Laird Hamilton
About Laird Hamilton
Co-Founder, Chief Innovator, and Director of Laird Superfood (LSF) since its founding in 2015; age 61; serves as an executive officer and board member (not independent) . Company performance under the current leadership team improved materially in FY2024: net sales grew 27% to $43.3M with gross margin expanding to 40.9% (from 30.1%); net loss narrowed to $1.8M; Adjusted EBITDA improved to ($0.7)M (from ($9.0)M) .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Sales ($USD) | $34.2M | $43.3M |
| Gross Margin (%) | 30.1% | 40.9% |
| Net Loss ($USD) | $10.2M | $1.8M |
| Adjusted EBITDA ($USD) | ($9.0)M | ($0.7)M |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Laird Superfood, Inc. | Co-Founder & Chief Innovator | 2015–present | Product development, brand direction, leveraging athletic/nutrition expertise |
| Professional Surfing / Board Sports | Athlete/Innovator | ~25+ years | Credibility and innovation in tow-in surfing, SUP, hydrofoil; brand authenticity |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| XPT Extreme Performance Training | Co-founder | 2016–present | Performance lifestyle platform, reinforces fitness/nutrition positioning |
| Various ventures/endorsements (incl. Laird Apparel) | Outside business activities | Ongoing | Brand visibility; time allocation considerations |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $122,128 | $125,000 |
| Annual Bonus Paid ($) | $54,513 | $86,875 |
Notes:
- No employment agreement for Mr. Hamilton; bonus program exists, but specific performance metrics and target percentages for Mr. Hamilton are not disclosed .
Performance Compensation
| Grant Type | Grant Year | Grant-Date Fair Value ($) | Key Vesting Terms |
|---|---|---|---|
| RSUs | 2023 | $40,500 | Company RSUs/Options granted in 2024 generally vest ratably over five years; specific Hamilton RSU schedules detailed below |
| RSUs | 2024 | $871,200 | Five equal annual tranches ending 2/23/2029 for 198,000 RSUs |
| Stock Options | 2023 | $27,665 | Multiple option schedules; see award-level table below |
| Stock Options | 2024 | $32,111 | Five-year ratable vesting for 2024 grants |
Detailed outstanding awards (as of 12/31/2024):
| Instrument | Exercisable | Unexercisable | Strike ($) | Expiration | Vest Schedule End |
|---|---|---|---|---|---|
| Option | 50,000 | — | 2.00 | 2/24/2026 | Vested (award vested 2/24/2019) |
| Option | 60,000 | — | 9.00 | 2/22/2028 | Vested (award vested 2/22/2020) |
| Option | 4,185 | 1,396 | 43.53 | 2/1/2031 | 2/1/2025 |
| Option | 16,500 | 16,500 | 3.17 | 5/5/2032 | 5/5/2026 |
| Option | 12,500 | 37,500 | 0.81 | 4/3/2033 | 4/4/2027 |
| Option | — | 70,000 | 0.73 | 2/23/2034 | 2/23/2029 |
| RSUs | — | 690 | — | — | 2/1/2025 |
| RSUs | — | 16,500 | — | — | 5/5/2026 |
| RSUs | — | 37,500 | — | — | 4/4/2027 |
| RSUs | — | 198,000 | — | — | 2/23/2029 |
Market value of unvested RSUs (12/31/2024 close $7.88):
| RSUs Unvested | Market Value ($) |
|---|---|
| 690 | $5,437 |
| 16,500 | $130,020 |
| 37,500 | $295,500 |
| 198,000 | $1,560,240 |
Clawback: Company-wide Incentive Compensation Recovery Policy (NYSE/SEC 10D-compliant) mandates recoupment of excess incentive compensation following accounting restatements; prohibits indemnification for amounts recovered .
Equity Ownership & Alignment
| Measure | Value |
|---|---|
| Outstanding Shares Beneficially Owned | 759,027 |
| Shares Exercisable Within 60 Days | 179,331 |
| Total Beneficial Ownership | 938,358 |
| Percent of Class | 8.7% |
- Anti-hedging and anti-pledging: Hedging requires Compliance Officer pre-approval; pledging is prohibited absent Audit Committee pre-approval .
- Insider trading policy (pre-clearance, blackout windows, Rule 10b5-1 plans) in place for directors and officers .
Employment Terms
- Employment agreement: None for Mr. Hamilton (CEO/CFO have agreements; Hamilton does not) .
- Non-compete/non-solicit: Company has limited non-compete/non-solicit arrangements with Mr. Hamilton and Ms. Reece; founders also grant a license to use their images/names; outside activities may affect time allocation .
- Severance/change-in-control: Not disclosed/applicable for Mr. Hamilton (terms described in proxy apply to CEO/CFO) .
- Retirement/deferred compensation: No defined benefit pension or nonqualified deferred compensation plan maintained .
Board Governance
| Attribute | Details |
|---|---|
| Board Service | Director since 2015 |
| Independence | Not independent (executive officer) |
| Committees | None (not a member of Audit, Compensation, or Nominating committees) |
| Board Leadership | Independent Chair (Geoffrey T. Barker) |
| Executive Sessions | Non-employee and independent directors meet in executive session at least twice per year |
| Attendance | Each director attended ≥75% of Board/committee meetings in 2024; Board met 11 times |
| Director Compensation | Employee-directors (Hamilton, Vieth) receive no director fees/equity for board service |
Compensation governance: Compensation Committee (independent) engages FW Cook as independent consultant; peer group of 17 small-cap food/beverage/tobacco companies used for benchmarking (no target percentile disclosed) .
Peer group companies: 22nd Century; Alico; Bridgford Foods; Celsius; Coffee Holding; Craft Brew Alliance; Crimson Wine; Lifeway Foods; Limoneira; MamaMancini’s; MGP Ingredients; NewAge; RiceBran Tech; Rocky Mountain Chocolate Factory; S&W Seed; South Dakota Soybean; Willamette Valley Vineyards .
Related Party Transactions
- Influencer agreement with Gabrielle Reece (Mr. Hamilton’s spouse) for marketing services; paid $251,061 in FY2024 .
- Audit Committee oversees related party transactions; policy requires arm’s length review and approval .
Performance & Track Record
| FY 2024 Highlights | Details |
|---|---|
| Net Sales Growth | $43.3M vs $34.2M (+27%) |
| Channel Mix | E-commerce 59%; Wholesale 41% (e-comm +32% YoY; wholesale +19% YoY) |
| Margin Expansion | Gross margin 40.9% (+1,071 bps YoY) driven by co-manufacturing model, favorable costs, settlements, reduced promo spend |
| Profitability | Net loss improved to $1.8M; Adjusted EBITDA to ($0.7)M |
Strategic risks include reliance on founders’ brand/image, supply chain concentration, regulatory labeling scrutiny, and co-manufacturer terminations (liquid creamers) noted in 2025 Risk Factors .
Compensation Structure Analysis
- Cash/equity mix shift: 2024 shows a substantial increase in RSU grant value ($871,200) relative to salary ($125,000), emphasizing long-term equity alignment .
- Equity award structure: Multi-year, time-based vesting (up to 2029) for RSUs and options; no disclosures of PSUs/TSR metrics tied to pay for Mr. Hamilton .
- Governance safeguards: Clawback policy adopted; anti-hedging/anti-pledging controls; independent Compensation Committee and external consultant (FW Cook) .
Investment Implications
- Alignment: High beneficial ownership (8.7%) and large unvested RSUs/long-dated options create strong long-term alignment; anti-hedging/pledging policy reduces misalignment risk .
- Retention/overhang: Five-year RSU vesting through 2029 (198,000 units) implies ongoing vesting cadence; monitor Rule 10b5-1 plan usage and vesting dates for potential supply overhang in public float .
- Governance: Dual role risk mitigated by independent Chair and Hamilton’s non-membership on key committees; however, related-party payments to spouse warrant continued Audit Committee oversight .
- Pay-for-performance: Bonus amounts for Mr. Hamilton are disclosed, but underlying metrics/targets are not; equity is primarily time-based—less direct linkage to specific performance metrics vs. PSUs .