Iman Schrock
About Iman Schrock
Iman Schrock, age 41, has served as GigaCloud Technology Inc.’s President since July 2022. He holds a B.S. in Information Technology (American University, 2006), an MBA (University of Wollongong, 2007), and a Ph.D. in Organizational Psychology (University of Phoenix, 2017) . Company performance during his tenure has been strong: FY2024 revenues reached $1,161.0 million (+65.0% YoY), net income was $125.8 million (+33.7% YoY), and adjusted EBITDA was $156.9 million (+32.6% YoY); FY2024 TSR (value of $100 investment) was 118.04 versus 116.60 in 2023 and 36.27 in 2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in proxy | Vice President of Sales | Aug 2007–Jul 2022 | Not disclosed |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 152,981 | 304,802 | 311,527 (incl. accrued unused vacation) |
| Non-Equity Incentive Plan Compensation ($) | — | 50,000 | 50,000 |
| Stock Awards ($) | — | 194,900 | 310,200 |
| Total Compensation ($) | 152,981 | 549,702 | 671,727 |
Note: The 2024 proxy reported 2023 salary at $300,000 and non‑equity incentive payout at $54,802, attributable to project‑based awards . The 2025 proxy reports 2023 salary $304,802 and non‑equity incentive payout $50,000 .
Performance Compensation
| Year | Metric | Weighting | Target/Max | Actual Payout | Vesting |
|---|---|---|---|---|---|
| 2024 | Project‑by‑project performance cash incentive | Not disclosed | $50,000 | $50,000 | Immediate cash award |
| 2023 | Project‑by‑project performance cash incentive | Not disclosed | Not disclosed | $50,000 (2025 proxy) | Immediate cash award |
Program design: Schrock’s cash awards are non‑discretionary and determined on a project‑by‑project basis; CEO awards are tied to company‑wide targets .
Equity Ownership & Alignment
| As-of (Proxy) | Class A Shares | % of Class | Pledged Shares | Options (Exercisable/Unexercisable) | RSUs Unvested |
|---|---|---|---|---|---|
| Feb 29, 2024 | 20,000 | <1% | None; company not aware of any pledges by directors/officers | None; no stock options held | None; no outstanding equity awards at FY2023 year‑end |
| Feb 28, 2025 | 25,000 | <1% | None; company not aware of any pledges by directors/officers | None; no stock options held | None; not listed with unvested awards at FY2024 year‑end |
Equity grants and vesting detail:
- 2023 RSUs: 10,000 (Sep) and 10,000 (Dec) fully vested at grant; shares issued immediately .
- 2024 RSUs: 10,000 (Apr 10, 2024); Schrock acquired 10,000 shares on vesting, value realized $310,200 .
- Outstanding awards at FY2024 year‑end: Schrock not listed with unvested awards; unvested service‑based RSUs disclosed for other NEOs only .
Policies supporting alignment and trading risk:
- Anti‑hedging and anti‑pledging: Hedging and pledging of company stock prohibited (exceptions only with pre‑approval; cashless option exercises allowed) .
- Clawback: Company may recoup incentive‑based compensation (incl. equity) received on/after Oct 2, 2023 in event of accounting restatement; policy filed as Exhibit 97.1 to Annual Report .
Employment Terms
| Provision | Details |
|---|---|
| Role & start | President since July 2022 |
| Term | At‑will employment (written agreement) |
| Base salary rate | $300,000 in 2024 (rate) |
| Notice periods | Company termination without cause: 30 days; resignation for good reason: 60 days |
| Severance economics | No fixed multiples; pay/benefits continue during notice period; additional amounts only if mutually agreed |
| Change‑of‑control | No separate CIC cash multiples or automatic equity acceleration disclosed |
| Non‑compete / Non‑solicit | 2 years post‑termination; standard confidentiality during/after employment |
| Benefits | Participation in share incentive plans and employee benefit plans as applicable |
Company Performance During Schrock’s Tenure
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Total Revenues ($ thousands) | 490,071 | 703,831 | 1,161,042 |
| Net Income ($ thousands) | 23,972 | 94,108 | 125,808 |
| Adjusted EBITDA ($ thousands) | Not disclosed | 118,307 | 156,942 |
| TSR – Value of $100 Investment ($) | 36.27 | 116.60 | 118.04 |
Investment Implications
- Pay-for-performance alignment: Schrock’s variable pay is primarily cash awards capped at $50,000 tied to project outcomes; equity awards have been fully vested at grant (2023 and 2024), reducing long-term performance linkage versus time/PSU structures .
- Retention risk and selling pressure: Immediate vesting RSUs (and no unvested balance at year‑end) lower retention hooks and can increase near‑term liquidity/saleability of shares post‑grant; anti‑hedging/anti‑pledging policies mitigate misalignment risk .
- Ownership alignment: Beneficial ownership increased from 20,000 to 25,000 Class A shares (<1%); no pledges reported, and no stock options outstanding (limits leverage and forced selling risk) .
- Contract downside protection: Employment is at‑will with modest notice‑period economics and no disclosed CIC parachute or acceleration; non‑compete/non‑solicit for two years provides post‑termination protection to the company .
- Execution backdrop: Company delivered strong FY2024 growth (revenue +65%, net income +33.7%, adjusted EBITDA +32.6%; TSR improved versus 2022), supporting overall management credibility; however, the equity grant design for Schrock emphasizes immediacy over long‑term performance tethering .