Michael Lane
Executive Vice President and General Manager, Global Reference Laboratories, Diagnostic Solutions and Information Technology at 
IDEXX LABORATORIES INC /DE
IDEXX LABORATORIES INC /DEExecutive
About Michael Lane
Executive Vice President and General Manager, Global Reference Laboratories, Diagnostic Solutions and Information Technology (since January 2025); age 57. Lane joined IDEXX in 1997 and has held progressively senior roles across VetLab, U.S. and Global Reference Laboratories, and strategic direction for SNAP point‑of‑care testing; education: BA in International Politics & Economics (Middlebury), MBA (Tuck, Dartmouth) . Company performance context (FY2024): revenue $3.9B (+6% organic), diluted EPS $10.67 (+6%), operating profit $1.1B, ROIC 45.8%; CAG recurring revenue +7% organic; operating cash flow $929M and FCF $808M . Management notes non‑financial execution against innovation and commercialization priorities; Compensation Committee recognized strong strategic progress despite negative absolute and relative TSR in 2024 for bonus non‑financial factor calibration .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IDEXX Laboratories | EVP (corporate officer) | 2020–present | Oversight expanded Jan 2025 to include Reference Labs, IDEXX BioAnalytics, Water, OPTI Medical, LPD, and IT . |
| IDEXX Laboratories | GM, Global Reference Laboratories | 2016–present | Scaled global reference labs; operational leadership . |
| IDEXX Laboratories | GM, U.S. Reference Laboratories | 2014–2016 | Led U.S. reference lab business . |
| IDEXX Laboratories | Strategic Direction, SNAP POC testing | 2015–2016 | Guided POC testing strategy . |
| IDEXX VetLab (IDEXX) | Commercial/PM/NP Development; GM | 1999–2014 | Product management and new product development; GM 2012–2014 . |
| IDEXX Laboratories | Strategy & BD – diagnostic laboratory services | 1997–1999 | Supported entry into global reference laboratory segment . |
External Roles
No external board or public-company directorships disclosed for Lane in the executive officer biography .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $538,327 | $559,154 | $576,635 |
| Target Bonus (% of Base) | 75% | 75% | 75% |
| Actual Annual Bonus ($) | $328,506 | $586,406 | $421,950 |
| All Other Compensation ($) | $24,263 | $25,539 | $27,927 |
Performance Compensation
Annual Performance-Based Cash Bonus Design (2024)
- Weightings: Financial factor 60%; Non‑financial factor 40%; maximum payout 200% of target .
- Overall payout: 97% of target for NEOs (financial factor ~81%, non‑financial factor 120%) .
| Metric | Weight | 2024 Target | 2024 Actual (adjusted) | Payout Rating |
|---|---|---|---|---|
| Organic Revenue Growth (%) | 40% | 8.5% | 6.4% | 68.2% |
| Operating Profit ($MM) | 20% | $1,215.3 | $1,196.0 | 76.9% |
| Diluted EPS ($) | 20% | $11.19 | $11.16 | 95.9% |
| ROIC (%) | 20% | 49.1% | 48.9% | 97.8% |
Long-Term Incentive Mix and PSU Metrics (2024)
- LTI mix (other NEOs incl. Lane): 50% stock options, 25% PSUs, 25% RSUs; options 4‑year ratable vest; RSUs 4‑year ratable vest; PSUs 3‑year cliff vest on performance certification .
- 2024 PSU metrics: average annual organic revenue growth (50%) and average annual comparable operating profit growth (50%); payout range 20%–200% per metric, measured over FY2024–FY2026 .
| Award Type | Grant Date | Units / Value | Key Terms |
|---|---|---|---|
| Stock Options | 2/14/2024 | 5,585 options; exercise $560.56; expire 2/13/2034 | Vest 25% annually over 4 years from grant anniversary . |
| RSUs | 2/14/2024 | 1,204 RSUs | Vest 25% annually over 4 years from grant anniversary . |
| PSUs (target) | 2/14/2024 | 1,204 PSUs (threshold 241; max 2,408) | 3‑year performance period; vest upon certification; metrics and weighting per above . |
Multi‑Year Compensation (Total Direct Values)
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Stock Awards ($) | $412,512 | $437,738 | $1,349,828 |
| Option Awards ($) | $1,237,583 | $1,312,524 | $1,349,983 |
| Total Compensation ($) | $2,541,191 | $2,921,361 | $3,726,323 |
Equity Ownership & Alignment
- Beneficial ownership (as of March 8, 2025): 7,695 shares owned; 25,101 options exercisable/RSUs vesting within 60 days; total beneficial 32,796 shares; <1% of outstanding .
- Indirect holdings: 592 shares in spouse’s IRA (disclaimed beneficial ownership) .
- Stock ownership guidelines: Executive Vice Presidents must hold shares equal to 4x base salary; all NEOs were in compliance as of Dec 31, 2024 .
- Anti‑hedging and anti‑pledging: strict prohibition on hedging, short sales, and pledging by executive officers and directors .
| Ownership Detail | Amount |
|---|---|
| Shares Owned | 7,695 |
| Options Exercisable & RSUs Vesting ≤60 days | 25,101 |
| Total Beneficial (per SEC definition) | 32,796 |
| Indirect (spouse IRA, disclaimed) | 592 |
Outstanding Awards & Vesting (Selected)
| Award | Exercisable | Unexercisable | Strike | Expiration | Unvested RSUs | Unearned PSUs (2024) |
|---|---|---|---|---|---|---|
| Options 2/14/2021 | 4,640 | 1,546 | $544.08 | 2/13/2031 | 160 | — |
| Options 2/14/2022 | 3,604 | 3,602 | $505.53 | 2/13/2032 | 408 | — |
| Options 2/8/2023 | 1,610 | 4,827 | $497.43 | 2/7/2033 | 660 | — |
| Options 2/14/2024 | — | 5,585 | $560.56 | 2/13/2034 | 1,204 | 1,204 |
Employment Terms
- No individual employment contract for NEOs other than the CEO; equity grant practices prohibit option repricing; minimum 1‑year vest period .
- Clawback policy (amended Oct 2, 2023) complies with and exceeds SEC/Nasdaq: 3-year lookback on “erroneously awarded compensation” tied to financial reporting measures; discretionary recovery of additional comp on “Big R” restatements; prior policy historically covered cash and equity with broadened scope in 2014 and 2020 .
- Change-in-control protection: double-trigger acceleration for senior executives (options/RSUs/PSUs) upon CIC followed by qualifying termination; base plan provides 25% vesting upon CIC for employees generally .
- Illustrative payout amounts if events occurred as of 12/31/2024:
- Change in control + qualifying termination: salary $1,160,000; avg bonus multiple $1,043,067; pro‑rated bonus $435,000; benefits $48,307; outplacement $25,000; accelerated equity $1,503,268; total $4,214,642 .
- Death or disability: benefits $465,000; accelerated equity $1,503,268; total $1,968,268 .
Insider Transactions & Selling Pressure
- Form 4 (Aug 6, 2025): Lane exercised legacy options (e.g., 7,125 shares at $288.78 and 1,286 at $206.94) and sold 8,411 shares across multiple transactions at ~$627.56–$628.89; remaining direct holdings ~7,132–7,724 shares post‑transactions; Rule 10b5‑1(c) plan checkbox present in filing; see SEC EDGAR and IR archive .
- Form 4 (Feb 13–14, 2025): annual grants recorded for Lane and other officers .
Compensation Structure Analysis
- Year‑over‑year mix shift: 2024 introduced PSUs (25% of LTI for NEOs), increasing performance linkage vs prior heavier option/RSU mix .
- At‑risk pay emphasis: ~84% of target total direct compensation for other NEOs was variable in 2024; CEO 91% .
- Bonus discipline: capped at 200% of target; 2024 overall payout 97% reflected below‑target financials offset by above‑target non‑financial execution .
- Governance protections: no hedging/pledging; no option repricing; robust clawback exceeding Nasdaq/SEC rules .
Investment Implications
- Alignment: Strong ownership guidelines (4x salary), performance‑conditioned PSUs, and double‑trigger CIC terms indicate shareholder‑friendly alignment and mitigate single‑trigger windfalls .
- Retention: Elevated 2024 LTI values ($2.7M target for Lane) and diversified award mix support retention amid broadened portfolio responsibilities; vesting schedules create multi‑year hold incentives .
- Trading signals: August 2025 option exercises and share sales near ~$628 reflect typical liquidity around vest/exercise events; monitor ongoing Form 4s for pattern and Rule 10b5‑1 usage given sizable option overhang and annual vesting cadence .
- Execution risk: Annual bonus financial metrics missed target in 2024 (financial factor 81%), underscoring sensitivity to organic growth, margin, and ROIC targets that also drive PSU vesting over 2024–2026 .