = 2 RSUs) | 60,000 | $564,600 | 1/3 on conversion date; 1/3 on Jan 2, 2025; 1/3 on Jan 2, 2026 |
| 1/1/2024 RSUs | 55,000 | $517,550 | 1/3 on each anniversary over three years |
| 1/1/2024 PSUs (converted at 1 PSU = 0.69525 RSUs) | 38,239 | $359,829 | 1/3 on conversion date; 1/3 on Jan 2, 2026; 1/3 on Jan 2, 2027 |
Stock options outstanding (as of 12/31/2024)
| Grant date | Exercisable | Unexercisable | Exercise price | Expiration | Vesting notes |
|---|---|---|---|---|---|
| 6/30/2020 | 60,000 | — | $6.43 | 6/30/2025 | 33% at 1st anniversary; 2.78% monthly thereafter |
| 5/13/2021 | 60,000 | — | $7.86 | 5/13/2026 | 33% at 1st anniversary; remaining vests over two years quarterly |
| 12/27/2021 | 100,000 | — | $7.72 | 12/27/2026 | 33% at 1st anniversary; remaining vests over two years quarterly |
| 3/16/2022 | 36,667 | 3,333 | $6.74 | 3/16/2027 | 33% at 1st anniversary; remaining vests monthly to 3-year anniversary |
Equity Ownership & Alignment
Beneficial ownership (as of Apr 7, 2025)
| Holder | Shares directly held | RSUs/options exercisable or vesting within 60 days | Total beneficial ownership | % of outstanding |
|---|---|---|---|---|
| Eyal Goldstein | 178,508 | 216,141 | 394,649 | 1.4% |
- Anti-hedging, margin, and pledging: The Insider Trading Policy prohibits hedging, short sales, options trading, trading on margin or pledging, and other monetization transactions for directors and executive officers without advance approval, which mitigates misalignment and pledging risk .
- Stock ownership guidelines: The Bylaws set an ownership expectation for the CEO (≥1x base salary in common stock) and prohibit hedging; no specific guideline for non-CEO NEOs is disclosed .
Employment Terms
- Employment arrangement: Asure uses offer letters for NEOs (other than CEO) covering initial base salary, discretionary bonus eligibility, benefits, and confidentiality obligations .
- Change-in-control severance plan (CIC Plan; adopted Dec 2017): If terminated without cause or resigns for good reason during the 12 months post-CIC (or within 90 days pre-CIC at buyer’s request), NEOs receive: 12 months base salary, pro-rated target bonus, up to 12 months healthcare, full accelerated vesting of all outstanding equity awards, and options remain exercisable for their full term (subject to a release). For the CEO, CIC Plan severance is reduced by any severance under his employment agreement .
- Non-compete/non-solicit/term: Not disclosed in the proxy .
Compensation Structure Analysis
- Mix and level: 2024 base salaries positioned at the ~20th percentile of “Sub-200” tech peers and ~10th percentile of “200+” tech peers; target cash bonuses around the ~40th and ~10th percentiles respectively; equity grant values at ~25th and ~10th percentiles, indicating below-median positioning while maintaining significant at-risk pay .
- Annual bonus design: 50% Total Revenue and 50% Adjusted EBITDA with symmetric 50%/100%/200% threshold/target/maximum; 2024 results delivered 67% of target, demonstrating formulaic downside sensitivity when targets not met .
- Long-term incentives: Equal mix of RSUs and PSUs; PSUs tied to Recurring Revenue and Non-GAAP Gross Profit with 0–200% conversion. 2024 conversion at 70% of target reflects under-target execution on those drivers .
- Clawback: Company-wide clawback policy compliant with Nasdaq rules recoups erroneously awarded incentive compensation upon restatements; awards also subject to plan-level clawback provisions .
Risk Indicators & Red Flags
- Prohibited hedging/pledging reduces alignment risk and potential forced selling from margin calls .
- Options expirations through 2025–2027 (notably 60,000 expiring 6/30/2025; 60,000 expiring 5/13/2026; 100,000 expiring 12/27/2026) create identifiable windows for potential exercises and related liquidity events .
- No tax gross-ups, repricings, or related-party transactions for Mr. Goldstein are disclosed; clawback policy is in place .
Say-on-Pay & Shareholder Feedback
- The board recommends “FOR” say-on-pay and proposes triennial frequency for say-on-pay votes; the proxy does not disclose the 2024 approval percentage in the excerpted sections .
Expertise & Qualifications
- Education: BA in English, University of Nevada, Las Vegas .
- Functional expertise: Enterprise sales and revenue leadership across software and HCM markets (FilmTrack, DAZ Systems, Oracle, Ceridian) .
Work History & Career Trajectory
| Employer | Role | Tenure | Notes |
|---|---|---|---|
| Asure | CRO (Dec 2016–), President (Aug 2020–) | 2016–present | Joined as CRO; expanded remit to President |
| FilmTrack | Chief Revenue Officer | 2013–2016 | Rights management platform; CRO mandate |
| DAZ Systems | Executive Vice President | 3 years (years not specified) | EVP role |
| Oracle | Regional Vice President | Not disclosed | Regional sales leadership |
| Ceridian | Vice President | Not disclosed | VP role |
Investment Implications
- Pay-for-performance calibration: 2024 cash bonus paid at 67% of target and 2024 PSUs converted at 70% of target, signaling compensation sensitivity to under-target revenue/EBITDA and recurring revenue/gross profit—supportive for alignment but indicating execution shortfall vs targets in 2024 .
- Supply/overhang calendar: Multiple upcoming vesting tranches (e.g., RSU/PSU vesting across 2025–2027) and option expirations through 2027 may create episodic selling pressure or required liquidity to cover taxes/exercises; monitor trading windows around 6/30/2025, 5/13/2026, 12/27/2026, and scheduled RSU/PSU vesting dates (Jan 2 series) .
- Alignment and retention: Prohibition on hedging/pledging and multi-year vesting support retention and alignment. However, the CIC Plan’s full acceleration upon double-trigger reduces “deal risk” for the executive but may lower post-deal retention frictions; investors should model equity acceleration impact in M&A scenarios .
- Ownership: Beneficial ownership of ~1.4% (394,649 shares, including 216,141 within 60 days) is meaningful for a non-CEO NEO and provides leverage to equity value creation, though not a controlling position .
Important footnotes: All numbers, dates, and vesting terms reflect the latest definitive proxy (DEF 14A) filed April 28, 2025, and are cited inline.