Jeremy Ung
BLACKLINEAbout Jeremy Ung
BlackLine’s Chief Technology Officer since April 15, 2024, with prior senior engineering leadership at Apptio (CTO, Chief Engineering Officer, VP Engineering), Amazon Web Services, Microsoft, and MDA. He holds a B.Sc. in Computer Science and English from the University of British Columbia . BlackLine’s 2024 performance metrics used in executive pay included revenue of $653.3M vs a $657.3M target and non-GAAP operating margin of 19.4% vs an 18.0% target, with ARR at $641.2M vs a $674.4M target . Ung’s compensation is tied to annual financial goals and a 2024–2026 relative TSR framework, aligning incentives to growth and shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apptio | Chief Technology Officer | Jun 2022–Apr 2024 | Led AI-powered technology financial management software platform strategy |
| Apptio | Chief Engineering Officer | Dec 2021–Jun 2022 | Scaled engineering execution and product delivery |
| Apptio | VP, Engineering | Oct 2019–Dec 2021 | Drove core product engineering and development |
| Amazon Web Services | Leadership roles | 3 years | Cloud infrastructure and services leadership exposure |
| Microsoft | Senior program/software management | Not disclosed | Enterprise software and program management experience |
| MDA (satellite/geo-intelligence) | Senior software management | Not disclosed | Mission-critical systems and geo-intelligence software |
External Roles
No public company directorships or external board roles were disclosed for Ung in the latest proxy .
Fixed Compensation
| Metric | 2024 | Notes |
|---|---|---|
| Base Salary ($) | $425,000 | Per Ung Employment Agreement (CTO) effective Apr 15, 2024 |
| Target Bonus (%) | 70% of salary | Annual cash bonus opportunity |
| Target Bonus ($) | $212,152 (prorated) | Prorated for partial-year service beginning Apr 15, 2024 |
| Actual Bonus Paid ($) | $260,690 | Funded from 2024 Bonus Plan |
| Signing Bonus ($) | $150,000 | New-hire bonus |
| All Other Compensation ($) | $13,800 (401(k) match) | Perquisites limited; no special programs |
| Total Compensation ($) | $6,970,500 | 2024 Summary Compensation Table total |
Performance Compensation
Annual Cash Bonus – 2024 Performance Matrix
| Metric | Target | Actual | Payout (% of component) | Weighted Payment (%) |
|---|---|---|---|---|
| Revenue | $657.3M | $653.3M | 75.8% | 37.9% |
| Non-GAAP Operating Margin | 18.0% | 19.4% | 170.0% | 85.0% |
| Total Funding | — | — | — | 122.9% |
2024 PSU Outcomes (first tranche, eligible Feb 20, 2025)
| Executive | Target PSUs Eligible on 2/20/2025 | PSUs Earned/Vested |
|---|---|---|
| Jeremy Ung | 9,403 | 0 |
Design: 2024 grants split 50% RSUs and 50% PSUs, with 50% of PSUs tied to annual financial goals for 2024–2026 and 50% tied to a single-period 2024–2026 rTSR goal .
Equity Grants and Vesting
| Award Type | Grant Date | Shares / Units | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| RSUs | May 8, 2024 | 56,420 | $3,357,554 | 25% on May 20, 2025; then 1/16th quarterly, continued service required |
| PSUs – Financial (2024–2026) | May 8, 2024 | 28,210 | $2,326,479 | Annual performance tranches; earned vs targets |
| PSUs – rTSR (2024–2026) | May 8, 2024 | 28,210 | $559,573 | Single performance period spanning 2024–2026 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Mar 11, 2025) | “—” shares; <1% of outstanding (63,076,641 shares outstanding basis) |
| Unvested RSUs (12/31/2024) | 56,420; market value $3,428,079 at $60.76/share |
| Unearned PSUs (12/31/2024) | 28,210; payout value $1,714,040 at $60.76/share |
| 2024 PSU tranche (12/31/2024) | 9,403; $571,326 market value at $60.76/share; 0% earned on 2/20/2025 |
| Options | Company has not granted options to NEOs since 2021 |
| Stock Ownership Guidelines | Executives: 1x salary; Co-CEOs: 5x salary; methodology excludes unexercised options since Feb 2024; all execs in compliance as of Dec 31, 2024 |
| Hedging/Pledging | Prohibited for all employees and directors |
| Clawback Policy | Compensation Recovery Policy adopted in 2023 to recoup incentive-based pay upon restatements per Nasdaq standards |
Employment Terms
| Term | Detail |
|---|---|
| Start Date / Role | CTO effective Apr 15, 2024 |
| Base Salary | $425,000 |
| Target Bonus | 70% of salary |
| Severance (non-CoC) | $212,500 cash (six months’ salary) |
| Severance (CoC) | $425,000 cash (12 months’ salary) |
| Health Coverage (PV) | $19,376 (non-CoC); $38,354 (CoC) |
| Accelerated Equity (PV) | $857,020 (non-CoC scenarios per table context); $6,237,014 (CoC) |
| Triggers | Double-trigger for CoC; qualifying termination within 3 months before to 12 months after CoC |
| Special Retention Term | If terminated not for cause and not in connection with CoC within first 12 months of employment, time-based RSUs accelerate as scheduled for first vest date |
| Tax Gross-Ups | None for golden parachute (280G/4999) |
| Non-Compete/Non-Solicit | Not disclosed in proxy for Ung; employment is at-will |
Investment Implications
- Pay-for-performance linkage: Ung’s cash bonus and PSUs are directly tied to revenue and non-GAAP margin outcomes plus multi-year rTSR, with 2024 PSU tranche paying 0%—a strong signal of discipline and alignment to actual performance .
- Retention risk around first vest: A substantial RSU vest occurs on May 20, 2025 (25% of 56,420 units), followed by quarterly vesting; monitor potential Form 4 activity and 10b5-1 plans for selling pressure around scheduled vests .
- Alignment safeguards: Prohibitions on hedging/pledging, stock ownership guidelines (1x salary) with compliance reported, and a clawback policy reduce governance risk and misalignment concerns .
- Change-of-control economics: Double-trigger structure with meaningful equity acceleration under CoC supports retention and transaction neutrality; in a CoC, Ung’s modeled accelerated equity was $6.24M as of year-end 2024 pricing, indicating significant retention value at stake .
- Equity-heavy mix: 2024 total compensation was dominated by equity grants (~$6.24M combined RSU/PSU grant date values), signaling confidence in long-term value creation and tying outcomes to stock performance .