Spiro Sakiris
About Spiro Sakiris
Spiro Sakiris, 63, has served as Chief Financial Officer of Intelligent Bio Solutions Inc. since April 2019; he is a member of the Institute of Chartered Accountants of Australia & New Zealand and holds a Diploma in Law from the Legal Practitioners Admissions Board (NSW) . During FY2026 Q1, INBS delivered record revenue of $1.11M (+28% YoY) and expanded gross margin to 46.6%, underscoring operating leverage as Sakiris emphasized financial discipline and margin expansion in his CFO remarks .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Economos Chartered Accountants | Partner (and prior roles) | 1986–2013 | Instrumental in developing the firm’s practice; advised on accounting/tax, IPOs, capital raising, risk management, systems design; experience with IFRS and US GAAP in life sciences; global jurisdiction expertise . |
| The iQ Group Global | CFO and COO (listed entities) | 2013–2017 | Senior finance/operations oversight for listed entities; US reporting under PCAOB; registered company auditor in Australia . |
| The iQ Group Global | Special Projects Lead | Jan 2018–Dec 2020 | Strategic projects execution; cross-border finance and operations . |
| IQ Capital (USA) LLC (FINRA broker-dealer) | Registered Series 28 Principal | Nov 2016–Sep 2021 | US broker-dealer capital/compliance responsibilities . |
External Roles
| Organization/Body | Position/Status | Years | Notes |
|---|---|---|---|
| Institute of Chartered Accountants ANZ | Member | — | Professional qualification . |
| Legal Practitioners Admissions Board (NSW) | Diploma in Law | — | Legal credential . |
| Australia (Regulatory) | Registered Company Auditor; Registered Tax Agent | — | Audit and tax licensure . |
Fixed Compensation
| Metric | FY 2024 | FY 2025 | Current Terms (as of 6/30/2025) |
|---|---|---|---|
| Base Salary ($) | $204,882 | $269,016 | Increased to $281,650 (Spot Rate basis) |
| Target Bonus % of Base | 20% | 20% | 20% |
| Actual Bonus Paid ($) | $94,410 | $0 | — |
Performance Compensation
| Incentive | Weighting | Target | Actual/Payout | Vesting/Status |
|---|---|---|---|---|
| Annual Bonus (FY 2024) | 50% Company objectives / 50% employee objectives | 20% of base | $94,410 | Paid as cash for FY2024 |
| Annual Bonus (FY 2025) | 50% Company objectives / 50% employee objectives | 20% of base | $0 | No payout for FY2025 |
| Stock Awards (FY 2025) | N/A | Grant under 2019 LTIP | Grant-date fair value $49,115 | All stock awards fully vested by 6/30/2025; no outstanding equity awards at year-end |
Equity Ownership & Alignment
| Item | Amount/Detail |
|---|---|
| Total beneficial ownership | 63,531 shares; less than 1% of shares outstanding |
| Direct common shares | 34,815 shares |
| Indirect common shares | 19,115 shares via Anest Holdings Pty Ltd (trustee of ATF S&T Sakiris Superannuation Fund; Sakiris is a director) |
| Warrants – currently exercisable | Series A: 7 shares; Series D: 200 shares; Series E (convertible): 9,394 shares |
| Vested vs unvested | No outstanding equity awards at 6/30/2025 (all outstanding stock awards fully vested) |
| Shares pledged as collateral | Not disclosed |
| Insider trading/hedging policy | Hedging transactions prohibited without prior approval; policy applies to officers/directors |
| Clawback policy | Dodd-Frank recoupment of erroneously awarded incentive pay for 3 completed fiscal years preceding a required restatement (effective Oct 2, 2023) |
Employment Terms
| Term | Details |
|---|---|
| Employment start date | CFO since April 2019 |
| Notice period | Six months’ notice by either party; immediate termination permitted for cause |
| Non-compete / non-solicit | Amendments (effective 6/30/2025) set tiered post-employment non-compete restricted period from 24 months down to 1 month (depending on enforceability); scope expanded to prohibit direct/indirect involvement with competitors within restricted area . Prior agreements included up to six months post-employment restrictions . |
| Severance (without cause) | Cash equal to 100% of potential bonus (irrespective of performance) paid on normal bonus timetable; immediate full vesting of all outstanding equity awards as of termination, subject to tax withholding |
| Change-in-control (CIC) and termination without cause | 2× annual base salary cash + 100% of potential bonus cash; immediate full vesting of outstanding equity awards; CIC includes >20% stock acquisition, certain mergers/asset sales, or board composition changes (excluding increases due to buybacks) |
| Base salary adjustment | Increased to $281,650 (Spot Rate) effective 6/30/2025 |
| Benefits/perquisites | Superannuation contributions at 12% (11.5% during FY2025); annual car allowance $13,100 (Spot Rate) |
| Clawback | Restatement recoupment policy as above |
Performance & Track Record
| Metric | Q1 FY2025 | Q1 FY2026 |
|---|---|---|
| Revenue ($) | $872,287 | $1,111,797 |
| Gross Margin (%) | 39.68% | 46.6% |
| CFO commentary | — | “Financial discipline implemented throughout fiscal 2025 is now translating into meaningful margin expansion and operational leverage…” |
Compensation Structure Analysis
- Year-over-year, fixed cash increased (base salary $204,882 in FY2024 to $269,016 in FY2025; Spot Rate base moved to $281,650 as of 6/30/2025) while FY2025 bonus dropped to $0 from $94,410 in FY2024, indicating higher guaranteed salary with reduced annual cash incentive paid .
- Equity shifted modestly: FY2025 included $49,115 of stock compensation under the 2019 LTIP, with all stock awards fully vested by year-end; no outstanding equity awards at 6/30/2025, reducing ongoing unvested equity lock-in .
- Severance/CIC enhancements increased certainty of cash payouts (100% potential bonus on severance; 2× base + 100% bonus on CIC), and accelerated vesting terms strengthen protection in downside scenarios, potentially lowering personal risk for the executive .
Risk Indicators & Red Flags
- Hedging transactions are prohibited without prior approval, which supports alignment but limits potential undisclosed hedging risks; pledging not disclosed .
- The LTIP expressly prohibits option/SAR repricing below grant exercise price, reducing compensation-related governance red flags .
- Company-level capital structure actions (e.g., warrant inducement transaction and proposals to approve issuance of up to 4,147,616 warrant shares; flexibility for a reverse split) can be dilutive to shareholders; not directly executive-specific but relevant to incentive value realizations .
Say-on-Pay & Peer Group
- Not disclosed in the 2025 proxy; no executive compensation peer group or say-on-pay results presented for analysis .
Expertise & Qualifications
- Chartered accountant; registered company auditor and tax agent; extensive experience across IFRS/US GAAP for life sciences and cross-border finance (Asia, Europe, U.S.) .
Equity Ownership & Alignment Details
- As of 9/11/2025, Sakiris beneficially owned 63,531 shares (<1%), consisting of 34,815 direct common shares, 19,115 indirect via Anest Holdings, and currently exercisable warrants (Series A: 7; Series D: 200; Series E: 9,394) .
- No outstanding unvested stock awards at 6/30/2025, mitigating near-term forced selling due to vesting-related tax obligations .
Employment Contracts & Retention
- Six-month mutual notice period and enhanced severance/CIC terms provide income certainty and equity vesting protection, offsetting compensation variability (e.g., FY2025 zero bonus) .
- Non-compete enhancements (up to 24 months depending on enforceability) increase post-exit restrictions, supporting retention and protecting IP/relationships .
Investment Implications
- Alignment: Modest beneficial ownership (<1%) plus hedging restrictions and a recoupment policy support governance alignment; however, the absence of unvested equity awards reduces ongoing retention lock-in relative to peers that rely on multi-year vesting .
- Incentive mix: With a 20% target bonus tied 50/50 to company and individual objectives, and FY2026 Q1 demonstrating revenue/margin expansion, pay-for-performance should be monitored against future bonus outcomes and potential new equity grants under the expanded LTIP capacity (to 1,795,000 shares) .
- Downside/CIC protection: Enhanced severance and accelerated vesting in change-in-control scenarios materially increase payout certainty, which can lower retention risk during strategic transitions but may reduce at-risk compensation exposure for the executive .
- Dilution/optionality context: Company-level warrant proposals and reverse split flexibility could affect equity value realization for insiders and investors; track future grants, exercises, and any Form 4 activity for selling pressure once available (tool access error prevented current Form 4 retrieval) .