Daniel Lentz
BIGCAbout Daniel Lentz
Daniel Lentz, 47, is BigCommerce’s Chief Financial Officer (CFO) since July 2023, after serving as SVP, Investor Relations & Finance (Mar 2021–Jun 2023) and VP, Investor Relations & Finance (Nov 2018–Mar 2021). He previously held financial and operational leadership roles at Dell, RetailMeNot and Procter & Gamble, and holds a B.B.A. in Finance from UT Austin and an MBA in Accounting & Finance plus a Master of Real Estate from Cornell University . Company performance in 2024 included revenue of $332.9 million (+7.6% YoY), subscription revenue of $247.9 million (+8.1%), ARR of $349.6 million (+4.0%), GAAP net loss of ~$27.0 million (8.1% of revenue), and non-GAAP operating income (loss) of approximately ($19.5) million; management’s incentive design ties pay to adjusted EBITDA, revenue, and relative TSR versus the Russell 2000 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BigCommerce | CFO | Jul 2023–present | Leads finance during transformation; compensation tied to EBITDA, revenue, TSR |
| BigCommerce | SVP, Investor Relations & Finance | Mar 2021–Jun 2023 | Scaled IR/finance; precursor to CFO role |
| BigCommerce | VP, Investor Relations & Finance | Nov 2018–Mar 2021 | Built IR/finance foundations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dell | Financial/operational leadership | Not disclosed | Large-scale operational finance experience |
| RetailMeNot | Financial/operational leadership | Not disclosed | Digital commerce finance and ops insights |
| Procter & Gamble | Financial/operational leadership | Not disclosed | Blue-chip training in finance rigor |
Fixed Compensation
| Component (2024) | Detail | Amount | Notes |
|---|---|---|---|
| Contracted Base Salary | Annual base per offer letter | $405,000 | At-will employment; amended and restated in Jun 2023 |
| Annualized Base Salary (Company table) | Annualized figure | $399,329 | Effective Mar 10, 2024 increase to $405,000; annualized table reflects timing |
| Salary Paid (2024) | Summary Compensation Table | $398,077 | Actual paid in fiscal 2024 |
| Target Bonus % (2024) | Percent of base | 55% | 2024 Executive Bonus Plan |
| Annual Bonus Paid (2024) | Non-Equity Incentive Plan Compensation | $202,068 | Based on ~92% aggregate plan achievement |
| Retention Cash Bonus | Approved Nov 2024 | $50,000 | 25% payable after Dec 31, 2024; 25% after Mar 31, 2025; 50% after Sep 30, 2025; requires continued employment |
Performance Compensation
2024 Annual Cash Incentive Plan Outcomes
| Metric | Weighting | Target | Actual | Payout vs Target |
|---|---|---|---|---|
| Revenue Growth Rate | 33.33% | 8.6% | 7.6% | 76% |
| Subscription ARR Growth Rate | 33.33% | 9.8% | 3.2% | 0% |
| Adjusted EBITDA | 33.33% | $16.9M | $23.5M | 200% |
| Aggregate Achievement | — | — | — | ~92% of target |
2024 Equity Grants (structure and counts)
| Instrument | Shares/Units | Key Terms | Grant/Exercise Price |
|---|---|---|---|
| Stock Options (annual grant) | 92,150 | 25% after first anniversary; then monthly over 36 months | $7.25 (3/5/2024 grant) |
| Stock Options (retention option) | 16,160 | 25% on Dec 31, 2024; 25% on Mar 31, 2025; 50% on Sep 30, 2025 | $6.48 (11/11/2024 grant) |
| Time-based RSUs | 40,960 | 25% annually over 4 years from vesting start date | — (3/5/2024 grant) |
| Performance-based RSUs (PSUs total) | 34,130 | Mix of EBITDA, Revenue, TSR tranches | — (3/5/2024 grant) |
PSU Design and 2024 Vesting Results
| PSU Type | Performance Period | Vesting Curve | 2024 Tranche Result |
|---|---|---|---|
| Adjusted EBITDA RSUs | 2024–2026; annual tranches | Threshold 0%; Target 100%; Max 200% | 200% of target (2024 tranche) |
| Revenue RSUs | 2024–2026; annual tranches | Threshold 0%; Target 100%; Max 200% | 89% of target (2024 tranche) |
| TSR RSUs (relative to Russell 2000) | 2024–2026 | 25th pct=50%; 50th=100%; 75th=150%; 90th=200%; negative absolute TSR caps at 100% | Not yet determined (3-year measurement) |
Equity Ownership & Alignment
Beneficial Ownership (as of March 25, 2025)
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Daniel Lentz | 216,820 | <1% | % based on 79,473,423 shares outstanding |
Options Outstanding (as of Dec 31, 2024)
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration |
|---|---|---|---|---|
| 2/27/2019 | 31,184 | — | $3.18 | 2/27/2029 |
| 3/13/2021 | 4,764 | 318 | $59.56 | 3/13/2031 |
| 3/8/2022 | 16,668 | 7,576 | $20.25 | 3/8/2032 |
| 3/3/2023 | 17,898 | 23,012 | $10.42 | 3/3/2033 |
| 6/30/2023 | 8,182 | 13,636 | $9.95 | 6/30/2033 |
| 3/5/2024 | — | 92,150 | $7.25 | 3/5/2034 |
| 11/11/2024 (Retention Option) | 4,040 | 12,120 | $6.48 | 11/11/2034 |
RSUs Outstanding (as of Dec 31, 2024)
| Grant Date | Unvested Time-based RSUs (#) | Unearned PSUs (#) – EBITDA | Unearned PSUs (#) – Revenue | Unearned PSUs (#) – TSR |
|---|---|---|---|---|
| 3/13/2021 | 1,482 | — | — | — |
| 3/8/2022 | 14,142 | — | — | — |
| 3/3/2023 | 47,728 | — | — | — |
| 3/5/2024 | 25,454 | 68,260 | 34,130 | 5,688 |
| 3/5/2024 (time-based RSUs) | 40,960 | — | — | — |
Alignment Policies
- Stock ownership guidelines: senior officers must hold shares equal to 1x annual base salary (5-year phase-in). Compliance status not disclosed .
- Hedging and pledging: prohibited; no margin accounts or derivatives trading permitted for insiders .
- Clawback: mandatory recovery of excess incentive-based compensation upon an accounting restatement, per SEC/Nasdaq rules .
Employment Terms
| Provision | Outside CIC Protection Period | In CIC Protection Period | Notes |
|---|---|---|---|
| Severance – Cash | 6 months base salary | 12 months base salary | Change-in-control protection period: 3 months before to 12 months after CIC for Lentz |
| Severance – Healthcare | 6 months company share of premiums | 12 months company share of premiums | Payable over 3 months |
| Equity Acceleration | None | Unvested time-based equity awards accelerate in full | PSUs have pro-rata and performance-based treatment upon CIC/qualifying termination per award agreements |
| Estimated Benefits (as of 12/31/2024) | Cash: $202,500; Healthcare: $6,373 | Cash: $405,000; Equity Acceleration: $1,420,795; Healthcare: $12,746 | Valuations at $6.12 share price; PSUs assumed at target for estimates |
- Offer letter: at-will employment, confidentiality, non-competition and non-solicitation covenants; amended and restated in Jun 2023 upon becoming CFO .
- Retention incentives: cash bonus ($50,000) and special retention option (16,160 shares) with vesting on Dec 31, 2024, Mar 31, 2025, and Sep 30, 2025 to support continuity during executive turnover and transformation .
Investment Implications
- Pay-for-performance alignment: 2024 cash bonus payouts reflected operational outcomes (EBITDA strongly above target; subscription ARR below target), with aggregate ~92% payout; PSUs vest based on EBITDA, revenue, and relative TSR, reinforcing performance linkage .
- Retention risk mitigated near-term: a targeted $50k retention bonus and front-loaded retention option vesting dates (Mar 31, 2025 and Sep 30, 2025) incentivize continuity; watch for potential liquidity events around those vest dates that could create insider selling pressure windows .
- Alignment and governance: beneficial ownership is <1% (216,820 shares), but strict no-hedging/no-pledging, stock ownership guidelines (1x salary), and a mandatory clawback reduce misalignment and governance risk .
- Change-in-control economics: double-trigger style severance (salary and healthcare) plus full acceleration of time-based equity in CIC termination, and pro-rata acceleration mechanisms for PSUs, could influence decision-making in strategic transactions; estimated CIC package as of 12/31/2024 totals ~$1.84 million including equity acceleration assumptions .