Jeff Chiprin
IRADIMEDAbout Jeff Chiprin
Jeffrey “Jeff” Chiprin, age 59, is Iradimed’s Chief Commercial Officer (CCO) since 2024, with the employment agreement effective November 26, 2024 . He holds a B.A. in Political Science from UCLA and brings over 30 years of senior leadership in medtech sales and commercialization across public and private companies . His incentive design is explicitly tied to corporate revenue/operating metrics in the annual bonus program (80% corporate/20% individual, 103% attainment for 2024) and long-term PSUs linked to total shareholder return (TSR) versus the NASDAQ US Small Cap Medical Equipment index (0–200% payout; performance period ending December 7, 2027), indicating emphasis on growth and market-relative value creation . Company performance context for 2024: gross revenue $73.2M, cash and equivalents $52.2M, dividends paid $13.7M, and $8.3M in capex toward a capacity expansion, framing the operational backdrop for his program .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invivo Corporation | Vice President, North American Sales | 6 years (joined 1996; served six years) | Led North American sales across advanced clinical solutions in imaging-related fields . |
| Philips Corporation | Vice President of Sales | 14 years | Led a division with advanced clinical solutions for Imaging, Oncology, and Anesthesia departments . |
| Aspect Imaging | Vice President of Worldwide Sales | 2020–2023 | Global sales leadership for imaging solutions . |
| TerraRecon, Inc. | Senior Vice President, Commercial Healthcare | 2024 | Commercial leadership prior to joining Iradimed later in 2024 . |
External Roles
No public company directorships or external board roles disclosed for Mr. Chiprin .
Fixed Compensation
| Component | 2024 Amount | Ongoing Terms | Notes |
|---|---|---|---|
| Base Salary | $10,250 (pro-rated) | $205,000 annual base | Start date in Nov 2024 drives pro-rata salary . |
| Target Annual Cash Bonus | N/A for 2024 | 50% of salary | He did not participate in the 2024 bonus program due to Nov start . |
| Housing Allowance | $5,000/month | Provided monthly for Orlando-area housing | Paid at the beginning of each month with proof of housing liability . |
| Moving/Furnishings Allowance | Up to $10,000 (one-time) | One-time reimbursement | Relocation support under employment agreement . |
| Health/401(k) Benefits | Standard employee benefits | 401(k) match up to 4% | Provided on same basis as other employees . |
Performance Compensation
Annual Cash Incentive Program (Structure; Mr. Chiprin not eligible for 2024)
| Metric | Weighting | Target | Actual (2024) | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Corporate performance (Revenue and operating metrics vs Board-approved forecast) | 80% | Internal forecast | 103% attainment | Not applicable to Mr. Chiprin in 2024 | Annual cash bonus cycle . |
| Individual performance | 20% | Role-specific goals | Included in 103% aggregate | Not applicable to Mr. Chiprin in 2024 | Annual cash bonus cycle . |
Equity Incentives (RSUs and PSUs)
| Award Type | Grant Date / Terms | Grant Value | Shares/Units Outstanding at FY-end | Vesting | Performance Metric / Payout Range |
|---|---|---|---|---|---|
| RSUs (time-based) | Granted upon Nov 26, 2024 effective date | Part of $330,000 RSU+PSU total grant | 2,990 RSUs not vested; market value $164,450 | Vest in three equal annual installments starting at first anniversary of grant date | N/A (time-based) . |
| PSUs (performance-based) | Granted upon Nov 26, 2024 effective date | Part of $330,000 RSU+PSU total grant | 2,989 target PSUs unearned; market/payout value $164,395 | Payout determined end of performance period (Dec 7, 2027) | TSR vs NASDAQ US Small Cap Medical Equipment index; 0–200% payout range . |
| Annual Equity Target (ongoing) | Annual incentive plan | $200,000 target equity value | N/A | As granted by Compensation Committee | May adjust based on performance against goals . |
Notes:
- Iradimed does not grant stock options or option-like instruments; no option timing policy applies .
- 2024 equity awards comprised RSUs and PSUs to Mr. Chiprin; RSUs vest annually over three years; PSUs payout depends on relative TSR through Dec 7, 2027 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 0 shares beneficially owned as of April 21, 2025; less than 1% ownership (12,715,109 shares outstanding) . |
| Vested vs Unvested | 2,990 RSUs not vested ($164,450 market value); 2,989 target PSUs unearned ($164,395 market/payout value) as of Dec 31, 2024 . |
| Options | None; company does not grant options or similar instruments . |
| Hedging/Pledging | Hedging transactions (collars, forwards, or similar) are prohibited by Insider Trading Policy; pledging not explicitly disclosed . |
| Ownership Guidelines | Not disclosed; compliance not disclosed . |
| Clawback | Company maintains clawback policy aligned with NASDAQ/SEC rules for incentive-based compensation tied to financial reporting measures in event of restatement; no restatements in 2024 . |
Employment Terms
- Employment start/role: Appointed CCO effective November 26, 2024; employment continues until terminated by either party per agreement .
- Compensation terms: Annual salary $205,000; target annual cash bonus 50% of salary; annual equity awards targeted value $200,000; initial RSU+PSU grant totaling $330,000 based on prior-day closing price .
- Vesting schedule: RSUs vest in three equal annual installments starting on first anniversary of grant; PSUs performance measurement period ends December 7, 2027 with 0–200% payout range based on relative TSR .
- Perquisites: $5,000/month housing allowance; up to $10,000 relocation/furnishings reimbursement .
- Severance/Change-in-Control: If terminated for Good Reason or by Company without Cause, Company will pay up to six months of housing expenses with proof of liability; salary/bonus multiples and change-in-control economics for Mr. Chiprin are not disclosed in the proxy excerpt provided .
- Restrictive covenants: Non-solicitation, non-compete, and confidentiality provisions in the employment agreement .
- Tax gross-ups: Company states no tax gross-ups and no agreements providing for tax gross-ups for executives (2024) .
Compensation Summary (2024)
| Metric | 2024 |
|---|---|
| Salary | $10,250 . |
| Stock Awards (RSUs/PSUs grant-date fair value) | $378,433 . |
| Cash Bonus Paid | — (not in 2024 program) . |
| All Other Compensation | — (no personal benefits in 2024) . |
| Total Compensation | $388,683 . |
Shareholder Feedback (Say-on-Pay 2025)
| Proposal | Votes For | Votes Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| Advisory resolution on NEO compensation | 10,777,171 | 286,889 | 13,963 | 709,490 |
Investment Implications
- Pay-for-performance alignment: High at-risk equity through RSUs and PSUs, with PSUs explicitly tied to market-relative TSR (0–200% payout) through Dec 2027, aligns incentives with shareholder value creation; lack of options reduces leverage risk .
- Retention risk and selling pressure: Three-year annual RSU vesting creates predictable vest dates that could introduce periodic selling pressure; initial beneficial ownership is de minimis (<1%), so alignment is presently via unvested equity rather than substantial owned shares .
- Governance protections: Robust anti-hedging policy and clawback aligned with NASDAQ/SEC rules mitigate misalignment risks; no tax gross-ups enhance shareholder-friendliness .
- Severance/CIC exposure: Only housing expense continuation disclosed upon Good Reason/without Cause termination; absence of disclosed salary/bonus multiples or CIC acceleration for Mr. Chiprin suggests limited cash severance exposure, though full CIC terms are not detailed in the excerpts .
- Performance backdrop: 2024 operational strength (revenue $73.2M, $52.2M cash, dividends $13.7M, capex $8.3M for capacity expansion) provides supportive context for commercial execution under his remit; bonus program targets revenue/operating metrics, reinforcing near-term performance focus .