Jim Hardy
About Jim Hardy
Jim Hardy, age 65, is President of Apption Labs Limited (d/b/a MEATER), a wholly-owned subsidiary of Traeger, Inc., and has served in this role since June 2023 after serving as Traeger’s COO (Sep 2022–Jun 2023) and Chief Supply Chain Officer (Mar 2021–Aug 2022). He brings 35+ years of supply chain leadership, including COO of Fanatics (2017–2019) and EVP Global Operations at Under Armour (2012–2017), and holds a B.S. in Industrial Engineering from the University of Florida . 2024 equity incentives for Hardy were tied to company Adjusted EBITDA and paid out at the maximum level, indicating a direct link between his variable pay and Traeger’s 2024 operational performance against Adjusted EBITDA goals .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Traeger (Apption Labs/MEATER) | President | Since Jun 2023 | Leads connected devices/MEATER subsidiary execution and growth |
| Traeger | Chief Operating Officer | Sep 2022–Jun 2023 | Oversaw end-to-end operations during post-pandemic normalization |
| Traeger | Chief Supply Chain Officer | Mar 2021–Aug 2022 | Drove supply chain resiliency and cost initiatives |
| Fanatics, Inc. | Chief Operating Officer | Nov 2017–Dec 2019 | Scaled licensed merchandise operations |
| Under Armour, Inc. | EVP Global Operations | Mar 2012–Mar 2017 | Led global ops and supply chain |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Private companies (various) | Director | Not disclosed | Governance and operational oversight at several private companies |
Fixed Compensation
| Year | Base Salary Entitlement ($) | Base Salary Paid ($) | Notes |
|---|---|---|---|
| 2024 | 425,000 | 410,437 | Paid in GBP; converted to USD at avg 2024 rate 1 USD = 0.783 GBP |
| 2023 | Not disclosed | 424,219 | — |
- 2024 other compensation included 401(k) match ($8,500), relocation allowance ($23,040), tax equalization ($27,547), and tax return prep fees ($500) .
- 2024 annual cash bonus paid: $200,000 (metrics not disclosed) .
Performance Compensation
| Instrument | Grant/Performance Period | Metric(s) | Target/Payout Scale | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Performance Stock Units (PSUs) | Granted Apr 5, 2024; earned for FY2024 | Company Adjusted EBITDA | 0%–150% of target | Maximum achieved (150% of target earned) | Vested Mar 31, 2025 |
| Annual Cash Bonus | FY2024 | Not disclosed | Not disclosed | $200,000 paid | Paid in cash |
| Time-based RSUs | Sep 12, 2024 grant (128,150 sh) | Service-based | 1/3 vest on each of the first three anniversaries of Sep 3, 2024 | N/A | Annual tranches through 2027, service-based |
Equity Awards Detail (Outstanding/Unvested at 12/31/2024)
| Grant Date | Type | Unvested Shares (#) | Market Value at 12/31/24 ($) |
|---|---|---|---|
| 4/5/2024 | PSUs (earned; pending vest as of 12/31/24) | 131,385 | 314,010 |
| 9/12/2024 | RSUs (time-based) | 128,150 | 306,279 |
| 8/31/2023 | RSUs (time-based) | 177,867 | 425,102 |
| 8/31/2022 | RSUs (time-based) | 110,834 | 264,893 |
| 8/31/2022 | RSUs (time-based) | 41,667 | 99,584 |
- Market values use $2.39 COOK close on 12/31/24 applied to each grant’s unvested shares .
- Footnote confirms PSUs earned in 2024 vested on March 31, 2025, subject to continued employment through vest date .
- RSU vesting schedules: one-third on each of the first, second, and third anniversaries of the grant date (for 9/12/2024 awards, anniversaries of September 3, 2024) .
Equity Ownership & Alignment
| Date (Record) | Beneficially Owned Shares | Ownership % | Notes |
|---|---|---|---|
| Mar 24, 2025 | 468,027 | <1% | Based on 130,648,819 shares outstanding |
| Apr 8, 2024 | 914,668 | <1% | Based on 128,143,335 shares outstanding |
- Insider Trading Policy prohibits hedging transactions (e.g., prepaid forwards, swaps, collars, exchange funds). Company refers to this as an Anti-Hedging and Anti-Pledging Policy in its 2024 proxy; hedging is explicitly prohibited, and the policy title indicates anti-pledging coverage . 2025 proxy reiterates hedging prohibitions and Rule 10b5-1 plan requirements .
- Section 16(a) compliance: Hardy filed a late Form 4 due to administrative error (shares withheld for taxes on RSU vesting) .
- Stock ownership guidelines for executives are not disclosed in the 2024–2025 proxies searched.
Employment Terms
- Offer letter: Employed since March 2021 (initially Chief Supply Chain Officer); provides base salary and standard benefits; no fixed term; no severance outside change-in-control (CIC) plan .
- Restrictive covenants: Non-compete and employee/customer non-solicit during employment and for one year post-termination; standard inventions/confidentiality covenants .
- Hardy Letter Agreement (Dec 1, 2023): In connection with appointment as President of MEATER and relocation to the UK: relocation reimbursements, eligibility for UK benefits, UK and U.S. healthcare coverage for him and spouse, up to two annual business class round-trip reimbursements (UK–U.S.) for him and spouse, tax equalization payments and tax return prep assistance for non-U.S. taxable income/benefits .
- CIC Severance Plan (adopted Apr 20, 2022): Upon termination without cause or for good reason within 24 months following a CIC, executive eligible for lump sum equal to: 200% of then-current base salary; pro-rated target annual bonus for the year of termination; COBRA Payment equal to 24 months of premiums; plus a cash payment equal to taxes on the COBRA Payment (restores after-tax position). Time-based equity vests in full; standard release and covenant compliance required; Section 4999 best-net cutback applies .
- Award treatment: For 2024 PSUs, if terminated without cause/for good reason, death/disability, or upon CIC before vesting, previously earned PSUs would vest (subject to release and covenants) .
Governance, Perquisites, and Other Items
- Retirement/401(k): Executives eligible on same terms as other employees; company matches 100% up to 4% of compensation (fully vested upon contribution) .
- No general tax gross-ups: Company states it does not provide tax gross-ups for NEO personal income taxes; note that the CIC plan includes a tax payment solely to offset taxes incurred on the COBRA Payment .
- Related party transactions: No Hardy-specific related party transactions disclosed in the sections reviewed.
- Director roles/committee memberships are not applicable to Hardy (not a director) .
Vesting Schedules and Potential Selling Pressure
- Near-term vesting: One-third of the 128,150 RSUs granted in 2024 vest annually on the first three anniversaries of Sep 3, 2024 (i.e., expected around Sep 3, 2025/2026/2027), subject to continued employment .
- Additional tranches from 2023 and 2022 RSUs vest on each of the first, second, and third anniversaries of their grant dates, subject to continued service .
- Tax-withholding share remittance: Company noted Hardy’s late Form 4 for issuer share withholding to satisfy RSU tax obligations, indicating that future vesting events may similarly involve net share settlements that create technical selling pressure without open-market sales .
Track Record, Value Creation, and Execution Risk
- 2024 performance linkage: Company achieved the maximum Adjusted EBITDA goal for 2024, resulting in maximum payout of Hardy’s 2024 PSUs and vesting on March 31, 2025, underscoring pay-for-performance alignment for the year .
- Prior leadership credentials: Fanatics COO and Under Armour EVP Global Operations highlight large-scale supply chain and operational transformation experience .
- No specific TSR, revenue growth, or EBITDA growth by executive tenure were disclosed for Hardy in the reviewed filings.
Investment Implications
- Alignment: Hardy’s variable comp is meaningfully tied to Adjusted EBITDA performance, with 2024 PSUs earned at maximum, aligning incentives to profitability improvements . The 2024 and prior RSU grants create multi-year retention hooks via service-based vesting .
- Overhang and cadence: Multiple RSU tranches from 2022–2024 will continue vesting annually, which typically triggers net share settlements for taxes; while not open-market selling, these can add modest technical supply near vest dates .
- Protection and retention: No standalone severance outside CIC reduces off-cycle payout risk; CIC provides 2x salary, pro-rated target bonus, COBRA-related payments and full acceleration of time-based awards, typical for retention through strategic events and supportive of continuity at MEATER during any transaction window .
- Governance risk: The late Form 4 (administrative error) is minor but worth monitoring for future compliance consistency; anti-hedging (and stated anti-pledging policy in 2024 proxy) lowers alignment risk from hedging/pledging behavior .