Sean Glennan
About Sean Glennan
Chief Financial Officer of Hut 8 since August 2024; age 42. Previously 13 years in Citi’s Global Power, Utilities & Renewables investment banking group, serving as Managing Director since August 2021; advised on over $80B of combined M&A and capital markets activity in the power sector. Education: BA, University of Notre Dame; MBA, University of Virginia. Company performance context for 2024 (partial tenure): TSR from Dec 4, 2023 baseline to year-end 2024 was 195 vs peer group 110; Net Income $331.4M; Adjusted EBITDA $555.7M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Citigroup Global Markets – Global Power, Utilities & Renewables | Investment Banking; Managing Director since Aug 2021 | 13 years; MD since Aug 2021 | Advised on >$80B combined power-sector M&A and capital markets activity |
External Roles
- None disclosed for Mr. Glennan .
Fixed Compensation
| Item | FY 2024 | Notes |
|---|---|---|
| Base Salary (annualized) | $400,000 | As per employment agreement; CFO effective Aug 21, 2024 . |
| Salary Paid (2024 actual) | $155,385 | Partial-year start . |
| Target Annual Bonus | 100% of base ($400,000) | Per employment agreement . |
| 2024 Actual Annual Bonus | $145,356 (36% of target; prorated) | Prorated from start date . |
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Discretionary annual bonus (integration year) | n/a | 100% of base ($400,000), prorated from Aug 21, 2024 | Company used discretionary framework; Glennan’s bonus aligned to prorated target | $145,356 | Paid after year-end 2024 . |
Long-Term Equity (2024 Sign-On)
| Award Type | Grant Date | Shares/Units | Grant-Date Fair Value | Performance Metric & Hurdles | Vesting |
|---|---|---|---|---|---|
| PSUs | Aug 21, 2024 | 37,065 | $761,316 | Highest 20-Day VWAP during 8/21/2025–8/21/2027 vs baseline: 0% if < $20.24; 100% if $20.24–$26.98; 200% if ≥ $26.98 | Cliff vest approximately Aug 21, 2027, subject to performance and service . |
| RSUs | Aug 21, 2024 | 37,065 | $451,823 | Time-based only | 3 equal annual installments beginning Aug 21, 2025 (approx. 12,355 shares per tranche) . |
Program design notes:
- Sign-on LTI split 50% PSUs and 50% RSUs to balance performance alignment and retention .
- PSU performance measured on delayed two-year window to emphasize sustained value creation, followed by service-based cliff vesting at ~3 years .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (4/23/2025) | No beneficial ownership reported; “—” in table (less than 1%); shares outstanding 104,166,843 . |
| Outstanding Unvested Equity (12/31/2024) | 37,065 PSUs (target) and 37,065 RSUs; each valued at $759,462 at $20.49/share for disclosure purposes . |
| Vested vs Unvested | No 2024 vesting; all 2024 executive awards to him were unvested as of 12/31/2024 . |
| Options (exercisable/unexercisable) | None reported for Mr. Glennan . |
| Upcoming Vesting Events | RSUs: approximately 12,355 shares on 8/21/2025, 8/21/2026, 8/21/2027, subject to service . |
| Ownership Guidelines | Executives must hold 3x base salary within 5 years; 50% net shares retention until met . |
| Hedging/Pledging | Insider trading policy prohibits hedging; plan and policies prohibit hedging and pledging (subject to limited exceptions) . |
Insider selling pressure indicators:
- No Form 4 sales/transactions by Mr. Glennan were found in available filings; 2024 awards were unvested through year-end 2024, with first RSU vest on 8/21/2025 .
- Multiple Form 144s exist for HUT in 2024–2025, but none specifically attributed to Mr. Glennan in available documents [22] [26] [27] [46] [60] [101] [102] [103] [104] [105] [106] [107].
Employment Terms
| Term | Key Economics |
|---|---|
| Start Date / Role | CFO effective Aug 21, 2024 . |
| Base / Bonus Target | $400,000 base; 100% target bonus . |
| Initial Equity | RSUs equal to $500,000/20-Day VWAP; PSUs equal to $500,000/20-Day VWAP; granted Aug 21, 2024 . |
| Severance (Qualifying Termination) | 12 months of base salary plus target annual bonus (paid over 12 months); any prior-year earned but unpaid bonus; 12 months COBRA at active employee rates; subject to release . |
| Equity Treatment on Separation | RSUs: vesting of any tranche scheduled to vest during severance period (term without cause/Good Reason); full acceleration on double-trigger CIC. PSUs: prorated based on actual performance at separation; on double-trigger CIC, full acceleration at greater of target or actual . |
| Clawback | Dodd-Frank compliant policy adopted Nov 2023; recovers excess incentive-based comp for 3 years prior to a required restatement . |
| Non-Compete / Non-Solicit / Garden Leave | Not disclosed in proxy for Mr. Glennan. |
Performance & Track Record
- Strategic/capital actions: As CFO, emphasized risk discipline and capital structure efficiency in expanding/renegotiating credit facilities (e.g., Coinbase facility amendment) . Led framing of American Bitcoin carve-out to convert cyclical mining economics into recurring fiat-based revenues via colocation, managed services, and shared services agreements consolidated at Hut 8 (anchor tenant model) .
- 2024 highlights (company-wide, contextual): Stock price increased meaningfully over 2024; Bitcoin reserves exceeded 10,000; major strategic financing and partnerships (e.g., Bitmain fleet upgrade structure; $150M strategic investment for AI infrastructure) .
Compensation Structure Analysis
- Mix skewed to at-risk: 2024 comp for Glennan included modest partial-year cash (salary $155,385; bonus $145,356) vs $1.213M in sign-on equity, split 50% PSUs (performance) and 50% RSUs (retention), aligning with pay-for-performance emphasis .
- PSU design raises hurdle for payout: two-year delayed performance window (8/21/2025–8/21/2027) with 0/100/200% payout based on stock price VWAP thresholds, followed by cliff vest at ~3 years, reinforcing long-term focus and retention .
- Governance: Double-trigger CIC acceleration; clawback in place; anti-hedging/pledging; no option repricing allowed under plan—shareholder-friendly features mitigating risk of misaligned incentives .
Compensation Peer Group (Benchmarking)
- For 2024 design, committee reviewed practices at mining/digital infrastructure peers (Applied Digital, Bitfarms, Cipher Mining, CleanSpark, Core Scientific, MARA, Riot Platforms, TeraWulf), targeting fixed pay at ~25–50% of peers and heavier weighting to at-risk equity .
Investment Implications
- Alignment: Glennan’s incentives are strongly equity-linked with PSU hurdles that require sustained stock performance before vesting, supporting long-term shareholder alignment .
- Retention and supply overhang: The scheduled RSU vesting (beginning 8/21/2025) and eventual PSU cliff vest (8/21/2027, if earned) create identifiable windows where incremental float from net share delivery could occur; however, ownership guidelines require 50% net share retention until 3x salary is met, tempering near-term selling pressure .
- Risk controls: Double-trigger CIC treatment, clawback, and anti-hedging/pledging policies lower governance risk and reduce the likelihood of value-destructive short-termism .
- Execution signal: Messaging and actions around converting cyclical mining exposure into contracted fiat revenue streams and optimizing credit facilities suggest a CFO framework focused on capital efficiency and cash flow visibility—positive for equity holders if executed amid sector volatility .
Sources: 2025 DEF 14A (executive background, compensation, equity, ownership, policies), 2024–2025 earnings/press filings for qualitative performance and strategy insights [22] [26] [27] [60] [101] [102] [103] [104] [105] [106] [107].