Lance Bultena
About Lance D. Bultena
Independent director since September 2021; age 62. Global Director of Thought Leadership and senior counsel at Hogan Lovells; previously partner, with earlier service as Counsel to the U.S. Senate Committee on Commerce, Science, and Transportation (1995–1999). Education: D.Phil. in Politics and M.Phil. in Economics (Oxford, Rhodes Scholar), J.D. (Harvard Law), B.A. (University of South Dakota). Committees: Audit; Nominating (Chair July 2022–Aug 2024); Strategy & Risk (Chair since Aug 2024) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hogan Lovells (and predecessor Hogan & Hartson) | Global Director of Thought Leadership; Senior Counsel; former Partner | 1999–present | Leads thought leadership; long-tenured legal/strategy advisor |
| U.S. Senate Committee on Commerce, Science, and Transportation | Counsel | 1995–1999 | Legislative/policy expertise in technology and public policy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hogan Lovells | Global Director of Thought Leadership; Senior Counsel | 1999–present | No public-company boards disclosed beyond Daktronics |
Board Governance
- Independence: Determined independent under Nasdaq Rule 5605(a)(2) .
- Committee assignments: Audit Committee member; Nominating Committee member (Chair July 2022–Aug 2024); Strategy & Risk Committee Chair since Aug 2024 .
- Audit Committee financial expert: Board determined Dr. Bultena qualifies under Item 407(d)(5)(ii) of Regulation S-K .
- Attendance and engagement: All incumbent directors attended ≥75% of Board and committee meetings; all directors attended Sept 2024 annual meeting .
- Board activity FY2025: Board 8 regular and 15 special meetings; Audit 5; Compensation 20; Nominating 4; Strategy & Risk 5; independent directors held 4 executive sessions .
- Lead Independent Director: Role eliminated in March 2025 after independent Chair structure adopted (Chair: Andrew Siegel) .
Fixed Compensation
| Component (FY2025) | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $70,350 |
| Stock Awards (RSUs grant-date value) | $85,000 |
| Total | $155,350 |
Director fee framework FY2025 (for context):
| Fee Type | Chair | Member |
|---|---|---|
| Annual independent director cash retainer | $53,750 | — |
| Audit Committee | $7,250 | $4,675 |
| Compensation Committee | $7,250 | $4,675 |
| Nominating & Governance Committee | $7,250 | $4,675 |
| Strategy & Risk Committee | $7,250 | $4,675 |
| Temporary Special Committee | $350,000 | $6,500 |
| Lead Independent Director (while applicable) | $15,000 | — |
Performance Compensation
| Instrument | Grant Date | Shares/Units | Fair Value per Share | Total Grant-Date Value | Vesting |
|---|---|---|---|---|---|
| RSUs (time-based) | Sep 9, 2024 | 7,160 | $11.87 | $85,000 | Cliff vest Aug 23, 2025 if in service |
- No option awards or PSUs were granted to non-employee directors in FY2025 (director table shows stock awards only) .
- Clawback policy is in place for incentive compensation; applies to executives, not directors, but signals governance rigor .
- Hedging/short sales prohibitions for directors under Stock Trading Policy .
Other Directorships & Interlocks
| Company | Role | Committee Positions | Notes |
|---|---|---|---|
| None disclosed | — | — | Proxy biography lists no other public-company boards for Dr. Bultena |
- Related-party transactions: Proxy discloses several RPTs (Alta Fox financing; Milwaukee Bucks; Dakota State University; X Display Company) with no transactions involving Dr. Bultena or Hogan Lovells .
Expertise & Qualifications
- Legal, public policy, and technology-change expertise; senior legal leadership at a global firm .
- Audit Committee financial expert designation .
- Advanced degrees in politics and economics (Oxford, Rhodes Scholar) and law (Harvard), plus technical/policy exposure relevant to risk oversight .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (as of Jul 16, 2025) | 43,505 shares; includes 7,160 restricted shares vesting Aug 23, 2025 |
| Ownership as % of shares outstanding | <1% (asterisk indicates less than one percent) |
| Director ownership guideline | 20,000 shares target within 5 years |
| Compliance status | All directors in compliance as of Jul 16, 2025 (Feigin excepted due to tenure); implies Bultena compliant |
| Shares pledged as collateral | Not disclosed; hedging and short sales prohibited |
Governance Assessment
- Strengths: Independent status; Audit Committee financial expert; chaired Strategy & Risk Committee during a period of transformation; strong attendance; RSU-based equity aligns incentives with shareholder value without option-risk leverage .
- Compensation alignment: Balanced mix of cash retainer plus time-based RSUs; meets ownership guideline (43,505 shares vs. 20,000 target) supporting “skin-in-the-game” alignment .
- Conflicts: No related-party transactions involving Dr. Bultena; his law firm affiliation presents potential but no dealings disclosed with Daktronics, reducing conflict risk .
- Controls and policies: Formal Clawback Policy (executive-focused), robust hedging prohibitions, active committee structure, and independent chair governance strengthen investor confidence .
- Red flags: None evident specific to Dr. Bultena—no late Section 16 filings attributed to him; board’s Temporary Special Committee featured high chair fees (contextual), but Dr. Bultena was not chair of that committee .
Overall, Dr. Bultena contributes legal/policy depth and risk oversight, with independent status and committee leadership supporting board effectiveness; no disclosed conflicts or attendance issues; equity ownership exceeds guideline, signaling alignment .