Micah Mitchell
MYOMOAbout Micah Mitchell
Micah J. Mitchell is Chief Commercial Officer (CCO) at Myomo (MYO), joining in July 2018 to scale sales, marketing, and distribution for the MyoPro product line; he holds a BS in Economics (Baylor University) and an MBA (UT Austin McCombs) . As an executive, his annual bonus structure is primarily tied to revenue and operating loss targets, supplemented by individual performance, with maximum payouts capped and RSU/PSU awards layered for long-term alignment . Company performance context: Myomo’s revenue grew from ~$15.6M in FY2022 to ~$32.6M in FY2024, while EBITDA losses narrowed, supporting improved pay-for-performance alignment in recent years (see table below) .
Company performance (context for pay-for-performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $15,555,229 | $19,241,158 | $32,551,199 |
| EBITDA (USD) | -$10,479,405* | -$8,067,243* | -$6,000,788* |
Values retrieved from S&P Global*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invacare Corporation (NYSE: IVC) | VP, N.A. Commercial Operations & Business Development | 2016–2018 | Grew field sales; reimbursement strategies for mobility products |
| Numotion (private) | Regional Vice President | 2015–2016 | Regional growth in configured mobility solutions |
| Wheelchair Vans, LLC | Managing Member | 2011–2015 | Built wheelchair-accessible van rental/sales business |
| Alliance Seating & Mobility (private) | Director of Sales | 2008–2012 | DME sales leadership in custom mobility |
| MYO (press release context) | Chief Commercial Officer | 2018–present | Scaling commercial ops, COE network, DTC demand generation |
External Roles
- No public-company directorships or external committee roles disclosed for Mitchell .
Fixed Compensation
| Component | 2019 | 2020 | 2021 |
|---|---|---|---|
| Base Salary (USD) | $179,998 | $179,998 | $182,533 (prorated; base increased from $180,000 to $185,400 effective 7/1/21) |
| Target Bonus (%) | 80% of base | 80% of base | 80% of base |
| Actual Cash/NEIP Bonus (USD) | — | $140,616 | $134,858 |
| Notes | — | — | Portion of 2021 bonus paid in fully-vested RSUs ($17,000 FV) |
Performance Compensation
Annual bonus framework (payout mechanics)
| Metric | Weighting | Target | Actual | Payout Range | Notes |
|---|---|---|---|---|---|
| Revenue | 40% (half of 80% corporate portion) | Not disclosed | Not disclosed | 0–200% of corporate portion | Corporate metrics equally weighted; 20% individual subjective; max bonus = 180% of target |
| Operating Loss (ex-SBC) | 40% (half of 80% corporate portion) | Not disclosed | Not disclosed | 0–200% of corporate portion | See above |
| Individual Performance | 20% | Not disclosed | Not disclosed | Committee discretion | Subjective component |
Equity awards and vesting schedules (Mitchell)
| Award Type | Grant Date | Quantity | Vesting Schedule | Notes |
|---|---|---|---|---|
| Stock Options | 7/9/2018 | 878 exercisable; 122 unexercisable | Options: 25% at 1-year; remainder monthly over 36 months | Strike $79.20; expires 7/9/2028 |
| RSUs (time-based) | 7/1/2020 | 8,750 unvested | 50% at 1-year; then equal annual installments over 2 years | |
| RSUs (time-based) | 6/9/2021 | 5,700 unvested | Three equal annual installments | |
| PSUs (TSR-based) | 6/9/2021 | 11,400 (maximum) | Earned based on TSR vs peer group; measurement 6/9/2021–3/9/2024; vests 6/9/2024 if earned | Max vests if ≥75th percentile; none below 25th percentile |
Equity Ownership & Alignment
| Date (Record) | Shares Beneficially Owned | % of Outstanding | Composition/Notes |
|---|---|---|---|
| 3/31/2021 | 2,010 | <1% | 1,279 common; 710 options; 21 RSUs-to-be-issued; excludes 18,269 RSUs unvested |
| 9/30/2022 | 14,276 | <1% of 7,052,996 | 13,256 common; 1,000 options; 20 RSUs-to-be-issued; excludes 41,875 unvested RSUs |
- Pledging/Hedging: Insider trading policy prohibits short sales, derivative hedging, margin borrowing, and pledging without prior approval, mitigating misalignment and forced selling risks .
- Ownership guidelines: Not specifically disclosed for executives in proxies reviewed; no non-compliance disclosures identified .
Employment Terms
| Term | Detail |
|---|---|
| Start Date & Role | Announced July 9, 2018 as CCO |
| Contract | Renewed 4/22/2021; 2-year term with automatic 1-year renewal; at-will |
| Base Salary | $180,000; increased to $185,400 effective 7/1/2021 |
| Target Incentive | Cash target 80% of base, set annually by CEO and Compensation Committee |
| Severance (no cause) | 50% of base + annual incentive; 6 months COBRA subsidy; accelerated vesting of equity that would vest in next 6 months; paid over ~6 months starting within 60 days (with year-crossing timing provision) |
| Change-in-Control (12 months post-CoC, no cause) | 75% of base + annual incentive; all equity fully vests; 6 months COBRA subsidy; payment commencement within 60 days (with year-crossing timing provision) |
| Trigger Type | Double-trigger (termination without cause within 12 months post-CoC) |
Insider Transactions, Vesting Pressure, and Signals
- Reported Form 4 activity indicates RSU grants/transactions on 2024-06-11 (RSUs under 2018 Plan) and 2024-07-01; an amendment correcting coding on 2024-06-10; and Form 4/A activity around 2025-03-14 (details in SEC XML) .
- Prior Form 4 filing dated 2023-01-17 also recorded insider activity for Mitchell .
- Trading signal inference: time-based RSU schedules (2020/2021 grants) imply predictable quarterly/annual vesting events; monitor post-vesting windows for potential sales, subject to policy restrictions and blackout periods .
Compensation Structure Analysis
- Mix shift and alignment: Annual bonus formula bases 80% on hard operating metrics (revenue and operating loss), 20% on discretion, with capped maximum payout (180% of target), balancing risk and performance incentive .
- Long-term equity: Introduction of TSR-linked PSUs (2011 cohort for other NEOs; Mitchell’s 2021 TSR PSUs) adds external performance linkage and cliff vesting on determination date (6/9/2024), enhancing alignment with shareholder returns .
- Severance economics: 0.5x salary+bonus standard; 0.75x under change-in-control with full acceleration and COBRA subsidy, signaling moderate retention incentives without aggressive golden parachutes .
- Governance constraints: Hedging/pledging prohibited absent approval; no evidence of repricing or tax gross-ups in reviewed materials, reducing governance red flags .
Board Governance, Say-on-Pay, and Peer Benchmarking
- Compensation Committee oversees executive pay; disclosure emphasizes pay-for-performance and value-adjusted burn rates; amendments increased equity pool in 2023 to maintain competitiveness, with burn rate below ISS thresholds for non-Russell 3000 healthcare equipment peers .
- Say-on-Pay proposals presented (e.g., 2023 advisory votes), but specific approval percentages not disclosed in proxies reviewed; ongoing shareholder engagement noted at board level .
Investment Implications
- Alignment: Bonus metrics tied to revenue and operating loss, plus TSR-linked PSUs, create direct linkage to operational performance and stock outcomes—constructive for alpha if FY2024–2025 revenue momentum persists .
- Retention risk: Severance at 0.5x (standard) and 0.75x under CoC suggests moderate retention incentives; double-trigger protection may stabilize leadership through strategic events but could accelerate equity, creating event-driven supply overhang .
- Selling pressure: RSU vesting schedules (2020/2021 grants) imply periodic supply; monitor Form 4s and blackout windows around vesting dates for near-term liquidity impacts .
- Ownership: Mitchell’s direct ownership is <1%; alignment relies more on ongoing RSU/PSU accrual than large outright holdings; governance policy limits hedging/pledging risk .
References
- Role/education: 2018 CCO announcement; Baylor/UT Austin degrees .
- Executive listings/biography: 2023, 2024, 2025 DEF 14A .
- Compensation tables: 2021, 2022 DEF 14A .
- Bonus framework: 2022, 2023 DEF 14A .
- Employment agreement terms (Mitchell): 2021, 2022 DEF 14A .
- Outstanding awards & vesting: 2022 DEF 14A .
- Beneficial ownership: 2021 DEF 14A; Oct-2022 DEF 14A .
- Governance policy (hedging/pledging): 2023–2025 DEF 14A .
- Company performance: Revenues and EBITDA from S&P Global (GetFinancials) ; EBITDA values from S&P Global*.