Scott Bibaud
About Scott Bibaud
Scott Bibaud (age 62) has served as Atomera’s President, CEO and a director since October 2015. He holds a B.S. in Electrical Engineering from Rensselaer Polytechnic Institute and an MBA from Harvard Business School, and has 30+ years of semiconductor operating experience at Broadcom and Altera, plus venture experience at Foundation Capital . He beneficially owns ~2.24M shares (6.9% of shares outstanding), including 1.91M options currently exercisable and 89,631 unvested RSAs, aligning him with shareholders . Over 2022–2024, Atomera’s TSR proxy metric fell from 30.91 to 57.65 on a $100 base (2022→2024 values shown in Pay vs. Performance), while net losses remained significant; the board responded with 2025 PSUs tied to rTSR and moved to double-trigger CIC protections for executives, addressing prior investor feedback . Recent revenue and EBITDA remain small/negative (see Financial context table; S&P Global values).
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Broadcom | EVP & GM, Mobile Platforms Group | 2000–2011 | Led mobile platform business at scale in semis; deep ops/commercial experience . |
| Altera | SVP & GM, Communications & Broadcast Division | 2012–2014 | Ran division tied to comms/broadcast end-markets . |
| Foundation Capital | Executive-in-Residence | pre-2015 | Evaluated semiconductor investments; portfolio support . |
External Roles
No other public-company directorships are disclosed for Mr. Bibaud in the proxy biography .
Fixed Compensation
- Target pay positioning: ~50th percentile for cash (base + bonus) vs peers; ~75th percentile for long-term equity due to cash conservation and retention focus .
- Base salary increased to $445,000 in 2024 .
| Item | 2024 | Notes |
|---|---|---|
| Base Salary ($) | 445,000 | Reviewed annually by Compensation Committee . |
| Target Bonus (% of base) | 100% | Company goals set annually; ops/tech/financial focus . |
| Actual Bonus Payout | 89% of target; $396,050 | Based on 2024 performance assessment . |
Multi-year compensation (summary compensation table):
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Total ($) |
|---|---|---|---|---|---|
| 2022 | 402,833 | 139,320 | 399,908 | 828,832 | 1,770,893 |
| 2023 | 417,667 | 218,834 | 360,013 | 841,612 | 1,838,126 |
| 2024 | 440,834 | 294,000 | 389,977 | 917,845 | 2,042,656 |
Performance Compensation
Design and notable changes:
- Annual cash bonus: company goals (contracts/licenses, customer commercialization progress, technical milestones, patents, revenue, prudent capital/financing); 2024 payout at 89% of target .
- Equity mix: CEO grants ~70% options / 30% RSAs (fair value); both vest in 16 equal quarterly installments over 4 years; options 10-year term .
- 2025 enhancement: adoption of PSUs with relative TSR vesting metrics in response to shareholder feedback .
2024 incentive detail:
| Metric / Award | Weighting | Target | Actual/Payout | Vesting/Term |
|---|---|---|---|---|
| Annual Bonus (Cash) | N/A (company goals) | 100% of base | 89% ($396,050) | Cash in 2025 |
| RSAs (shares) | ~30% of equity FV | 60,368 | N/A | 16 quarterly vests over 4 years |
| Options (shares) | ~70% of equity FV | 184,384 @ $6.46 | N/A | 16 quarterly vests/4 yrs; 10-yr term |
Historical CEO equity grants (select):
- 2022: 78,160 options @ $14.54; 27,504 RSAs; 4-yr quarterly vest .
- 2023: 170,112 options @ $6.56; 54,880 RSAs; 4-yr quarterly vest .
- 2024: 184,384 options @ $6.46; 60,368 RSAs; 4-yr quarterly vest .
Equity Ownership & Alignment
Policies and guidelines:
- CEO ownership guideline: 5x base salary; 5-year compliance window from Feb 23, 2023; NEOs either meet or remain within compliance window .
- Hedging/pledging prohibited for directors, officers, employees, consultants; no short sales, options, margin, pledged securities, standing/limit orders .
- Broad equity participation; 100% of employees/executives hold options and restricted stock; directors hold restricted stock .
Ownership snapshot (Feb 15, 2025):
| Holder | Beneficial Ownership (shares) | % of Class | Notes |
|---|---|---|---|
| Scott Bibaud | 2,238,522 | 6.9% | Includes 1,905,235 currently exercisable options; 89,631 unvested RSAs . |
Outstanding equity detail (12/31/2024 snapshot):
| Unvested RSAs | Market Value ($) | Basis |
|---|---|---|
| 89,631 | 1,039,720 | Priced at $11.60 (12/31/2024 close) . |
Selected option lots (examples):
- 2024: 34,572 exercisable / 149,812 unexercisable @ $6.46, expiring 3/21/2034 .
- 2023: 74,424 exercisable / 95,688 unexercisable @ $6.56, expiring 2/23/2033 .
- Earlier lots disclosed in full table .
Employment Terms
New CEO employment agreement (effective March 4, 2025; initial 3-year term; auto-renews 1-year terms):
- Severance if terminated without cause or for good reason: 18 months base salary; up to 12 months health benefits; 18 months acceleration of unvested equity .
- Company moved executive agreements to double-trigger change-in-control (CIC) benefits effective March 3, 2025 (CIC + qualifying termination required) .
Potential payments (as if qualifying involuntary termination at 12/31/2024):
| Type | Termination ($) | Change in Control ($) |
|---|---|---|
| Cash Severance | 667,500 | – |
| Equity Acceleration | 1,331,183 | 2,073,746 |
Clawback: Executive Officer Clawback Policy adopted in 2023 (NASDAQ/SEC compliant); recovers excess incentive-based compensation upon accounting restatement (includes stock-price/TSR-derived metrics) .
Plan-level CIC mechanics: 2023 Plan allows, if approved by the Compensation Committee, full vests/exercisability for awards outstanding ≥6 months upon CIC (plan-level features; exec agreements are now double-trigger) .
Board Governance and Director Service
- Director since Oct 2015; not independent due to CEO role; no committee memberships .
- Board structure: independent Chair (John Gerber); no lead independent director; Audit, Compensation, Nominating committees fully independent .
- Attendance: all directors attended all 2024 board and committee meetings; board held five meetings .
- Executive directors receive no incremental director compensation .
- Director compensation (non-employee): $35,000 cash retainer + $95,000 equity grant; committee/Chair retainers disclosed .
Compensation Peer Group and Benchmarking
- 2024 peer set spans semis/semicap/electronics (e.g., Akoustis, Amtech, AXT, Ceva, Everspin, GSI Tech, inTest, Netlist, nLight, QuickLogic, SkyWater, Techpoint, Transphorm, Luna Innovations, etc.) .
- Targeting: ~50th percentile cash; ~75th percentile equity for retention and to conserve cash amid losses .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay support: 55% approval .
- Responses: implemented 2025 PSUs with relative TSR vesting; transitioned from single-trigger to double-trigger CIC in executive contracts; expanded clarity on bonus metrics; formal clawback disclosure .
Related‑Party Transactions and Other Governance
- No related-party transactions since Jan 1, 2023 above threshold, other than standard compensatory arrangements .
- Insider trading policy in place; hedging/pledging prohibited .
Financial context (for pay‑for‑performance alignment)
Quarterly:
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($) | 23,000* | 4,000* | N/A* | 11,000* |
| EBITDA ($) | (4,609,000)* | (5,200,000)* | (4,993,000)* | (5,557,000)* |
Annual:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($) | 550,000* | 135,000* |
| EBITDA ($) | (19,454,000)* | (18,208,000)* |
Values retrieved from S&P Global.*
Pay vs. performance (proxy-reported):
- Value of $100 investment (TSR proxy metric): 2022 $30.91; 2023 $34.84; 2024 $57.65 .
- Net loss: 2022 $(17.44)m; 2023 $(19.79)m; 2024 $(18.44)m .
- Compensation Actually Paid (CEO): $(3.09)m (2022); $2.40m (2023); $4.40m (2024) .
Investment Implications
- Alignment and retention: Large CEO ownership (6.9%), quarterly vesting schedules, 5x-salary ownership guideline, and a strict no-hedge/pledge policy support alignment and reduce misalignment risk . The 2025 introduction of rTSR‑based PSUs and double‑trigger CIC benefits should improve pay‑for‑performance optics and reduce single‑trigger overhang risk .
- Dilution/overhang watch: Share reserve increase sought in 2025; projected overhang ~15.19% post-amendment, implying potential dilution sensitivity if growth lags .
- Pay vs results: Despite negative EBITDA and modest revenue, CEO pay rose on grant-date accounting and mark‑to‑market dynamics; the low 2024 say‑on‑pay (55%) underscores scrutiny risk until tangible commercial scaling and TSR outperformance are evident .
- Downside/CIC economics: 18‑month cash severance plus 18‑month equity acceleration for non‑CIC terminations is above typical small-cap medians, aiding retention but raising cost in adverse scenarios; double‑trigger CIC reduces windfall risk .
- Trading signals: Quarterly vesting cadence and a meaningful unvested RSA balance ($1.04m at 12/31/24) may create predictable liquidity windows; hedging/pledging is prohibited, reducing forced‑sale risk .
Overall: Governance moves in 2025 (rTSR PSUs, double‑trigger CIC, clawback disclosure) are positive; investors should monitor commercialization milestones, TSR vs peer semis, and equity burn/overhang as key determinants of pay‑for‑performance credibility.
Citations: All bracketed references correspond to SEC filings and company documents as indicated:
- 2025 DEF 14A (3/19/2025): **[1420520_0001683168-25-001729_atomera_idef14a.htm:15]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:17]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:18]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:19]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:20]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:21]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:26]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:27]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:28]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:29]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:36]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:39]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:40]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:42]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:43]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:44]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:45]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:47]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:48]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:49]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:50]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:51]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:52]** **[1420520_0001683168-25-001729_atomera_idef14a.htm:53]**
- 2024 DEF 14A (3/8/2024): **[1420520_0001683168-24-001393_atomera_def14a.htm:15]** **[1420520_0001683168-24-001393_atomera_def14a.htm:16]** **[1420520_0001683168-24-001393_atomera_def14a.htm:17]** **[1420520_0001683168-24-001393_atomera_def14a.htm:18]** **[1420520_0001683168-24-001393_atomera_def14a.htm:19]** **[1420520_0001683168-24-001393_atomera_def14a.htm:20]** **[1420520_0001683168-24-001393_atomera_def14a.htm:31]** **[1420520_0001683168-24-001393_atomera_def14a.htm:32]** **[1420520_0001683168-24-001393_atomera_def14a.htm:33]** **[1420520_0001683168-24-001393_atomera_def14a.htm:34]** **[1420520_0001683168-24-001393_atomera_def14a.htm:35]** **[1420520_0001683168-24-001393_atomera_def14a.htm:36]** **[1420520_0001683168-24-001393_atomera_def14a.htm:37]** **[1420520_0001683168-24-001393_atomera_def14a.htm:38]** **[1420520_0001683168-24-001393_atomera_def14a.htm:39]** **[1420520_0001683168-24-001393_atomera_def14a.htm:40]**