Eric Finnsson
About Eric Finnsson
Independent director (age 64) appointed July 30, 2020; Audit Committee Chair and designated “audit committee financial expert.” Retired KPMG audit partner with 25+ years across Canada, Europe, and China (including 3 years in Global Risk Management), former CFO of GLG Life Tech Corporation (Mar 2019–Jun 2020), Canadian Chartered Accountant (1990) and Illinois CPA (2002, inactive) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GLG Life Tech Corporation | Chief Financial Officer | Mar 2019–Jun 2020 | Led finance at producer of zero-calorie natural sweeteners |
| KPMG (Canada/Europe/China) | Audit Partner; Global Risk Management specialist | 25+ years; 3 years in Global Risk Mgmt | Deep audit, risk management, international experience |
| Independent consultant | Finance/business consulting (China/start-ups) | Prior to GLG CFO role (dates not specified) | Advisory on finance and investments |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed in proxy |
Board Governance
- Independence: Board determined all directors except CEO Nicholas R. Liuzza are independent under Nasdaq/SEC rules; Finnsson is independent .
- Committee assignments: Audit (Chair), Compensation (member), Nominating & Corporate Governance (member); Audit financial expert designation and “financial sophistication” per Nasdaq .
- Attendance & engagement: All then-serving directors attended >75% of applicable Board and Committee meetings in 2024; Board held 12 meetings, Audit 12, Compensation 4, Nominating & Governance 4 .
- Compensation Committee practices: Committee did not engage compensation consultants in 2024; no member was an officer/employee; interlocks disclosed at board level (Freedman, Moe, Liuzza on Red Cat Holdings board) .
Fixed Compensation
| Component | 2024 | 2025 |
|---|---|---|
| Fees Earned (Cash) | $80,000 | $50,000 grant effective May 1, 2025, payable quarterly in arrears (subject to continued service) |
| Special Cash Award (May 28, 2025) | — | $90,000; election to take 50% in restricted Common Stock and 50% in cash; stock portion subject to stockholder approval of the Plan |
Performance Compensation
| Award Type | Grant Date | Quantity | Vesting | Terms/Notes |
|---|---|---|---|---|
| Restricted Stock | May 28, 2025 | 30,000 | Vests one-third annually over 3 years from May 28, 2025 | Subject to stockholder approval of the 2025 Plan |
| Restricted Stock | Oct 2, 2025 | 10,000 | Vests on Oct 2, 2025 | Subject to stockholder approval of the 2025 Plan |
| Cash-to-Stock Election | May 28, 2025 | — | — | Elected 50% of $90,000 cash award into restricted Common Stock at $0.92 per share; stock portion subject to Plan approval |
- Performance metrics tied to director compensation: Not disclosed; director equity awards are time-based vesting (no PSUs/TSR/EBITDA targets specified) .
Other Directorships & Interlocks
| Company | Role | Interlock Type | Relevance to Finnsson |
|---|---|---|---|
| Red Cat Holdings, Inc. (Nasdaq: RCAT) | Directors include Freedman; Moe and Liuzza also on RCAT board | Board-level interlock among other BLNE insiders | No interlock disclosed for Finnsson |
Expertise & Qualifications
- Audit and risk expertise: Designated Audit Committee financial expert; extensive audit/risk background at KPMG including Global Risk Management .
- Financial credentials: Canadian Chartered Accountant (1990); Illinois CPA (2002, inactive) .
- Operating experience: Public-company CFO (GLG Life Tech, 2019–2020) .
- International exposure: Worked across Canada, Europe, China; advisory/consulting experience in China .
Equity Ownership
| Holder | Shares of Common Stock Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Eric Finnsson (Director) | 2,013 | <1% | Does not include restricted stock grants contingent upon stockholder approval of the Plan |
- Ownership guidelines and pledging/hedging: No director ownership guidelines disclosed; anti-hedging policy prohibits hedging by officers/directors; blackout period waiver on Apr 15, 2025 allowed open-market purchases by officers/directors .
Governance Assessment
- Strengths: Independent director; Audit Chair and SEC-designated financial expert; broad audit/risk and CFO background supports oversight of internal controls and financial reporting .
- Alignment: Took equity exposure via election to convert 50% of a $90,000 cash award into restricted stock (at $0.92), with additional time-based restricted stock grants—indicates willingness to hold stock, though awards are contingent on Plan approval .
- Attendance/engagement: Board and committee meeting cadence and >75% attendance for 2024 suggest active participation; Finnsson chairs the most active committee (12 meetings) .
- Watch items: Equity awards and cash-to-stock elections are subject to stockholder approval of the new Plan; Board’s April 15, 2025 blackout waiver allowing insider open-market purchases may draw scrutiny from governance-sensitive investors (process transparency and timing) .
- Conflicts/related-party exposure: No Finnsson-specific related-party transactions disclosed; company-level related-party dealings (e.g., CEO loans/investments; consulting/partnership with a director-affiliated entity) underscore the importance of robust Audit Committee oversight and related-party review policy .