Thomas Healy
Hyliion HoldingsAbout Thomas Healy
Founder-CEO of Hyliion and director since 2020; age 32; B.S. Mechanical Engineering and Engineering & Public Policy, Carnegie Mellon University; member of CMU’s Board of Trustees. CEO since Oct-2020 (CEO of Legacy Hyliion since Jan-2016); Healy has been awarded numerous patents in electrified commercial vehicles . Company performance under his tenure shows improving net losses and volatile TSR as Hyliion pivoted to KARNO generators, with initial deployments targeted for 2025 .
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Total Revenues (USD thousands) | — | 672 | 1,509 |
| Net Income (USD thousands) | (153,357) | (123,510) | (52,048) |
| TSR – value of initial $100 | $37.74 | $13.12 | $42.10 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Hyliion Inc. (Legacy Hyliion) | Chief Executive Officer | 2016–2020 | Founded and led company; patents in electrifying commercial vehicles |
| Hyliion Holdings Corp. | Chief Executive Officer | 2020–present | Led pivot to KARNO generator commercialization; established investor engagement |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Carnegie Mellon University | Board of Trustees | 2023–present | University trustee; engineering background |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary | $650,000 | $650,000 |
| Target Annual Bonus | $650,000 | $650,000 |
| Actual Annual Incentive Paid | $0 (no payout) | $426,400 |
| Stock Awards (Grant Date Fair Value in SCT) | $1,061,250 | $1,579,500 |
| SCT Total Compensation | $1,711,250 | $2,655,900 |
Notes:
- 2024 target pay mix for CEO included $650k base, $650k target bonus, and $1.58m RSU value .
- Company policy states 76% of CEO’s target total pay is performance-based “at risk” (2024 program design) .
Performance Compensation
2024 Annual Incentive Plan (company-weighted metrics 75%)
| Metric (Weight) | Threshold | Target | Achieved | Payout % |
|---|---|---|---|---|
| KARNO Generator Deliveries (50%) | 5 | ≥9 | 0 | 0% |
| 2025 Order Backlog (40%) | 50 | ≥75 | 106 | 110% |
| Culture & Safety Scorecard (10%) | Board Discretion | Board Discretion | Yes | 100% |
| Total Company-weighted Payout | 54% |
- Individual goals determined remaining 25%; Healy’s 2024 cash incentive payout was $426,400 based on commercialization progress and 2025 ramp preparation .
2024 Performance-Based RSUs (stock-price tranches)
| Threshold (30-trading-day avg) | % of Target RSUs Vested | Healy Shares | Achievement Date | Vesting Schedule |
|---|---|---|---|---|
| $2.00 | 20% | 263,250 | Aug 12, 2024 | 50% on Aug 13, 2025; 50% on Dec 31, 2026 |
| $2.50 | 30% | 394,875 | Nov 13, 2024 | 50% on Nov 14, 2025; 50% on Dec 31, 2026 |
| $3.00 | 50% | 658,125 | Dec 10, 2024 | 50% on Dec 11, 2025; 50% on Dec 31, 2026 |
- Total performance RSUs granted to Healy in 2024: 1,316,250 shares; in exchange, Healy forfeited 375,000 of the final tranche from a 2021 award .
Time-Based Equity (outstanding at 12/31/2024)
- Healy time-based RSUs outstanding: 438,750, vesting 33% in Feb 2025 and quarterly through Feb 2027 .
Equity Ownership & Alignment
Beneficial Ownership
| Date | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| Mar 13, 2024 | 33,261,607 | 18.9% |
| Mar 26, 2025 | 33,499,395 | 19.1% |
- Outstanding equity awards at 12/31/2024: Unvested RSUs 438,750 (market value $1,145,138 at $2.61), performance/other unearned equity awards 1,451,250 (market value $3,787,763) .
- Stock ownership guidelines: CEO 10x base salary; Healy meets requirement .
- Anti-hedging and anti-pledging: Company prohibits hedging and pledging of company stock; quarterly and event-driven trading blackouts; pre-clearance required .
Vesting-driven supply considerations:
- 2024 performance RSU tranches will vest 50% on specific 2025 dates and the remainder on Dec 31, 2026; additional time-based RSUs begin vesting Feb 2025 .
Employment Terms
| Provision | Details |
|---|---|
| Employment Agreement | Amended and restated Feb 24, 2022; initial 3-year term from Oct 1, 2020, auto-renewing for successive 12-month terms; base salary $650,000; eligible for discretionary bonus and equity (time-based RSUs and one-time performance RSU framework) . |
| Severance (general) | Healy’s agreement provides eligibility for certain severance payments/benefits on qualifying terminations (terms not fully quantified in proxy) . |
| Change-in-Control (CIC) | Double-trigger CIC; NEOs receive lump sum 2x (salary + target bonus), COBRA up to 12 months (CEO up to 18 months), immediate vesting of time-based awards, and performance awards vest based on actual performance with pro-ration by service; release and covenants required; Healy entered CIC Agreement aligned to these terms (immaterial deviations to align with his employment agreement) . |
| Clawbacks | SEC/NYSE-compliant clawback for restatements (3-year lookback) and supplemental clawback for fraud/misrepresentation, potentially covering time-based awards . |
| Anti-Hedging/Pledging | Hedging and pledging prohibited; 10b5-1 plans permitted if approved; blackouts and pre-clearance apply . |
| Stock Ownership Guidelines | CEO 10x base salary; compliance confirmed for Healy . |
Board Governance
| Topic | Details |
|---|---|
| Board Role | Director (Class I); term structure staggered; Class I (incl. Healy) terms expire at 2027 annual meeting . |
| Independence | Healy is not independent due to CEO role; majority of Board is independent . |
| Board Leadership | Roles of Chair and CEO separated; Chair: Jeffrey Craig (independent) . |
| Committees | Healy serves on Technology Committee; not on Audit/Comp/Nominating . |
| Meeting Attendance | Board held four meetings in 2024; all directors attended ≥75%; independents met in executive session with each regular meeting . |
| Say-on-Pay | Stockholder support: ~96% in 2023; ~94% in 2024; Board monitors and engages as appropriate . |
| Related Party Transactions | None disclosed for 2023–2024 . |
Performance & Track Record
- Strategic pivot executed: wind-down of powertrain in 2023; focus on KARNO generator; 2024 compensation metrics refocused on KARNO commercialization (deliveries, backlog) .
- Government traction: $16m ONR cost-plus-fixed-fee contract (Navy suitability); $6m DOE Methane Emissions Reduction Program grant (pending definitive agreement) for up to 2 MW deployments on wellhead gas .
- Initial KARNO deployments targeted during 2025, with commercialization and larger 2MW system planned thereafter .
- Financial trajectory: revenues from R&D services began in Q4’24; net losses narrowed in 2024 vs 2023 .
Compensation Structure Analysis
- 2024 pay program emphasizes at-risk equity with stock-price hurdles ($2/$2.5/$3 30-day averages achieved; vesting through 2026) aligning management to shareholder value creation and retention .
- CEO target pay structure (base + bonus + equity) held flat vs 2023; overall design raises performance-based share of pay (76% at-risk) and maintains clawbacks and anti-hedging/pledging discipline .
- Peer group updated in 2024 to align with energy tech/distributed generation peers for 2025 benchmarking (e.g., Bloom Energy, Shoals, ChargePoint, Ballard, etc.) .
Director Compensation (context for dual-role implications)
- Non-employee directors receive $75k cash retainer (+ chair/committee premiums) and RSUs (e.g., $86,719 grant fair value in 2024); CEO Healy is an employee director and not in the non-employee director program .
- Board leadership separation (independent Chair) mitigates CEO/Chair concentration risk; Healy participates only in Technology Committee, not in compensation-setting committees .
Investment Implications
- Alignment and control: Healy owns ~19.1% of outstanding shares and meets a 10x salary ownership guideline; anti-pledging policy reduces collateral-driven selling risk .
- Vesting overhang: Material RSU vesting dates occur in 2H’25 and 12/31/26 (performance RSUs) plus time-based RSUs beginning Feb-2025; potential incremental selling pressure from tax withholding or monetization should be monitored around these dates .
- Incentive signals: Achieved stock-price hurdles indicate management’s focus on equity value; 76% at-risk CEO pay and robust clawbacks support pay-for-performance discipline .
- Execution and funding risk: Commercialization timing, reliance on ONR funding, and net losses remain key underwrite risks until revenue scales from KARNO deployments .
Key references: DEF 14A (Apr 8, 2025): **[1759631_0001759631-25-000081_hyln-20250407.htm:10]** **[1759631_0001759631-25-000081_hyln-20250407.htm:12]** **[1759631_0001759631-25-000081_hyln-20250407.htm:13]** **[1759631_0001759631-25-000081_hyln-20250407.htm:17]** **[1759631_0001759631-25-000081_hyln-20250407.htm:18]** **[1759631_0001759631-25-000081_hyln-20250407.htm:19]** **[1759631_0001759631-25-000081_hyln-20250407.htm:21]** **[1759631_0001759631-25-000081_hyln-20250407.htm:25]** **[1759631_0001759631-25-000081_hyln-20250407.htm:26]** **[1759631_0001759631-25-000081_hyln-20250407.htm:29]** **[1759631_0001759631-25-000081_hyln-20250407.htm:30]** **[1759631_0001759631-25-000081_hyln-20250407.htm:31]** **[1759631_0001759631-25-000081_hyln-20250407.htm:32]** **[1759631_0001759631-25-000081_hyln-20250407.htm:33]** **[1759631_0001759631-25-000081_hyln-20250407.htm:34]** **[1759631_0001759631-25-000081_hyln-20250407.htm:37]**; 10-K FY2024 (Feb 25, 2025): **[1759631_0001759631-25-000051_hyln-20241231.htm:6]** **[1759631_0001759631-25-000051_hyln-20241231.htm:10]** **[1759631_0001759631-25-000051_hyln-20241231.htm:16]** **[1759631_0001759631-25-000051_hyln-20241231.htm:25]** **[1759631_0001759631-25-000051_hyln-20241231.htm:53]**; DEF 14A (Apr 10, 2024): **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:8]** **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:13]** **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:19]** **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:22]** **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:29]** **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:31]** **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:37]** **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:39]** **[1759631_0001759631-24-000083_hyln-20231231xdef14a.htm:41]**.