Lawrence Finch
EVERSPIN TECHNOLOGIESAbout Lawrence G. Finch
Independent director of Everspin Technologies (MRAM) since June 2008, age 90 as of the 2025 proxy. Managing Director at Sigma Partners (since 1987), he brings four decades of venture and operational experience advising more than 20 technology companies, with deep relationships across semiconductors .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Everspin Technologies, Inc. | Director | Jun 2008–present | Audit member; Compensation member; previously Nominating & Corporate Governance member until May 23, 2024 |
| Sigma Partners (venture capital) | Managing Director | 1987–present | Advised 20+ early-stage technology companies; operational scaling expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sigma Partners | Managing Director | 1987–present | Entities affiliated with Sigma Partners owned 5.5% of MRAM as of Mar 25, 2025 |
Board Governance
- Independence: Board determined Finch “independent” under Nasdaq and SEC rules; all committee members are independent .
- Committee assignments (current): Audit Committee member; Compensation Committee member. Nominating & Corporate Governance Committee does not include Finch post-May 2024 .
- Committee chairs: Audit chaired by Geoffrey Ribar; Compensation chaired by Glen Hawk; Nominating & Corporate Governance chaired by Tara Long .
- Attendance and engagement: In 2024 the Board met 7 times; Audit 5; Compensation 4; Nominating & Corporate Governance 4. Each director attended at least 75% of meetings of the Board and committees they served on .
- Leadership structure and risk oversight: Chairman and CEO roles are separated (Chair: Darin Billerbeck; CEO: Sanjeev Aggarwal). Risk oversight is performed by the full Board and committees; Audit reviews related-party transactions .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Annual Board cash retainer (policy) | $55,000 (standard for non-employee directors) | $53,625 (standard for non-employee directors) |
| Committee chair cash retainers (policy) | Audit $15,000; Compensation $10,000; Nominating $7,500 | Audit $14,625; Compensation $9,750; Nominating $7,313 |
| Finch – Fees Earned or Paid in Cash | $0 | $0 |
| Finch – Stock Awards (grant-date fair value) | $179,989 | $178,615 |
| Finch – Total Director Compensation | $179,989 | $178,615 |
| Finch – Retainer election | 100% of annual cash retainer paid in RSUs (6,891 shares), vested immediately | 100% of annual cash retainer paid in RSUs (9,241 shares), vested immediately |
Performance Compensation
| Element | 2023 | 2024 |
|---|---|---|
| Equity structure for non-employee directors | Annual RSU grants; time-based vesting; no performance metrics disclosed | Annual RSU grants; time-based vesting; no performance metrics disclosed |
| Specific performance metrics tied to director pay | None disclosed | None disclosed |
| Vesting details (Finch) | Retainer-conversion RSUs vested immediately; other director RSUs vest time-based (monthly/annually) | Retainer-conversion RSUs vested immediately; other director RSUs vest time-based (monthly/annually) |
No revenue/EBITDA/TSR or ESG metrics are used for director compensation; RSU awards are time-based with no performance targets .
Other Directorships & Interlocks
| Company/Entity | Role | Interlock/Exposure |
|---|---|---|
| Sigma Partners funds | GP/Managing Director (at Sigma) | Sigma Partners–affiliated entities owned 5.5% of MRAM shares as of Mar 25, 2025, creating a potential perceived conflict; Board reports no related-party transactions during 2023–2024 |
No other public company directorships are disclosed for Finch in MRAM’s proxies .
Expertise & Qualifications
- 40 years founding/managing/financing technology businesses; venture operator with semiconductor relationships; advises early-stage companies through high-growth phases .
- Board composition highlights diverse experiences; Finch contributes deep industry network and company history knowledge .
Equity Ownership
| Holder | Shares Owned | Shares Acquirable within 60 Days | Total Beneficially Owned | % of Outstanding |
|---|---|---|---|---|
| Lawrence G. Finch (individual + trust) | 488,599 | 27,496 | 516,095 | <1% |
| Entities affiliated with Sigma Partners | 1,240,366 | — | 1,240,366 | 5.5% |
| Finch – Outstanding Awards (as of Dec 31, 2024) | Count |
|---|---|
| Options Awards | 24,000 |
| RSU Awards (unvested) | 8,739 |
- Company insider trading policy prohibits hedging, short sales, margin accounts, and pledging by directors and officers .
- No director stock ownership guidelines are disclosed in the proxies reviewed .
Governance Assessment
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Strengths: Independent status; long-tenured board experience; active roles on Audit and Compensation; strong equity alignment via RSUs instead of cash; robust insider trading policy prohibiting hedging/pledging; no related-party transactions reported since Jan 1, 2023 .
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Watch items / potential conflicts: Sigma Partners–affiliated entities hold a 5.5% stake while Finch is a Sigma Managing Director—monitor for recusals and continued independent oversight; company discloses no related-party transactions in the period . Minor process risk indicated by late Section 16 filings for Finch in 2024 (two Form 4s filed late) . Age 90 suggests ongoing board refresh and succession planning considerations for sustained effectiveness .
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Attendance: Board and committee meeting participation met the ≥75% threshold for all directors in 2024, indicating baseline engagement .
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Committee effectiveness: Audit and Compensation committees remain chaired by independent directors, with explicit responsibilities including related-party review and use of independent compensation consultants (Semler Brossy engaged in 2023; 2024 analysis deemed sufficient without new engagement) .