Abigail Fleming
About Abigail Fleming
Abigail Fleming, 43, is Chief Accounting Officer and Senior Vice President of Lineage, Inc. (NASDAQ: LINE), serving since January 2024; she is a CPA with a B.A. from Albion College and an M.S. in Accounting from Western Michigan University . She serves as Principal Accounting Officer on SEC filings, signing the FY2024 S-11/A registration statements (July 16 and July 22, 2024), a Q3 2025 Form 10‑Q, and a June 10, 2025 Form 8‑K . Company performance context: Lineage delivered $5.3B total revenue in 2024 and expanded margins; management emphasized adjusted EBITDA and AFFO per share growth, 78% same‑warehouse occupancy, and investment‑grade ratings post‑IPO with leverage under 5x .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Visteon Corporation | Vice President & Chief Accounting Officer | Aug 2020 – Jan 2024 | Led corporate accounting and external reporting as CAO |
| Tenneco Inc. (formerly Federal‑Mogul, LLC) | Executive Director & Assistant Controller | Mar 2017 – Aug 2020 | Senior controllership responsibilities for financial reporting |
| PricewaterhouseCoopers LLP | Director, Capital Markets & Accounting Advisory Services | Mar 2015 – Mar 2017 | Advised on capital markets and complex accounting |
| PricewaterhouseCoopers LLP | Various roles (audit/accounting) | Aug 2004 – Mar 2015 | Early career in public accounting; CPA credential |
External Roles
No public company directorships or external board roles disclosed for Fleming .
Fixed Compensation
Not disclosed for Fleming in the latest proxy; NEO salary and bonus data were provided only for CEO, CFO, CIO/CTO, COO, and CCO .
Performance Compensation
Company executive incentive frameworks (Fleming’s individual targets/payouts not disclosed):
- Annual cash bonus design (2024 NEO program): 70% Management Adjusted EBITDA; 30% individual objectives. Company achieved $1,342.3MM vs. $1,400.0MM target (95.9% of target), producing partial payouts for NEOs .
- Long‑term equity plan: Performance‑vesting LTIP units with base units split 60% AFFO per share and 40% same‑warehouse NOI; TSR modifier vs. S&P 500 (80% at 25th percentile, 100% at 50th, 120% at 75th) over the 2024–2026 performance period .
- 2025 additions: Performance‑based RSUs granted March 18, 2025 tied to EBITDA; April 2025 grants included 1,467,453 time‑based RSUs and 253,352 performance‑based RSUs, generally vesting over 3 years .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Management Adjusted EBITDA (2024 bonus) | 70% | $1,400.0MM | $1,342.3MM | CEO 36.9% of target; non‑CEO 49.5% of target | Annual cash payout (paid Q1 2025) |
| Individual Objectives (NEOs 2024) | 30% | Various (role‑specific) | Achievements disclosed per NEO | 81%–139% (examples) | Annual cash payout |
| AFFO per share (LTIP base units) | 60% of base units | Plan‑defined | Not disclosed | 0–100% of base; TSR modifier applies | Performance period 2024–2026 |
| Same‑warehouse NOI growth (LTIP base units) | 40% of base units | Plan‑defined | Not disclosed (some 2024 awards later not probable) | 0–100% of base; TSR modifier applies | Performance period 2024–2026 |
| TSR modifier vs. S&P 500 | 80–120% modifier | Percentile bands | Not disclosed | Adjusts vested units ±20% | Applied to performance‑vesting LTIPs |
| EBITDA (2025 PRSUs) | Applies to PRSUs | Grant‑date close price valuation | Not disclosed | Earned at year‑end based on actual EBITDA | 2025 year‑end vest subject to service |
Note: The table summarizes company‑level plan mechanics; Fleming’s participation, targets, and payouts are not individually disclosed .
Equity Ownership & Alignment
- Beneficial ownership: Fleming’s individual share/award holdings are not listed; the security ownership table covers directors, director nominees, NEOs, and 5% holders .
- No pledging: “No shares beneficially owned by any executive officer, director or director nominee have been pledged as security” (company‑wide statement) .
- Stock ownership guidelines: Other executive officers (including CAO) must hold Company Securities valued at ≥3× annual base salary by the earlier of July 24, 2029 or 5 years from appointment; CEO 6×, CFO/COO 4×; directors 5× annual cash retainer .
- Hedging/pledging prohibited: Insider Trading Policy bans speculative trading, hedging/monetization (e.g., collars), margin purchases, and pledging; also restricts options/short sales by insiders .
- 10b5‑1 activity: No adoptions or terminations of Rule 10b5‑1 or non‑Rule 10b5‑1 trading arrangements by directors/executive officers in Q3 2025 .
Employment Terms
- Employment agreement/severance terms for Fleming are not disclosed in proxy or 8‑K exhibits; amended employment agreements and the Executive Severance Plan changes were described for the CEO and CFO only .
- Clawback: Compensation recovery policy adopted at IPO for Section 16 officers, covering recovery of erroneously paid incentive compensation from time‑vesting and performance‑vesting equity .
Investment Implications
- Alignment: Strong policy architecture (ownership guidelines at 3× salary for executive officers, prohibitions on hedging/pledging, clawback) promotes pay‑for‑performance and long‑term alignment; Fleming’s signatures as Principal Accounting Officer reinforce accountability in financial reporting .
- Retention risk: Multi‑year vesting across RSUs/LTIPs and ownership requirements generally reduce near‑term selling pressure and encourage retention; however, Fleming‑specific award sizes/vesting are not disclosed, limiting precision on her personal risk profile .
- Trading signals: Absence of 10b5‑1 plan changes in Q3 2025 and prohibition on pledging/hedging suggests low mechanical selling pressure; monitor future Section 16 filings for CAO‑level grants or dispositions as disclosures expand post‑IPO .
- Performance levers: Executive incentives emphasize AFFO per share, same‑warehouse NOI, and relative TSR for long‑term awards, and Management Adjusted EBITDA for annual bonuses—key drivers to track for payout risk and sentiment around compensation outcomes .
- Governance context: Lineage is a “controlled company” under Nasdaq rules, with independent directors chairing Audit and Equity Award Committees; compensation oversight includes independent consultants. This mix balances control with governance processes for executive pay .