Fredrik Nihlén
NeonodeAbout Fredrik Nihlén
Fredrik Nihlén, age 42, is Neonode’s Chief Financial Officer, Treasurer, and Secretary (since August 2, 2021), and served as Interim President & CEO from April 10, 2024 to March 31, 2025 . His prior experience spans finance leadership at IFS Sverige AB (Finance Director IFS Nordics, since November 2019), Cinnober Financial Technology AB (Group CFO, Sep 2018–Oct 2019), and DIBS Payment Services (Head of Finance, 2016–2018; Business Controller, 2013–2016) . Company performance during his tenure reflects cumulative TSR of $62.15 (2022), $25.88 (2023), and $92.99 (2024) on a fixed $100 investment baseline from December 31, 2021, alongside net losses of $(4,883)k (2022), $(10,123)k (2023), and $(6,466)k (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IFS Sverige AB (IFS) | Finance Director, IFS Nordics | Nov 2019–Aug 2021 | — |
| Cinnober Financial Technology AB | Group Chief Financial Officer | Sep 2018–Oct 2019 | — |
| DIBS Payment Services | Head of Finance | 2016–2018 | — |
| DIBS Payment Services | Business Controller | 2013–2016 | — |
External Roles
No external board or committee roles for Mr. Nihlén are disclosed in the executive officers biography section of the proxy .
Fixed Compensation
| Year | Base Salary ($) | Bonus ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|
| 2024 | 188,315 | 14,221 (SEK 150,300; paid Apr 2025) | 45,493 | 248,029 |
| 2023 | 146,466 | 2,872 (SEK 30,480; paid Apr 2024) | 32,986 | 182,324 |
| Interim Role Compensation (Apr 10, 2024–Mar 31, 2025) | Amount |
|---|---|
| Monthly salary for CFO role | SEK 140,000 (approx. US$13,254) |
| Additional monthly salary for Interim CEO role | SEK 35,000 (approx. US$3,314) |
| Additional compensation for Interim CEO | None beyond amounts above |
Notes:
- Salary detail for 2024 includes salary payments of SEK 1,958,500 (approx. US$185,305) and cash-in-lieu of vacation SEK 214,758 (approx. US$20,319) .
- All other compensation primarily reflects Swedish defined contribution plan matching, healthcare premiums, and parking benefit (SEK 480,817; approx. US$45,493 in 2024; SEK 350,080; approx. US$32,986 in 2023) .
- Target bonus percentage for Mr. Nihlén is not disclosed (eligible to participate in short- and long-term incentives) .
Performance Compensation
| Year | Incentive Type | Metric Disclosure | Target | Actual | Payout & Timing | Vesting |
|---|---|---|---|---|---|---|
| 2024 | Annual cash bonus | Not disclosed | Not disclosed | Not disclosed | SEK 150,300 (US$14,221), paid Apr 2025 | Not applicable |
| 2023 | Annual cash bonus | Not disclosed | Not disclosed | Not disclosed | SEK 30,480 (US$2,872), paid Apr 2024 | Not applicable |
Additional disclosures:
- Company adopted a Dodd-Frank/Nasdaq-compliant clawback policy covering recovery of incentive-based compensation for current/former executive officers upon qualifying restatements; filed with the FY2023 Form 10-K and described in the proxy .
- No outstanding equity awards were held by named executive officers at FY2024 year-end .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Shares beneficially owned (Mr. Nihlén) | 16,190 |
| Percent of class | Less than 1% |
| Shares outstanding (basis for % calc) | 15,359,481 (as of Apr 21, 2025) |
| Vested vs. unvested equity | Not disclosed; no outstanding awards at FY2024 year-end |
| Options (exercisable/unexercisable) | None outstanding at FY2024 year-end |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines (executives) | Not disclosed |
| Hedging policy | Hedging/monetization transactions prohibited for officers/directors/employees |
Securities authorized under equity compensation plans (company-level):
- Number remaining available for issuance under equity plans: 691,399 shares; no outstanding options/warrants under plans as of Dec 31, 2024 .
Employment Terms
| Term | Mr. Nihlén |
|---|---|
| Employment agreement date | March 30, 2021 (effective Aug 2, 2021) |
| Role(s) | CFO, Treasurer, Secretary; Interim President & CEO (Apr 10, 2024–Mar 31, 2025) |
| Notice period | 6 months (either party may terminate upon 6 months’ notice) |
| Severance (involuntary termination) | No contractual severance or additional benefits upon termination |
| Change-of-control benefits | None; no severance/additional benefits upon termination in connection with change of control |
| Participation in incentives | Eligible for short- and long-term incentive programs on same terms as other employees (specific metrics not disclosed) |
| Non-compete / non-solicit | Not disclosed |
| Clawback | Company clawback policy compliant with SEC/Nasdaq adopted (applies to incentive-based comp) |
Company Pay vs. Performance (Context)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Total Shareholder Return ($ value on $100 initial) | 62.15 | 25.88 | 92.99 |
| Net Income ($ thousands) | (4,883) | (10,123) | (6,466) |
Investment Implications
- Alignment: With 16,190 shares (<1% of class) and no outstanding equity awards at FY2024 year-end, Mr. Nihlén’s “skin in the game” is limited relative to typical executive ownership guidelines (not disclosed by Neonode), which may temper equity-driven alignment; hedging is prohibited, reducing misalignment risk, but pledging status is not disclosed .
- Retention and severance economics: A 6-month notice period and no contractual severance or change-of-control benefits suggest modest retention economics and limited golden parachute risk; compensation increased temporarily during the interim CEO period via an incremental SEK 35,000 monthly stipend, but no additional equity or special awards were granted .
- Pay-for-performance signals: Bonuses were paid in 2023 and 2024 without disclosed quantitative performance metrics, and against a backdrop of continuing net losses, making it difficult to assess strict pay-for-performance alignment; however, company-wide clawback adoption mitigates restatement-related windfalls .
- Trading pressure: With relatively small reported holdings and no outstanding options, insider selling pressure from Mr. Nihlén appears limited; hedging restrictions further reduce monetization risk, while the absence of disclosed pledging policy leaves a residual governance blind spot .
- Execution risk: Strategy shifts (e.g., focus on licensing and phasing out Touch Sensor Module product business in Dec 2023) frame operational execution needs during and after his interim CEO tenure; ongoing net losses underscore the importance of cost discipline and revenue scale-up under the current leadership team .