David Schrenk
EVERSPIN TECHNOLOGIESAbout David Schrenk
Vice President of Sales and Business Development at Everspin (MRAM) since March 14, 2022; joined Everspin in 2018 after 18 years at Intel across pricing, demand, product marketing, and field sales. Education: MBA, W. P. Carey School of Business (ASU); BS in Management Information Systems, University of Arizona . Company performance context: cumulative TSR from a $100 base ended 2024 at $138.91 vs $196.52 in 2023 and $120.87 in 2022; net income was $0.781M in 2024, $9.052M in 2023, and $6.129M in 2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Everspin Technologies | VP Sales & Business Development | 2022–present | Manages global sales, BD and application engineering; accountable for product sales, foundry services, partnerships |
| Everspin Technologies | Sr. Director, Business Development & Business Marketing | 2018–2022 | Drove technology/IP sales; forecasted near-term commercial product sales globally |
| Intel Corp. | Pricing Team Manager | 2014–2018 | Led roadmap and strategic pricing across product segments |
| Intel Corp. | Pricing Manager | 2010–2014 | Supported tablet/phone pricing strategy |
| Intel Corp. | Demand Manager | 2008–2010 | Led market size and product mix planning for tablet/phone/netbook |
| Intel Corp. | Product Marketing Engineer | 2004–2008 | Xeon processor go‑to‑market strategy |
| Intel Corp. | Field Sales Engineer | 2000–2004 | Territory quota and account management |
External Roles
No external public company directorships disclosed for Schrenk in MRAM’s proxy filings; he is listed as a Named Executive Officer, not a director .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $238,004 | $261,804 |
| Target Bonus (%) | 35% of base | 35% of base |
| All Other Compensation ($) | $910 | $910 |
| Total Compensation ($) | $669,410 | $897,805 |
Performance Compensation
| Incentive | Weighting | Target | Actual Payout | Vesting/Timing | Notes |
|---|---|---|---|---|---|
| Annual performance-based bonus | Not disclosed | 35% of base salary | 2023: $145,646; 2024: $60,531 | Cash, annual | 2023 goals: 7 categories (2 financial, 5 technology); 2024 goals: 6 categories (2 financial, 4 technology) |
Long-Term Equity Grants
| Metric | 2023 | 2024 |
|---|---|---|
| RSUs Awarded (#) | 45,000 | 63,000 |
| Stock Awards Grant-Date Fair Value ($) | $284,850 | $574,560 |
| RSU Vesting Schedule | 25% annually over 4 years from grant | 72% vests in equal quarterly installments over first 2 years; remaining 28% vests quarterly over next 2 years |
Equity Ownership & Alignment
| Ownership Item | Value |
|---|---|
| Shares owned (direct/indirect) | 68,878 |
| Shares acquirable within 60 days (options/RSUs) | 34,298 |
| Total beneficial ownership | 103,176 |
| Ownership % of shares outstanding | <1% (22,352,145 shares outstanding) |
| Unvested RSUs as of 12/31/2024 | 61,381 units; $397,749 market value (at $6.48) |
| Hedging/pledging policy | Company prohibits short sales, options hedging, margin accounts, and pledging of company stock |
Options Outstanding (as of 12/31/2024)
| Grant | Exercisable | Unexercisable | Strike ($) | Expiration | Vesting Terms |
|---|---|---|---|---|---|
| 3/14/2022 Option (112,000 shares) | 10,625 | 4,375 | 8.17 | 3/14/2032 | 25% on 1/1/2023; remainder monthly through 1/1/2026 |
| 8/6/2021 Option (50,000 shares) | 11,718 | 782 | 5.62 | 8/7/2031 | 25% on 8/6/2022; remainder monthly through 8/6/2025 |
| 3/24/2020 Option (30,000 shares) | 7,292 | — | 2.23 | 3/25/2030 | 25% on 3/24/2021; remainder monthly through 3/24/2024 |
| 4/7/2020 Option (15,000 shares) | 375 | — | 2.56 | 4/8/2030 | 25% on 4/7/2021; remainder monthly through 4/7/2024 |
| Legacy options | 2,110 | — | 8.52 | 8/20/2028 | Not disclosed |
| Legacy options | 146 | — | 6.86 | 8/26/2029 | Not disclosed |
Employment Terms
- Employment Agreement dated July 10, 2018; base salary increases; discretionary annual bonus up to 35% of base, set by Board based on company and individual objectives .
- Participant in Amended Executive Change in Control (CIC) Plan (participation notice March 15, 2023): upon termination without cause or resignation for good reason in connection with a change in control, benefits include: 6 months base salary continuation; up to 6 months COBRA premiums; lump-sum payment of target performance bonus for year of termination; acceleration of equity awards that would have vested in the 6 months post-separation (double-trigger) .
- At‑will employment; standard confidential information and invention assignment agreement; no defined benefit pension; no non‑qualified deferred compensation plans .
Investment Implications
- Pay mix and equity emphasis: Schrenk’s compensation skews to equity (stock awards FV: $574.6k in 2024 vs $261.8k salary), with RSUs now the primary long-term vehicle and no new options granted since 2022—lower risk profile vs options and potential for ongoing quarterly vesting-related supply .
- Bonus alignment: Targets emphasize revenue growth, cash flow, margins, cost/yield improvements, and technology milestones; Schrenk’s target bonus is 35% of base. Actual payouts vary with multi-category goal achievement (2024 cash payout $60.5k vs $145.6k in 2023), signaling sensitivity to operational performance .
- Retention and change-of-control: CIC economics are modest (6 months salary + target bonus, limited acceleration), suggesting reasonable retention without oversized parachute risk; frequent RSU vesting supports retention but may create recurring sell windows—monitor Form 4 filings around vest dates. Hedging/pledging prohibitions mitigate misalignment risk .
- Ownership alignment: Beneficial ownership <1% with 61,381 unvested RSUs at YE 2024 indicates some skin-in-the-game, though not controlling; alignment relies more on vesting and bonus structures tied to company objectives than on ownership size .
- Performance backdrop: Company TSR and profitability were volatile (TSR down in 2024; net income fell to $0.781M), heightening execution risk for sales-led growth; compensation structure appropriately retains at-risk components tied to corporate outcomes .