David Clark
OBLGAbout David Clark
David Clark is Chief Financial Officer, Treasurer, and Corporate Secretary of Oblong, Inc., serving since March 2013; he is 56 years old and holds a Master of Accountancy and B.S. in Accounting from the University of Denver and is an active Certified Public Accountant . Recent company performance disclosed in proxies shows net losses of $4.043M (FY2024), $4.384M (FY2023), and $21.841M (FY2022), and a reported “value of a $100 TSR investment” of $0.63 (FY2024), $0.26 (FY2023), and $2.29 (FY2022) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PricewaterhouseCoopers LLP | Audit practice | 7 years | Foundation in external audit and financial reporting |
| Allos Therapeutics (public biopharma) | VP Finance, Treasurer, Acting CFO | n/a | Senior finance leadership at a public company |
| Seurat Company (formerly XOR, Inc.) | Chief Financial Officer | n/a | CFO role in e‑commerce managed services |
External Roles
No public company directorships or external board roles disclosed for David Clark in Oblong’s proxies .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | 401(k) Match ($) |
|---|---|---|---|---|
| 2024 | 260,000 | 50% of base | 87,000 | 10,000 |
| 2023 | 260,000 | 50% of base | 173,000 | 10,000 |
Notes:
- Target bonus is set at 50% of base salary under the Clark Employment Agreement (discretionary and contingent on meeting financial and non‑financial goals) .
Performance Compensation
| Year | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| 2024 | Annual cash bonus based on financial and non‑financial goals | Not disclosed | 50% of base | $87,000 paid | Cash (n/a) |
| 2023 | Annual cash bonus based on financial and non‑financial goals | Not disclosed | 50% of base | $173,000 paid | Cash (n/a) |
Additional observations:
- The Compensation Committee does not evaluate TSR as part of determining executive compensation; bonuses reflect factors like liquidity management, maintaining Nasdaq listing, and M&A sourcing/evaluation .
Equity Ownership & Alignment
| As-of Date | Shares Owned | Vested vs Unvested | Options (Exercisable/Unexercisable) | Pledged/Hedged | Notes |
|---|---|---|---|---|---|
| Oct 31, 2025 | 82 shares of Common Stock | No equity awards outstanding | None outstanding | Hedging prohibited without CFO approval; no pledging disclosure | 2019 Plan shares exhausted; no RSUs/options outstanding as of 10/31/2025 |
| Nov 6, 2024 | 82 shares of Common Stock | No equity awards outstanding | 2013 options expired in 2023 | Hedging prohibited without CFO approval; no pledging disclosure | Reverse split executed in 2024 (impacting share counts) |
Policy notes:
- Insider Trading Policy prohibits hedging/monetization, short sales, and derivative transactions unless advance approval is obtained from the Company’s Chief Financial Officer .
- 2019 Equity Incentive Plan includes “recovery/clawback” provisions aligned with Section 10D of the Exchange Act .
Employment Terms
- Employment Agreement: Originally dated March 25, 2013; amended and restated July 19, 2019 .
- Base/Bonus structure: Base salary (currently $260,000 in recent years) with target bonus equal to 50% of base, discretionary and based on financial and non‑financial goals .
- Severance (outside Change in Control): If terminated by the Company without cause, by Mr. Clark with/without good reason, or due to expiration from non‑renewal, he receives six months’ base salary, 50% of maximum annual target bonus for the year of termination, pro‑rated target bonus for the partial year, 100% accelerated vesting of then‑unvested restricted stock/RSUs, and six months of COBRA premium payments/reimbursement .
- Change‑in‑Control (Double Trigger): If termination occurs within 18 months post‑Change in Control without cause or for good reason, he receives 18 months’ base salary, 100% of maximum annual target bonus for the year of termination, 12 months of COBRA premium payments/reimbursement, and 80% accelerated vesting of then‑unvested restricted stock/RSUs .
- Restrictive covenants: Non‑compete for six months post‑termination; non‑solicit and confidentiality obligations .
- Clawback: Awards/shares/proceeds subject to future clawback policy adopted under Section 10D of the Exchange Act .
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($) | (21,841,000) | (4,384,000) | (4,043,000) |
| Value of $100 TSR Investment ($) | $2.29 | $0.26 | $0.63 |
Company revenue trend (for context):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 5,476,000* | 3,810,000* | 2,378,000* |
Values retrieved from S&P Global.*
Context:
- Compensation Committee disclosures emphasize focus on liquidity management, cost reduction, preserving Nasdaq listing, and pursuing M&A opportunities; they do not use TSR explicitly in setting pay .
- 2024 proxy discloses no equity awards outstanding for named executive officers; the 2019 Plan was depleted by 10/31/2025 and the 2025 proxy seeks an amendment to add shares and add an evergreen provision –.
Investment Implications
- Alignment/skin‑in‑the‑game: Clark’s direct ownership is modest (82 shares as of both 2024 and 2025 records) with no outstanding equity awards; this limits long‑term equity alignment unless the proposed 2019 Plan amendment restores equity issuance capacity .
- Pay structure favors cash: Bonuses were paid ($87k in 2024; $173k in 2023) despite negative net income, reflecting emphasis on liquidity and listing stability rather than TSR or profitability metrics; TSR is explicitly not used for pay decisions .
- Retention risk: Non‑compete is six months, and severance is meaningful (especially change‑in‑control: 18 months salary, 100% of target bonus, 80% vesting); near‑term retention risk is moderated by these protections, but equity scarcity may reduce longer‑term retention hooks .
- Governance considerations: Hedging is prohibited without CFO approval; as CFO, Clark is the approver under policy—this warrants monitoring, though no hedging/pledging disclosures appear; clawback language is present via the 2019 Plan .
- Performance trajectory: Revenues have declined annually since FY2022 while net losses narrowed significantly in FY2023–FY2024; continued execution on restructuring and any strategic transactions will be pivotal for value creation .