Justin Vu
About Justin Vu
Justin Vu, 41, is Chief Financial Officer of iAnthus Capital Holdings (appointed Jan 6, 2025), after serving as Interim CFO from Apr 5, 2024; he joined iAnthus in early 2023 as SVP Finance following financial consulting (May 2021–May 2023) and senior finance/accounting roles at a large U.S. media and entertainment company (2012–2021) . The Vu Employment Agreement sets base salary at $300,000 with a target annual bonus of 50% of salary (0–200% based on corporate metrics including EBITDA and individual performance) . Company performance improved in FY2024: revenue rose to $166.8m from $158.4m and EBITDA to $12.1m from -$3.9m, establishing an EBITDA-positive year aligned with Vu’s bonus metrics; values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| iAnthus Capital Holdings | Chief Financial Officer | 2025–present | Finance leadership; aligned to EBITDA and corporate performance metrics |
| iAnthus Capital Holdings | Interim CFO | Apr 2024–Jan 2025 | Stabilized finance function during transition; operational efficiency |
| iAnthus Capital Holdings | SVP Finance | Early 2023–Apr 2024 | Built finance processes ahead of interim CFO appointment |
| Financial consulting (self-employed) | Financial Consultant | May 2021–May 2023 | Provided advisory services; preparation for return to operating role |
| Large U.S. media & entertainment company | Senior finance/accounting roles | 2012–2021 | Led various senior finance functions in a complex corporate environment |
External Roles
No public company board or external director roles disclosed for Justin Vu in proxy or 8-K filings .
Fixed Compensation
Employment Agreement Terms (current)
| Component | Value/Terms | Notes |
|---|---|---|
| Base Salary | $300,000 | Per Vu Employment Agreement |
| Target Annual Bonus | 50% of base | 0–200% range; based on company (incl. EBITDA) and individual metrics; must be employed on payment date |
| 2024 Bonus Payment Timing | Around Apr 15, 2025 | Eligibility requires employment on payment date |
Actual Compensation (multi-year)
| Metric (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Salary | $128,269 | $115,000 |
| Cash Bonus | $53,000 | $168,000 |
| Stock Awards (RSUs grant-date fair value) | $180,000 | — (none disclosed) |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Bonus – Corporate metrics (incl. Company EBITDA) | Not disclosed | Not disclosed | Not disclosed (Company moved to positive EBITDA FY2024)* | $168,000 (FY2024) | Paid around Apr 15, 2025; employment required |
| Annual Bonus – Individual performance | Not disclosed | Not disclosed | Not disclosed | Included in bonus above | Same as above |
| Initial RSU Award | N/A (time-based) | $180,000 grant (Jun 27, 2023) | N/A | N/A | Equal annual installments; future vest dates Jun 27, 2025 and Jun 27, 2026 |
Note: The Compensation Committee and Board determine senior executive bonuses without formal objective criteria; elements include financial (cash management/share price), operational milestones, and acquisitions, and the committee did not meet during 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Common shares beneficially owned (Mar 21, 2025) | 2,762,631 shares; excludes 8,633,094 unvested RSUs |
| Ownership as % of outstanding | ~0.041% (2,762,631 / 6,745,694,117) |
| Unvested RSUs (12/31/2024) | 8,633,094 units; market value $43,165 at $0.005/share |
| RSU vesting schedule | Equal annual installments scheduled on Jun 27, 2025 and Jun 27, 2026 |
| Options (exercisable/unexercisable) | None disclosed for Vu |
| Stock ownership guidelines | Not disclosed |
| Hedging/Pledging | Company has not adopted an anti-hedging policy; no pledging disclosures identified |
| Section 16 compliance | One Form 4 transaction filed late by Justin Vu (FY2024) |
Employment Terms
| Provision | Terms |
|---|---|
| Term/Start | CFO appointment effective Jan 6, 2025; employment continues until terminated |
| Severance (without cause / for good reason) | Accrued benefits; 6 months base salary paid over 12 months; acceleration of Initial RSU Award; COBRA premiums up to 12 months or until new employment |
| Death/Disability | Accrued benefits; acceleration of Initial RSU Award |
| Change-of-Control (CoC) | On CoC while employed or within 12 months after qualifying termination: Accrued benefits; lump sum equal to 12 months base salary plus annual bonus paid in prior 12 months; accelerate Initial RSU Award; fully vested RSUs with FMV $180,000 (timing specified in proxy as 30 days post-CoC) |
| Equity acceleration | Initial RSU Award accelerates upon CoC or qualifying termination; additional $180,000 RSUs fully vested on CoC (proxy specifies 30th day after CoC) |
| Non-solicitation | 12 months post-termination; covers clients, employees, contractors, vendors |
| Non-compete | Not disclosed |
| Clawback/Recoupment | Not disclosed |
| Tax gross-ups | Not disclosed |
Company Performance Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues (USD) | $158.4m* | $166.8m* |
| EBITDA (USD) | -$3.9m* | $12.1m* |
| EBITDA Margin (%) | -2.45%* | 7.26%* |
*Values retrieved from S&P Global.
Risk Indicators & Governance Notes
- Compensation Committee did not meet during 2024, and the Board has not considered risks associated with compensation policies; bonuses are discretionary without formal objectives .
- The Company has not adopted an anti-hedging policy for directors/officers, which can weaken alignment for equity-based compensation .
- Section 16 compliance deficiency: Justin Vu filed one Form 4 late in FY2024, indicating administrative/reporting risk .
Investment Implications
- Alignment: Vu’s pay is modestly equity-linked (time-based RSUs) with bonus tied to corporate metrics including EBITDA; FY2024 EBITDA turned positive, supporting pay-for-performance potential, though specific targets/weights are not disclosed .*
- Retention risk: Severance (6 months salary) plus RSU acceleration and COBRA reduce near-term attrition risk; CoC economics add immediate RSU value ($180,000) and 12 months salary+prior year bonus, which may create CoC-related overhang but also ensure continuity in strategic scenarios .
- Insider selling pressure: Unvested RSUs scheduled for 2025/2026 imply potential supply upon vest; lack of anti-hedging policy is a governance red flag, though no pledging is disclosed .
- Ownership: Direct ownership is small (~0.041%); alignment relies on RSU vesting and continued service conditions .
*Values retrieved from S&P Global.