Tim Bixby - Chief Financial Officer and Treasurer | Lemonade (LMND) Executive Profile & Compensation

About Tim Bixby

Tim Bixby, age 60, is Chief Financial Officer and Treasurer of Lemonade, Inc., serving since June 2017. He holds a BA in Mathematics from Dartmouth College and an MBA from Harvard Business School . 2024 company performance under his tenure showed meaningful improvement: total revenue rose 22% to $526.5 million and net loss improved 15% to $(202.2) million; gross written premium increased 26% to $929.0 million and the gross loss ratio declined from 85% to 73% . Pay-versus-performance disclosures also indicate In-Force Premium rose to $944 million in 2024, while Adjusted EBITDA improved to $(150) million from $(173) million in 2023 .

Past Roles

Organization	Role	Years	Strategic Impact
LivePerson, Inc.	CFO, President, Director	1999–2011	Scaled public SaaS operations; board and executive leadership through growth phase
Shutterstock, Inc.	CFO	2011–2015	Led finance for digital content marketplace; supported growth and public-company reporting

External Roles

Organization	Role	Years	Strategic Impact
Rent the Runway	Director; Chair of Audit Committee	Feb 2021–present	Governance and audit oversight at a public e-commerce platform

Fixed Compensation

Metric	FY 2022	FY 2023	FY 2024
Base Salary ($)	$450,000	$685,000	$685,000
Target Bonus %	Not disclosed	Not disclosed	Not disclosed
Actual Bonus ($)	$—	$—	$—
All Other Compensation ($)	$8,700	$13,200	$13,800
Total Compensation ($)	$3,284,121	$3,678,556	$2,848,526

Notes:

Lemonade currently does not provide annual cash incentive compensation to its NEOs .
Bixby’s base salary history: $300,000 originally; increased to $450,000 in May 2021 and $685,000 in Sept 2023 .

Performance Compensation

Grant Date	Instrument	Shares/Options	Strike/Grant Price ($)	Vesting	Grant-Date Fair Value ($)
03/01/2024	RSUs	12,973	—	16 equal quarterly installments over 4 years	$219,503
06/23/2024	Stock Options	178,890	15.90	8 equal quarterly installments over 2 years	$1,930,223
02/07/2023	RSUs	33,496	—	16 equal quarterly installments over 4 years	— (reported in outstanding awards)
02/07/2023	Stock Options	66,000 (33,000 unexercisable + 33,000 exercisable at FY-end)	18.17	16 equal quarterly installments over 4 years	— (reported in outstanding awards)
08/11/2023	Stock Options	94,200 (29,440 exercisable + 64,760 unexercisable at FY-end)	15.13	16 equal quarterly installments over 4 years	— (reported in outstanding awards)

Vesting outcomes (FY 2024):

Shares acquired on vesting: 14,996 RSUs; value realized $259,731 .
Options exercised: — in FY 2024 (per option exercise table); Adina/John exercised but Tim did not .

Program design:

Equity is primarily time-vested (stock options and RSUs); no disclosed PSUs or cash annual incentive plans for NEOs .

Equity Ownership & Alignment

Item	Detail
Total beneficial ownership	920,305 shares; 1.3% of outstanding
Insider trading policy	Prohibits short sales, derivatives, hedging, and pledging of company stock
Ownership guidelines	Not disclosed
Option moneyness at 12/31/2024	For NEOs other than Mr. Peters, outstanding options had exercise prices greater than FMV; value of accelerated options would be zero

Outstanding equity (as of 12/31/2024):

Unvested RSUs: 10,541 (3/1/24; MV $356,896) and 33,496 (2/7/23; MV $1,228,633) .
Stock options by grant:
- 06/23/2024: 44,724 exercisable; 134,166 unexercisable; $15.90 strike; exp. 06/23/2034
- 08/11/2023: 29,440 exercisable; 64,760 unexercisable; $15.13 strike; exp. 08/11/2033
- 02/07/2023: 33,000 exercisable; 33,000 unexercisable; $18.17 strike; exp. 02/07/2033
- 04/05/2022: 132,814 exercisable; 79,686 unexercisable; $27.35 strike; exp. 04/05/2032
- 12/01/2019: 354,300 exercisable; $23.69 strike; exp. 09/25/2029

Insider transactions (2025, Rule 10b5-1):

Date	Action	Shares	Price ($)	Plan
06/09/2025	Sold	5,000	40.30	Rule 10b5-1 adopted 12/12/2024
06/09/2025	Exercised options	5,000	23.69	Same plan
06/23/2025	Exercised options	11,000	23.69	Same plan; SEC Form 4
06/23/2025	Sold	11,000	43.36	Same plan
07/07/2025	Sold	11,000	42.28–42.50	Same plan
07/14/2025	Sold	5,000	38.16	Same plan; SEC Form 4

Policy alignment:

Hedging/pledging prohibited by policy; Bixby sales executed under pre-adopted 10b5-1 plans, mitigating MNPI risk .

Employment Terms

Provision	Without Cause (no CIC)	CIC (no termination)	Termination Without Cause in connection with CIC
Cash severance	$342,500 (6 months base + 50% of target bonus)	$—	$685,000 (12 months base + 100% of target bonus)
Equity acceleration	$183,281 (6 months’ vesting)	$—	$792,854 (full acceleration; options at zero value if strike > FMV)
Healthcare (COBRA)	$13,736 (6 months)	$—	$27,471 (12 months)

Other terms:

At-will with 60-days notice; company may pay 60 days salary in lieu .
“Cause” includes felony conviction, embezzlement, breach of fiduciary duties or non-compete/non-disclosure agreements, and materially detrimental conduct .
Clawback policy compliant with SEC Rule 10D-1 (mandatory recovery of erroneously awarded incentive comp over prior three years) .
No tax gross-ups for perquisites or excise taxes; Section 280G/4999 acknowledged without gross-ups .

Company Performance Context

Selected FY 2024 vs FY 2023 (Proxy):

Metric	FY 2023	FY 2024
Total Revenue ($USD Millions)	$429.8	$526.5
Net Loss ($USD Millions)	$(236.9)	$(202.2)
Gross Written Premium ($USD Millions)	$738.4	$929.0
Gross Loss Ratio (%)	85%	73%

Pay-versus-Performance (Company-selected measures):

Metric	FY 2022	FY 2023	FY 2024
In-Force Premium ($USD Millions)	$625	$747	$944
Adjusted EBITDA ($USD Millions)	$(225)	$(173)	$(150)

GAAP Revenues and Net Income (S&P Global):

Metric	FY 2022	FY 2023	FY 2024
Revenues ($USD Millions)	$180.8*	$339.9*	$404.6*
Net Income - (IS) ($USD Millions)	$(297.8)	$(236.9)	$(202.2)

Values retrieved from S&P Global.
*Revenues values marked with an asterisk are sourced from S&P Global (Capital IQ) via GetFinancials.

Compensation Governance and Benchmarking

Compensation Committee: independent directors; engages Aon Human Capital Solutions; equity-heavy pay mix (~80% equity for NEOs in 2024) .
Peer group (2024) includes fintech/insurtech names such as Affirm, Hippo, Root, Oscar Health, SoFi, Trupanion, Upstart, etc. (revenue ~$250m–$2bn; market cap $200m–$3.6bn) .
Say-on-Pay: 2024 approval ~87.5% of votes cast, improving from 2023 .

Investment Implications

Alignment: Heavy time-vested equity and no annual cash bonus tie Bixby’s upside to stock performance but do not incorporate explicit operating targets (e.g., revenue/EBITDA/TSR) in pay outcomes; this can reduce pay-for-performance precision despite stock-option leverage .
Selling pressure and cadence: Multiple 2025 sales under a 10b5-1 plan (June–July) following option exercises indicate a programmed sell cadence; expect periodic exercise-and-sell activity around vest dates and liquidity windows rather than discretionary selling, lowering signaling risk .
Retention economics: Double-trigger CIC benefits of 12 months base + 100% target bonus and full equity acceleration are competitive; normal-course severance at 6 months + 50% target bonus and partial acceleration supports retention while moderating parachute risk .
Execution track record: 2024 operating highlights show improved loss ratios, revenue growth, and narrowing net loss; IFP and Adjusted EBITDA trends are improving, supportive of long-term value creation under current capital-light reinsurance strategy .
Governance risk mitigants: Strong clawback, no hedging/pledging, and no tax gross-ups reduce governance and alignment red flags; absence of option repricing and limited perquisites further de-risk compensation structure .