Martin Gonzalez
About Martin Gonzalez
Martin Gonzalez, 56, serves as Executive Vice President, Global Supply Chain Operations at Nature’s Sunshine Products (NATR) and has held this role since May 2022; he holds a B.S. in Electrical Engineering (Universidad de Los Andes, Bogotá) and an MBA (Thunderbird School of Global Management) . Company performance metrics relevant to his incentives show 2024 net sales of $454.4M (+2.0% YoY), adjusted EBITDA of $40.3M, and a TSR value of $78.82 for $100 invested on 12/31/2021, underscoring the revenue/EBITDA focus of NEO pay programs . Gonzalez was a Named Executive Officer (NEO) in 2022–2023 but not in 2024, indicating evolving disclosure status relative to top-paid executives .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Bowery Farming | VP Farm Operations & Excellence | 2020–Nov 2021 | Led farm operations and excellence initiatives in indoor agriculture |
| Cerelia North America (formerly Sara Lee) | VP Supply Chain & Operations, North America | 2017–2020 | Oversaw North American supply chain/operations for bakery products |
| Molson Coors/SABMiller | Various roles | Not disclosed | Supply chain and operations roles across Canada/US/Netherlands/Latin America |
| Unilever | Various roles | Not disclosed | Supply chain/operations roles across multiple geographies |
External Roles
Filings reviewed do not disclose external public-company directorships or board roles for Gonzalez .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Base salary ($) | 230,769 | 375,000 | 390,000 (prior to increase) | 405,600 (effective 3/4/2025) |
| Target bonus (% of salary) | Not disclosed | 50% | Not disclosed | Not disclosed |
| Actual annual bonus paid ($) | 187,443 | 299,813 | Not disclosed | Not disclosed |
Performance Compensation
Annual Cash Incentive Structure and Outcomes
| Item | 2022 | 2023 |
|---|---|---|
| Plan construct | Corporate Revenue and Adjusted EBITDA (combined), FX excluded to focus on controllable operating performance | Corporate Revenue and Adjusted EBITDA (combined), FX excluded to focus on controllable operating performance |
| Target bonus % | Not disclosed | 50% of base salary |
| Actual payout ($) | 118,151 | 299,813 |
Equity Awards – Grants, Metrics, and Vesting (Outstanding at 12/31/2023)
| Award type | Shares outstanding (#) | Grant/measurement basis | Performance metric & weighting | Vesting schedule & deadlines |
|---|---|---|---|---|
| Time-based RSUs | 25,000 | Service, measured from 7/21/2022 | n/a | Vests in 3 equal annual installments from 7/21/2022 (years 2023, 2024, 2025) |
| PRSUs (set 1) | 57,692 | Company PRSU program | Four adjusted EBITDA hurdles; equally weighted among four targets (25% each) | 50% vests upon achievement and 50% one year after certification; must be achieved by 12/31/2026 |
| PRSUs (set 2) | 17,458 | Company PRSU program | Adjusted EBITDA hurdles | 50% vests upon achievement and 50% one year later; must be achieved by 12/17/2024 |
| PRSUs (set 3) | 17,458 | Company PRSU program | Adjusted EBITDA hurdles | 50% vests upon achievement and 50% one year later; must be achieved by 6/16/2025 |
The company stated no stock options are currently planned to be granted to executive officers; long-term incentives are provided via RSUs/PRSUs .
Multi-Year Stock Awards Value (Grant-date fair value)
| Year | Stock awards ($) |
|---|---|
| 2022 | 1,047,112 |
| 2023 | 374,998 |
Equity Ownership & Alignment
Beneficial Ownership and Holdings
| As of date | Shares directly held | Vested awards within 60 days | Notes |
|---|---|---|---|
| 2/21/2024 | 8,846 | 5,280 | NEO group/beneficial ownership table footnote indicates these holdings for Gonzalez |
Outstanding Equity Awards (as of 12/31/2023)
| Award | Shares | Market value ($) | Pricing basis |
|---|---|---|---|
| All outstanding RSUs/PRSUs (total) | 117,608 | 2,033,443 | Based on 12/29/2023 close of $17.29 |
- Stock ownership guidelines: CEO 3x salary; CFO 2x; all other NEOs 1x salary; minimum must be achieved within four years; guidelines help moderate risk-taking .
- Hedging and pledging prohibited; executives may not hedge, pledge, or hold stock in margin accounts .
Employment Terms
- Termination without cause / resignation for good reason: 12 months base salary continuation (18 months for CEO), 12 months COBRA (18 months for CEO), pro‑rata bonus; for non‑CEO NEOs, unvested equity does not accelerate (CEO’s unvested awards continue vesting for 18 months) .
- Death or incapacity: same cash/COBRA benefits as termination without cause; equity accelerates .
- Change in control: cash lump sum based on a multiple of base salary + target bonus (multiple varies by NEO); COBRA continuation (12 months for non‑CEO); equity awards vest in full, except PRSUs granted in 2022–2024 which vest upon CoC only if certain conditions are met .
- Clawback policy compliant with SEC/Nasdaq Section 10D for recovery of erroneously awarded incentive compensation upon restatement .
- Insider trading policy: company prohibits hedging/pledging; observes similar restrictions for corporate transactions (e.g., buybacks) .
Investment Implications
- Pay-for-performance alignment: Gonzalez’s cash bonus was fully tied to corporate revenue and adjusted EBITDA (2022–2023) and his equity mix is RSU/PRSU with multi-year EBITDA hurdles—aligning with revenue/EBITDA expansion and shareholder TSR trajectory .
- Vesting calendar and potential selling pressure: Upcoming scheduled RSU vest dates (July 2025, from 7/21/2022 grant) and PRSU deadlines (12/17/2024 and 6/16/2025; broader hurdle window through 12/31/2026) create predictable vest/sale windows; insider policy bars hedging/pledging, but actual disposition requires monitoring Form 4 filings .
- Retention risk: 2025 salary increase to $405,600 (from $390,000) supports retention; severance and CoC protections (cash multiples and accelerated vesting conditions) reduce voluntary attrition risk, especially amid evolving leadership disclosures (no Gonzalez in 2024 NEO list) .
- Governance/owner alignment: Ownership guidelines, strong 2024 say‑on‑pay support (89%), and no related‑party transactions above threshold signal constructive governance; focus remains on EBITDA growth to unlock PRSU value through 2026 .