Jeremy Stigall
About Jeremy Stigall
ClearPoint Neuro’s Chief Business Officer (CBO). Age 42. Joined the company in July 2020, became EVP & GM of Biologics & Drug Delivery in December 2022, and was promoted to CBO in February 2024; he is an industry operator with 20+ years across Guidant/Abbott Vascular, Volcano, and Philips, and is listed as holding 60+ granted U.S. patents . 2024 business performance context tied to incentive outcomes: revenue grew 31% YoY with operational cash burn reduced 35% YoY; management also completed a follow-on offering (~$16.2M net) and established a $50M ATM program . Pay-versus-performance disclosures show 2024 TSR value of $137.08 (on an initial $100 basis) and a net loss of $18.9M, framing both share-price recovery and ongoing loss-making dynamics .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Guidant Corporation / Abbott Vascular | R&D/Engineering/Operations roles | — | Developed and commercialized key stent delivery systems and drug‑eluting stent platforms . |
| Volcano Corporation | Cross‑functional leadership across scientists/engineering | — | Led advanced development and new product introductions for Coronary, Peripheral & HRM; contributed to M&A diligence/integration . |
| Philips | Global technical leadership | — | Managed global team for advanced development/NPI; drove value creation and supported strategic investments/M&A integrations . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 255,812 | 300,000 | 326,539 |
| Stock Awards ($) | 249,993 | 359,996 | 574,991 |
| Option Awards ($) | 102,743 | 85,842 | — |
| Non‑Equity Incentive Plan (Bonus) ($) | 99,225 | 84,000 | 222,500 |
| All Other Compensation ($) | 43,963 | 8,656 | 10,072 |
| Total ($) | 751,736 | 838,494 | 1,134,101 |
Additional 2024–2025 pay settings and outcomes:
- 2024 target bonus percentage: 45%; 2024 actual bonus paid: $222,500; 2025 target bonus percentage increased to 50% .
- Base salary increased to $370,000 effective Feb 1, 2025 .
- 2024 “Other comp” detail: $9,315 401(k) match + $757 other = $10,072 .
Performance Compensation
Annual cash incentive (2024)
| Metric | Weighting | Target | Actual | Payout ($) | Notes |
|---|---|---|---|---|---|
| Company operational and strategic goals | Not disclosed | Not disclosed | Revenue +31% YoY; operational cash burn −35% YoY; executed follow‑on ($16.2M net) and established $50M ATM | 222,500 | Committee cites “superior performance” vs plan in approving payouts . |
Equity awards (grants and vesting)
| Grant date | Instrument | Shares granted | Grant date fair value ($) | Vesting |
|---|---|---|---|---|
| Mar 11, 2024 | RSU | 16,583 | 100,000 | 50% on Mar 11, 2025; 50% on Mar 11, 2026 . |
| May 20, 2024 | RSU | 77,487 | 475,000 | 20% on Mar 12, 2025; 40% on Mar 12, 2026; 40% on Mar 12, 2027 . |
| Mar 3, 2025 | RSU | 44,280 | 600,000 | 20% on first anniversary; 40% on each of second and third anniversaries . |
Options outstanding (as of Dec 31, 2024)
| Grant date | Exercisable | Unexercisable | Exercise price ($) | Expiration | Vesting cadence |
|---|---|---|---|---|---|
| Aug 20, 2021 | 5,875 | — | 16.71 | Aug 20, 2031 | 20%/40%/40% on 8/20/22, 8/20/23, 8/20/24 (completed) . |
| Jun 10, 2022 | 7,012 | 4,674 | 11.41 | Jun 10, 2032 | 20%/40%/40% on 6/10/23, 6/10/24, 6/10/25 . |
| Mar 6, 2023 | 2,963 | 11,851 | 8.10 | Mar 6, 2033 | 20%/40%/40% on 3/6/24, 3/6/25, 3/6/26 . |
Key implications for selling pressure:
- 2025 scheduled RSU vests: tranches on Mar 6, Mar 11 and Mar 12, 2025 across 2019–2024 awards; plus continued vesting in 2026–2027 .
- Insider Trading Policy prohibits short sales and buying/selling puts or calls (hedging), which can reduce aggressive monetization tactics, but the policy does not explicitly address pledging in the excerpt provided .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 96,082 shares; represents less than 1% of common stock outstanding . |
| Components (within 60 days of Mar 24, 2025) | Includes 21,774 options exercisable; includes 7,011 restricted shares with voting power . |
| Shares outstanding (reference) | 27,979,560 as of Mar 24, 2025 . |
| Unvested equity at 12/31/2024 | RSUs: 35,555 (3/6/24 grant), 16,583 (3/11/24 grant), 77,487 (5/20/24 grant); plus restricted stock awards of 2,535 and 7,011; vesting schedules per footnotes . |
| ESPP participation | Purchased 3,751 shares in 2024; 10,257 shares since plan inception (dollar values reflect discounted purchase price) . |
| Stock ownership guidelines | Section 16 officers required to own shares equal to 300% of base salary; compliance reviewed by Governance Committee; individual compliance status not disclosed . |
| Hedging/pledging | Policy prohibits short sales and trading in puts/calls; no explicit pledging disclosure in cited sections . |
Employment Terms
| Term | Stigall specifics |
|---|---|
| Employment agreement | Original agreement dated May 2022 (role then GM, now CBO); initial 3‑year term through May 16, 2025 with automatic annual renewals unless non‑renewal notice ≥90 days prior . |
| Base salary floor | Not less than $260,000; cannot be reduced by more than 10% from prior year . |
| Target bonus | Initially 35% of base; increased to 45% for 2024 and to 50% for 2025 . |
| Non‑compete / non‑solicit | Non‑compete during employment and for one year post‑termination (subject to CA enforceability limits); non‑solicitation during employment and, for certain officers, for a period after termination . |
| Severance (no CIC) | If terminated without cause / for good reason / non‑renewal by Company: (i) 1x base salary; (ii) average bonus of prior two years; (iii) $18,000; equity: pre‑Mar 3, 2023 awards fully vest; post‑Mar 3, 2023 awards scheduled to vest within 12 months accelerate; stock options exercisable up to 1–3 years per award timing . |
| Change‑of‑Control (CIC) | Upon CIC, unvested options and restricted stock fully vest; if terminated without cause or for good reason within 2 months before or 12 months after CIC: lump sum = 2× base salary + 2× average of two highest bonuses in prior 3 years + $18,000; options exercisable up to 3 years or earlier expiration . |
| Clawback | Awards subject to Company’s Dodd‑Frank compliant compensation recoupment policy (adopted Oct 2023) and applicable laws/exchange rules . |
Compensation Structure Analysis
- Mix shift from options to RSUs: 2023 included option awards; 2024 had no new options and larger RSU grants, raising retention emphasis and lowering risk vs options .
- Increased at‑risk pay with higher annual target bonus (45%→50%) alongside higher base salary for 2025; 2024 bonus materially exceeded target due to “superior performance” against revenue/cash burn/financing objectives .
- Anti‑repricing guardrails: Incentive plan prohibits option/SAR repricing without stockholder approval, limiting governance red flags .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay support ~95% of votes cast (excluding abstentions/broker non‑votes) .
- Compensation Committee used independent consultant (Haigh & Company) for 2024 benchmarking; independence reviewed and no conflicts identified .
Investment Implications
- Alignment: Meaningful, recurring RSU grants (2024–2025) and ongoing ESPP purchases support skin‑in‑the‑game, while stock ownership guidelines require 3× salary for Section 16 officers; individual compliance not disclosed .
- Near‑term supply risk: Multiple 2025 vesting dates (Mar 6/11/12) across 2023–2024 awards could create episodic selling pressure as tranches settle, although hedging via options is prohibited by policy .
- Retention: Auto‑renewing contract, severance protections (1× cash) and robust double‑trigger CIC economics (2× cash plus full vest on CIC) reduce flight risk but elevate takeover‑scenario costs .
- Execution track: 2024 over‑target bonus reflects operational progress (31% revenue growth, 35% cash burn reduction) and balance sheet actions; however, the company remains loss‑making, which tempers medium‑term pay‑for‑performance optics .