Marc Suidan
About Marc Suidan
Marc Suidan, 52, has served as Backblaze’s Chief Financial Officer since August 2024. He previously was CFO of The Beachbody Company (May 2022–Aug 2024) and a Senior Partner at PwC (2011–Apr 2022). He holds an MBA from Northwestern’s Kellogg School and a Bachelor of Management in Accounting and Finance from McGill University . As to incentive design, BLZE’s 2024 annual bonus paid out at 82.33% of target and was delivered in fully vested RSUs; 2025 metrics are revenue, adjusted free cash flow, and ARR, with Suidan’s target bonus at 50% of salary (25% cash/75% RSUs) . As an EGC, BLZE is exempt from say‑on‑pay and pay‑versus‑performance disclosures .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Beachbody Company, Inc. | Chief Financial Officer | May 2022–Aug 2024 | Public company subscription CFO experience in consumer digital fitness and nutrition |
| PricewaterhouseCoopers (PwC) | Senior Partner | 2011–Apr 2022 | Led engagements for technology companies and private equity funds; operational/strategic finance background |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Silicon Valley International School | Board Member | — | Community/education governance exposure |
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base salary paid ($) | $165,000 (pro-rated from 8/16/2024) |
| Starting base salary rate ($/yr) | $440,000 |
| Target bonus (% of salary) | 50% (pro‑rated in 2024) |
| Actual annual bonus payout factor | 82.33% (paid as fully vested RSUs) |
| All other compensation ($) | $4,597 (principally 401(k) safe harbor) |
Performance Compensation
Annual Bonus Plan Design and Payout
| Year | Financial Metrics | Target Bonus | Payout Factor | Form of Payout |
|---|---|---|---|---|
| 2024 | Annual revenue; year‑end adjusted cash (cash, cash equivalents, restricted cash, short‑term investments) | 50% of base (pro‑rated) | 82.33% | Fully vested RSUs (post‑earnings grant) |
| 2025 | Annual revenue; annual adjusted free cash flow; ARR (MRR at period end x12) | 50% of base | TBD | 25% cash; 75% fully vested RSUs (post‑earnings grant) |
Long‑Term Equity Awards (LTI)
| Grant Date | Type | Shares Granted | Vesting Schedule | Status at 12/31/2024 | Notes |
|---|---|---|---|---|---|
| 11/29/2024 | RSU | 300,000 | 25% on first anniversary of Aug 20, 2024 (i.e., Aug 20, 2025); remainder vests quarterly over next 3 years (per offer letter) ; proxy footnote references “remaining 4‑year period” | Unvested RSUs: 300,000; market value $1,806,000 as of 12/31/2024 | 2024 Summary Compensation Table RSU value for Suidan was $2,014,989 (includes new‑hire and 2024 bonus RSUs) |
| — | Stock Options | — | — | No options outstanding at 12/31/2024 | None reported in Outstanding Equity Awards table |
Equity Ownership & Alignment
| Item | Amount | As‑of Date | Notes |
|---|---|---|---|
| Beneficial ownership (Class A common) | 5,791 shares; <1% voting power | March 14, 2025 | Per proxy ownership table; “less than 1%” |
| Unvested RSUs outstanding | 300,000 | December 31, 2024 | Market value $1,806,000 at 12/31/2024 |
- Hedging/derivative transactions are prohibited; short sales are banned .
- Pledging company stock as collateral is prohibited absent board approval; Section 16 officers are prohibited from holding company shares in margin accounts .
- 10b5‑1 trading plans are allowed under strict company requirements .
- Sales to cover tax withholdings on RSU vesting are permitted under defined conditions, which can create periodic, mechanical selling around vest events .
Employment Terms
| Term | Details |
|---|---|
| Start date | August 16, 2024 (appointed CFO) |
| Employment status | At‑will employment |
| Severance (outside Change‑in‑Control period) | Lump‑sum cash equal to the greater of 6 months of base salary or one month per year of service (cap 18 months) + pro‑rated target bonus + COBRA premium equivalent for 6 months (lump sum), subject to release |
| Severance (within Change‑in‑Control period; double‑trigger) | Lump‑sum cash equal to the greater of 12 months of base salary or one month per year of service (cap 18 months) + pro‑rated target bonus + COBRA premium equivalent for 12 months (lump sum) + 100% acceleration of time‑based equity; performance awards vest at greater of target or actual; 3‑month tail on awards if termination precedes CIC |
| Bonus plan mechanics | 2024 payout 82.33% of target; paid in fully vested RSUs; 2025 metrics include ARR and adjusted FCF; Suidan target 50% of salary (25% cash/75% RSUs) |
| Perquisites/benefits | 401(k) safe harbor employer contribution equal to 3% of base salary; NEOs generally receive no additional perquisites |
| EGC status/governance | Exempt from say‑on‑pay, CEO pay ratio, and Item 402(v) pay‑versus‑performance disclosures |
| Section 16 compliance note | Late Form 3 (administrative error) filed Sept 10, 2024 for Suidan’s initial securities ownership |
Investment Implications
- Equity‑heavy pay with a sizable new‑hire RSU grant (300,000 units) and a 1‑year cliff defers most vesting-triggered liquidity until Aug 2025; subsequent quarterly vesting plus bonus RSUs paid as fully vested units could create periodic supply (including tax‑withholding sales) post‑earnings .
- Severance provides 6 months (outside CIC) and 12 months (within CIC) baseline cash protection with double‑trigger equity acceleration at CIC, supporting retention through strategic events yet limiting windfall risk; a 3‑month pre‑CIC tail preserves potential CIC benefits if a deal follows shortly after termination .
- Strong alignment controls: hedging/derivatives and pledging are prohibited; Section 16 margin restrictions and formal 10b5‑1 plan governance reduce appearance‑risk and opportunistic trading, supporting long‑term shareholder alignment .
- Current direct ownership is modest (5,791 shares; <1%), with primary alignment via unvested RSUs (300,000), implying increasing exposure as vesting progresses; lack of options reduces leverage but also downside‑risk incentives .
- Process red flag is limited: an administrative late Form 3 for initial ownership reporting was disclosed; otherwise, CFO executed SOX 302/906 certifications on the 2024 10‑K, underscoring responsibility for controls and reporting .