Kenneth Persen
About Kenneth Persen
Kenneth (“Ken”) Persen is Chief System Deployment Officer at HeartBeam (NASDAQ: BEAT). He joined HeartBeam on August 2, 2022, initially as Chief Technology Officer, and has deep operating experience in cardiac digital health and device software engineering, including prior leadership at LIVMOR, Cameron Health, and Guidant (both subsequently acquired by Boston Scientific) . Persen holds a B.A. in Computer Science from the University of Minnesota Duluth and has led platform development for HeartBeam’s AIMI/AIMIGo technology; company-level TSR and EBITDA/revenue growth metrics tied to his tenure are not disclosed in the proxy materials reviewed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LIVMOR, Inc. | Chief Executive Officer | 2016–Nov 2021 | Led digital health platform development; secured FDA-cleared RPM solution to connect physicians and patients . |
| LIVMOR, Inc. | Chief Technology Officer | 2016–prior to joining HeartBeam in 2022 | Oversaw software and platform engineering; delivered telehealth software stack used in RPM solutions . |
| Cameron Health (acq. by Boston Scientific) | Director of Engineering | Not disclosed | Directed engineering for cardiac rhythm management technologies in late-stage startup environment . |
| Guidant Corp. (acq. by Boston Scientific) | Engineering/Management positions | Not disclosed | Software engineering and leadership in cardiac rhythm device industry . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| LIVMOR, Inc. | Board Member | Current (as of Aug 2022 filing) | Continued governance role post-executive leadership . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $300,000 | $310,000 |
| Target Bonus (% of salary) | 35% (raised effective Jan 1, 2023) | 35% |
| Actual Bonus Paid ($) | $78,780 (paid early 2024) | $61,776 (paid early 2025) |
Notes:
- Employment agreement (Aug 2, 2022) set initial target bonus at 30%, later increased to 35% effective January 1, 2023 .
Performance Compensation
Annual Cash Bonus Design (Role-specific)
| Year/Plan | Metric | Weighting | Target | Actual/Payout | Notes |
|---|---|---|---|---|---|
| 2022 CTO plan (on hire) | Deliver complete telehealth software ready for FDA submission | 20% of salary | Not disclosed | Not disclosed | From employment agreement; remainder 10% based on corporate goals . |
| 2023–2024 | Corporate/individual objectives | Up to 35% of salary | Not disclosed | 2023 payout $78,780; 2024 payout $61,776 | Bonus outcomes per Summary Compensation Table; metric details not disclosed in proxy . |
Equity Awards (Grants and Vesting Structure)
| Grant Date | Award | Shares/Options | Exercise Price | Vesting Schedule | Expiration |
|---|---|---|---|---|---|
| Sep 17, 2022 | Stock options | 80,000 | $1.91 | 25% after 1 year; then monthly over next 36 months | 09/17/2032 |
| Mar 21, 2023 | Stock options | 60,000 | $2.50 | 25% after 1 year; then monthly over next 36 months | 03/21/2033 |
| May 14, 2023 | Stock options | 169,000 | $2.08 | 60% vests upon FDA clearance for marketing of HeartBeam’s synthesized 12L product; 40% vests monthly over 48 months | 05/14/2033 |
| Aug 2, 2023 | Stock options | 252,000 | $2.90 | 60% vests upon FDA clearance for marketing of HeartBeam’s synthesized 12L product; 40% vests monthly over 48 months | 08/02/2033 |
Outstanding Equity (as of 12/31/2024)
| Award (by grant) | Exercisable | Unexercisable | Exercise Price | Expiration |
|---|---|---|---|---|
| Options (8/2/2023) | 33,600 | 218,400 | $2.90 | 08/02/2033 |
| Options (5/14/2023) | 26,758 | 142,242 | $2.08 | 05/14/2033 |
| Options (3/21/2023) | 26,250 | 33,750 | $2.50 | 03/21/2033 |
| Options (9/17/2022) | 46,666 | 33,334 | $1.91 | 09/17/2032 |
Exercises/Vesting Activity (2024)
| Name | Options: Shares Acquired on Vesting | Value Realized on Exercise |
|---|---|---|
| Kenneth Persen | — | — |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total Beneficial Ownership (shares) | 282,511 (less than 1%) |
| Components disclosed | Includes 19,308 options exercisable within 60 days; 263,203 vested options; excludes 558,160 unvested options . |
| Hedging/Pledging policy | Company prohibits hedging, short sales, options trading in company securities, margin accounts and pledging without unanimous pre-approval by compliance committee . |
Employment Terms
- Start date and initial role: Appointed Chief Technical Officer on August 2, 2022; initial base salary $300,000; initial option grant 80,000; incentive bonus target 30% (20% tied to telehealth software submission milestone; 10% corporate goals) .
- Updated role/comp: Target bonus increased to 35% effective January 1, 2023; 2024 base salary increased to $312,000 per employment agreement disclosure; Summary Compensation Table shows $310,000 paid in 2024 (timing/partial-year effects) .
- Equity plan change-in-control/acceleration: If successor does not continue awards, 100% of unvested options/RSUs accelerate; performance awards deemed achieved at 100% target; administrator discretion otherwise .
- Clawback: All awards subject to recoupment under applicable law/listing standards; award agreements may include additional clawback provisions .
- Non-compete/other covenants: Offer letter requires compliance with At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement; limits outside activities directly related to company’s business; no explicit severance or non-compete term disclosed in reviewed excerpts .
Investment Implications
- Pay-for-performance alignment: A substantial portion of Persen’s 2023 grants vest on FDA clearance for HeartBeam’s synthesized 12‑lead product (60% of 421k performance-linked options across May/Aug 2023 grants), directly tying equity outcomes to a critical regulatory milestone; the remaining 40% vests over time, balancing retention and milestone focus .
- Retention and selling pressure: Large unvested/performance-linked option overhang plus no 2024 exercises indicate retention incentive remains intact; immediate insider selling pressure from exercises appears limited in 2024 (no exercises reported) .
- Ownership and alignment: Beneficial ownership is below 1% but includes significant vested/unvested options; company policy bans hedging and pledging, which reduces misalignment/credit risk from collateralized shares .
- Change-of-control risk/reward: Plan-level acceleration if awards are not assumed provides downside protection for the executive in a sale, but could create dilution on a change-in-control; details of cash severance multiples are not disclosed in available agreements .
- Cash vs equity mix: 2023 total compensation heavily equity-driven via options; 2024 compensation comprised of salary plus cash bonus with no new reported option grant value in the Summary Compensation Table, reflecting a pause in new equity for that year while prior grants remain the core incentive .
Net view: Persen’s incentives are tightly coupled to FDA clearance and commercialization milestones, which is positive for shareholders if execution succeeds. Limited evidence of insider selling and prohibitions on hedging/pledging support alignment, though absence of disclosed severance economics leaves some uncertainty on retention in downside scenarios .