L. Christian Finn
About L. Christian Finn
L. Christian “Chris” Finn is Forrester’s Chief Financial Officer, appointed effective September 13, 2021, after senior finance roles at LogMeIn and Nuance Communications; he holds a BBA from the University of Miami and an MBA from Boston University’s Questrom School of Business . In 2024 Forrester’s revenue declined 10.0% to $432.5M, company TSR (value of a $100 investment) fell to $38, and CV bookings growth was -5.3% YoY, framing the operating backdrop for CFO incentive alignment and execution risk . Executive incentives emphasize CV bookings, Modified Operating Income, and Adjusted EBITDA margin (for PSUs), directly linking Finn’s variable pay and vesting outcomes to revenue durability, margin execution, and subscription CV growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LogMeIn, Inc. | VP FP&A & Global Procurement (prior to FORR) | As of 2021 | Led FP&A/procurement at a SaaS UCC firm; experience in scaling, M&A, IR and finance operations brought to FORR CFO role . |
| Nuance Communications (Healthcare division) | CFO | 2011–2015 | P&L leadership of ~$1B division; relevant to FORR’s subscription and margin management focus . |
| Progress Software; First Wind; Monster Worldwide | Finance leadership roles | Not disclosed | Broader finance leadership across software/infra enhances capital allocation and operating rigor . |
External Roles
- None disclosed for Mr. Finn in company filings reviewed .
Fixed Compensation
Multi-year CFO compensation (reported):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 420,083 | 420,275 | 420,025 |
| Bonus ($) | — | 125,993 (discretionary) | 85,045 (discretionary; equals 27% of target award) |
| Non-Equity Incentive Plan Compensation ($) | 145,736 | — | — (plan suspended in 2024) |
| Stock Awards – Grant-Date Fair Value ($) | 499,978 | 746,862 (time-based RSUs) | 499,982 (time-based RSUs) |
| Option Awards – Grant-Date Fair Value ($) | — | 430,930 | — |
| All Other Compensation ($) | 11,320 | 19,894 | 18,811 |
| Total ($) | 1,077,117 | 1,743,954 | 1,023,864 |
- 2024 cash plan was suspended; in Feb 2025 the committee awarded a discretionary cash bonus equal to 27% of each officer’s target award for 2024; Finn’s reported “Bonus” reflects this .
- Target bonus context: in 2024 the committee left target cash incentive amounts unchanged for ownership guideline calculations; average target bonus for NEOs (ex-CEO) was ~72.5% of base salary (company-wide context) .
Performance Compensation
Structure and metrics:
| Instrument | Metric(s) | Weighting | Target/Payout | Vesting/Timing |
|---|---|---|---|---|
| Executive Cash Incentive Plan (typical years) | CV bookings; Modified Operating Income | Company-level (not per-exec disclosed) | Threshold required; capped at 1.56x; 2024 suspended | Annual; payouts in arrears (none set for 2024; discretionary 27% paid) . |
| PSUs (granted 2023; none granted 2024) | CV (“Measurement Year CV” at 12/31/2025) | 75% of PSUs | 30% at 90% of target; 50% at 95%; 100% at target; 150% at 105% . | Cliff vest on/after 3/1/2026, employment-contingent . |
| PSUs (granted 2023; none granted 2024) | Adjusted EBITDA Margin (FY2025) | 25% of PSUs | 30% at -1 pt vs target; 100% at target; 150% at +1 pt . | Cliff vest on/after 3/1/2026, employment-contingent . |
| Time-based RSUs (2024 grant) | Service | 100% | N/A | 25% annually over 4 years (4/1/2025–4/1/2028) . |
| Stock Options (2023 grant) | Service | 100% | N/A | One-third annually on 3/1/2025, 3/1/2026, 3/1/2027; $33.04 strike; expire 2/28/2033 . |
Equity Ownership & Alignment
- Beneficial ownership: 19,931 common shares; plus 21,134 RSUs scheduled to vest within 60 days of March 17, 2025; ownership <1% of shares outstanding (18,980,952) .
- Outstanding awards at 12/31/2024 (CFO): options 7,567 exercisable / 22,699 unexercisable at $33.04 expiring 2/28/2033; multiple RSU tranches (see vesting schedule below) .
- Option moneyness: closing price 12/31/2024 was $15.67 vs $33.04 strike; options were out-of-the-money at year-end .
- Stock ownership guidelines: executive officers must hold shares equal to at least 1x total annual on-target earnings with five years to comply; until met, net shares from vestings must be retained; all directors and executive officers have complied since adoption .
- Hedging/pledging: Company notes no current hedging policy; no pledging by Finn disclosed in filings reviewed .
Scheduled Vesting and Potential Selling Pressure
| Award | Shares | Vesting Date | Notes |
|---|---|---|---|
| RSU | 4,966 | 3/1/2025 (50% of tranche) | Time-based; balance vests 3/1/2026 . |
| RSU | 11,350 | 3/1/2025 (one-third) | Time-based; remaining 3/1/2026, 3/1/2027 . |
| Stock Options | 10,089 total (one-third of 30,266) | 3/1/2025 | Strike $33.04; 10K vest in equal annual tranches 2025–2027 . |
| RSU | 6,001 (25% of 24,003) | 4/1/2025 | 2024 grant; annual installments through 4/1/2028 . |
| RSU | 5,040 | 10/1/2025 | Time-based single-date vest . |
| PSU | 7,566 target | 3/1/2026 (performance) | Payout 22.5%–150% based on 2025 CV/Adj. EBITDA; may be forfeited . |
- Insider selling pressure: 1H25 includes sizable RSU/option vesting events around March 1 and April 1 that could create Form 4 activity; PSU vesting is contingent on FY2025 performance and employment through 3/1/2026 .
Employment Terms
- Appointment and initial package (Aug 2021 8-K): Base salary $410,000; target bonus $255,000 (prorated 50% for 2021; with $127,500 minimum for 2021); $1,000,000 in RSUs vesting over four years; $150,000 sign-on bonus; eligibility for $50,000 one-time executive team bonus tied to 2021 CV bookings; change-in-control acceleration of RSUs unless assumed/substituted/cashed out per plan .
- Executive Severance Plan (applies to CFO):
- Termination without cause (no CIC): 12 months base salary continuation; lump sum of lesser of target bonus or average of prior two years; 12 months medical/dental contributions; 6 months outplacement (extendable) .
- Double-trigger within 18 months post-CIC: lump sum base salary (1x for execs); lump sum of the higher of target or two-year average incentive; 12 months medical/dental contributions; 12 months outplacement; accelerated vesting or cash-out of all unvested equity at target for performance awards .
- No excise tax gross-ups; “best net” cutback applies .
- CFO-specific estimated payouts at 12/31/2024:
- Change in control only (no termination): equity acceleration value $829,335 .
- Termination upon change in control: total $1,839,654 (Salary $420,000; Incentive $544,918; Medical/Dental $25,402; Outplacement $20,000; Equity $829,335) .
- Termination not for cause (no CIC): total $591,267 (Salary $420,000; Incentive $135,865; Medical/Dental $25,402; Outplacement $10,000) .
- Clawback: mandatory recovery for erroneously awarded incentive-based compensation for covered officers for restatements; three completed fiscal-year lookback from restatement trigger (effective for compensation received on/after Oct 2, 2023) .
- Say-on-pay support: 99% approval in 2024, informing Committee decisions in 2024/2025 .
Investment Implications
- Pay-for-performance alignment: Finn’s equity mix (PSUs tied to 2025 CV growth and Adjusted EBITDA margin; time-based RSUs) and cash plan metrics (CV bookings and Modified Operating Income) directly incentivize durable subscription growth and margin improvement; note the 2024 bonus plan suspension and 27% discretionary payout in 2025 balanced retention with accountability during a -10% revenue year .
- Retention and overhang: Significant unvested RSUs (multi-tranche 2022–2024 awards) and performance-contingent PSUs into 2026 support retention; options are currently underwater ($33.04 strike vs $15.67 12/31/24), concentrating realized value in RSUs/PSUs and aligning with stock recovery and 2025 KPI attainment .
- Near-term trading signals: March–April 2025 vesting cadence (RSUs and first option tranche) may prompt Form 4 transactions; PSU vesting remains a 2026 event contingent on FY2025 performance outcomes .
- Governance considerations: Strong ownership/retention guidelines (1x on-target earnings, mandatory net-share retention until met) and a compliant clawback framework bolster alignment; absence of a formal hedging policy is a governance gap to monitor; no pledging by Finn disclosed .
- Performance backdrop: TSR deterioration (2020–2024 $100→$38), negative CV bookings growth in 2023–2024, and 2024 revenue decline underscore execution risk; the 2023 PSUs calibrate to a 2025 rebound in CV and margins, making FY2025 delivery a key catalyst for realized pay and investor sentiment .