Elisa Luqman
About Elisa Luqman
Elisa Luqman is Chief Legal Officer — SEC at Nutex Health Inc. (NUTX), serving since April 1, 2022; she is 60 years old, holds a BA, JD, and MBA (Finance) from Hofstra University, and is admitted to the NY and NJ bars . At Nutex (and previously at Clinigence), she leads SEC reporting and compliance and was integral to the NASDAQ listing and reverse merger, indicating strong public-company governance credentials . Company performance during her tenure shows improving profitability and volatile TSR: see Pay vs Performance below.
| Company Performance Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income (Loss), $000s | $(424,780) | $(45,786) | $95,272 |
| Value of $100 Investment (TSR) | $(450) | $167 | $167 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Clinigence Holdings, Inc. | CFO, EVP Finance, General Counsel; Director | Oct 2019–Apr 1, 2022; Director Oct 2019–Feb 2021 | Led SEC filings, NASDAQ listing, and reverse merger with Nutex |
| Digi-Data Corporation | COO, Vault Services Division; later General Counsel | Mar 2006–Feb 2009 | Oversaw operations, M&A, IP, and commercial contracting for tech business |
| iGambit Inc. (IGMB) | CFO and General Counsel | Mar 2009–Oct 2019 | Directed SEC/FINRA filings and public-company compliance from Form 10 through reverse merger |
| bigVault Storage Technologies | Co-founder | Acquired Feb 2006 | Built cloud storage platform; exit to Digi-Data |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO) | Part-time CFO | Since Mar 2021 | Ongoing finance leadership at a public diagnostics company |
| Clinigence Holdings, Inc. | Director | Oct 2019–Feb 2021 | Board service prior to Nutex reverse merger |
Fixed Compensation
- The proxy discloses detailed compensation only for Named Executive Officers (NEOs) and does not list Ms. Luqman as an NEO; therefore her base salary, target bonus %, and actual bonus are not disclosed .
- Nutex’s executive pay program uses base salary plus an annual cash bonus and annual equity awards; metrics are not formulaic and are aligned to performance and retention goals per the Compensation Committee .
Performance Compensation
- Performance metrics tied to Ms. Luqman’s incentive pay are not disclosed (non-NEO). Nutex states a straightforward program with cash bonus and equity awards to attract/retain talent and align interests with shareholders .
Equity Award Vesting (Elisa Luqman)
| Award Type | Quantity | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| RSUs (2-year) | 2,500 | 1,250 vest Mar 1, 2026 | 1,250 vest Mar 1, 2027 | — |
| RSUs (3-year) | 2,500 | 833 vest Mar 1, 2026 | 833 vest Mar 1, 2027 | 834 vest Mar 1, 2028 |
- Change-in-control: Under the 2023 Equity Incentive Plan, if outstanding awards are not continued/assumed/replaced in a change-in-control, they become fully vested and exercisable in connection with the transaction .
Equity Ownership & Alignment
| Component | Details |
|---|---|
| Total beneficial ownership | 10,519 shares (<1% of outstanding) |
| Ownership breakdown | Includes 10 shares held by spouse; options and RSUs as listed below |
| Options outstanding | 782 @ $225.00; 2,667 @ $241.50; 1,000 @ $412.50 strike prices |
| RSUs unvested | 5,000 total, with tranches vesting in 2026–2028 (see table) |
| Shares outstanding basis | 5,565,679 shares outstanding (Apr 23, 2025) |
| Hedging/pledging | Prohibited: no hedging, short sales, margin, or pledging allowed under Insider Trading Policy |
| Clawback | Nasdaq Rule 5608-compliant policy to recover incentive comp after accounting restatements |
| Stock ownership guidelines | Not disclosed in proxy |
Employment Terms
- Employment agreement terms for Ms. Luqman are not disclosed in the proxy (non-NEO) .
- Plan-level protections: awards may vest on change-in-control if not assumed; clawback applies to incentive-based compensation; insider trading policy restricts hedging/pledging .
Compensation Committee & Plan Architecture (Context)
- Compensation Committee chaired by Cheryl Grenas; Mercer engaged for market data and peer development; no conflicts identified .
- 2025 proposal to amend the 2023 Equity Incentive Plan adds 1,100,000 shares and introduces a 5% annual evergreen increase beginning 2026, subject to Board discretion, expanding long-term incentive capacity (potential dilution consideration) .
Risk Indicators & Red Flags (as disclosed)
- Anti-hedging/pledging and pre-clearance requirements reduce misalignment and trading-related risk .
- Clawback policy in place per Nasdaq rules .
- No related-party transactions disclosed involving Ms. Luqman; related-party disclosures focus on CEO-affiliated entities .
- Reverse stock splits in 2024 and equity plan expansion in 2025 highlight capital structure volatility and potential dilution for future equity grants .
Investment Implications
- Alignment: Ms. Luqman’s unvested RSUs (5,000) and options align her interests with shareholders; however, her percent ownership is de minimis (<1%), limiting direct “skin-in-the-game” influence .
- Selling pressure: RSU cliffs in March 2026–2028 can create periodic supply; insider trading policy and blackout windows moderate timing but not eventual supply .
- Change-in-control optionality: Awards may accelerate if not assumed, potentially impacting transaction economics and retention .
- Disclosure gap: As a non-NEO, cash compensation and performance metrics tied to bonus are not disclosed, making pay-for-performance assessment incomplete .
- Capital structure: Recent reverse splits and a proposed 5% evergreen increase in the plan raise dilution risk; monitor future grants and vesting cadence for impact on float and signaling .