Glyn C. Milburn
About Glyn C. Milburn
Glyn C. Milburn is Vice President of Operations at 1847 Holdings LLC (EFSH), appointed in February 2023 with an employment agreement dated March 1, 2023; he was previously a director from August 2022 to March 2023 . Age 53 as of the April 26, 2024 record date, Milburn holds a B.A. in Public Policy from Stanford University and has a background in public affairs consulting and municipal economic development roles in Los Angeles . No company TSR, revenue growth, or EBITDA growth metrics specific to his tenure are disclosed in the proxy materials .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jimmy Blackman & Associates | Partner | 2016–present | Leads business strategy, client management, communications, and campaign management across public safety unions, financial firms, and hotel operators in California . |
| City of Los Angeles (Mayor’s Office of Economic Development; Office of Councilman Dennis Zine) | Special Assistant | 2013–2016 | Supported economic development initiatives and council office operations . |
| Provident Investment Advisors LLC | Co-Founder & Managing Member | 2012–2013 | Managed special investment vehicle for energy, technology, and healthcare ventures . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Jimmy Blackman & Associates | Partner | 2016–present | Ongoing external consulting role outside EFSH . |
| Provident Investment Advisors LLC | Co-Founder & Managing Member | 2012–2013 | Prior external investment role . |
Fixed Compensation
Summary compensation actually paid:
| Metric | 2022 | 2023 |
|---|---|---|
| Salary ($) | $0 | $194,753 |
| Bonus ($) | $0 | $0 |
| Other Compensation ($) | $11,667 | $5,833 |
| Total ($) | $11,667 | $200,586 |
Current employment terms (per agreement):
| Term/Provision | Detail |
|---|---|
| Base Salary ($) | $230,000 annual base |
| Target Bonus % | Up to 50% of base, based on earnings targets set by the board |
| Employment Status | At-will; company may terminate anytime; employee may resign with 30 days’ notice |
| Severance | Six months of base pay if terminated without cause |
| Non-Compete | One year post-termination |
| Non-Solicit | Two years post-termination |
| Benefits | Eligible to participate in employee benefit plans |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual incentive bonus (earnings-based) | Not disclosed | Earnings targets determined by board | Not disclosed | $0 for 2023 | N/A (cash bonus) |
- No outstanding equity awards for Milburn as of December 31, 2023 (no options, RSUs, or PSUs) .
Equity Ownership & Alignment
| Date (Record) | Shares Owned | Ownership % of Class | Notes |
|---|---|---|---|
| April 26, 2024 | 0 | Less than 1% | No beneficial ownership disclosed . |
| January 22, 2025 | 0 | Less than 1% | No beneficial ownership disclosed . |
- Insider trading policy prohibits hedging and short sales and generally prohibits pledging without prior approval; directors and officers are restricted during blackout periods .
- The 2023 Equity Incentive Plan permits restricted awards, stock options, and share appreciation rights; administrator may include change-of-control acceleration in award agreements; share reserve increased to 5,000,000 and includes a 5% annual evergreen increase (subject to shareholder approval) .
Employment Terms
| Item | Details |
|---|---|
| Role and start | Vice President of Operations since February 2023; employment agreement effective March 1, 2023 |
| Base/bonus | $230,000 base; bonus up to 50% of base, earnings-target based |
| Severance | Six months base if terminated without cause |
| Restrictive covenants | 1-year non-compete; 2-year non-solicit; confidentiality provisions |
| Equity awards | None outstanding as of 12/31/2023 |
| Change-of-control | Plan allows administrator to include accelerated vesting on change-of-control in award agreements |
| Insider policy | Prohibits hedging, short sales, and pledging without approval; trading blackouts apply |
Investment Implications
- Alignment risk: Milburn had no equity awards outstanding and disclosed zero share ownership as of both 2024 and 2025 record dates, limiting “skin-in-the-game” alignment; however, the company’s plan has capacity for future equity-based awards with a 5,000,000 share reserve and 5% evergreen, which could improve alignment if awards are granted .
- Pay-for-performance: Bonus is tied to earnings targets but no bonus was paid in 2023, suggesting conservative payouts when targets are not met or discretionary restraint; absence of disclosed performance metrics and weightings limits transparency for investors .
- Retention and mobility: Severance equals six months of base pay with standard 1-year non-compete and 2-year non-solicit; this is modest protection that partially mitigates near-term churn risk without imposing excessive change-of-control economics .
- Trading signals: With no disclosed share ownership and an insider policy restricting hedging/pledging, there is minimal insider selling pressure attributable to Milburn; lack of grants and ownership also means limited positive insider buy signals tied to his account .