Erick Opeka
About Erick Opeka
Erick Opeka is President and Chief Strategy Officer at Cineverse (CNVS), serving in this role since December 2020; he is 51 and oversees streaming and distribution operations, corporate strategy, and M&A. He previously led the Company’s global digital distribution and co-founded New Video’s streaming business; he began his entertainment career at Madstone Entertainment and served in the US Army infantry. He holds a BA from The University of Texas at Austin and an MBA from Florida State University . Company performance context: Cineverse’s Pay vs Performance disclosure shows TSR values of $19.51, $4.16, and $25.15 per $100 initial investment for fiscal 2025, 2024, and 2023, respectively, alongside net income of $3.8 million (2025), $(21.3) million (2024), and $(9.7) million (2023) . Recent quarter highlights under Opeka’s operating remit include Q2 FY26 revenue of $12.4 million, direct operating margin of 58% (+7pp YoY), Adjusted EBITDA of $(3.7) million, and strong streaming engagement growth (viewers +47% YoY to 143.8 million; minutes streamed +45% to 3.4 billion; SVOD subscribers +6% YoY to 1.39 million) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cineverse | President & Chief Strategy Officer | Dec 2020–present | Oversees streaming and distribution operations; drives corporate strategy and M&A |
| Cineverse | EVP, Global Digital Distribution | Pre-2020 (not disclosed) | Expanded OTT distribution; partnerships across platforms |
| New Video | Co-founder/Lead, Streaming Business | Not disclosed | Built independent digital content aggregation at scale |
| Madstone Entertainment | Entertainment career start | Not disclosed | Early industry experience |
| US Army | Infantry | Not disclosed | Leadership and discipline background |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| OTT.X (streaming trade org) | Vice Chairman | Not disclosed | Industry advocacy/leadership |
| Roundtable Entertainment | Board Director | Not disclosed | Film/TV production oversight |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | 400,000 | 475,000 | 475,000 |
| Target Bonus ($) | 240,000 (MAIP) | 356,250 (MAIP) | 356,250 (MAIP) |
| Actual Bonus Paid ($) | 261,404 | 120,000 | — |
| All Other Compensation ($) | 49,571 | 55,536 | 56,852 |
| Total Compensation ($) | 726,725 | 1,018,642 | 760,349 |
Notes:
- MAIP annual bonus is based on Company’s approved financial plan and key performance metrics; payouts may be in cash or Class A common stock .
Performance Compensation
Annual Incentive (MAIP)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company financial plan and key KPIs (MAIP) | Not disclosed | Not disclosed | FY23: Achieved; FY24: Achieved; FY25: Not paid | FY23: $261,404; FY24: $120,000; FY25: — | N/A (annual bonus) |
Equity Awards
| Award Type | Grant Terms | Quantity | Strike/Price | Vesting | Accelerated Vesting |
|---|---|---|---|---|---|
| PSUs | Subject to EBITDA and financial performance targets under 2017 Plan | Up to 15,000 shares | N/A | Not disclosed | Immediate vesting of unvested SARs upon termination following CIC or termination other than for Cause; PSU acceleration not explicitly disclosed |
| SARs (2023 agreement) | 10-year term under 2017 Plan | 75,000 SARs | $5.80 | 1/3 on May 16, 2024; 1/3 on May 1, 2025; 1/3 on May 1, 2026 | Immediate vesting upon CIC termination or termination other than for Cause |
| RSUs (2025 agreement) | Under 2017 Plan | 94,550 RSUs | N/A | NEO RS/RSU tranches vest April 25, 2025/2026/2027 | Not disclosed |
Pay vs Performance framework notes: Long-term incentive value varies with stock price and strategic execution; NEO restricted awards/units vest in three equal tranches starting April 25, 2025 .
Equity Ownership & Alignment
| As-of Date | Shares Beneficially Owned | Ownership % | Breakdown |
|---|---|---|---|
| Sep 24, 2025 | 321,896 | 1.7% | Not itemized in footnote (e) in excerpt |
| Nov 4, 2024 | 297,113 | 1.9% | Includes currently exercisable SARs (footnote (e) totals for insiders; Opeka previously disclosed 67,750 exercisable SARs) |
| Oct 10, 2023 | 124,613 | 1.0% | Includes 400 options and 67,750 exercisable SARs |
Additional alignment policies:
- Insider Trading Policy restricts speculative transactions and discourages hedging; pre-clearance required .
- No pledging disclosures identified for Opeka; 2025 proxy notes no significant related party transactions since prior fiscal year .
- Director stock ownership guidelines exist; executive ownership guidelines not disclosed .
Employment Terms
| Item | 2023 Agreement | 2025 Agreement |
|---|---|---|
| Role | President & Chief Strategy Officer | President & Chief Strategy Officer |
| Term | Effective May 1, 2023 to Apr 30, 2025; auto one-year renewal unless 90-day notice | Effective May 1, 2025 to Apr 30, 2027; auto one-year renewal unless 90-day notice |
| Base Salary | $475,000 | $475,000 |
| Target Bonus (MAIP) | $356,250 | $356,250 |
| Equity | PSUs up to 15,000 shares; 75,000 SARs @ $5.80 | RSUs for 94,550 shares |
| Severance (no Cause / Good Reason) | 12 months’ base salary | 12 months’ base salary |
| CIC Termination (within 2 years) | 2× (base salary + Target Bonus) | 2× (base salary + Target Bonus) |
| Acceleration | Unvested SARs immediately vest upon termination following CIC or termination other than for Cause | Same |
| Non-compete/Non-solicit | Company states employment agreements include such provisions; specifics not disclosed | Not restated; policy context applies |
| Clawback | Company maintains SOX recoupment; adopting Dodd-Frank–compliant clawback; no enforcement instances to date | |
| Perquisites | Life/disability insurance and certain medical expenses; minimal perquisite policy |
Performance & Track Record
| Area | Evidence |
|---|---|
| Streaming growth | Q2 FY26 viewers 143.8M (+47% YoY), minutes streamed 3.4B (+45% YoY), SVOD 1.39M (+6% YoY); channel-specific gains (Barney >2x, Dog Whisper ~+1,000%, Screambox TV +32%, SVOD +27% post Terrifier 3) . |
| Distribution strategy | Hybrid licensing plus retention of key windows; co-exclusive licensing deal for The Toxic Avenger Unrated with Amazon and Hulu . |
| Technology scaling | Matchpoint added >20 new customers in 100 days; Match Point 3.0 launched; pilot with major studio; evaluation of strategic partnerships . |
| Financial outcomes context | Q2 FY26 revenue $12.4M (−3% YoY) with 58% operating margin (+7pp); Adjusted EBITDA $(3.7)M; investments in theatrical slate and Technology group . |
| Pay vs performance (Company) | TSR values and net income disclosed for FY25–FY23, with CAP analysis of NEOs; underscores equity-based alignment amid volatile performance . |
Compensation Structure Analysis
- Shift from SARs/PSUs to RSUs in 2025: The 2025 agreement replaced prior SARs/PSUs mix with a 94,550 RSU grant, lowering equity risk and potentially increasing guaranteed value at vest .
- Cash vs equity mix: FY2025 showed no MAIP bonus payout for Opeka, with compensation driven by base salary and stock awards; FY2024 included option award value and a smaller cash bonus, suggesting tighter annual cash payout discipline .
- CIC protection: The 2× salary+target bonus CIC multiple and SAR acceleration create meaningful retention economics but moderate shareholder cost vs CEO’s 3× CIC multiple .
- Related-party and hedging controls: No significant related party transactions; hedging discouraged and trades pre-cleared under Insider Trading Policy .
Equity Ownership & Alignment (Detailed)
| Component | Detail |
|---|---|
| Beneficial ownership trend | 124,613 (1.0%) as of Oct 10, 2023; 297,113 (1.9%) as of Nov 4, 2024; 321,896 (1.7%) as of Sep 24, 2025 . |
| Exercisable equity | 2023 footnote: 400 options and 67,750 SARs currently exercisable within 60 days . |
| Pledging | No pledging disclosures identified; hedging discouraged and pre-clearance required . |
| Ownership guidelines | Director guidelines exist (3× cash retainer); executive ownership guidelines not disclosed . |
Employment Terms (Key Dates and Vesting Triggers)
- RSU tranches: NEO restricted awards/units vest April 25, 2025/2026/2027; expect Opeka’s RSUs to follow the same tranching cadence .
- SAR tranches: May 16, 2024; May 1, 2025; May 1, 2026 (75,000 total; $5.80 strike; 10-year term) .
- CIC and termination: 2× cash severance within two years post-CIC; immediate SAR vesting upon CIC termination or termination other than for Cause .
Investment Implications
- Alignment and retention: Opeka’s equity-heavy incentives, RSU introduction, and multi-year vesting cadence suggest strong retention and alignment; CIC economics (2× salary+target bonus) are moderate relative to CEO, indicating balanced governance .
- Potential insider selling pressure: Upcoming RSU tranches (April 25 annually) and SAR vest dates (May 1, 2026) can create periodic liquidity events; monitoring Form 4 activity around these dates is prudent .
- Execution signals: Streaming engagement growth and Matchpoint customer traction under Opeka’s remit are positive, but near-term earnings pressure from SG&A investments and ad market CPM headwinds temper payout prospects for annual bonuses; equity value remains levered to delivery on technology scaling and theatrical ROI discipline .
- Governance risk flags: No pledging or related-party issues disclosed; clawback policy adopted per listing standards; non-compete/non-solicit provisions exist but not detailed—overall moderate risk profile with standard protections .