Sabrina Farmer
About Sabrina Farmer
Sabrina Farmer is GitLab’s Chief Technology Officer since January 2024; she is 53, with a B.S. in Computer Science from the University of New Orleans and previously served at Alphabet/Google from 2005–2024, most recently as VP Engineering, Core Infrastructure . During her tenure, company performance tied to executive pay included FY2025 revenue of $759.2M (+31% YoY) and Non-GAAP operating margin of 10% (vs. -0.2% in FY2024), alongside strong ARR/customer metrics and Dollar-Based Net Retention of 123% . For pay-versus-performance context, company total shareholder return (value of $100 initial investment) stood at $70 in FY2025, $68 in FY2024, $48 in FY2023, and $62 in FY2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alphabet Inc. (Google) | Vice President of Engineering, Core Infrastructure; prior roles of increasing responsibility | 2005–2024 | Led core infrastructure engineering; senior leadership experience at scale |
Fixed Compensation
| Component | FY2025 Amount | Notes |
|---|---|---|
| Base Salary | $450,000 | CTO salary for FY2025; unchanged vs FY2024 |
| Target Bonus % | 60% | Approved by CLDC in Q1 FY2025 |
| Target Bonus ($) | $270,000 | 60% of $450,000 |
| Actual Bonus Paid | $266,247 | Non-Equity Incentive Plan Compensation (FY2025) |
Performance Compensation
| Metric | Weighting | Target/Framework | Actual FY2025 Performance | Payout Impact |
|---|---|---|---|---|
| Net ARR | 70% | Payout 50–200% of target based on achievement vs thresholds; interpolation between levels | 90.5% of target | Contributed to 98.61% overall payout |
| Non-GAAP Operating Income (NGOI) | 30% | Threshold NGOI 2% → 50% payout; Target NGOI 7% → 100% payout; Maximum NGOI >15% → 200% payout | +4.1 points vs NGOI target | Contributed to 98.61% overall payout |
FY2025 RSU Grants and Vesting
| Grant Date | Type | Shares | Grant-Date Fair Value | Vesting Terms |
|---|---|---|---|---|
| March 28, 2024 | RSU | 223,168 | $13,015,158 | Quarterly over 4 years with 6-month cliff; Ms. Farmer’s RSUs vest 31% in year 1 and 23% in years 2–4 |
| June 22, 2024 | RSU (Retention) | 18,835 | $825,350 | Quarterly over 2 years with a 15-month cliff |
FY2025 Vesting Activity (Realized)
| Item | Shares Vested | Value Realized |
|---|---|---|
| RSUs vested and settled (aggregate FY2025) | 51,888 | $2,898,464 (based on closing prices on vesting dates) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of April 1, 2025) | 38,911 Class A shares directly owned; <1% of outstanding shares |
| Outstanding Unvested RSUs (Jan 31, 2025) | 171,280 RSUs ($12,462,333 market value at $72.76/share) + 18,835 RSUs ($1,370,435) |
| Options (Exercisable/Unexercisable) | None disclosed for Ms. Farmer |
| Hedging/Pledging | Company policy prohibits hedging; pledging is prohibited unless approved by CLO; NEOs may not pledge or hedge GitLab stock |
| 10b5-1 Selling Plan | Adopted Dec 31, 2024 for sales from RSU vest settlements; window Apr 1–Dec 26, 2025; approx. 93,175 shares potentially available for sale before tax withholding, subject to minimum price thresholds |
Employment Terms
| Term | Details |
|---|---|
| Employment Start Date | Offer letter dated January 2024; at-will; eligible for variable bonus per company policies and Board discretion |
| Severance (No CIC) | Estimated as of Jan 31, 2025: Cash severance $225,000; Cash bonus $162,000; Total $387,000; benefits continuation terms apply per policy |
| Severance (With CIC, double-trigger) | Estimated as of Jan 31, 2025: Cash severance $450,000; Cash bonus $162,000; Accelerated vesting value $13,832,767; Total $14,444,767; salary/benefits continuation and full acceleration of equity |
| Clawbacks/Tax Gross-ups | No change-in-control tax gross-ups; standard governance practices disclosed; no specific clawback terms disclosed for Ms. Farmer |
Performance & Track Record
| Indicator | FY2025 Result |
|---|---|
| Revenue | $759.2M (+31% YoY) |
| GAAP Operating Margin | -19% (improved from -32% in FY2024) |
| Non-GAAP Operating Margin | 10% (improved from -0.2% in FY2024) |
| Customers ≥$100k ARR | 1,229 (+29% YoY) |
| Dollar-Based Net Retention | 123% |
| Company TSR (value of $100 initial investment) | $70 (FY2025); $68 (FY2024); $48 (FY2023); $62 (FY2022) |
Compensation Structure Analysis
- FY2025 cash payout aligned to corporate metrics (Net ARR 70%, NGOI 30%) with overall bonus payout at 98.61% of target, reinforcing pay-for-performance .
- Long-term incentives emphasize RSUs; Ms. Farmer’s large FY2025 RSU grant is front-loaded (31% year one), increasing near-term vesting cadence and potential selling under her Rule 10b5-1 plan .
- Governance controls prohibit hedging and pledging, mitigating misalignment risks; no CIC tax gross-ups .
Investment Implications
- Insider selling pressure: The 10b5-1 plan covering up to ~93,175 shares tied to RSU settlements through Dec 26, 2025, combined with front-loaded vesting (31% in year one), suggests orderly but material potential supply; monitor Form 4/F144 filings and vesting dates for near-term flow into the market .
- Alignment and retention: Direct ownership (38,911 shares) plus sizeable unvested RSUs (market value ~$13.83M as of FY-end) align incentives to share price and long-term value creation; retention awards granted mid-2024 further anchor tenure during critical periods .
- Change-of-control economics: Double-trigger CIC provides full acceleration of equity; for Ms. Farmer, estimated accelerated vesting value ~$13.83M, implying meaningful sensitivity to corporate transactions and a potential overhang consideration in M&A scenarios .
- Pay-for-performance integrity: Cash bonus tied to Net ARR and NGOI (98.61% payout) and prohibitions on hedging/pledging support governance quality and reduce misalignment risks for investors tracking execution on ARR growth and margin expansion .