John Glenn
IRADIMEDAbout John Glenn
John Glenn, age 63, has served as Chief Financial Officer of IRADIMED since 2022 and also serves as Corporate Secretary. He brings 30+ years of finance leadership across public and private companies, with prior CFO roles at Esko Bionics (2018–2022), Sonendo (2016–2017), Armetheon (2015–2016), Solta Medical, Cholestech, and Invivo Corporation; he holds an MBA in Finance from Santa Clara University and a B.S. in Business Administration from the University of Nevada. During his tenure, IRADIMED’s cumulative TSR (from a $100 investment at 12/31/2021) rose to $128 by year-end 2024, while net income increased to $19.23 million and gross revenue reached $73.2 million in 2024. These outcomes underpin the company’s pay-for-performance orientation, including cash bonuses tied to revenue and operating metrics and PSUs linked to TSR versus the NASDAQ US Small Cap Medical Equipment index .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Esko Bionics Holdings, Inc. | Chief Financial Officer | 2018–2022 | Finance leadership at exoskeleton solutions developer |
| Sonendo, Inc. | Chief Financial Officer | 2016–2017 | Venture-backed medtech CFO |
| Armetheon Corporation | Chief Financial Officer | 2015–2016 | Biopharma CFO |
| Solta Medical | Chief Financial Officer | Not disclosed | Assisted in strategic acquisition by Valeant Pharmaceuticals |
| Cholestech | Chief Financial Officer | Not disclosed | Company acquired by Alere Medical |
| Invivo Corporation | Chief Financial Officer | Not disclosed | Company sold to Intermagnetics General Corporation |
External Roles
None disclosed for John Glenn in IRMD’s filings. Note: John Glenn is the brother-in-law of James Hawkins, an IRMD director, with no material related party transaction disclosed under Item 404(a) .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary Paid ($) | 337,077 | 350,375 |
| Target Bonus (% of Salary) | 50% | 50% |
| Actual Cash Bonus Paid ($) | 184,778 | 189,028 |
| Notes | Employment agreement base salary $340,000 | Base salary increased to $366,080 effective Jan 29, 2024 |
Performance Compensation
Annual Cash Incentive Structure and Outcomes (FY2024)
| Metric | Weighting | Target | Actual Attainment | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Corporate performance (revenue and operating metrics vs board-approved forecast) | 80% | Not disclosed | 103% total attainment | 189,028 | Cash (annual) |
| Individual performance | 20% | Not disclosed | 103% total attainment | Included above | Cash (annual) |
Long-Term Equity Incentives (as of 12/31/2024)
| Award Type | Grant Date | Units/Status | Vesting Schedule | Market Value Reference |
|---|---|---|---|---|
| RSUs | Dec 11, 2024 | 5,436 unvested | 3 equal annual installments starting 1st anniversary of grant | $55 closing price on 12/31/2024 |
| RSUs | Dec 7, 2023 | 7,180 unvested | 100% on Dec 7, 2026 | $55 closing price on 12/31/2024 |
| RSUs | Dec 7, 2022 | 10,504 unvested | 100% on Dec 7, 2025 | $55 closing price on 12/31/2024 |
| RSUs (Hire grant) | Jun 20, 2022 | 11,592 unvested | Annual vesting on Jun 20 of 2023, 2024, 2025, 2026 | $55 closing price on 12/31/2024 |
| PSUs (TSR vs NASDAQ US Small Cap Medical Equipment index) | Dec 11, 2024 | 10,870 at 200% max; tracking above target | 3-year performance period ending Dec 7, 2027 | Payout 0–200% based on relative TSR |
| PSUs (TSR vs index) | Dec 7, 2023 | 14,360 at 200% max; tracking above target | 3-year performance period from grant date | Payout 0–200% based on relative TSR |
| PSUs (TSR vs index) | Dec 7, 2022 | 21,008 at 200% max | 3-year performance period from grant date | Payout 0–200% based on relative TSR |
PSU metric: total stockholder return (including dividends) relative to the NASDAQ US Small Cap Medical Equipment index; share payout range 0–200% .
Equity Award Grant Values (Summary Compensation Table)
| Metric | 2023 | 2024 |
|---|---|---|
| Stock Awards (Aggregate Grant-Date Fair Value, $) | 725,611 | 688,072 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total beneficial ownership (shares) | 14,563; less than 1% of outstanding |
| Shares outstanding (Record Date, 4/21/2025) | 12,715,109 |
| RSUs scheduled to vest within 60 days of Record Date | Includes 5,796 shares underlying RSUs vesting on Jun 20, 2025 |
| Unvested RSUs (counts by grant) | 5,436 (2024) ; 7,180 (2023) ; 10,504 (2022 Dec) ; 11,592 (2022 Jun) |
| Unearned PSUs at max (counts by grant) | 10,870 (2024) ; 14,360 (2023) ; 21,008 (2022) |
| Anti-hedging policy | Hedging transactions prohibited for directors, officers, and employees |
| Pledging | No pledging disclosure found in proxy |
| Ownership guidelines | Not disclosed |
Employment Terms
| Provision | Detail |
|---|---|
| Effective date / Hire date | Employment agreement dated May 21, 2022; CFO effective on or before Jun 20, 2022 |
| Base salary | $340,000 initially; currently $366,080 after merit increases |
| Target annual cash bonus | 50% of base salary |
| Annual equity awards (ongoing) | Target value $600,000 (subject to performance against goals) |
| Initial RSU grant | $750,000 grant value; vests 25% annually over 4 years |
| Severance (without cause / good reason) | 12 months base salary; COBRA payment for 12 months; immediate acceleration of unvested equity awards |
| Change-in-control severance | 18 months base salary; pro-rata annual bonus; COBRA payment for 18 months; immediate acceleration of unvested equity awards |
| Non-compete / Non-solicit / Confidentiality | Required agreement and provisions included |
| Relocation assistance | Reasonable expenses reimbursed; Florida residency required; failure within 150 days may constitute cause |
| Indemnification & D&O insurance | Indemnification to max extent permitted; D&O coverage during term and for 3 years after |
| Section 409A compliance | Agreement structured to comply with 409A |
Performance & Track Record
- IRMD cumulative TSR rose to $128 by year-end 2024 (from $100 at 12/31/2021 baseline), with net income increasing to $19.23 million in 2024 and gross revenue of $73.2 million in 2024, supporting pay-for-performance .
- Prior transactions under Glenn’s CFO tenure at other companies include Solta Medical’s strategic sale to Valeant, Cholestech’s sale to Alere, and Invivo Corporation’s sale to Intermagnetics, demonstrating execution experience in value-creation events .
Compensation Structure Analysis
- Cash vs. equity mix: Glenn’s 2024 total compensation of $1,262,892 comprised salary ($350,375), cash bonus ($189,028), and stock awards ($688,072), indicating significant equity-linked incentives consistent with alignment claims .
- Metrics: Annual bonus uses 80% corporate (revenue/operating) and 20% individual metrics; PSUs are entirely TSR-based relative to a medtech index with 0–200% payouts, enhancing direct linkage to shareholder returns .
- Governance safeguards: Anti-hedging policy in force; clawback policy compliant with NASDAQ/SEC restatement rules; no tax gross-ups; no pension/deferral plans, reducing shareholder-unfriendly features .
Risk Indicators & Red Flags
- Section 16(a) compliance: One late Form 4 filed April 4, 2025 related to RSU vesting and tax withholding; administrative error noted .
- Related party context: Glenn is the brother-in-law of director James Hawkins; no related party transactions involving Glenn disclosed .
- Hedging and pledging: Hedging prohibited; pledging not addressed—lack of explicit prohibition may warrant monitoring .
- Lease to CEO-controlled entity: Company leases HQ from Susi, LLC (CEO-controlled); governance oversight relevant though not specific to Glenn .
Equity Vesting Timeline & Potential Trading Pressure
- June 20, 2025: RSUs scheduled to vest (5,796 shares underlying RSUs identified within 60 days of Record Date), historically accompanied by tax withholding transactions (late Form 4 reference) .
- December 7, 2025: RSUs from Dec 7, 2022 vest 100% .
- December 11, 2025–2027: 2024 RSUs vest annually in three tranches; 2024 PSUs performance period ends Dec 7, 2027 with 0–200% payout potential .
Say-on-Pay & Committee Practices
- Annual say-on-pay vote scheduled for 2025 annual meeting; Board recommends FOR approval; company uses scaled disclosure as a smaller reporting company; compensation consultant not engaged in 2024 .
Investment Implications
- Strong alignment: TSR-linked PSUs and revenue/operating-based cash bonuses tie payouts to shareholder and operating outcomes; absence of tax gross-ups and presence of clawback/anti-hedging policies are positives .
- Retention risk: Robust equity pipeline with multi-year RSU/PSU schedules and moderate severance (12–18 months) supports retention; change-in-control terms include accelerated vesting and pro-rata bonus, which could incentivize continuity through transactions .
- Trading signals: Expect administrative RSU-related share withholding and potential sales around vest dates (June/December cycles); monitor Form 4s near these events; PSU tracking above target as of 12/31/2024 increases potential future share delivery and dilution considerations .
- Governance watchpoints: Familial tie to a director warrants ongoing oversight; CEO-controlled lease is a recurring related party item, though not linked to Glenn—monitor for independence and committee rigor in compensation and audit areas .