Linda Llewelyn
Health CatalystAbout Linda Llewelyn
Linda Llewelyn, age 58, is Chief People Officer at Health Catalyst (HCAT). She joined HCAT in June 2013 and has served as CPO since February 2018; she holds a B.S. from the University of Utah . Company performance in 2024 tied to her remit includes strong team engagement (Gallup 94th–99th percentile) and national workplace awards, while HCAT delivered 4% revenue growth to $306.6M and improved Adjusted EBITDA to $26.1M; 2024 PRSU performance reflected 8.5% Adjusted EBITDA margin and 28% TSR percentile vs Russell 3000 (fiscal 2024 vesting factor 90.5%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Health Catalyst | Chief People Officer | Feb 2018–present | Led talent/engagement through challenged end-market, achieving Gallup 94th–99th percentile engagement and multiple workplace awards . |
| Health Catalyst | Vice President – Human Resources | Aug 2015–Feb 2018 | Built HR programs preceding CPO tenure . |
| Health Catalyst | Human Resources Director | Jan 2014–Aug 2015 | Scaled HR processes in fast-growth phase . |
| Health Catalyst | Human Resources Manager | Jun 2013–Jan 2014 | Early HR leadership at HCAT . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $307,500 | $373,333 (raised to $385,000 effective Mar 1, 2024) |
| All Other Compensation ($) | $16,131 (401k match, exec insurance) | $16,709 (401k $13,800; exec life $926; LTD $1,983) |
Performance Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Annual Cash Bonus ($) | $40,840 | $95,071 (51% composite achievement; pool funded by $26.1M Adjusted EBITDA) |
| Stock Awards – Grant Date Fair Value ($) | $693,019 | $924,666 |
Annual Bonus Plan – Structure and Results (Fiscal 2024)
| Category | Weight | Threshold | Target | Stretch | Actual | Achievement |
|---|---|---|---|---|---|---|
| Improvement – Client satisfaction | 16.7% | 4.1 | 4.3 | 4.5 | 4.4 | 108% |
| Improvement – Team engagement (Gallup) | 16.7% | 4.1 | 4.3 | 4.5 | 4.4 | 108% |
| Improvement – % select clients w/ measurable improvements | 16.7% | 50% | 70% | 75% | 60% | 70% |
| Improvement – # measurable improvements (all clients) | 16.7% | 115 | 150 | 165 | 148 | 97% |
| Operations – % projects on time | 16.7% | 50% | 70% | 80% | 86% | 130% |
| Growth – Net new/total Platform Clients (legacy) | 50.0% | 12/121 | 15/124 | 18/127 | 21/130 | 130% |
| Growth – Dollar-based retention (legacy) | — | 104% | 110% | 112% | 100% | Below threshold |
| Composite Payout | — | — | — | — | — | 51% (company-wide) |
| Ms. Llewelyn: Target vs Actual ($) | Target $186,667 | — | — | — | Actual $95,071 | — |
Long-Term Incentives – Grants and Vesting (Fiscal 2024 awards)
| Award Type | Grant Date | Units | Vesting Terms | Grant Date Fair Value ($) |
|---|---|---|---|---|
| RSUs | Feb 20, 2024 | 65,000 | 1/3 on Dec 1, 2024; remaining in ~8 equal quarterly installments thereafter, service-based | $631,150 |
| PRSUs (2024–2026 plan) | Feb 20, 2024 | 32,500 target | 3 annual tranches; vest % each year based on metrics (TSR 25%; revenue growth 25%; Adjusted EBITDA margin 50%; threshold per metric = 75% of target) | $293,516 |
PRSU Metrics – Fiscal 2024 Performance (applies to 2024 tranche)
| Metric | Weight | Threshold | Target | Actual | Weighted Performance |
|---|---|---|---|---|---|
| TSR Percentile vs Russell 3000 | 25% | 25% | 55% | 28% | 19.4% |
| Revenue Growth Rate (GAAP) | 25% | 3.0% | 4.5% | 3.6% | 21.2% |
| Adjusted EBITDA Margin | 50% | 4.0% | 6.5% | 8.5% | 50.0% |
| 2024 PRSU Vesting Factor | — | — | — | — | 90.5% |
Note: Linda also has outstanding 2023–2025 PRSUs (equal-weighted metrics). The fiscal 2024 tranche vested at 33.3% based on 2024 results for that plan .
Equity Ownership & Alignment
- Beneficial ownership: 58,526 shares as of Mar 31, 2025; shares outstanding 69,587,834 → ~0.08% ownership (company table reports <1%) .
- Hedging/pledging: Prohibited by insider trading policy; executives and directors may only trade under Rule 10b5-1 plans and during open windows; no pledging or margin accounts permitted .
- Ownership guidelines: Not disclosed; compliance status not disclosed.
Employment Terms
| Provision | Non-CIC Termination (without cause) | CIC Termination (without cause or Good Reason during CIC period) |
|---|---|---|
| Cash severance | 9 months base = $288,750 [Tier 2] | 100% base = $577,500; plus 100% target bonus = $577,500 (lump sum) |
| Health benefits (COBRA) | $11,241 (up to 9 months) | $14,988 (up to 12 months) |
| Equity acceleration | None | Full acceleration of time-based; PRSUs vest at target |
| Total estimated (as of 12/31/24 @ $7.07/share) | $299,991 | $1,396,701 |
- Contract/Employment: At-will; initial offer letter dated May 22, 2013 .
- Restrictive covenants: Executive Severance Plan requires reaffirmation of a restrictive covenants agreement; details (non-compete/non-solicit) not specified in proxy .
- Clawbacks/tax gross-ups: No tax gross-ups on severance/CIC; Section 280G cutback applied if beneficial .
Compensation Structure & Peer Benchmarking
- Pay mix: Majority variable/equity; PRSUs added across NEOs in 2024 to reinforce pay-for-performance .
- 2024–2026 PRSU metrics: TSR (25% vs Russell 3000), revenue growth (25%), Adjusted EBITDA margin (50%) .
- Peer group: Emphasis on healthcare-oriented software/consulting, market cap $150M–$1.3B, revenue $150M–$750M; includes Accolade, American Well, Definitive Healthcare, HealthStream, Phreesia, Sharecare, Zuora, etc. (full list in proxy) .
- Governance safeguards: No single-trigger CIC cash/equity, no hedging/pledging, capped bonus payouts, independent comp consultant (Aon), annual risk assessment .
Performance & Track Record
- 2024 corporate highlights: Engagement 94th–99th percentile; recognized as Best & Brightest (NABR), Newsweek workplace awards; client satisfaction strong; increased platform clients (legacy) to 130; Adjusted EBITDA improved to $26.1M .
- Say-on-pay: 99% approval at 2024 annual meeting; plan continuity into 2025 .
- 2024 PRSU vesting: Achieved 90.5% (driven by EBITDA margin outperformance) .
Investment Implications
- Alignment: High equity weighting and three-year PRSUs tied to TSR, revenue growth, and EBITDA margin create direct linkage to shareholder value; anti-hedging/pledging policy reduces misalignment risk .
- Retention risk: RSU vesting over ~3 years with quarterly installments and annual PRSU tranches provide ongoing retention hooks; double-trigger CIC acceleration and competitive severance (Tier 2) support continuity .
- Selling pressure: While blackout windows and Rule 10b5-1 plans govern trading, scheduled RSU/PRSU vesting can introduce periodic supply; no pledging permitted and no evidence of hedging disclosed .
- Pay-for-performance: 2024 bonus funded by Adjusted EBITDA and paid at 51% composite; PRSUs vesting at 90.5% reflects strong profitability despite modest revenue growth; signals disciplined incentive design tied to margin improvement .
Sources: Health Catalyst, Inc. 2025 DEF 14A (May 19, 2025): executive bios, compensation tables, bonus/PRSU metrics, ownership, severance/CIC terms, insider trading policy .