Parham Javaheri
Executive Vice President, President Club Operations & Chief Property Development Officer at Life Time Group Holdings
Executive
About Parham Javaheri
Executive Vice President, President Club Operations & Chief Property Development Officer at Life Time Group Holdings, Inc. (LTH); age 48; joined Life Time in December 2004 and has led its real estate and development division since 2014, assuming his current role in December 2023 . Under the executive team’s leadership in 2024, revenue grew ~18.2% to over $2.6B and Adjusted EBITDA rose by $140M to $676.8M with leverage reduced to 2.3x; membership visits reached 114M and total memberships ended at 866,085, indicating strong execution on asset-light growth and margin expansion . Total shareholder return since IPO to FY2024 was 124.62 on a $100 base, evidencing improving equity performance alongside profitability and deleveraging .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Life Time Group Holdings, Inc. | EVP, President Club Operations & Chief Property Development Officer | Dec 2023–present | Oversees club operations and asset-light development; integrates real estate execution with operations |
| Life Time Group Holdings, Inc. | Executive Vice President (Real Estate & Development) | 2018–2023 | Led real estate and development; scaled asset-light strategy |
| Life Time Group Holdings, Inc. | Senior Vice President, Real Estate & Development | 2017–2018 | Advanced development pipeline and execution |
| Life Time Group Holdings, Inc. | Vice President, Real Estate & Development | 2015–2017 | Built internal development function and processes |
| Life Time Group Holdings, Inc. | Led Real Estate & Development Division | Since 2014 | Leadership of real estate and development division |
| Life Time Group Holdings, Inc. | Various roles (joined) | Dec 2004 | Long-tenured operator with 20+ years in development |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alliant Engineering, Inc. | Project Manager | Pre-2004 | Project management in engineering; foundation for development expertise |
Fixed Compensation
| Component | FY 2024 | Notes |
|---|---|---|
| Annualized Base Salary | $810,000 | Approved increase to align with role expansion and market peers |
| Salary Paid (2024) | $790,385 | Reported in Summary Compensation Table |
| Car Allowance / Use of Company Car | $10,250 | Perquisites line-item |
| Company Car Tax Gross-Up | $8,642 | Tax gross-up for car allowance |
| Phone Allowance | $600 | Standard executive allowance |
| Executive Long-Term Disability Insurance | $2,220 | Executive benefit |
Performance Compensation
2024 Short-Term Incentive Program (paid in equity; one-year performance RSUs)
| Metric | Target | Actual | Component Opportunity (Parham) | Payout (Parham) | Vehicle | Vesting |
|---|---|---|---|---|---|---|
| Leverage Ratio | ≤ 3.0x | 2.3x | $162,000 | $162,000 | One-year performance RSUs | Vested Feb 28, 2025 |
| Adjusted EBITDA | Tranche 1: $590M; Tranche 2: $610M; Tranche 3: $630M | $676.8M | $810,000 (Tranche 3) | $810,000 | One-year performance RSUs | Vested Feb 28, 2025 |
2024 Long-Term Incentive Program (50% RSUs, 50% PSUs)
| Award Type | Grant Date | Quantity (Parham) | Vesting | Performance Condition | Notes |
|---|---|---|---|---|---|
| Time-based RSUs | Feb 7, 2024 | 60,994 | Ratable over 3 years | None | Part of $1,620,000 aggregate LTI value |
| PSUs – Leverage Ratio | Feb 7, 2024 | 20,331 (target) | One-third each year (2024–2026) | ≤ 3.0x leverage per year; 2024 one-third vested in full | Performance achieved; 2024 tranche vested |
| PSUs – Adjusted EBITDA | Feb 7, 2024 | 40,663 (target) | Entire award vests end of 3-year period | Annual performance; 25%/100%/250% of target for Tranche 1/2/3 each year; 2024 achieved at 250% of first third | Achieved 250% for 2024 tranche; final vest post-2026 |
Multi-Year Compensation (Reported)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $673,558 | $748,558 | $790,385 |
| Bonus ($) | $300,000 (retention bonus) | — | — |
| Stock Awards ($) | $1,021,563 | $2,143,002 | $2,592,004 |
| Option Awards ($) | $562,504 | $625,004 | — |
| Non-Equity Incentive ($) | — | — | — |
| All Other Compensation ($) | $19,169 | $18,141 | $21,712 |
| Total ($) | $2,576,794 | $3,534,705 | $3,404,101 |
Equity Ownership & Alignment
Beneficial Ownership and Breakdown (as of March 5, 2025)
| Item | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 682,304; <1% of outstanding |
| Directly Held Shares | 143,724 |
| Options Exercisable | 456,181 |
| Options Unvested (next vest dates) | 16,344 (Mar 9, 2025); 19,055 (Mar 17, 2025); 22,000 (May 1, 2025) |
| RSUs Scheduled (near-term) | 12,500 (Mar 11, 2025); 12,500 (May 1, 2025) |
Outstanding Awards at FY2024 Year-End (Market value at $22.12/share)
| Award | Unvested Units | Market Value ($) |
|---|---|---|
| 2024 pRSUs – Leverage | 12,199 | $269,842 |
| 2024 RSUs (LTI) | 60,994 | $1,349,187 |
| 2024 PSUs – Leverage (unearned target) | 20,331 | $449,722 |
| 2024 PSUs – Adjusted EBITDA (unearned target) | 40,663 | $899,466 |
Stock Ownership Guidelines, Hedging/Pledging, Clawbacks
- Ownership guideline for executive officers: 3× base salary; time-based equity counts; performance-based awards and options do not; executives must retain at least 50% of net shares until compliant; status: all executives in compliance or progressing .
- Anti-hedging and anti-pledging policy prohibits short sales, derivatives, hedging, and pledging of Life Time stock (including margin accounts) .
- Executive incentive compensation recovery (clawback): in case of accounting restatement for material noncompliance, forfeiture/recovery of excess incentive-based comp for the preceding 3 years .
Employment Terms
| Provision | Terms (Parham Javaheri) |
|---|---|
| Agreement & Term | Executive Employment Agreement effective Oct 12, 2021; initial 3-year term with automatic 1-year renewals unless either party gives notice |
| Non-Compete / Non-Solicit | 24 months post-termination; perpetual confidentiality and mutual non-disparagement |
| Severance (No CIC) | Cash severance equals 1.5× (base salary + target annual bonus), paid partly in installments then over 12 months, plus up to 18 months COBRA; for Parham, cash $2,187,000; benefits $31,303 (health) as of 12/31/2024 |
| Change-in-Control (No Termination) | Equity acceleration value (unvested awards under plan terms) shown as $4,609,145 at 12/31/2024 |
| CIC + Qualifying Termination | Cash $2,187,000; equity acceleration $4,609,145; benefits $31,303 (health) |
| Death/Disability | Tranche three annual bonus (2024) of $972,000 payable |
| Equity Treatment & Triggers | Double-trigger acceleration under 2021 Plan if terminated without cause within 12 months after CIC; PSUs vest based on actual achievement for completed performance periods upon death/disability or termination without cause |
| “Cause” / “Good Reason” | Defined in agreement (e.g., material failure, policy violations, misconduct; Good Reason includes material pay/location changes or role reductions) |
| Tax Gross-Ups | Tax gross-up provided on car allowance; Parham’s 2024 gross-up $8,642 |
Insider Transactions (last 24 months)
| Filing Date | Trade Date | Code | Type | Shares | Price | Source |
|---|---|---|---|---|---|---|
| 2025-08-28 | 2025-08-26 | S | Sale | 9,375 | — | |
| 2025-06-16 | 2025-06-12 | S | Sale | 84,744 | — | |
| 2025-03-03 | 2025-02-28 | F | Taxes (withholding) | 45,002 | $30.46 | |
| 2025-03-03 | 2025-02-28 | A | Award (stock) | 33,885 | — | |
| 2024-11-26 | 2024-11-22 | S | Sale | 168,000 | $24.5725 | |
| 2024-11-26 | 2024-11-22 | M | Option exercise | — | — | |
| 2024-12-11 | 2024-12-09 | F | Taxes (withholding) | 1,426 | $23.51 | |
| 2024-03-13 | 2024-03-13 | S | Sale | 33,816 | $14.40 | |
| 2024-02-27 | 2024-02-23 | A/F | Award; Taxes (withholding) | 20,032; 6,308 | $12.48 (F) |
Note: Several filings include multiple transaction codes on the same form; quantities marked “—” reflect aggregate activity noted in SEC index filings where XML trade detail is not separately available.
Additional Company Performance Context
- FY2024 results: revenue >$2.6B (+18.2% YoY), net income $156.2M, Adjusted EBITDA $676.8M (+$140M YoY), net income margin 6.0%, Adjusted EBITDA margin 25.8%; leverage improved to 2.3x from 3.6x; strong member engagement (114M visits) and memberships ended at 866,085 (+6.3% YoY) .
- Compensation framework emphasized Adjusted EBITDA and deleveraging across short- and long-term incentives; 2025 STIP is solely Adjusted EBITDA (no leverage component), signaling confidence in leverage targets .
- Say‑on‑pay approval: 2024 at >96% support; 2025 advisory vote approved (189,949,911 For; 4,258,335 Against; 24,182 Abstain) .
Investment Implications
- Pay-for-performance alignment is strong: 2024 incentives tied to leverage and Adjusted EBITDA both paid at max, and multi-year PSUs have 250% upside on EBITDA tranches, reinforcing focus on growth and deleveraging; vesting schedules create annual and end-of-period gates that help retention .
- Insider selling pressure: Multiple discretionary sales in Nov 2024, Jun 2025 and Aug 2025 alongside tax-withholding events around vesting dates suggest some liquidity-taking; monitor Form 4 cadence around February–March vesting windows for potential near-term supply .
- Equity ownership and policies: Beneficial ownership <1% but substantial options and RSUs outstanding; strict anti-pledging/hedging and 3× salary ownership guideline with retention requirement reduce misalignment risk; clawback coverage on restatements adds governance protection .
- Severance/CIC economics: 1.5× cash severance plus double‑trigger equity acceleration under CIC provides meaningful downside protection; investors should evaluate total potential payout ($6.83M including equity at FY2024 mark) in change‑of‑control scenarios when assessing management incentives and potential M&A dynamics .
Company financials (reference)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 1,769,520,000 * | 2,154,329,000 * | 2,546,651,000 * |
| EBITDA ($) | 242,032,000* | 493,197,000* | 635,564,000* |
*Values retrieved from S&P Global.