Gweltaz Toquet
About Gweltaz Toquet
Gweltaz Toquet, 52, is Chief Commercial Officer of Ceva, Inc. (effective January 1, 2023) and has more than 20 years at the company, including 15+ years as Vice President of Sales for Asia Pacific based in Hong Kong; he previously held roles at Freehand DSP and Texas Instruments. He holds an M.S. in Engineering from Institut Supérieur d’Electronique de Paris (ISEP) . In 2024, Ceva’s stock return was ~39% versus ~18% for the S&P Semiconductors Select Industry Index and ~19% for the Russell 2000, driving strong PSU outcomes; licensing and related revenue reached $60.0M (96% of the 2024 target) . Company-level performance used for executive incentives also included total revenue of $106.9M vs. $105.0M target and non-GAAP EPS of $0.36 vs. $0.34 target in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ceva, Inc. | Chief Commercial Officer | 2023–present | Leads global commercial strategy; transitioned from VP Sales roles covering APAC, India and Europe . |
| Ceva, Inc. | VP Sales, APAC (based in Hong Kong) | 15+ years (within 2002–2022 tenure) | Built and managed regional sales/support across China, Japan, Taiwan, Korea; scaled design-win execution . |
| Ceva, Inc. | VP Sales for APAC, India and Europe | Not disclosed (pre-CCO) | Expanded geographic coverage and commercial execution across key semi markets . |
| Freehand DSP | Sales/BD/Product Marketing/Business line management | Not disclosed (pre-2002) | Pre-Ceva commercial and product responsibilities . |
| Texas Instruments | Sales/BD/Product Marketing/Business line management | Not disclosed (pre-2002) | Large-cap semiconductor commercial and product roles . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships or external board roles disclosed in CEVA’s proxy . |
Fixed Compensation
| Year | Base Salary ($) | Notes |
|---|---|---|
| 2024 | 242,017 | Salary denominated in SEK; ~8% increase approved Feb 2024 . |
| 2023 | 223,385 | Salary denominated in SEK . |
| Year | “All Other Compensation” ($) | Composition |
|---|---|---|
| 2024 | 234,797 | Includes sales commissions of $208,605 and Swedish pension/health benefits of $26,192 . |
| 2023 | 167,220 | Includes commission-based cash bonus under incentive plan . |
| 2024 Chief Commercial Officer Sales Incentive Plan (Cash) | Target/Threshold | Actual | Payout |
|---|---|---|---|
| Annual revenue commission (cap) | Target: $110M company revenue; multiplier 1.0x up to 100% of target, 1.5x above; capped at SEK 2,000,000 (~$200,000) | Applied per formula | Included in total payout |
| Quarterly bonuses | $6,000 per quarter if quarterly revenue targets met: Q1 $25.0M, Q2 $27.0M, Q3 $28.3M, Q4 $29.7M | Achieved as applicable | Included in total payout |
| Strategic account bonuses | $6,000 per qualifying license agreement or $10,000 per qualifying IP services agreement with strategic customers | Achieved as applicable | Included in total payout |
| Aggregate bonus paid (2024) | — | $209,000 | $182,000 from annual revenue component; $26,000 from strategic account agreements (SEK-denominated, translated to USD at accrual) . |
Performance Compensation
| 2024 PSUs (Short-Term performance measured in 2024; vest over 3 years) | Weighting | Target | Actual | Payout | Vesting Terms |
|---|---|---|---|---|---|
| License & related revenue | 50% | Board-approved 2024 License Revenue Target | $60.0M achieved (96% of target) | 96% of tranche | Earned PSUs from 2024 performance vest 1/3 on each of the first three anniversaries of 2/16/2024 grant date . |
| Relative TSR vs. S&P Semiconductors Select Industry Index | 25% | CEVA TSR vs. S&P Index | CEVA ~39% vs. S&P ~18% | 136% of tranche (for non-CEO NEOs) | Same as above . |
| Relative TSR vs. Russell 2000 Index | 25% | CEVA TSR vs. Russell 2000 | CEVA ~39% vs. Russell ~19% | 135% of tranche (for non-CEO NEOs) | Same as above . |
| 2024 Equity Awards (Granted Feb 16, 2024) | Shares | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|
| RSUs | 13,535 | 311,982 | 1/3 annually on each of the first three anniversaries of the grant date . |
| PSUs (target) | 9,023 | 152,774 | Subject to 2024 performance goals; earned PSUs vest 1/3 annually starting first anniversary of grant date . |
| 2024 Equity Grant mix/value (for context) | — | $0.52M total, weighted 60% RSU / 40% PSU | Committee set weights and values across NEOs . |
Equity Ownership & Alignment
| Beneficial Ownership (as of Mar 11, 2025) | Shares | % of Outstanding |
|---|---|---|
| Gweltaz Toquet | 17,834 | <1% (based on 23,964,422 shares outstanding) . |
| Stock Ownership Guidelines | Requirement | Compliance Timeline | Notes |
|---|---|---|---|
| Original (2016) | 100% of base salary | Must meet by Jan 1, 2028 | Only vested RSUs counted under original guideline . |
| Updated (Feb 2025) | 300% of base salary (NEOs) | Must meet by Feb 2030 | Vested and unvested RSUs counted under updated guideline . |
| Anti-Pledging/Hedging Policy | Status |
|---|---|
| Prohibits pledging and hedging by all employees and directors; no waivers allowed since 2020; since policy inception, no executive has pledged or hedged company shares . |
| Outstanding Equity Awards (as of Dec 31, 2024) | Unvested Units | Market Value ($) | Notes / Vesting |
|---|---|---|---|
| RSUs (grant 5/12/2022) | 1,013 | 31,960 | 1/3 vesting on each of May 12, 2023/2024/2025 . |
| RSUs (grant 1/1/2023) | 2,604 | 82,156 | 1/3 vesting on each of Jan 1, 2024/2025/2026 . |
| RSUs (grant 2/17/2023) | 3,632 | 114,590 | 1/3 vesting on each of Feb 17, 2024/2025/2026 . |
| RSUs (grant 2/16/2024) | 13,535 | 427,029 | 1/3 vesting on each of Feb 16, 2025/2026/2027 . |
| PSUs earned for 2024 performance | 10,430 | 329,067 | Earned based on 2024 goals; vest 1/3 on each of first three anniversaries of 2/16/2024 grant . |
| 2024 Stock Vested (during 2024) | 4,921 | 106,862 | RSUs vested; no option exercises in 2024 . |
Note: CEVA has de-emphasized options in recent years and relies principally on RSUs and PSUs; no option awards were held by NEOs at 12/31/2024 .
Employment Terms
| Term | Key Provisions |
|---|---|
| Promotion/Contract Addendum (Dec 7, 2022; effective Jan 1, 2023) | Salary increase; eligibility for sales commission plan; RSUs valued at $100,000 with 1/3 vest on each anniversary of Promotion Date; six-month mutual notice for termination or pay in lieu; resignation for good reason (including death) pays six months’ salary; for-cause termination without notice; double-trigger change in control: if terminated without cause or resigns for good reason within 12 months, receives one year of salary at then-current rate and all unvested time-based equity awards accelerate (subject to release) . |
| Potential Payments if Terminated (as of Dec 31, 2024) | Termination for Cause or Resignation w/o Good Reason | Termination w/o Cause, Resignation for Good Reason or upon Death | Termination w/o Cause or Resignation for Good Reason within 12 months of Change in Control |
|---|---|---|---|
| Salary-related | — | 113,342 | 226,685 . |
| Unvested time-based RSUs | — | — | 984,802 . |
| Swedish pension | — | 11,334 | 22,668 . |
| Accrued vacation pay | 27,446 | 27,446 | 27,446 . |
| Total | 27,446 | 152,123 | 1,261,601 . |
Additional governance/compensation practices:
- No tax gross-ups; no “single trigger” change-in-control; bonus plans are performance-linked with caps; executive arrangements emphasize performance-based equity .
- Insider trading policy requires preclearance for certain individuals and imposes blackout periods; repurchases are supervised by the CFO .
Investment Implications
- Pay-for-performance alignment: Toquet’s equity mix includes PSUs tied 50% to controllable license/related revenue and 50% to relative TSR, producing earned PSUs when CEVA outperforms peers/indices; 2024 results (96% license target; outperformance vs. S&P Semi and Russell 2000) led to meaningful PSU earnouts that vest over three years, supporting multi-year alignment .
- Selling pressure/vesting calendar: Material RSU and earned PSU tranches vest annually (Feb 2025–2027; plus final 2022 grant in May 2025), creating periodic liquidity windows but without option overhang; anti-hedging/pledging policies further reduce misalignment risk .
- Ownership and retention: Beneficial ownership is modest (<1%), but tightened stock ownership guidelines (300% of salary by 2030; 100% by 2028 under original policy) plus ongoing vesting enhance retention and “skin in the game” over time .
- Downside/CoC economics: Outside change-in-control, severance is limited (six-month notice or pay per addendum; ~$152k modeled case), indicating restrained guarantees; CoC provides one year of salary plus acceleration of time-based equity (not performance-based), mitigating “golden parachute” concerns while protecting continuity through a transaction .
- Execution track record: 2024 commercial metrics underpinning incentives (license & related revenue, relative TSR) were achieved/beat, consistent with Toquet’s long-tenured sales leadership background across APAC and EMEA and the company’s revenue/EPS attainment for the year .