Jonathan Burth
About Jonathan Burth
Jonathan Burth (age 43) is Chief Operating Officer of The Vita Coco Company (COCO). He joined the company in 2007, became VP of Supply Chain in 2011, and has served as COO since 2016. He holds an MA in International Business from Grenoble Graduate School of Business and serves on the board of Madécasse LLC, a chocolate manufacturer . COCO delivered 2024 net sales of $516M (+4.5% y/y), Adjusted EBITDA of $84M (vs. $68M in 2023), net income of $56M ($0.94/diluted share), and ended 2024 at $36.91/share (~44% y/y), with short-term incentives tied to Adjusted EBITDA and revenue performance; cumulative TSR from 12/31/2021 to 2024 measured $330.44 on a $100 basis .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Vita Coco Company | Director of Finance | 2008–2010 | Not disclosed |
| The Vita Coco Company | VP, Supply Chain | 2011–2016 | Not disclosed |
| The Vita Coco Company | Chief Operating Officer | 2016–present | Not disclosed |
| UBS | Trainee | 2006–2007 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Madécasse LLC (chocolate manufacturer) | Director | Since June 2018 | Not disclosed |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 355,000 | 370,000 | 380,000 |
| Target Bonus (% of Salary) | 35% | 60% | 60% |
| Annual Bonus Paid ($) | 85,200 | 416,250 | 366,624 |
Performance Compensation
Annual Incentive Plan – FY 2024 Design and Outcomes
| Metric | Weighting | Minimum | Target | Maximum | 2024 Actual | Notes |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 50% | $71M | $77M | ≥$88M | $84M | Corporate Performance Factor approved at 160.8% |
| Total Net Revenue | 25% | ≥0.0% | 1.6% | ≥7.1% | 4.5% | |
| Branded Net Revenue | 25% | ≥3.5% | 7.0% | ≥12.5% | 9.6% | |
| ESG Modifier | ±10 pts | — | — | — | No adjustment | Satisfactory progress; no modifier applied |
Result: Burth’s bonus payout was $366,624 based on the 160.8% factor applied to his $228,000 target (60% of $380,000) .
Long-Term Incentives – Key Awards
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Terms/Vesting | Performance Metric(s) |
|---|---|---|---|---|---|
| RSU | 3/4/2024 | 10,542 | 275,990 | Vests 25% annually over 4 years starting 3/4/2025, continued service required | |
| PSU (target) | 3/4/2024 | 3,514 | 91,997 | 3-year performance period (1/1/2024–12/31/2026); 0–200% payout; service through performance period required | |
| Stock Options | 3/4/2024 | 8,746 | 92,008 | Time-based vesting ratably over 4 years; strike $26.18; expires 3/4/2034 |
Additional retention incentive: $600,000 2025 Long-Term Cash Bonus opportunity (performance period 1/1/2023–12/31/2025; 50% payable if achieved by 2026) tied to Adjusted EBITDA and Net Revenue growth; payout subject to Compensation Committee confirmation and continued employment .
Equity Ownership & Alignment
- Beneficial ownership: 378,180 shares (<1% of outstanding) as of 4/7/2025 .
- Stock ownership guidelines: NEOs required to hold 2x base salary; Burth was in compliance as of the record date .
- Hedging/pledging: Company prohibits hedging and does not permit pledging of company stock; maintains a clawback policy adopted June 2023 consistent with SEC/Nasdaq rules .
Selected outstanding awards (as of 12/31/2024):
| Award | Quantity | Key Terms | Market/Value Reference |
|---|---|---|---|
| RSUs (granted 3/10/2023) | 4,435 | 4-year ratable vesting starting 3/10/2024 | $163,696 at $36.91 close |
| RSUs (granted 8/15/2022) | 58,594 | 3 annual installments starting 8/15/2025 | $2,162,705 at $36.91 |
| PSUs (granted 3/10/2023) | 5,914 | 100% vests if FY2025 perf. met; 50% if met in 2026 | $218,286 at $36.91 |
| RSUs (granted 3/4/2024) | 10,542 | 4-year ratable vesting starting 3/4/2025 | $389,105 at $36.91 |
| PSUs (granted 3/4/2024) | 3,514 | 0–200% subject to 2024–2026 targets | $129,702 at $36.91 |
| Options (various) | See proxy | Multiple tranches incl. time- and performance-vesting; strikes from $10.18 to $26.18; expiries 2029–2034 | See detailed table |
2024 liquidity events (potential selling pressure signals):
| Type | Shares | Value Realized ($) |
|---|---|---|
| Option exercise | 912 | 34,225 |
| Option exercise | 14,836 | 558,012 |
| Option exercise | 20,000 | 700,000 |
| RSU vesting | 2,916 | 103,868 |
| RSU vesting | 1,479 | 37,079 |
Employment Terms
| Item | Details |
|---|---|
| Current role | Chief Operating Officer since 2016 |
| Employment agreement | COO Agreement dated 2/10/2020 |
| Target bonus | Initially 35%; currently 60% of salary (company-wide NEO policy set by role) |
| Severance (no cause/good reason) | 6 months’ salary + prorated target bonus; plus additional one month of salary for each full year of service over six years (cap +6 months) payable monthly after the first 6 months; partial-year bonus if terminated after 4+ months into fiscal year (conditions apply) |
| Death/disability | Accrued salary + any earned prior-year bonus |
| For cause/voluntary resignation | Accrued salary + any earned prior-year bonus; no additional benefits |
| Change-in-control | No single-trigger benefits; no automatic equity acceleration if awards are assumed. If awards are not assumed/continued/replaced, vesting accelerates immediately pre-transaction under the 2021 Plan |
| Estimated benefits (12/31/2024) | Involuntary termination without cause: $608,000; Change-in-control (if awards not assumed): $6,448,682 (equity acceleration) |
Compensation Structure Analysis
- Cash vs. equity mix: 2022 included larger equity grants ($900,004 RSUs; $300,000 options), stepped down in 2023 ($200,011 RSUs; $200,001 options), and rose in 2024 ($367,986 RSUs/PSUs; $92,008 options), reflecting a shift toward RSUs/PSUs and continued at-risk equity emphasis .
- Incentive metrics: Annual bonuses focus on Adjusted EBITDA (50%), Total Net Revenue (25%), and Branded Net Revenue (25%); PSUs and long-term cash awards tie to multi-year Adjusted EBITDA and Net Revenue growth (0–200% PSU payout) .
- Governance protections: No single-trigger CIC benefits; no tax gross-ups; no option repricing without shareholder approval; clawback policy in place .
Compensation Peer Group (Benchmarking context)
COCO’s 2023 peer group used for 2024/2025 compensation decisions included: BellRing Brands; Beyond Meat; BRC; Celsius; e.l.f. Beauty; Fevertree Drinks; Freshpet; MGP Ingredients; Nature’s Sunshine; Oatly; Sovos Brands; Sweetgreen; The Duckhorn Portfolio; The Simply Good Foods Company; Tootsie Roll Industries; Vital Farms; Warby Parker .
Investment Implications
- Alignment: High “at-risk” pay via annual incentives and multi-year PSUs tied to EBITDA and revenue supports pay-for-performance; stock ownership guideline compliance and anti-hedging/pledging policy further align incentives .
- Retention and overhang: Meaningful unvested RSUs/PSUs and a $600k long-term cash award through 2025/2026 indicate low-to-moderate near-term departure risk, while creating potential future vesting supply; 2024 option exercises show some realized liquidity but not outsized relative to holdings .
- Change-in-control economics: No single-trigger cash benefits, but substantial potential equity acceleration if awards aren’t assumed ($6.45M at 12/31/2024), which could influence behavior in strategic transactions .
- Execution track record backdrop: Company delivered consecutive years of growth and margin expansion (2023–2024), with strong stock performance; incentive outcomes (160.8% corporate factor in 2024) matched operational results, suggesting incentive calibration is functioning as intended .