Erik Weaver
About Erik Weaver
Erik Weaver is Executive Vice President & Chief Financial Officer of Life Time Group Holdings (LTH), appointed August 1, 2024 after serving as interim CFO from January 1–July 31, 2024; he joined Life Time in 2004 and rose through Controller roles before becoming CFO . He is 46 years old and holds an MBA from Hamline University and a B.S. in accounting from St. Cloud State University . Company performance under the incentive framework relevant to his 2024 compensation included Adjusted EBITDA of $676.8 million, up 26.1% year-over-year, with leverage ratio reduced to 2.3x from 3.6x; 2024 Net Income was $156.2 million and the company’s TSR (value of $100 initial investment) was 124.62 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Life Time Group Holdings, Inc. | Executive Vice President & Chief Financial Officer | Aug 1, 2024 – present | CFO appointment following interim service; Board approved compensation, including base salary and equity grant; positioned to continue financial leadership . |
| Life Time Group Holdings, Inc. | Interim Chief Financial Officer | Jan 1, 2024 – Jul 31, 2024 | Oversaw finance as interim CFO pending permanent appointment . |
| Life Time Group Holdings, Inc. | Senior Vice President & Controller; Principal Accounting Officer | Apr 2022 – Aug 2024 | Responsible for accounting, financial reporting, and tax functions . |
| Life Time Group Holdings, Inc. | Vice President & Controller | 2018 – Apr 2022 | Controller leadership before promotion to SVP . |
| Life Time Group Holdings, Inc. | Assistant Controller | 2016 – 2018 | Controller track progression . |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary | $500,000 | Approved with CFO appointment effective Aug 1, 2024 . |
| All Other Compensation (2024) | $20,065 | Car allowance $12,000; company car gross-up $5,378; phone allowance $600; executive long-term disability insurance $2,087 . |
2025 changes: The Board increased Mr. Weaver’s base salary and short- and long-term incentive opportunities to recognize performance and better align to peers (specific amounts not disclosed) .
Performance Compensation
Short-Term Incentive (2024 Bonus Program – paid in equity)
| Metric | Weighting/Structure | Target(s) | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Adjusted EBITDA (FY 2024) | Tranches; linear interpolation between levels | Tranche 1: $590m; Tranche 2: $610m; Tranche 3: $630m | $676.8m | Tranche 3 payout; Mr. Weaver: $400,000 (paid in shares) | Shares vested Feb 28, 2025; Mr. Weaver received 13,131 fully vested shares; valued at $30.46 on vest date . |
| Leverage Ratio (FY-end 2024) | All-or-nothing component | ≤3.0x | 2.3x | Full payout; part of tranche structure; component equals 25% of tranche two opportunity (design note) | Vested Feb 28, 2025 (for NEO RSUs); Weaver’s payout settled in shares at performance determination . |
| 2024 STIP Opportunity (Max/Tranche 3) | Value |
|---|---|
| Initial approval (2024) | $300,000 |
| Increased (approved Jan 11, 2025, effective for 2024) | $400,000 |
Long-Term Incentive (2024 grants)
| Award Type | Grant Date | Shares/Units (#) | Grant-Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|
| Time-based RSUs (LTI program) | Feb 7, 2024 | 15,000 | $186,300 | Vests ratably over three years beginning in early 2025 (time-based) . |
| CFO RSUs (promotion award) | Aug 1, 2024 | 15,000 | $331,050 | Cliff vest on Aug 1, 2027 . |
2024 LTI program for other NEOs introduced multi-year PSUs on leverage ratio and Adjusted EBITDA; Weaver (not an executive officer when program was adopted) received only time-based RSUs .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 5, 2025) | 46,821 shares; less than 1% of outstanding; company had 217,711,044 shares outstanding . |
| Ownership Guidelines | CEO: 5x base salary; other executive officers: 3x base salary. Shares owned directly and equity awards subject solely to time-based vesting count; performance-based awards and options do not. Executives must retain at least 50% of net shares from vesting/exercise until compliant; all executives either in compliance or progressing . |
| Anti-Hedging & Anti-Pledging | Prohibits short-sales, options/derivatives, hedging, and pledging Life Time stock (including margin accounts) for officers/directors/employees . |
| 2024 STIP Settlement | Weaver’s 2024 STIP settled in stock; 13,131 shares vested on Feb 28, 2025 . |
Employment Terms
| Provision | Terms |
|---|---|
| Severance (No CIC) | Cash equal to 12 months of base salary plus tranche three (maximum) annual incentive opportunity if involuntarily terminated without Cause or resign for Good Reason . |
| Severance (CIC + termination) | Same cash severance as above (aggregate $900,000 based on 2024 maximum bonus), plus applicable equity acceleration per plan terms . |
| Change in Control (No termination) | Equity acceleration value shown (unvested equity subject to accelerated vesting): $1,445,379 (based on $22.12 closing price as of Dec 31, 2024) . |
| Health Benefits (COBRA) | Continued COBRA coverage value included in “All Other Payments” ($27,375, based on 18 months of 2024 insurance premiums) . |
| Non-Compete / Non-Solicit | Executives subject to non-competition and non-solicit covenants through the 24-month anniversary of termination; perpetual confidentiality and mutual non-disparagement . |
| Section 280G | “Best net” cutback provision applies . |
| Clawback Policy | Amended policy compliant with NYSE/SEC; mandates forfeiture/recovery of excess incentive-based compensation tied to restated financial measures over preceding 3 years . |
Investment Implications
- Strong pay-for-performance alignment: 2024 incentives linked to Adjusted EBITDA and leverage ratio; both exceeded targets (Adjusted EBITDA $676.8m, +26.1% YoY; leverage 2.3x vs ≤3.0x), driving maximum STIP payout in stock and reinforcing cash conservation and equity alignment .
- Equity settlement and time-based RSUs create scheduled supply events; notable vest dates are Feb 2025–2027 for time-based RSUs and Aug 1, 2027 for CFO RSUs, which can contribute to insider selling pressure around vesting windows absent 10b5-1 plans .
- Retention economics are moderate: cash severance equals 1x base salary + max annual bonus ($900,000 using 2024 bonus levels), with 24-month restrictive covenants; however, equity acceleration upon a change in control even without termination is a shareholder-unfriendly single-trigger feature that can increase deal-related dilution .
- Alignment safeguards: strict anti-hedging/anti-pledging rules and stock ownership guidelines (3x salary for non-CEO executives) reduce misalignment risk; company-wide compliance/progress reported, though Weaver’s individual status isn’t specified .
- Forward comp direction: 2025 program shifts STIP and PSUs to Adjusted EBITDA exclusively, and Weaver’s base and incentive opportunities were increased to peer levels—suggesting confidence in operational execution and EBITDA expansion focus through 2027 LTI cycles .