Michelle Glasl
About Michelle Glasl
Michelle Glasl (age 54) is Chief Operating Officer (COO) of Open Lending Corporation, appointed effective March 31, 2025. She previously led operations and strategy at Argo Group, after serving as CIO at GuideOne Insurance and VP of Technology at State Auto; she holds a B.S. from the University of Wisconsin–Milwaukee. Tenure began March 31, 2025, with compensation structured around a $400,000 base salary, 100% target annual bonus, and 90% LTI target, alongside a $100,000 sign‑on bonus with clawback conditions (sale event exception). LPRO’s recent operating trend during her tenure shows stable revenues and improving EBITDA quarter-over-quarter in 2025. (Appointment, background, education: ; compensation structure: ; sign‑on terms: )
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Argo Group International Holdings, Ltd. (Brookfield subsidiary) | Head of Operations | Nov 2023–Mar 2025 | Oversaw IT, security, operations, and communications across enterprise functions |
| Argo Group International Holdings, Ltd. | SVP Strategy & Business Development | Sep 2022–Nov 2023 | Corporate strategy and business development leadership |
| GuideOne Insurance | Chief Information Officer | Jun 2017–Jun 2022 | Led technology modernization and operational systems |
| State Auto Insurance Companies | Vice President of Technology | Feb 2009–Jun 2017 | Managed technology platforms and infrastructure for specialty lines |
External Roles
No public company directorships or external board roles disclosed for Glasl in the proxy’s executive officer section. (Disclosure scope: )
Fixed Compensation
| Component | Amount/Target | Key Terms |
|---|---|---|
| Base Salary | $400,000 | Effective at employment commencement; paid per regular payroll practices |
| Sign‑On Bonus | $100,000 | Repayable if resignation or termination for cause within 12 months; repayment lapses upon earlier of 12 months, termination without cause, death/disability, or “Sale Event” |
| Paid Time Off | Company executive policy | PTO per executive policy; paid holidays |
| Benefits | Executive benefits eligibility | Standard executive benefits participation |
Performance Compensation
| Incentive | Target | Performance Metrics | Payout Status | Vesting/Plan |
|---|---|---|---|---|
| Annual Cash Bonus | 100% of base salary | Metrics established by Board/Comp Committee under annual plan | Not disclosed for 2025 yet | Paid by Mar 15 following performance year subject to continued employment |
| Long‑Term Incentive (LTI) | 90% of base salary | Award mix set by Board/Comp Committee; form as “relative mix units” | Not disclosed | Under 2020 Stock Option and Incentive Plan and applicable award agreements |
Equity Ownership & Alignment
- Beneficial ownership: Glasl is not listed among individual beneficial owners in the March 27, 2025 security ownership table; no personal share count disclosed. ()
- Clawback: Company has an adopted clawback policy compliant with Nasdaq Listing Rule 5608 for recoupment of erroneously awarded incentive compensation over a three‑year lookback post restatement. ()
- Pledging/hedging: No pledging or hedging disclosures specific to Glasl found. (Not disclosed in )
- Ownership guidelines: No executive stock ownership guideline compliance data specific to Glasl disclosed. (Not disclosed in )
Employment Terms
- At‑will employment; termination by either party at any time. ()
- Offer contingent upon executing a Confidentiality and Non‑Compete (Restrictive Covenants) Agreement (Exhibit A). ()
- Governing Law: Texas; agreement may be executed in counterparts. ()
- Tax withholding: Company may withhold applicable taxes; standard determinations by Company. ()
Performance & Track Record
Company operating trend during Glasl’s tenure (2025):
| Metric | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|
| Revenue ($USD Millions) | $24.393 | $25.310 | $24.169 |
| EBITDA ($USD Millions) | $1.306* | $1.766* | $3.922* |
*Values retrieved from S&P Global.
Revenues remained in a ~$24–25M range, while EBITDA improved sequentially into Q3 2025, indicating cost/efficiency gains off a stable revenue base. (Financials above: revenue citations; EBITDA values via S&P Global tool)
Compensation Committee Context & Peer Benchmarking
- Independent consultant: Korn Ferry supports design and benchmarking. ( )
- Peer group used for executive compensation benchmarking (selection varies by year); examples include AvidXchange, Cardlytics, Clearwater Analytics, Dave, Enova, Intapp, LendingClub, LendingTree, MeridianLink, Mitek Systems, MoneyLion, NewtekOne, Payoneer, PROS Holdings, Q2 Holdings, Repay Holdings, World Acceptance; additional peers used for CEO benchmarking include Flywire, Katapult, Navient, Paymentus, nCino, Pagaya, SoFi, Upstart. ()
- Say‑on‑pay: 2024 approval ~89.9% of votes cast. ()
Compensation Structure Analysis
- New‑hire design emphasizes balanced cash and equity with at‑risk pay via bonus/LTI; sign‑on bonus provides near‑term retention and smooth transition, with repayment exceptions upon “Sale Event” (change‑of‑control proxy definition). ( )
- Company‑level clawback and pay‑for‑performance framework in place; Glasl’s specific LTI performance metrics will be determined by the Compensation Committee going forward. ( )
Risk Indicators & Red Flags
- Non‑compete and restrictive covenants required (positive for retention/knowledge protection). ()
- Clawback policy in force (positive governance). ()
- No disclosure of pledged shares; no Form 4 transaction history cited here; insider selling pressure cannot be assessed from available filings. (Not disclosed in )
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay approval: ~89.9% support, indicating broad acceptance of executive pay design. ()
Expertise & Qualifications
- Deep operating and technology leadership across insurance and specialty lines, including CIO and VP Technology roles; strategy and business development experience at Argo. ( )
- Education: B.S., University of Wisconsin–Milwaukee. ()
Work History & Career Trajectory
- Progressive leadership from technology to operations and strategy across State Auto, GuideOne, and Argo prior to joining Open Lending as COO. ( )
Employment Terms (Severance/Change‑of‑Control) — Glasl‑Specific
- No explicit severance or change‑of‑control cash multiple disclosed in the COO offer letter; sign‑on bonus repayment obligation lapses upon “Sale Event.” ()
Investment Implications
- Alignment: New‑hire package ties compensation to annual bonus and LTI under the 2020 Plan; company‑level clawback reduces pay‑for‑underperformance risk. ( )
- Retention: 12‑month sign‑on clawback and restrictive covenants lower near‑term departure risk; lack of disclosed personal share ownership reduces immediate insider selling pressure signals. ( )
- Execution: Operational background suggests focus on process/technology discipline; early 2025 EBITDA improvements amid stable revenues point to efficiency gains during her tenure window. (Financials table above; revenue citations; EBITDA via S&P Global)