Elizabeth E. McShane
About Elizabeth E. McShane
Elizabeth “Biz” E. McShane, age 47, has served as Chief Financial Officer, Treasurer, and Secretary of Lendway (LDWY) since May 20, 2024, after her appointment on May 2, 2024 . She previously led corporate controllership and SEC reporting functions at Regis Corporation and Heidrick & Struggles, with a public accounting foundation at KPMG (and earlier at Arthur Andersen), and holds BBA and MS Accountancy degrees from the University of Notre Dame’s Mendoza College of Business . During her tenure, LDWY has presented “Pay versus Performance” disclosures showing company TSR tracking and net income trends, providing context for compensation alignment and financial outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Regis Corporation | Vice President & Corporate Controller | Since Oct 2021 | Oversaw accounting, tax, reporting, and risk management |
| Regis Corporation | Associate Vice President, Consolidations, Technical Accounting & Reporting | 2018 – Oct 2021 | Led consolidations and technical accounting; SEC reporting oversight |
| Heidrick & Struggles | Director of SEC Reporting | Not disclosed | Honed SEC reporting skills |
| KPMG | Audit (Public Accounting) | Not disclosed | Built foundational public accounting experience |
| Arthur Andersen | Public Accounting | Not disclosed | Early-career public accounting experience |
External Roles
None disclosed .
Fixed Compensation
| Component | FY 2024 | TP 6/30/2025 |
|---|---|---|
| Base Salary ($) | $134,135 | $112,500 |
| Actual Bonus Paid ($) | $66,399 | $73,125 |
| Stock Awards ($) | $0 | $0 |
| All Other Compensation ($) | $2,383 (401(k) match) | $0 |
| Salary Rate | Target Bonus % (Quarterly) | Max Bonus % (Quarterly) |
|---|---|---|
| $225,000 annual base salary | 35% of base salary paid for the quarter | 65% of base salary paid for the quarter |
Notes:
- Quarterly cash incentive is discretionary, set by the Governance, Compensation & Nominating (GCN) Committee and/or Board against management-proposed, Board-approved targets; no guaranteed minimum .
- No changes were made to NEO base salaries during FY2024 and during the Transition Period ended 6/30/2025 .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Discretionary quarterly cash incentive | Board-approved performance targets (unspecified) | Not disclosed | 35% of quarterly base; max 65% | FY2024: Not disclosed by quarter | FY2024 total bonus $66,399 | Paid shortly after quarter earned (per agreement) |
| Discretionary quarterly cash incentive | Board-approved performance targets (unspecified) | Not disclosed | 35% of quarterly base; max 65% | TP 6/30/2025: Not disclosed by quarter | TP 6/30/2025 total bonus $73,125 | Paid shortly after quarter earned (per agreement) |
Additional policies:
- Compensation recoupment/clawback: For restatements due to material noncompliance, the Board may recover compensation paid in excess of amounts based on corrected results, up to three prior fiscal years; conforming to applicable law and exchange rules .
- No NEO pension participation (impacts CAP calculation in pay-versus-performance) .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Total beneficial ownership (as of Sept 24, 2025) | 0 shares |
| Ownership as % of shares outstanding | Not disclosed; likely <1% given 0 shares |
| Vested vs. unvested shares | None disclosed |
| Options (exercisable/unexercisable) | None disclosed |
| ESPP eligibility | Eligible to participate; ESPP discount 85% of market value first/last day of period; plan availability detailed |
| Shares pledged/hedging | Not disclosed (Insider Trading Policy referenced in filings) |
| Equity grants (RSUs/PSUs/options) | None disclosed for McShane in outstanding awards table (Philp disclosed) |
Employment Terms
| Term | Detail |
|---|---|
| Start Date | Effective May 20, 2024 |
| Contract Term Length | Initial 2-year term from Start Date; auto-renewal for successive 1-year terms unless 90-day prior written non-renewal notice |
| At-will Status | Employment at-will; termination events defined (resignation, abandonment, cause, death, disability) |
| Severance (without Cause) | Six months of base salary paid in installments, plus employer portion of COBRA premiums for up to six months; each increases by one month per full year of service beyond year one, up to 12 months |
| Change-in-Control Economics | Section 280G “best-net” cutback to avoid 4999 excise tax if applicable; ordering of reductions specified (cash, vesting, deferred compensation) |
| Clawback (Recoupment) | Up to three years’ recovery for compensation based on erroneous financials; Board discretion; conforms to law/exchange rules |
| Non-Compete | Not disclosed |
| Non-Solicit | 12 months post-termination: no solicitation of customers, prospects, employees, or business relations; injunction remedies available |
| Garden Leave | Not disclosed |
| Post-termination consulting | Not disclosed |
| Arbitration/Mediation | Mediation optional; litigation venue Minnesota state/federal courts; each party bears own costs |
| Tax Gross-ups | None; utilizes 280G best-net approach, not gross-up |
Performance & Track Record (Company Context)
| Measure | FY 2022 | FY 2023 | FY 2024 | 2025 Transition Period (2025T) |
|---|---|---|---|---|
| Total Stockholder Return – value of initial fixed $100 investment | $33.84 | $19.97 | $21.01 | $21.79 |
| Net Income (Loss) ($000s) | $10,046 | $2,414 | $(6,677) | $1,969 |
Notes:
- The Pay vs Performance framework shows CAP calculations and TSR trends; average other NEOs include McShane for FY2024 and 2025T .
- 2024 say-on-pay approval ~95.7% indicates strong shareholder support for executive pay design .
Investment Implications
- Alignment and selling pressure: McShane had no disclosed equity grants and held 0 shares as of Sept 24, 2025, implying low near-term insider selling pressure but also limited direct equity alignment unless ESPP participation or future awards occur .
- Incentive design: Quarterly discretionary cash incentives (35% target, 65% max per quarter) allow responsive pay-for-performance, but absence of disclosed metrics/weights reduces transparency; clawback recoupment provisions strengthen governance discipline .
- Retention risk: Contractual severance (6–12 months scaling with tenure) and 12-month non-solicit reduce abrupt departure risk; at-will status and absence of guaranteed equity incentives may modestly elevate long-term retention considerations versus equity-heavy plans .
- Governance and shareholder support: High say-on-pay approval (95.7%) suggests investors currently support the compensation approach; continued disclosure of performance targets would enhance pay-performance credibility as LDWY’s TSR and net income trends evolve .