Frank Colletti
About Frank Colletti
Frank Colletti is Executive Vice President and Chief Revenue Officer (CRO) of N‑able, appointed in January 2024 after leading Worldwide Sales since April 2020; earlier roles include Group VP, Worldwide Sales (Aug 2017–Apr 2020) and VP Sales (Sep 2013–Aug 2017). He previously worked at N‑able Technologies prior to its acquisition by SolarWinds in 2013 and at Solidum, and holds a B.B.A. from the University of Ottawa. Age 51 (as of the 2025 proxy) . Company performance during his CRO tenure and the prior year: FY2024 revenue $466.1M, ARR $482.5M, adjusted EBITDA $169.4M (36.3% margin), GAAP net income $30.96M; N‑able’s FY2024 TSR was $75 based on an initial $100 investment, and FY2024 compensation metrics used Bonus ARR $457.7M and Cash Profit Metric $123.3M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| N‑able (formerly SolarWinds MSP) | EVP, Chief Revenue Officer | Jan 2024–present | Leads global revenue; oversees go‑to‑market scaling and cross‑sell initiatives |
| N‑able (formerly SolarWinds MSP) | EVP, Worldwide Sales | Apr 2020–Dec 2023 | Drove MSP channel expansion and enterprise reseller build‑out |
| N‑able | Group VP, Worldwide Sales | Aug 2017–Apr 2020 | Built sales organization and partner programs |
| N‑able | VP Sales | Sep 2013–Aug 2017 | Grew direct and channel sales post‑LogicNow acquisition |
| N‑able Technologies | Sales roles (pre‑acquisition) | pre‑2013 | Sales leadership prior to 2013 acquisition by SolarWinds |
| Solidum | Sales roles | Not disclosed | Prior experience (dates not disclosed) |
External Roles
None disclosed for Frank Colletti (no public company board roles or committee memberships noted) .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary (USD; CAD‑to‑USD per proxy) | $309,706 | $305,155 |
| Target Bonus % of Salary | 70% | 70% |
| Actual Annual Cash Bonus Paid | $284,000 | $149,526 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting / Notes |
|---|---|---|---|---|---|
| Bonus ARR (USD mm) | 66% (adjusted Nov 2024) | $475.8 | $457.7 | 54% | Drives annual bonus and 2024 PSUs; payout linear within ranges |
| Cash Profit Metric (USD mm) | 34% (adjusted Nov 2024) | $122.9 (Target/Max) | $123.3 | 100% | Excludes ASC 606 impacts; emphasizes profitable growth |
| 2024 PSUs Earned (shares) | — | Target: 67,365 | Earned: 47,155 | 70% of target | 1/3 vests at Feb 2025 certification; 1/3 on Feb 15, 2026; 1/3 on Feb 15, 2027 (service‑based) |
| 2024 RSUs Granted (shares) | — | 67,365 | — | — | Vests 25% on Feb 15, 2025; then 6.25% quarterly over 12 quarters |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (shares) | 264,572 (less than 1% of outstanding) |
| Shares Outstanding (record date) | 188,957,206 |
| 2024 Shares Acquired on Vesting | 156,620 shares; $2,053,152 value realized |
| Selected Outstanding Awards at 12/31/2024 | RSUs: 21,562; 19,549; 65,967; 42,489; PSUs earned/unvested (FY2024): see PSU achievement; RSUs granted 2024: 67,365 (see vest schedule) |
| Stock Ownership Guidelines | 3× salary for NEOs; five years to comply; exec officers in compliance as of Jan 1, 2025 |
| Hedging/Pledging | Prohibited for directors and employees; pre‑clearance and 10b5‑1 trading plans required |
| Clawback | Dodd‑Frank clawback policy covering incentive comp upon restatement |
Note: The Outstanding Equity Awards table in the proxy enumerates multiple RSU and PSU tranches with footnotes (3)–(10) describing vesting cadence; PSU tranches earned for 2024 convert to time‑vested installments in 2025–2027 .
Employment Terms
| Scenario | Cash Severance | Bonus Treatment | Medical Benefits | Equity Acceleration | Total (illustrative at 12/31/2024) |
|---|---|---|---|---|---|
| Termination without Change in Control (Other than For Cause) | 12 months base salary ($309,706) | Earned but unpaid bonus ($216,794) | 12 months continuation ($3,023) | — | $529,523 |
| Change in Control + Termination (Double Trigger) | 18 months total base salary equivalent (12+6 months = $464,559) | Earned bonus ($216,794) | 12 months continuation ($3,023) | Full acceleration of unvested equity ($2,708,843 assumed at target for non‑certified PSUs) | $3,393,219 |
Additional terms:
- All severance contingent on general release; confidentiality, non‑compete and non‑solicit obligations apply .
- Change‑in‑control benefits are double‑trigger only (no single‑trigger vesting for NEOs) .
- 280G/4999 “best‑net” cutback (no excise tax gross‑ups) .
Additional Governance and Shareholder Signals
| Item | Detail |
|---|---|
| 2025 Say‑on‑Pay Results | For: 170,351,807; Against: 1,406,376; Abstain: 276,245; Broker non‑votes: 10,403,882 |
| Compensation Peer Group (2024 cycle) | Clearwater Analytics; Commvault; EngageSmart; EverCommerce; Instructure; Jamf; MeridianLink; Model N; Progress; Rapid7; SPS Commerce; Tenable; Vertex; Workiva; Zuora |
| Compensation Peer Group (2023 cycle) | Appian; Box; Commvault; Datto; Dynatrace; Jamf; Model N; Momentive; New Relic; Ping Identity; Progress; Qualys; Rapid7; SailPoint; SecureWorks; TeamViewer; Tenable; Upland; Varonis; Workiva; Zuora |
| Controlled Company Status | Silver Lake and Thoma Bravo collectively held ~59% voting power (as of 3/25/2025); controlled company exemptions apply to certain committees |
| Stockholder Agreement Litigation Outcome | July 25, 2024 Delaware Chancery opinion invalidated certain control provisions; December 2024 fee settlement (no appeal) |
Investment Implications
- Pay‑for‑performance alignment with explicit corporate metrics: bonus and PSUs tied to Bonus ARR and Cash Profit Metric; 2024 payouts were reduced after the committee adjusted targets/weights mid‑year to reflect the Long‑Term Contract Initiative—useful context but represents discretionary target changes that merit monitoring for future cycles .
- Retention and potential selling pressure: substantial ongoing RSU quarterly vesting plus multi‑year PSU vesting (2025–2027) can create predictable share issuance; 2024 vesting realized 156,620 shares ($2.05M), suggesting continued supply from vesting schedules even absent net open‑market sales .
- Strong ownership/behavioral alignment: company‑wide prohibition on hedging/pledging and 3× salary ownership guideline (compliant as of Jan 1, 2025) reduce misalignment/pledging risk .
- Change‑in‑control economics: double‑trigger with full acceleration for CRO post‑CoC termination; modeled payout ~$3.39M at 12/31/2024, including equity acceleration—important for M&A scenario analysis .
- Shareholder support: 2025 say‑on‑pay received overwhelming support, reducing near‑term compensation‑related governance overhang .
- Governance context: sponsor control remains material; while certain agreement provisions were invalidated, sponsor nomination rights and controlled company status persist—investors should weigh this in governance risk assessments .
Appendix: 2024 Annual Equity Awards Detail
| Metric | Frank Colletti |
|---|---|
| Grant Date / Approval Date | Feb 15, 2024 / Feb 7, 2024 |
| RSUs – Target Value | $900,000 (at $13.36 30‑day avg price) |
| PSUs – Target Value | $900,000 (at $13.36 30‑day avg price) |
| RSUs – Target Shares | 67,365 |
| PSUs – Target Shares | 67,365 |
| PSU Achievement | 47,155 shares earned (70% of target) |
| RSU Vesting | 25% on Feb 15, 2025; 6.25% quarterly thereafter for 12 quarters |
| PSU Vesting of Earned Shares | 1/3 at Feb 2025 certification; 1/3 Feb 15, 2026; 1/3 Feb 15, 2027 (service‑based) |
Definitions: Bonus ARR and Cash Profit Metric are company‑specific formulations described in the proxy CD&A and adjusted for FX and non‑recurring items .
All data and statements above are sourced from N‑able’s 2025 and 2024 DEF 14A filings, earnings materials, and 8‑K filings as cited.