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    Matthijs Glastra

    Chair of the Board & CEO at Novanta Inc
    Board
    Since September 1, 2016
    Age
    56 years
    Education
    Holds a Master of Science in Applied Physics from Delft University of Technology, an Advanced Engineering Degree from ESPCI, and an MBA from INSEAD.
    Tenure
    Joined NOVT in 2012 as Group President, was promoted to COO in February 2015, became CEO on September 1, 2016, and assumed the role of Chair of the Board on May 13, 2021.

    Also at Novanta Inc

    JB
    John Burke
    Chief Accounting Officer (CAO)
    MDW
    Michele D. Welsh
    General Counsel & Corporate Secretary
    RJB
    Robert J. Buckley
    Chief Financial Officer (CFO)

    About

    Matthijs Glastra has built an impressive career over more than 25 years in technology and industrial sectors, beginning with an 18-year tenure at Philips where he held various leadership roles including CEO of Philips Entertainment Lighting and COO of Philips Lumileds.

    At NOVT, he first joined as Group President in 2012, later advancing to COO in February 2015, and ultimately taking on the role of CEO on September 1, 2016; his strategic insights and operational expertise were further recognized when he was appointed Chair of the Board on May 13, 2021.

    His leadership is characterized by a deep understanding of advanced industrial and medical markets, and he has played a key role in driving innovation and growth at NOVT. His strong academic background in applied physics, engineering, and business supports his comprehensive approach to both strategy and execution.

    $NOVT Performance Under Matthijs Glastra

    Past Roles

    OrganizationRoleDate RangeDetails
    Novanta Inc.Chief Executive Officer Sep 1, 2016 - ?Served as CEO prior to assuming his current role as Chair of the Board & CEO.
    Novanta Inc.Chief Operating Officer Feb 2015 - Sep 1, 2016Appointed COO before being promoted to CEO.
    Novanta Inc.Group President 2012 - Feb 2015Joined Novanta Inc. as Group President and later transitioned to COO.
    PhilipsCEO, Philips Entertainment Lighting 2012Led advanced technology businesses in the entertainment lighting division.
    PhilipsCOO, Philips Lumileds 2007 - 2012Oversaw operations at Philips Lumileds.
    PhilipsGeneral Manager/Vice President roles 1994 - 2007Held multiple leadership positions across Healthcare, Semiconductor, and Lighting divisions.
    PhilipsDirector of Corporate Strategy N/AWorked at Philips corporate headquarters in a strategic role.

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$784,391 AnnualFixed annual base salary
    Defined Contribution Plan Company Match$16,500 AnnualCompany match component
    Life Insurance$6,035 AnnualLife insurance benefit
    Disability Insurance$25,097 AnnualDisability insurance coverage
    Executive Physical$5,436 AnnualExecutive physical exam benefit
    Taxable Fringe Benefits$1,080 AnnualTaxable fringe benefits

    Performance Compensation

    Data from  FY 2023

    Non-Equity Incentive Plan Compensation

    Metric (Unit/Scale)ThresholdTargetMaximum (Cap)Evaluation PeriodActual Results / Notes
    Adjusted EBITDA (USD Millions)$180M $200M $220M 2023 (evaluated annually)Actual Adjusted EBITDA of $196.2M resulted in a blended payout of 63.4% of the target bonus
    Organic Revenue Growth (%)3.0% 5.0% 7.0% 2023 (evaluated annually)Actual growth of 1.3% impacted the payout calculation
    • Target Bonus: $1,200,000 with a maximum potential payout of $2,400,000.
    • Payment: Incentives are paid in March of the following year upon performance evaluation.

    EBITDA Performance Stock Units (PSUs)

    Metric (Unit/Scale)ThresholdTargetMaximumVesting ScheduleGrant Details
    Number of Shares (Units)6,700 shares 13,399 shares 34,837 shares Cliff vest on Jan 1, 2026Grant Date: Feb 24, 2023; Grant Date Fair Value: $2,431,249 ; Stock Price: $156.72
    • Performance Metric: Cumulative Adjusted EBITDA over the period from Jan 1, 2023 to Dec 31, 2025 with a relative TSR multiplier range of 1.0x to 1.3x.
    • Conditions: Vesting contingent on achievement of metrics and continued employment; accelerated vesting possible under termination/change of control.

    Revenue Performance Stock Units (PSUs)

    Metric (Unit/Scale)ThresholdTargetMaximumVesting ScheduleGrant Details
    Number of Shares (Units)6,700 shares 13,400 shares 34,840 shares Cliff vest on Jan 1, 2026Grant Date: Feb 24, 2023; Grant Date Fair Value: $2,431,430 ; Stock Price: $156.72
    • Performance Metric: Cumulative revenue over the period from Jan 1, 2023 to Dec 31, 2025 with a relative TSR multiplier range applied from 1.0x to 1.3x.
    • Conditions: Vesting conditioned on achieving revenue performance targets and continued employment; accelerated vesting may be applicable under specific circumstances.

    2023 Stock Options

    Metric (Unit/Scale)ValueVesting ScheduleGrant Details
    Grant Date Fair Value (USD)$1,800,091 Vest in three equal installmentsGrant Date: Feb 24, 2023; Stock Price: $156.72 per share
    Vesting DatesN/A (Service-based)Feb 24, 2024; Feb 24, 2025; Feb 24, 2026Vesting subject to continued employment and accelerated vesting under termination/change of control
    • Note: The 2023 Stock Options are service-based and do not have performance metrics attached to their vesting. Performance metrics are associated with the PSUs as detailed above.

    This detailed breakdown outlines all available 2023 performance compensation components with their associated performance metrics, payout thresholds, targets, caps, vesting schedules, evaluation periods, and actual performance outcomes where provided.