Justin Leon
About Justin Leon
Justin M. Leon is Senior Vice President, Corporate Development at ATN International, Inc. (ATNI). He joined ATN in 2015 and brings over fifteen years of investing and acquisition experience; prior roles include Corporate Strategy & Development at Nuance Communications, executing over $1 billion in acquisitions, and earlier investment banking at Stonebridge Associates; he holds a corporate finance degree from Bentley College and an MBA from the Tuck School of Business at Dartmouth . As of April 30, 2025, he is 39 years old . Over Leon’s tenure, ATN’s revenues rose from $355.4 million in FY2015 to $711.7 million in FY2024*, while EBITDA increased from $140.1 million in FY2015 to $175.7 million in FY2024* (Values retrieved from S&P Global) [GetFinancials].
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuance Communications | Corporate Strategy & Development | Pre-2015 | Executed over $1B in acquisitions across healthcare, mobile, and enterprise software |
| Stonebridge Associates | Investment Banking | Early career | M&A advisory for technology, medical device, and consumer products clients |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuance Communications | Corporate Strategy & Development | Pre-2015 | Built acquisitive growth capability; drove inorganic expansion |
| Stonebridge Associates | Analyst/Associate (Investment Bank) | Early career | Transaction execution and advisory in targeted sectors |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $250,000 | $256,731 | $264,710 |
| Target Bonus (% of Salary) | 50% | 50% | 50% |
| Actual Bonus Paid ($) | $125,000 | $126,701 | $66,178 |
Notes:
- 2022 target bonus increased to 50% upon Leon’s promotion to SVP; appointed an executive officer in June 2022 .
- For 2024, annualized base salary rate shown; actual paid reported in Summary Compensation Table .
Performance Compensation
Annual Bonus Framework and 2024 Payout
| Metric | Weighting Range | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company Performance (Revenue, Adjusted EBITDA, KPIs) | 60–100% | 50% of salary | Committee emphasized financials vs prior year, forecast, and guidance | 50% of target: $66,178 | N/A |
Additional 2023 context: Leon’s bonus paid at 99% of target ($126,701), reflecting leadership on execution of internal strategic and financial objectives .
Equity Awards (RSUs and PSUs)
| Year | RSUs (#) | RSUs Grant Date Value ($) | PSUs at Target (#) | PSUs Grant Date Value ($) |
|---|---|---|---|---|
| 2023 | 5,500 | $219,670 | 5,500 | $248,050 |
| 2024 | 8,692 | $282,925 | 8,692 | $300,135 |
| 2025 | 16,988 | $359,296 | 16,988 | $412,978 |
Notes:
- Share counts are determined using the 20-trading day average price prior to grant: $34.53 for March 12, 2024; $17.66 for March 13, 2025 .
- PSUs are tied to 3-year TSR vs the Russell 2000: payout from 0% to 150% of target if TSR ≥ 0; capped at 100% of target if TSR < 0 .
PSU Vesting Mechanics
- 2024 grant: performance period ends March 12, 2027; shares delivered no later than March 12, 2028, subject to continued employment and special provisions for change of control, death, disability, or retirement .
- 2025 grant: performance period ends March 13, 2028; shares delivered no later than March 13, 2029, with similar conditions .
Stock Vested (Realized)
| Year | Restricted Stock Vested (#) | Value Realized ($) | Performance Stock Vested (#) | Value Realized ($) | Total Vested (#) | Total Value Realized ($) |
|---|---|---|---|---|---|---|
| 2022 | 2,313 | $80,773 | — | — | 2,313 | $80,773 |
| 2023 | 3,287 | $130,564 | — | — | 3,287 | $130,564 |
| 2024 | 4,163 | $132,347 | 2,795 | $92,403 | 6,958 | $224,750 |
The company reports no outstanding options; equity awards are RSUs and PSUs .
Equity Ownership & Alignment
| As-of Date | Shares Beneficially Owned (#) | Shares Outstanding (#) | Ownership (%) |
|---|---|---|---|
| April 14, 2023 | 3,094 | 15,789,317 | 0.0196% (computed from cited figures) |
| April 22, 2024 | 6,830 | 15,454,008 | 0.0442% (computed from cited figures) |
| April 21, 2025 | 13,186 | 15,216,530 | 0.0867% (computed from cited figures) |
Ownership guidelines and retention:
- Executives must hold stock equal to 2x annual base salary; until met, must retain 75% of net shares from vesting/exercise .
- As of December 31, 2024, Leon had not yet reached the guideline; compliance reported for policy, with several executives not yet at target (including Leon) .
- Anti-hedging/short sale policy applies to directors, officers, and employees .
Employment Terms
Severance agreements (March 2023 for named executive officers; CEO and CFO updated in 2024):
- If terminated without cause or for good reason, absent a change in control: severance equals 1x base salary and 12 months COBRA at active employee rate; non-compete, non-solicit, and confidentiality covenants apply for one year post-termination .
- If terminated without cause or for good reason within the window starting three months before and ending 12 months after a change in control: severance equals 1x base salary plus maximum target incentive for the year, 12 months COBRA, and immediate vesting of all restricted stock, RSUs, PSUs, and options (if any) .
Potential payments upon termination (illustrative calculations, Leon):
| Event | As-of 12/31/2023 Totals | As-of 12/31/2024 Totals |
|---|---|---|
| Termination Without Cause/Good Reason | Salary & Other Cash: $257,000; COBRA: $33,091; Acceleration: N/A; Total: $290,091 | Salary & Other Cash: $264,710; COBRA: $36,588; Acceleration: N/A; Total: $301,298 |
| Change of Control Termination | Salary & Other Cash: $385,500; COBRA: $33,091; Acceleration: 100%; RSU Vesting: $465,692; PSU Vesting: $625,520; Total: $1,509,802 | Salary & Other Cash: $397,066; COBRA: $36,588; Acceleration: 100%; RSU Vesting: $277,012; PSU Vesting: $199,858; Total: $910,524 |
Additional policies:
- PSU agreements allow continued vesting following eligible retirement (age ≥55, ≥10 years of service, ≥6 months post-grant) .
- Executive clawback policies adopted in 2023 to comply with Nasdaq and add misconduct-based recoupment .
- Equity plan prohibits repricing of options/SARs outside corporate transactions .
Performance & Track Record
ATN multi-year financial trajectory during Leon’s tenure:
| Metric | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenues ($) | 355,369,000 [GetFinancials]* | 457,003,000 [GetFinancials]* | 481,193,000 [GetFinancials]* | 425,323,000 [GetFinancials]* | 428,108,000 [GetFinancials]* | 444,422,000 [GetFinancials]* | 585,509,000 [GetFinancials]* | 707,983,000 [GetFinancials]* | 745,711,000 [GetFinancials]* | 711,658,000 [GetFinancials]* |
| EBITDA ($) | 140,144,000 [GetFinancials]* | 148,062,000 [GetFinancials]* | 148,937,000 [GetFinancials]* | 125,724,000 [GetFinancials]* | 108,866,000 [GetFinancials]* | 120,704,000 [GetFinancials]* | 130,209,000 [GetFinancials]* | 164,859,000 [GetFinancials]* | 180,503,000 [GetFinancials]* | 175,654,000 [GetFinancials]* |
Values retrieved from S&P Global. Asterisk denotes values without document citations.
Compensation governance and shareholder feedback:
- Compensation Committee members (2025): Richard J. Ganong (Chair), April V. Henry, Patricia A. Jacobs .
- Say-on-Pay approvals: More than 95% approval in 2023; more than 90% approval in 2024 .
Investment Implications
- Alignment: A 50/50 mix of time-based RSUs and performance-vested PSUs linked to 3-year relative TSR (with payout capped at target if absolute TSR is negative) strengthens pay-for-performance and mitigates excessive risk-taking . Executive clawback policies further reinforce alignment .
- Selling pressure: Leon has ongoing vesting and increased equity grants in 2025; however, ATN’s ownership policy requires retaining 75% of net shares until guidelines are met, reducing near-term sell pressure even for executives not yet at guideline (including Leon) .
- Retention and change-in-control economics: Standard severance (1x salary; enhanced to include target bonus and full equity acceleration upon CIC-triggered termination) and one-year non-compete/non-solicit balance retention with market norms; the double-condition around CIC termination and full acceleration could incentivize stability through strategic change events .
- Governance risk controls: No stock options outstanding (repricing risk eliminated), explicit repricing prohibition, and anti-hedging policy all reduce governance red flags .