Rodney Spriggs
LIVE VENTURESAbout Rodney Spriggs
Rodney Spriggs (58) is President and CEO of Vintage Stock, a wholly owned subsidiary of Live Ventures. He joined Vintage Stock in 1990 (GM), has been CEO since 1991 and President since 2002; he holds a B.S. in Business Administration with a marketing minor from Missouri Southern State University . Company-level performance context: Live Ventures’ cumulative TSR fell 46.3% in FY 2024, rose 12.9% in FY 2023, and fell 32.3% in FY 2022 . Consolidated revenues grew from $355.2m to $472.8m*, EBITDA declined from $29.7m to $21.6m*, and net income was -$26.7m* in FY 2024 (vs. -$0.1m* in FY 2023). Financial metrics marked with * are from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vintage Stock, Inc. | General Manager | 1990–2002 | Operational leadership during early growth phase |
| Vintage Stock, Inc. | Chief Executive Officer | 1991–present | Corporate oversight; new market openings; site selection; lease negotiation; product acquisitions |
| Vintage Stock, Inc. | President | 2002–present | Executive leadership of specialty retail footprint |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Moving Trading Company | President | 2006–present | Leadership role (additional operating experience) |
| Commercial LED lighting and solar company | Partner/Advisor | Not disclosed | Advisory contributions in energy-related ventures |
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary (paid) | $365,386 | $431,648 |
| Annual Bonus (paid) | $71,860 | $650,000 |
| One-time Cash Bonus (per agreement) | — | $150,000 (agreement executed April 2024) |
| Perquisites | $2,420 (cell phone reimbursement) | $3,491 (cell phone reimbursement) |
| Contracted Base Salary Minimum | — | At least $500,000 (amended agreement) |
Notes:
- The April 2024 amendment sets base salary at least $500,000 and grants a $150,000 one-time cash bonus .
- Actual FY 2024 “Bonus” paid was $650,000 per Summary Compensation Table .
Performance Compensation
Program design (Vintage Stock CEO agreement):
| Metric | Weighting | Target | Payout Basis | Vesting |
|---|---|---|---|---|
| EBITDA target(s) (as defined in agreement) | 75% | Mutually agreed EBITDA target(s) (specific levels not disclosed) | Annual bonus up to 100% of base salary | Cash bonus; no equity vesting disclosed |
| Discretionary component | 25% | Board/CEO discretion | Annual bonus up to 100% of base salary | Cash bonus; no equity vesting disclosed |
Actual bonus payouts:
| Year | Annual Bonus Paid | Notes |
|---|---|---|
| FY 2023 | $71,860 | Mix of performance/discretionary not broken out |
| FY 2024 | $650,000 | Mix of performance/discretionary not broken out |
No stock awards or options were reported for Mr. Spriggs in FY 2024 or FY 2023 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 11,666 shares; <1% of outstanding |
| Options (Exercisable/Unexercisable) | None outstanding |
| RSUs/PSUs (Vested/Unvested) | None disclosed |
| Ownership Guidelines | Not disclosed in proxy |
| Hedging Policy | Company prohibits hedging transactions for directors, officers, and employees |
Security ownership table shows Mr. Spriggs with 11,666 shares; no footnotes indicating pledges or derivatives .
Employment Terms
| Term | Detail |
|---|---|
| Agreement Parties | Vintage Stock and Rodney Spriggs |
| Effective/Amended Dates | Effective Nov 3, 2016; amended April 2024 |
| Role | President and Chief Executive Officer, Vintage Stock |
| Term Length | Through March 31, 2026 |
| Base Salary | At least $500,000 (post-amendment) |
| Annual Bonus | Up to 100% of base salary; 75% tied to EBITDA target(s), 25% discretionary |
| One-time Bonus | $150,000 (granted with April 2024 amendment) |
| Severance (No Cause/Good Reason) | Base salary for one year; pro-rata portion of annual bonus for year of termination; COBRA reimbursement per agreement |
| Change-of-Control Economics | One-time cash payment of $500,000 (single-trigger; payment upon CoC) |
| Restrictive Covenants | Confidentiality, non-compete, non-solicit, non-disparagement |
Related Party Transactions
| Transaction | Principal | Rate | Maturity | Balance Outstanding |
|---|---|---|---|---|
| Spriggs Promissory Note I (loan to Company by Spriggs Investments) | $2.0m (original) | 12% (modified Jan 19, 2023; originally 10%) | Extended to July 31, 2025 | $0.2m as of Mar 31, 2025; $0.8m as of Sep 30, 2024 |
| Spriggs Promissory Note II (loan to Company by Spriggs Investments) | $1.0m | 12% | Extended to July 31, 2025 | $1.0m as of Mar 31, 2025 and Sep 30, 2024 |
These are loans from Mr. Spriggs’ entity (Spriggs Investments) to Live Ventures; repayment schedules were modified in February 2024 with required principal payments .
Company Performance Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $355.171m* | $472.840m* |
| EBITDA ($USD) | $29.706m* | $21.627m* |
| Net Income ($USD) | -$0.102m* | -$26.685m* |
Values retrieved from S&P Global.*
TSR context:
- FY 2024 cumulative TSR: -46.3% (value of $100 sank to $53.73) .
- FY 2023 cumulative TSR: +12.9% (value of $100 rose to $112.93) .
- FY 2022 cumulative TSR: -32.3% (value of $100 fell to $67.70) .
Governance and Shareholder Feedback (Company-level)
- Compensation program emphasizes performance-based pay and is overseen by the Compensation Committee; no external consultants, and no formal benchmarking used for FY 2024 .
- Strong say-on-pay support was noted at the July 26, 2022 annual meeting; triennial say-on-pay frequency recommended by the Board .
- Hedging policy prohibits hedging company securities granted/awarded as compensation .
Investment Implications
- Pay-for-performance alignment: Mr. Spriggs’ annual incentive is explicitly tied 75% to EBITDA and 25% discretionary . Despite consolidated net losses in FY 2024 (-$26.7m*), his FY 2024 bonus was $650,000 , suggesting subsidiary-level EBITDA may have met targets or elevated discretionary payouts—monitor consistency between subsidiary KPIs and consolidated outcomes. Values retrieved from S&P Global.*
- Retention and change-of-control: Contract runs through March 2026 with one-year salary severance (no cause/good reason) and a single-trigger $500,000 CoC payment, creating both retention security and potential CoC cash incentive .
- Equity alignment and selling pressure: Minimal direct ownership (11,666 shares; <1%) and no outstanding equity awards reduce direct stock-price alignment; however, the company’s hedging prohibition reduces misalignment risk . Absence of options implies limited forced selling from expiring awards.
- Related party exposure: Spriggs Investments is a creditor to Live Ventures with outstanding principal under Note II and residual balance on Note I; amendments in 2024 set required repayments, creating an external cash outflow obligation and potential perceived conflicts—continue to track repayments and any new related-party arrangements .