Ted Dworkin
EventbriteAbout Ted Dworkin
Ted Dworkin, age 56, has served as Eventbrite’s Chief Product Officer since January 2023. He previously led product and customer experience at Sonos and spent 23 years in leadership roles at Microsoft. He holds two B.A.s from the University of Washington . Company performance during his tenure shows net revenue of $326.1M in 2023 and $325.1M in 2024, with 2024 adjusted EBITDA margin at 11.2% under the annual bonus plan metrics. Q1’25 delivered $73.8M revenue and 6.2% adjusted EBITDA margin amid continued recovery in paid ticket trends; management reaffirmed the FY’25 outlook . Pay-versus-performance disclosures state compensation outcomes tracked TSR, with lower “compensation actually paid” in 2024 aligned to a decline in TSR .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sonos | SVP, Product Management & Customer Experience; VP, Software Product Management; Senior Director, Product Management | 2017–2022 | Led product and customer experience, contributing to platform reliability and consumer product strategy . |
| Microsoft | Various product leadership roles | ~23-year tenure (prior to 2017) | Long-tenured leadership across product domains at a major technology company . |
External Roles
No public company directorships or external board roles are disclosed for Mr. Dworkin in the latest proxy materials .
Fixed Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Annual base salary (approved) | $400,000 | $412,000 (effective Apr 1, 2024) |
| Base salary earned | $374,795 | $409,000 |
| Target annual bonus (% of eligible base) | 55% | 55% |
| Actual annual bonus paid | $195,830 (95% of target plan payout) | $0 (company did not meet thresholds) |
| Sign-on bonus | $300,000 total; $150,000 paid April 28, 2023 | $150,000 paid Jan 31, 2024 (second installment) |
Performance Compensation
Annual Cash Incentive Plan (Company-wide metrics and 2024 outcome)
| Metric | Weight | Threshold | Target | Maximum | 2024 Actual | Payout |
|---|---|---|---|---|---|---|
| Paid Ticket Volume | 30% | 95.3M | 102.7M–106.7M | 107.4M–112.1M | 83.2M | 0% |
| Net Revenue | 30% | $342.4M | $375.0M–$404.2M | $417.4M–$450.0M | $325.1M | 0% |
| Adjusted EBITDA Margin | 40% | 12% | 15%–17.4% | 18%–20% | 11.2% | 0% |
| Overall payout | 0% |
Notes:
- 2023 bonus paid at 95% of target based on net revenue ($326M) and adjusted EBITDA ($39M) achievements .
- 2024 plan paid 0% as none of the three metrics met threshold .
Equity Incentives and Vesting
| Grant | Type | Shares/Target | Grant Date | Target/Grant Value | Vesting |
|---|---|---|---|---|---|
| 2024 Annual | RSU | 230,326 | Apr 15, 2024 | $1,119,998 | 1/3 annually over 3 years from grant date |
| 2024 Annual | PSU (2024–2026) | 153,550 target | Apr 15, 2024 | $799,996 | Cliff vest 12/31/2026; payout 0.0x–2.0x vs revenue (2024) and YoY revenue growth targets (2025–2026) |
| 2023 New Hire | RSU | 505,390 | Feb 15, 2023 | $4,407,000 | 25% at 2/1/2024, then equal quarterly installments for 12 quarters |
| 2023 New Hire | Option | 237,642 @ $8.72 | Feb 15, 2023 | $1,249,997 | 25% at 2/1/2024, then monthly over 36 months |
| 2023 Annual | PSU (2023–2025) | 61,576 target | Apr 17, 2023 | $499,997 | Cliff vest 12/31/2025; payout 0.0x–2.0x vs revenue targets (2023–2025) |
PSU performance curves:
- 2024–2026 PSUs: 2024 revenue threshold $350M (0.75x), target $404M (1.0x), max $450M (2.0x); 2025/2026 growth thresholds 10%/10%, targets 20%/20%, max 30%/30% .
- 2023–2025 PSUs: 2023 revenue threshold $280M (0.75x), target $350M (1.0x), max $408M (2.0x); 2024/2025 growth thresholds 20%/20%, targets 24%/24%, max 28%/28% .
Additional equity program notes:
- 2022 PSU “Revenue” tranche was forfeited (threshold not met) on Feb 3, 2025; 2022 stock-price PSU window remains open until July 2025 .
- No stock option grants to NEOs in 2024; RSUs/PSUs dominated 2024 refresh .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (as of Apr 1, 2025) | 412,754 Class A shares; includes 133,672 options exercisable within 60 days and 107,594 RSUs vesting within 60 days; reported ownership <1% of total shares outstanding . |
| Outstanding awards (Dec 31, 2024 snapshot) | Options: 108,918 exercisable, 128,724 unexercisable at $8.72; RSUs: 230,326 unvested; PSUs: 61,576 (2023–2025 target) and 153,550 (2024–2026 target) . |
| 2024 vesting activity | 221,108 RSUs vested for Mr. Dworkin; value realized $1,499,430 (vesting ≠ sales) . |
| Pledging/hedging | Eventbrite prohibits hedging and pledging by employees and directors (mitigates alignment risks) . |
| Ownership guidelines | Executives must meet holding guidelines by the later of Jan 1, 2027 or five years from becoming an executive; for Mr. Dworkin the requirement is 1x base salary; retain 50% of net after-tax shares until compliant . |
Insider selling pressure:
- Evidence of sales is not disclosed here; 2024 data show vesting, not transactions. The company reports all Section 16 filings were timely in 2024. Company policy prohibits hedging/pledging, which typically reduces risk of forced sales .
Employment Terms
| Provision | Terms (NEO program; applies to Mr. Dworkin) |
|---|---|
| Severance (outside change-in-control period) | Lump sum equal to 6 months base salary; up to 6 months of employer-equivalent health benefit contributions, subject to release . |
| Change-in-control (CIC) double-trigger | Termination without cause or resignation for good reason within the CIC period (3 months before to 12 months after): 12 months base salary; up to 12 months health contributions; full accelerated vesting of unvested equity, subject to release . |
| “Best pay” cutback | Payments reduced if it yields a better after-tax outcome (no 280G gross-ups) . |
| Clawback | NYSE-compliant policy to recoup incentive compensation upon an accounting restatement (applies to awards received on/after Oct 2, 2023) . |
| Non-hedging/pledging | Prohibited by insider trading policy . |
| Sign-on/retention | $300,000 sign-on bonus paid in two installments; second installment paid Jan 31, 2024 . |
Performance & Track Record
| Metric | 2023 | 2024 | Q1 2025 |
|---|---|---|---|
| Net revenue | $326,134,000 | $325,068,000 | $73,800,000 |
| Adjusted EBITDA (margin) | $39M (approx., per plan table) | 11.2% margin (plan metric) | $4.6M; 6.2% margin |
| Paid ticket YoY trend | — | — | -7.7% YoY; improving vs Q4’24 (-10.2%) and Q3’24 (-13.6%) |
| Product and marketplace levers | — | — | Eventbrite Ads +30% YoY; redesigned app improving discovery and conversion; liquidity and OpEx discipline highlighted . |
| Say-on-Pay | — | 95% support at 2024 meeting (program credibility) | — |
Pay-versus-performance narrative: Compensation actually paid to NEOs was negative in 2024 and is described as strongly aligned with TSR movements; disclosures emphasize the link between long-term incentives and shareholder returns .
Compensation Structure Analysis
- Shift toward performance equity: PSU weight increased (most NEOs 40% of 2024 refresh), tying value to revenue and growth goals; 2022 revenue PSUs were forfeited (targets not met), indicating elevated performance hurdles and reduced windfall risk .
- Cash bonus discipline: 2024 company metrics missed threshold across all three measures; zero payout reinforces pay-for-performance .
- Mix and risk: 2024 NEO equity comprised RSUs (retention, dilution-managed) plus multi-year PSUs (performance), with no options granted; options from 2023 remain outstanding .
- Governance guardrails: No hedging/pledging; clawback policy; no excise tax gross-ups; double-trigger CIC; robust ownership guidelines .
Investment Implications
- Alignment: Zero 2024 cash bonus and increasing PSU mix point to tight linkage between pay and company performance, limiting misalignment risk .
- Retention dynamics: A large, scheduled RSU/PSU vesting runway (2023–2026 programs) supports retention; however, the forfeiture of 2022 revenue PSUs and tougher revenue/growth curves concentrate realizable pay on execution, raising performance risk but strengthening alignment .
- Selling pressure: 2024 vesting created supply, but there is no evidence here of net insider sales; anti-hedging/pledging policy reduces forced-sale and collateral risks. As of Dec 31, 2024, Dworkin’s options (strike $8.72) were out-of-the-money vs $3.36 stock price proxy reference, further reducing near-term option-exercise pressure .
- Execution focus: Marketplace recovery actions (app redesign, Timed Entry, Ads growth) and disciplined OpEx underpin the path to volume stabilization and margin improvement; FY’25 outlook reaffirmed, with paid ticket trends improving sequentially .
Overall: Compensation design (higher PSUs, zero 2024 bonus) aligns Mr. Dworkin’s pay with multi-year revenue and growth outcomes. Retention risk appears balanced by substantial unvested equity and ownership guidelines, while insider selling risks are tempered by policy constraints and underwater options. Delivery on marketplace growth levers (Ads, app, Timed Entry) is key to PSU realizations and value creation .