David Morton
About David Morton
David Morton is Chief Financial Officer of Intapp, appointed effective August 7, 2023; he was 51 at the time of appointment and holds a B.S. in Business Administration (Finance, Real Estate and Law) from California State Polytechnic University, Pomona . His FY25 annual bonus was driven by 50% net new ACV (93% payout on that portion) and 50% individualized objectives (120% achievement for Morton), indicating performance against commercial growth and operational priorities; long-term incentives are predominantly PSUs tied to ARR and non-GAAP “Operating Margin,” aligning pay with scalable subscription and profitability goals . Intapp’s insider trading policy prohibits hedging and pledging; stock ownership guidelines adopted June 2025 require 1x salary for executive officers (RSUs count), with five years to comply, reinforcing alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DigiCert, Inc. | Chief Financial Officer | Nov 2021 – Jul 2023 | Led worldwide accounting, treasury, FP&A, tax, acquisition, and investor relations functions |
| Anaplan, Inc. | Chief Financial Officer; Transition role | Sep 2018 – Jul 2021; through Sep 2021 | Oversaw finance, accounting, legal, procurement, IT, and facilities; helped take company public in 2018 |
| Tesla, Inc. | Chief Accounting Officer | Aug 2018 – Sep 2018 | Senior accounting leadership role; brief tenure |
| Seagate Technology | Chief Financial Officer | Oct 2015 – Aug 2018 | Global technology CFO experience over >20 years at Seagate |
External Roles
- No current public company board roles are disclosed in the filings reviewed; company policy allows board service with CEO consent, subject to duty-of-loyalty safeguards .
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $405,682 | $472,500 |
| Target Bonus (%) | 80% of base (per Employment Agreement) | 80% of base |
| Actual Bonus Paid ($) | $333,315 | $402,570 (ACV $175,770; Individual $226,800) |
Performance Compensation
Annual Cash Incentive – FY25 Structure and Outcomes
| Component | Weighting | Target Design | Actual Achievement | Payout ($) |
|---|---|---|---|---|
| Net new ACV | 50% | Sliding schedule from 75%–135% of target | 93% payout on ACV portion | $175,770 |
| Individual Objectives | 50% | Committee-discretion objectives (financial performance, AI/SaaS expansion, talent, growth) | 120% for Morton | $226,800 |
| Total FY25 Bonus | — | Target = 80% of base salary | — | $402,570 |
FY25 Equity Grants and Vesting Design
| Grant Type | Grant Date | Units | Vesting Schedule | Performance Metrics |
|---|---|---|---|---|
| RSUs | Aug 19, 2024 | 54,600 | 12 equal quarterly installments over 3 years, commencing Nov 20, 2024 (25% vested on Nov 20, 2024, then quarterly) | Time-based; continued employment |
| PSUs (ARR + Profitability) | Jul 1, 2024 | 172,600 total; 99,950 ARR, 59,000 Overachievement ARR, 13,650 Profitability | Quarterly vesting based on ARR targets through Jun 30, 2027 and “Operating Margin” targets (TTM non-GAAP) through Jun 30, 2027 | ARR and non-GAAP Operating Margin; includes stretch “Overachievement PSUs” |
Equity Ownership & Alignment
Beneficial Ownership (as of Sep 23, 2025)
| Holder | Shares Beneficially Owned | Percent of Outstanding | Notes |
|---|---|---|---|
| David Morton | 52,850 | <1% | 36,855 held of record; 15,995 service-based vesting within 60 days |
Outstanding Equity Awards at FY-End (Jun 30, 2025)
| Category | Units | Estimated Value |
|---|---|---|
| Unvested PSUs/RSUs | 385,511 | $19,900,078 (based on 6/30/25 closing price; target units) |
| Options | — | None outstanding for Morton |
FY25 Vested Shares and Value Realized
| Metric | FY25 |
|---|---|
| Shares Acquired on Vesting (#) | 120,045 |
| Value Realized on Vesting ($) | $7,233,748 |
- Stock ownership guidelines: executives must hold ≥1x annual base salary; RSUs count; five years to achieve compliance from adoption/appointment .
- Hedging, pledging, margin accounts, and short-term speculative trading are prohibited by policy .
Employment Terms
Employment Agreement Highlights (as CFO)
| Term | Detail |
|---|---|
| Effective Date | August 7, 2023 |
| Initial Base Salary | $450,000 |
| Target Annual Bonus | 80% of base salary |
| Sign-on Equity Award | $12,000,000 grant-date value; ~50% RSUs, ~50% PSUs; shares determined using average trading price prior to grant |
| RSU Vesting (Sign-on) | 25% at first quarterly vesting date after first anniversary; remaining 75% over 12 subsequent quarterly installments |
| PSU Vesting (Sign-on) | Substantially equal quarterly installments beginning after first anniversary, subject to achievement of cumulative annual goals |
| Non-Solicit | 1 year post-separation |
| Clawback/Recoupment | Subject to Company compensation recovery policy and applicable rules |
| 280G Cutback | Best-net after-tax approach; reduction if needed to avoid excise tax when optimal |
| Arbitration | AAA in Santa Clara County, CA |
Severance and Change-in-Control Economics (Morton)
| Scenario (trigger date assumed 6/30/2025) | Cash Severance ($) | Incentive ($) | Benefits ($) | Equity Accelerated ($) |
|---|---|---|---|---|
| Involuntary termination without Cause / Resign for Good Reason (non-CIC) | $472,500 | — | $40,601 | $6,221,088 |
| CIC Qualifying Termination (double-trigger; window: 3 months before to 12 months after CIC) | $472,500 | $378,000 (target bonus) | $40,601 | $19,900,078 |
- Double-trigger structure: in CIC window, severance equals 1x base salary + target bonus, COBRA reimbursement up to 12 months, and full acceleration of all post-IPO awards .
Investment Implications
- Pay-for-performance alignment: Annual bonus tied to net new ACV (93% payout) and individualized objectives (120% for Morton), while PSUs hinge on ARR and non-GAAP “Operating Margin,” supporting growth and profitability focus in incentive design .
- Vesting cadence and selling pressure: Quarterly vesting of RSUs/PSUs and 120,045 shares vested in FY25 with $7.23M realized; remaining unvested units carry ~$19.9M value, implying ongoing supply from scheduled vesting and performance conversions .
- Ownership and alignment: Morton’s disclosed beneficial stake is 52,850 shares (<1%); the June 2025 ownership guidelines (1x salary, RSUs count; 5-year compliance horizon) partially mitigate low direct ownership, with prohibitions on hedging/pledging eliminating leverage risks .
- Retention and downside protection: Non-CIC severance (12 months base + partial acceleration) and CIC double-trigger (1x base + target bonus + full acceleration) are market-standard; no tax gross-ups on severance payments, and clawback policy applies, reducing governance risk .
- Governance and pay oversight: Peer group benchmarking across ~20 vertical/cloud software peers and 86.5% Say-on-Pay support in 2024 suggest mainstream pay levels and investor acceptance of structure .
- Execution signal: Compensation Committee awarded 120% on individualized objectives for Morton citing leadership in strengthening accounting/finance and developing enterprise risk management, a positive indicator for control functions amid growth .