Mischa Reis
Envista HoldingsAbout Mischa Reis
Mischa M. Reis (age 53) is Envista’s Senior Vice President, Strategy & Corporate Development, a role he has held since September 2019; he previously led Business Development & Strategy for Danaher’s Dental platform beginning October 2012 and earlier served 10 years at Avery Dennison culminating as VP & Head of Corporate Strategy, with an early career at BCG in Frankfurt. He holds a master’s-equivalent in Business Administration & Industrial Engineering from Karlsruhe Institute of Technology. His incentive design ties to company performance: annual cash ICP metrics are 50% core sales growth, 40% adjusted EBITDA margin, and 10% adjusted free cash flow ratio; PSUs vest on core sales growth and adjusted EBITDA margin with a relative TSR modifier vs the S&P 400 Health Care Sector over three years—he earned 105% of target for 2024 ICP with a PPF of 1.0, yielding a $299,250 payout.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Danaher Dental (Dental Platform) | VP, Business Development & Strategy | Oct 2012–Sep 2019 | Led strategy/M&A; completed >10 deals across four continents, including the $2B+ acquisition of Nobel Biocare. |
| Avery Dennison | Various roles; most recently VP & Head of Corporate Strategy | 10 years (ending 2012) | Corporate strategy leadership at a Fortune 500; business development and marketing initiatives. |
| Boston Consulting Group (Frankfurt) | Consultant | Not disclosed | Early-career consulting foundation. |
External Roles
- Not disclosed in SEC proxy or company leadership profile.
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | $475,000 | $475,000 | $495,000 (↑4.2%) |
| Target Bonus % of Salary | 60% | 60% | 60% (no increase) |
| ICP Target ($) | — | $285,000 | — |
| ICP Actual Payout ($) | — | $299,250 (105% of target; PPF=1.0) | — |
| All Other Compensation ($) | — | $74,600 | — |
| Deferred Compensation (DCP) – Salary Deferred ($) | $23,712 | $23,750 | — |
Performance Compensation
Annual Incentive Compensation Plan (ICP) – 2024
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Core Sales Growth (YoY %) | 50% | Not disclosed | Not disclosed | Included in CFF=105% result | Annual cash bonus |
| Adjusted EBITDA Margin (%) | 40% | Not disclosed | Not disclosed | Included in CFF=105% result | Annual cash bonus |
| Adjusted Free Cash Flow Ratio | 10% | Not disclosed | Not disclosed | Included in CFF=105% result | Annual cash bonus |
| Company Financial Factor (CFF) | — | — | 105% | Drives payout with PPF | Annual cash bonus |
| Personal Performance Factor (PPF) | — | — | 1.0 | Multiplies CFF | Annual cash bonus |
| Mischa Reis 2024 ICP | — | $285,000 target | — | $299,250 (105%) | Paid per plan |
Long-Term Incentive Program (2024 Grants)
| Award Type | Grant Date | Count | Exercise Price | Grant-Date Fair Value ($) | Performance Metric / Vesting |
|---|---|---|---|---|---|
| PSUs (Annual) | 2/25/2024 | Target 14,215; Threshold 5,331; Max 28,430 | — | $350,115 | Vest on core sales growth & adjusted EBITDA margin with relative TSR modifier over 3 years |
| Stock Options (Annual) | 2/25/2024 | 18,040 | $22.65 | $175,042 | Ratable vesting over 3 years |
| RSUs (Annual) | 2/25/2024 | 7,730 | — | $175,085 | Ratable vesting over 3 years |
| RSUs (One-time) | 2/25/2024 | 8,835 | — | $200,113 | Time-based vesting per grant terms |
| Performance Stock Options (One-time) | 8/25/2024 | 57,980 | $18.70 | $465,579 | Performance-based; 10b5-1 grant timing policy applied |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (post-transaction) | 32,382 common shares as of 08/25/2025 |
| Insider Sale | Sold 15,000 shares at $21.60 on 08/25/2025 under a Rule 10b5-1 plan; filed 08/27/2025 |
| 10b5-1 Plan Adoption | Adopted on 11/26/2024; plan to sell up to 15,000 common shares and 71,025 option shares; first trade no earlier than 03/31/2025; ends by 02/18/2026 |
| Ownership Guidelines | Senior Vice President: 2x base salary; all NEOs in compliance as of 12/31/2024; pledging prohibited; hedging prohibited |
| Unvested RSUs (as of 12/31/2024) | 7,730 ($149,112 MV) and 8,835 ($170,427 MV) |
| PSUs (threshold units; as of 12/31/2024) | 7,108 units ($137,113 payout value) |
| Options Outstanding (select) | 18,040 options (2/25/2024, $22.65, exp. 2/25/2034) ; 57,980 performance options (8/25/2024, $18.70, exp. 8/25/2034) ; prior grants include 3,660/7,320 (exercisable/unexercisable) at $38.25 (2/25/2023) and 6,233/3,117 at $48.52 (2/25/2022) |
Employment Terms
| Term | Provision |
|---|---|
| Proprietary Interest Agreement | Confidentiality, non-disparagement, IP assignment; non-compete 12 months post-termination; non-solicit 24 months |
| Letter Agreement | Sets base salary and target bonus; eligibility for equity awards; participation in deferred comp and broad-based benefits |
| Severance Plan (no CIC) | For NEOs other than CEO: cash equal to 1.0x base salary + 1.0x annual bonus target; pro-rated bonus based on actual; benefits continuation cash (up to 12 months x multiple) and COBRA eligibility |
| Severance Plan (with CIC, within 24 months) | Multiple increases by 0.5 (i.e., 1.5x for NEOs other than CEO); pro-rated bonus at target; full vesting of unvested equity at target for PSUs; 18 months benefits continuation; COBRA eligibility (double-trigger) |
| Mischa Reis – Quantified Termination Values (12/31/2024 basis) | Cash severance: $760,000 (no CIC); $1,140,000 (with CIC); benefits continuation cash: $21,691 (no CIC); $32,537 (with CIC) |
| Death Scenario (12/31/2024 basis) | Acceleration/payout values: stock options $34,208; RSUs $302,351; PSUs $315,835; EDIP $134,754 |
| Deferred Compensation | DCP salary deferrals: $23,750 (2024), $23,712 (2023), $22,673 (2022); EDIP participation and 2024 notional share contribution |
Performance Compensation – Award Mix and Structure (2025 Updates)
| Item | 2025 Design |
|---|---|
| Base Salary | Increased to $495,000 (+4.2% vs 2024) |
| Annual LTI Value | $700,000 (unchanged) |
| LTI Mix | 50% PSUs, 25% stock options, 25% RSUs (for NEOs other than CEO) |
| ICP Metrics & Weights | 50% core sales growth; 40% adjusted EBITDA margin; 10% adjusted free cash flow ratio (same as 2024) |
Investment Implications
- Compensation alignment: High proportion of at-risk pay—PSUs tied to core sales growth and adjusted EBITDA margin with relative TSR overlay, plus a rigorous ICP framework—supports pay-for-performance; 2024 ICP payout at 105% suggests moderate outperformance on the revised plan’s composite targets.
- Retention and change-in-control: Double-trigger CIC protection with full equity vesting at target and a 1.5x cash multiple (vs 1.0x otherwise) balances retention with shareholder protections; non-compete (12 months) and non-solicit (24 months) further mitigate transition risk.
- Insider activity and selling pressure: A 10b5-1 plan adopted 11/26/2024 authorized sales up to 15,000 common shares and 71,025 option shares through 2/18/2026; 15,000 shares were sold at $21.60 on 8/25/2025, leaving 32,382 shares beneficially owned—plan-based selling reduces signaling risk but implies ongoing supply contingent on price limits.
- Alignment policies: Stock ownership guideline at 2x salary (compliant as of 12/31/2024), strict anti-pledging and anti-hedging policies enhance shareholder alignment.
- Execution track record: Prior leadership of significant dental-platform M&A (including the $2B+ Nobel Biocare acquisition) indicates strategic capability; PSU design keeps future rewards contingent on sustained sales growth and margin expansion versus peers.