Todd Glickman
About Todd Glickman
Todd Glickman, age 40, is Senior Vice President, Chief Financial Officer and Treasurer of Navitas, appointed effective October 4, 2024. He joined Navitas in 2015, previously serving as Corporate Controller (2015–2018) and Interim CFO from October 2021 to May 2022; he holds a B.B.A. in Finance, Investment and Banking from the University of Wisconsin–Madison and an MBA from the University of Southern California . Company performance disclosure shows cumulative TSR values corresponding to a fixed $100 investment of $20.99 (2024), $47.44 (2023), and $20.63 (2022), with net income of $(84.599) million (2024), $(145.433) million (2023), and $72.887 million (2022) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Navitas Semiconductor | Corporate Controller | 2015–2018 | Progressed through financial leadership roles |
| Navitas Semiconductor | Interim CFO & Treasurer | Oct 2021–May 2022 | Supported public-company transition post-Business Combination |
| Navitas Semiconductor | CFO & Treasurer | Oct 4, 2024–present | Executive officer as of Oct 4, 2024 |
External Roles
No public company directorships or external roles disclosed in the reviewed proxy materials; biographical information presented focuses on internal Navitas roles .
Fixed Compensation
Multi-year compensation snapshot for Todd Glickman:
| Metric | FY 2020 | FY 2021 | FY 2024 |
|---|---|---|---|
| Salary ($) | $210,060 | $268,072 | $316,949 |
| Bonus ($) | $45,000 | $300,000 (one-time, contingent on Business Combination) | Paid via RSUs; see Performance Compensation |
| Stock Awards ($) | — | $6,688,455 (RSUs, grant-date fair value) | $325,998 (includes RSU grant and 2024 RSU bonus value) |
| All Other Compensation ($) | $10,202 | $11,600 | $12,840 |
| Total ($) | $265,262 | $7,268,127 | $655,787 |
2024 fixed pay parameters:
- Employment agreement minimum base salary: $275,000 .
- Annual bonus opportunity at target: 50% of base; maximum 75% of base .
Performance Compensation
2024 annual incentive design and outcomes:
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Revenues; Gross margins; Cash utilization | Not disclosed | Not disclosed | Achieved partial; committee outcome determined | 24.6% of target; 12.6% of base salary; paid March 2025 | Paid as vested RSUs in March 2025 |
Additional performance-related awards:
- 2024 RSU grant: 37,500 unvested RSUs as of 12/31/2024; vest ratably over 4 years .
- 2021 one-time cash bonus: $300,000 contingent on Business Combination completion .
Equity Ownership & Alignment
Beneficial ownership (as of March 31, 2025):
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Todd Glickman | 693,491 | <1% | None of listed persons hold options/RSUs exercisable within 60 days of Table Date |
Outstanding equity awards (as of 12/31/2024):
| Award Type | Grant Date | Quantity | Exercise Price | Expiration | Vesting/Status |
|---|---|---|---|---|---|
| Stock Options (exercisable) | 8/18/2019 | 73,352 | $0.21 | 8/18/2029 | Exercisable |
| RSUs (unvested) | 4/25/2022 | 20,136 | — | — | Unvested; market value $71,886 at $3.57 on 12/31/2024 |
| RSUs (unvested) | 2/1/2024 | 37,500 | — | — | Vest ratably over 4 years; market value $133,875 at $3.57 on 12/31/2024 |
Legacy equity context and transactions:
- Rescission of restricted stock grants and promissory notes (May 26, 2021) following corrected 409A valuations; company agreed to indemnify executives for adverse tax outcomes .
- Company purchase of 66,829 shares from Glickman at $8.23 per share ($550,003) on March 11, 2022 to satisfy tax obligations; post-transaction holdings: 763,067 shares .
- Lock-Up Agreements tied to the Business Combination included Glickman; general transfer restrictions described (varied by executive) .
- Pledging: Proxy discloses pledging for Gene Sheridan; no pledging note appears for Glickman in beneficial ownership footnotes .
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreement base minimum | $275,000 (Glickman) |
| Employment agreement severance | If terminated without cause or for good reason: 12 months’ base salary + 12 months healthcare; subject to coordination with Executive Severance Plan (benefits under plan are in lieu of agreement benefits) |
| Executive Severance Plan (adopted Dec 27, 2023) – non-CEO executives | Qualifying termination (no-cause/good-reason): 6 months base salary continuation, pro-rated annual bonus upon attainment of performance criteria, 6 months healthcare |
| Executive Severance Plan – change in control window (3 months before to 12 months after) | Lump sum 18 months base salary; lump sum 1.5x target annual bonus; pro-rated bonus at target; acceleration of time-based equity awards and performance-based equity awards upon achievement (LTIP options excluded); 1 year healthcare |
| Clawback | Policy implemented to recoup incentive compensation in event of financial restatement tied to performance measures |
| Hedging/short sales | Hedging prohibited; restrictions on short sales/speculative transactions apply to all employees |
| Option repricing | Prohibited without shareholder approval |
| Perquisites | No general executive perquisites beyond broad-based benefits |
| Tax gross-ups | No change-of-control excise tax gross-ups |
| Defined benefit/SERP | None provided |
| Indemnification | Indemnification agreements in place; advancement of expenses to fullest extent permitted by Delaware law |
Say-on-Pay and Shareholder Feedback
- 2024 Say-on-Pay approval: Votes For 96,268,610; Against 2,653,244; Abstentions 1,138,412; Broker Non-Votes 40,169,926 .
- Frequency: Stockholders voted to conduct Say-on-Pay annually .
Investment Implications
- Alignment: Cash bonus for 2024 was delivered as vested RSUs, and 2024 RSU grants vest over four years, creating ongoing equity-linked exposure and potential alignment with shareholder outcomes .
- Retention economics: The Executive Severance Plan provides 6 months base salary continuation (no-cause/good-reason) and robust change-in-control protections (18 months base + 1.5x target bonus, equity acceleration), which may reduce voluntary turnover risk during strategic events .
- Ownership and dilution context: Glickman’s beneficial ownership is <1% (693,491 shares as of March 31, 2025), while company-wide equity overhang includes 7,999,357 options and 9,606,400 RSUs outstanding; 9,818,879 shares remain available under plans, framing overall dilution and incentive capacity .
- Governance safeguards: Hedging prohibitions, clawback policy, no option repricing, no excise tax gross-ups, and absence of defined benefit plans signal shareholder-aligned practices in incentive design and risk control .
- Performance backdrop: Company pay-versus-performance disclosure shows TSR and net income volatility across 2022–2024 (TSR values of $20.63, $47.44, $20.99; net income of $72.887M, $(145.433)M, $(84.599)M), informing expectations for performance-conditioned payouts and equity valuations impacting realized compensation .