HaiQuynh Jamison
About HaiQuynh Jamison
Corporate Controller and Principal Accounting Officer at Hurco Companies, Inc.; signatory on the FY2024 Form 10-K filed January 10, 2025, confirming principal accounting oversight responsibilities . FY2024 company performance: sales and service fees $186.6M (-18% YoY) and net loss of $16.6M (driven in part by an $8.6M non-cash tax valuation allowance) . Over FY2022–FY2024, Hurco’s three-year TSR was -32.5%, placing between the 30th and 55th percentile of its peer group (yielding a 71.79% PSU-TSR payout for that cycle) .
Past Roles
Not disclosed in available filings; current role shown below.
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hurco Companies, Inc. | Corporate Controller & Principal Accounting Officer | At least through Jan 2025 | Drove global system upgrades, streamlined monthly/quarterly/annual reporting, and supported ESG reporting initiatives per 2024 strategic objectives |
External Roles
No external directorships or roles disclosed in available filings.
Fixed Compensation
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Base Salary Paid ($) | 192,835 | 208,077 | 220,529 (reflects FY2024 temporary reduction) |
| Awarded Base Salary Levels | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual Base Salary ($) | 210,000 | 230,160 (10% increase) | 237,064 (3% increase) |
| Temporary Reduction | — | 5% from Apr 22–Oct 20, 2024 | — |
| Perquisites / Other | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Supplemental Disability Insurance ($) | 323 | 340 | 340 |
| 401(k) Match ($) | 13,640 | 16,244 | 11,794 |
| Total All Other Compensation ($) | 13,963 | 16,584 | 12,134 |
Performance Compensation
| Short-Term Incentive Structure (FY2024) | Metric | Weight | Target / Thresholds | Actual | Payout |
|---|---|---|---|---|---|
| Annual Cash Incentive (gated by OI margin) | Operating Income Margin | 70% | 3%/6%/8%/10% correspond to 50%/100%/150%/200% payout | Negative OI margin | 0% (gate triggered) |
| Annual Cash Incentive | Strategic Objectives (Jamison) | 30% | Discretionary scale 50%–200% | Partial attainment noted | 0% due to OI margin gate |
| Target Bonus Opportunity | — | — | 35% of FY2024 base salary | — | 0 |
| Long-Term Incentive Awards (Grant: Jan 4, 2024; Performance FY2024–FY2026) | Metric | Weight | Target Shares | Vesting |
|---|---|---|---|---|
| Restricted Shares | Time-based | ~25% of LTI value | 1,161 shares; grant date FV $24,996 | 1/3 annually over 3 years |
| PSUs – Net Income (NI) | Performance-based | ~55% of PSU mix | 1,857 target shares; grant date FV $39,981 | Earn 50%/100%/200% at threshold/target/maximum over 3-year period |
| PSUs – Free Cash Flow (FCF) | Performance-based | ~45% of PSU mix | 1,625 target shares; grant date FV $34,986 | Earn 50%/100%/200% at threshold/target/maximum over 3-year period |
| Long-Term Incentive Outcomes (Performance FY2022–FY2024; Certified Jan 7, 2025) | Metric | Target PSUs | Actual PSUs | Payout Basis | Value Realized on Vest ($) |
|---|---|---|---|---|---|
| PSU – TSR | 1,200 | 861 (71.79% payout) | 3-yr TSR -32.5% vs peer percentiles | Included in stock vested total; value realized across awards $34,267 | |
| PSU – ROIC | 1,151 | 0 | Average ROIC -0.3% (below 4% threshold) | — |
Equity Ownership & Alignment
| Ownership (as of Jan 7, 2025) | Shares | % Outstanding | Notes |
|---|---|---|---|
| Beneficial Ownership (Jamison) | 9,970 | <1% | Includes 5,633 unvested restricted shares |
| Stock Options | — | — | No stock options outstanding for NEOs |
| Outstanding Time-Based Awards (Oct 31, 2024) | 1,161 | $24,393 market value (@ $21.01) | 2024 grant vests over 3 years |
| Outstanding PSUs (Oct 31, 2024) | 3,482 (2024 target) | $73,157 market/payout value basis | NI/FCF PSUs (2024–2026) |
| Ownership Guidelines | 2x base salary for other executive officers; retain net shares until compliant; pledged shares not counted | ||
| Hedging/Pledging | Prohibited (options, derivatives, margin, pledging, etc.) |
Insider selling pressure indicator: scheduled vesting of restricted shares (1/3 annually from 2024 grant) and PSUs at end of FY2024–FY2026 could add supply; no options; FY2024 vesting involved tax withholding only (239+295 shares withheld), with no option exercises or broader selling disclosed in FY2024 tables .
Employment Terms
| Term | Jamison |
|---|---|
| Employment Agreement | Not party to a written employment agreement |
| Severance (pre-Change in Control) | Eligible under company severance pay policy (length-of-service based); modeled benefit $52,219 |
| Change-in-Control Treatment | Double-trigger; if unassumed or terminated without cause within 18 months, restricted stock vests; PSUs vest at target pro-rated for elapsed performance period |
| Potential Payments (as of Oct 31, 2024) | Death: $193,170 (includes life insurance $226,000 and health coverage $175,080); Disability: $18,090; Termination w/o Cause or for Good Reason pre-CIC: $70,309; Certain Terminations post-CIC or awards not assumed: $177,926; restricted shares $43,470; PSUs $82,237 |
Compensation Structure Analysis
- Cash vs equity mix: Jamison’s annual base salary rose 10% to $230,160 in 2024 , while 2024 stock awards grant-date value remained ~$99,964 (restricted + PSUs) , maintaining high equity-linked pay.
- Shift toward RSUs: For FY2025, Hurco increased the time-based restricted stock portion to ~45% of LTI to enhance retention; Jamison’s 2025 grants: 4,543 restricted shares, 3,028 PSUs–NI, 2,524 PSUs–FCF .
- At-risk pay gating: FY2024 cash incentive paid 0 due to negative OI margin; performance PSU outcomes for 2022–2024 rewarded TSR (71.79%) but zero ROIC, reinforcing pay-for-performance alignment .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay approval ~99% at 2024 Annual Meeting; prior 3-year and 5-year averages 93% and 92%, respectively, indicating strong support for the compensation program .
Risk Indicators & Red Flags
- Clawback: Comprehensive Recoupment Policy applies to incentive-based compensation in event of accounting restatement; recovery covers 3 completed fiscal years and includes legal fee reimbursement by executives .
- Hedging/Pledging: Strict prohibitions on hedging and pledging Company stock for executives and directors .
- Related party transactions: None requiring disclosure in FY2024 (note a FY2023 sale to an entity related to Executive Chairman) .
- Tax gross-ups: No excise tax gross-ups; limited perquisites (split-dollar life insurance benefits apply to CEO/Executive Chairman only; Jamison receives standard benefits) .
Compensation Peer Group (Context)
Hurco’s 2024 peer group spanned 20 industrial/manufacturing companies (median revenue $284M; market cap $309M; employees 1,221), later adjusted for 2025 (adding Markforged, Velo3D; revised medians: revenue $265M; market cap $211M; employees 980) .
Performance & Track Record
- 2024 strategic objectives for Jamison emphasized global systems upgrades, reporting simplification, ESG reporting, and M&A evaluation support .
- FY2024 company outcomes (negative OI margin; -18% sales YoY; net loss) zeroed annual bonuses; PSU cycle rewarded relative TSR while penalizing negative ROIC, evidencing disciplined payout alignment .
Equity Ownership & Plan Governance Notes
- 2016 Equity Incentive Plan uses a 2:1 share reserve reduction for full-value awards; burn rate averaged ~2.28% (FY2022–FY2024), below a 4.23% benchmark; share reserve increase of 850,000 proposed in 2025 to fund ~3.2 years of awards .
Investment Implications
- Alignment: Jamison’s pay is highly at-risk and equity-weighted with strict gating; 2025 shift toward more time-based equity increases retention value while maintaining performance PSUs, suggesting balanced incentives for stability and execution .
- Retention risk: Absence of a personal employment agreement implies lower severance protection versus CEO/CFO; however, double-trigger CIC protections and increased RSU weighting mitigate flight risk .
- Trading signals: Near-term supply from scheduled RSU vesting and eventual PSU vesting (2024–2026 cycle) could add incremental selling pressure, though no options and hedging/pledging bans reduce speculative overhang; FY2024 vesting activity shows tax withholding only, not active selling .
- Governance quality: Strong say-on-pay support, formal clawback, and strict insider trading policies reduce governance-related risk and indicate shareholder-aligned compensation oversight .