Shane Gleason
InspireMDAbout Shane Gleason
Shane Gleason (age 51) is Chief Commercial Officer at InspireMD (NSPR), appointed August 28, 2023 after joining as General Manager of North America and VP of Global Marketing on February 20, 2023; he holds a B.S. in Engineering Science & Mechanics from Virginia Tech and an MBA from the University of Maryland Smith School of Business . Company performance during his tenure shows revenues rising from $6.205M in FY 2023 to $7.009M in FY 2024, while EBITDA and net loss widened as growth investments scaled; total shareholder return (TSR) for a hypothetical $100 investment declined from 55 to 52 over 2023–2024, and net loss increased from $19.9M to $32.0M in 2024 . His compensation structure blends salary, a 50% target cash bonus, commissions tied to commercial outcomes, and sizable equity grants with multi-year vesting, aligning him to commercial execution milestones and longer-term value creation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Surmodics | VP of Sales, Vascular Interventions | 2021–2023 | Led U.S. vascular interventions commercial sales operations |
| Edwards Lifesciences | Senior Director, U.S. Marketing | 2019–2021 | U.S. marketing leadership at a developer of artificial heart valve and hemodynamic monitoring technologies |
| Nuvaira, Inc. | Chief Commercial Officer | 2017–2019 | Commercial leadership at a developer of COPD therapies |
| Cordis (Cardinal Health) | Sales & Marketing leadership | 2015–2016 | Commercial roles in vascular devices |
| Trivascular Technologies (Endologix) | Commercial leadership | 2010–2015 | Commercial roles in endovascular technologies |
| Abbott Vascular | Sales/Marketing leadership | 2002–2010 | Launched the second FDA‑approved carotid stent system |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 274,275 | 342,000; base rate increased to $334,000 on Jan 1, 2024 and to $350,000 on Jul 1, 2024 |
| Target Bonus (%) | 50% of base salary | 50% of base salary |
| Actual Cash Bonus ($) | 125,841 (approved Jan 2024) | 81,225 (approved Jan 2025) |
| Commissions ($) | 0 | 86,799 |
Performance Compensation
Equity awards and vesting
| Grant | Type | Strike ($) | Expiration | Exercisable (#) | Unexercisable (#) |
|---|---|---|---|---|---|
| May 17, 2023 | Stock options | 1.76 | 5/17/2033 | 28,493 | 56,987 |
| Aug 28, 2023 | Stock options | 3.37 | 8/28/2033 | 2,143 | 4,287 |
| Jan 23, 2024 | Stock options | 3.14 | 1/23/2034 | 0 | 91,218 |
| Grant | Unvested RS/RSUs (#) | Vesting schedule (dates) |
|---|---|---|
| May 17, 2023 | 170,966 | Annually; two vestings remaining on May 17, 2025 and May 17, 2026 |
| Aug 28, 2023 | 12,860 | Annually; two vestings remaining on Aug 28, 2025 and Aug 28, 2026 |
| Jan 23, 2024 | 238,625 | Annually; one‑third remaining each on Jan 23, 2025, Jan 23, 2026, Jan 23, 2027 |
Additional inducement equity: 256,450 restricted shares and options to purchase 85,480 shares granted in connection with his hire/promotion (outside the 2021 plan; options dated May 17, 2023) .
Annual equity grant values (grant-date fair value)
| Metric | 2023 | 2024 |
|---|---|---|
| Stock awards ($) | 516,359 | 749,282 |
| Option awards ($) | 150,511 | 240,045 |
Bonus framework
- Yearly gross bonus target of 50% of base salary; payout determined by Board assessment of individual performance and overall company performance; no disclosed metric weightings (e.g., revenue growth, EBITDA, TSR) or hurdle levels .
Equity Ownership & Alignment
| As of | Beneficial ownership (shares) | % of shares outstanding | Composition |
|---|---|---|---|
| Apr 15, 2025 | 869,066 | 2.83% | 256,938 common shares; 490,043 restricted shares; 122,085 options exercisable/within 60 days |
- Insider trading policy prohibits short sales, hedging or monetization transactions; no pledging disclosure in the proxy .
- No option exercises by named executive officers during 2024, reducing near‑term forced selling risk from exercise‑related tax obligations .
Employment Terms
- Role and start: CCO as of Aug 28, 2023; joined as GM North America & VP Global Marketing on Feb 20, 2023 .
- Term and termination: Indefinite term; terminable by Company at any time or by Mr. Gleason on 30 days’ notice; includes standard benefits and confidentiality obligations; no specific non‑compete/non‑solicit disclosed .
- Compensation: Base salary increased to $334,000 on Jan 1, 2024 and to $350,000 on Jul 1, 2024; target annual bonus 50% of base; equity awards aggregating ~1% of outstanding shares post‑May 2023 private placement .
- Change‑of‑control: Under standard award agreements, any unvested awards become immediately vested upon a change of control .
- Clawback: Executive Officer Clawback Policy adopted under Nasdaq Rule 10D‑1; mandates recovery of erroneously awarded compensation in the event of an accounting restatement .
- Insider trading: Policy prohibits short sales, hedging, and monetization transactions; policy attached to 2024 Form 10‑K .
Company Performance Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($) | 6,205,000 | 7,009,000 |
| EBITDA ($) | -20,911,000* | -33,223,000* |
| Net Income / (Net Loss) ($) | -19,916,000 | -32,005,000 |
| TSR – Value of $100 investment | 55 | 52 |
*Values retrieved from S&P Global.
Investment Implications
- Near-term vesting calendar suggests potential selling pressure windows around May 17 (2025/2026), Aug 28 (2025/2026), and Jan 23 (2025–2027), particularly as significant RS blocks vest and some options roll to exercisable; monitor 10b5‑1 filings and Form 4 activity into these dates for flow signals .
- Alignment: 2.83% beneficial ownership with substantial unvested RS and options ties incentives to commercialization outcomes; change‑of‑control accelerated vesting increases takeover sensitivity but may reduce retention if a sale occurs .
- Pay-for-performance: Cash bonus structure (50% target) lacks disclosed metric weightings; commission component indicates direct linkage to commercial execution; equity levels are material, but widened net loss and negative EBITDA underscore execution risk until scale improves .
- Governance risk mitigants: Clawback policy and insider trading prohibitions on hedging/short sales are positive; no pledging or gross‑up disclosures; absence of explicit non‑compete/non‑solicit terms may modestly elevate post‑employment competitive risk .