Steven Vattuone
About Steven Vattuone
Steven Vattuone is ON24’s Chief Financial Officer (CFO), serving since November 2019, and previously ON24’s VP Finance (May 2018–Nov 2019). He is 57, holds an MBA from Santa Clara University and a BS in Business Administration & Accounting from California Polytechnic State University, San Luis Obispo . Annual incentives for 2024 were tied to net ARR growth and non-GAAP EBITDA, while long-term incentives include PSUs linked to relative total shareholder return (TSR) over 2023–2025 and 2024–2026 performance periods . Company performance over FY2022–FY2024 shows declining revenue and negative EBITDA, shaping pay-for-performance calibration and retention dynamics for the CFO (see Performance & Track Record).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Electric Cloud, Inc. | Chief Financial Officer | 2013–2016 | Led finance at DevOps software firm; company acquired by CloudBees in Apr 2019 . |
| Grass Valley USA, LLC | Finance executive roles | 2011–2013 | Finance leadership at media technology producer . |
| Composite Software, Inc. | Chief Financial Officer | 2007–2011 | CFO of data virtualization company; acquired by TIBCO Software . |
| RoseRyan, Inc. | Consultant | 2017–2018 | Accounting/finance advisory prior to joining ON24 . |
| ON24, Inc. | Vice President of Finance | 2018–2019 | Prepared to assume CFO role; internal finance leadership . |
External Roles
None disclosed for public company boards or external governance roles .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Salary | Actual Bonus Paid ($) |
|---|---|---|---|
| 2025 | 425,000 (effective Jul 1, 2025) | Determined by Compensation Committee (not stated) | — |
| 2024 | 383,000 | 70% | 223,244 |
| 2023 | 383,000 (year-end) | — | — |
Performance Compensation
Annual Incentive (Cash Bonus)
| Year | Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| 2024 | Net ARR Growth | Not disclosed | Not disclosed | Not disclosed | 223,244 | Cash (annual) |
| 2024 | Non-GAAP EBITDA | Not disclosed | Not disclosed | Not disclosed | 223,244 (aggregate bonus) | Cash (annual) |
Notes:
- 2024 annual opportunity targeted at 70% of base salary for the CFO; payout based entirely on the weighted mix of net ARR growth and non-GAAP EBITDA objectives .
Long-Term Equity Incentives (RSUs and PSUs)
| Award Type | Units | Market Value as of 12/31/24 ($) | Performance Metric | Payout Curve | Vesting Schedule |
|---|---|---|---|---|---|
| PSUs (2024–2026 cycle) | 81,250 | 524,875 | Relative TSR vs benchmark | 0–200% of target; first two periods max 125%; overall max 200% | Earn after each annual period (2024, 2025, 2026) contingent on service |
| PSUs (2023–2025 cycle) | 30,125 | 194,608 | Relative TSR vs benchmark | 0–200% of target; first two periods max 125%; overall max 200% | Earn after each annual period (2023, 2024, 2025) contingent on service |
| RSUs (granted, vests starting 6/1/2024) | 182,813 | 1,180,972 | Time-based | n/a | 12 equal quarterly installments beginning 6/1/2024 |
| RSUs (vests starting 6/1/2023) | 75,313 | 486,522 | Time-based | n/a | 12 equal quarterly installments beginning 6/1/2023 |
| RSUs (vests starting 2/20/2022) | 32,848 | 212,198 | Time-based | n/a | 16 equal quarterly installments beginning 2/20/2022 |
Notes:
- Market values calculated by ON24 using $6.46 share price on 12/31/24 .
- PSUs earn based on ON24 TSR vs a benchmark index each year; service requirement through each performance period .
Equity Ownership & Alignment
| Holder | Total Beneficial Ownership (Shares) | Ownership (%) | Vested/Unvested Breakdown | Pledged/Hedged |
|---|---|---|---|---|
| Steven Vattuone | 378,787 | <1% | Not itemized in footnotes | Pledging and hedging prohibited under insider trading policy |
Additional Alignment Indicators:
- Insider trading policy prohibits short sales, pledging, hedging, and monetization transactions that decouple risk from ownership .
- Outstanding options held by CFO:
- 97,916 exercisable; 2,084 unexercisable, strike $13.33, expiring 12/11/2030 .
- 25,000 exercisable, strike $1.23, expiring 12/01/2029 .
Employment Terms
| Item | Terms |
|---|---|
| Employment | At-will; current base salary $383,000; increases to $425,000 effective July 1, 2025; target bonus determined by Compensation Committee . |
| Severance (no cause) | 6 months base salary + up to 6 months COBRA; standard earned wages/bonus, expenses, vested benefits . |
| Change-in-Control (double trigger) | If terminated without cause or resigns for good reason on/within 12 months of a change in control: 1x base salary; 100% acceleration of unvested equity; up to 12 months COBRA; plus standard entitlements . |
| Good Reason definition | Significant reduction in duties/position, material base salary reduction, or relocation >50 miles (without consent) . |
| Non-compete / Non-solicit | Not disclosed in proxy; agreements focus on severance, equity acceleration, and COBRA benefits . |
Performance & Track Record
Company fundamentals (context for CFO pay-for-performance):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 190,872,000* | 163,708,000* | 148,081,000* |
| EBITDA ($) | -52,942,000* | -49,340,000* | -43,824,000* |
Values retrieved from S&P Global.*
EBITDA Margin %: FY2022 -27.74%, FY2023 -30.14%, FY2024 -29.59%. Values retrieved from S&P Global.
Net Income (IS): FY2022 -58,208,000*, FY2023 -51,786,000*, FY2024 -42,156,000*. Values retrieved from S&P Global.*
Notes:
- Annual incentive metrics (net ARR growth and non-GAAP EBITDA) align directly with ON24’s subscription trajectory and profitability focus .
- Long-term PSUs link payout to ON24’s relative TSR vs a benchmark index over multi-year windows (2023–2025 and 2024–2026), providing alignment with shareholder outcomes .
Compensation Structure Analysis
- Cash vs Equity Mix (2024): Salary $383k, cash bonus $223k, equity awards grant-date fair value $2.28M (ASC 718) — equity-dominant pay mix for CFO, increasing at-risk compensation .
- Incentive Design: Annual bonus fully dependent on net ARR growth and non-GAAP EBITDA; PSUs tied to relative TSR with capped payouts in early performance periods, curbing windfall risk .
- Acceleration Provisions: Executive severance program provides 100% acceleration upon double-trigger CIC termination, increasing retention but elevating change-of-control economics .
- Repricing Authority: 2021 Plan authorizes option cancellation/regrant or cash payments for underwater options without further stockholder approval (no repricings disclosed); potential governance red flag if used .
Compensation Committee Analysis
- Committee Composition (2024/2025): Independent directors Anil Arora, Dominique Trempont (Chair), Anthony Zingale, Barry Zwarenstein; met 5–7 times per year .
- Consultant: Compensia engaged by Compensation Committee for executive and director compensation; independence assessed, no conflicts noted .
Equity Ownership & Alignment Details (Vesting Pressure)
- Unvested RSUs: 182,813 (12 quarterly tranches starting 6/1/2024), 75,313 (12 quarterly tranches starting 6/1/2023), 32,848 (16 quarterly tranches starting 2/20/2022) .
- PSUs at Risk: 81,250 (2024–2026 cycle) and 30,125 (2023–2025 cycle) subject to relative TSR outcomes; payout 0–200% of target with early-period caps .
- Insider Transaction Compliance: All Section 16(a) reporting complied for FY2024 .
Employment Contracts, Severance & Change-of-Control Economics
- Severance Program (CFO): 6 months salary and up to 6 months COBRA if terminated without cause; double-trigger CIC yields 1x salary, 100% equity acceleration, up to 12 months COBRA .
- Definitions of Cause/Good Reason/CIC: Detailed causes including misconduct, policy breaches; good reason covers material duty/salary reduction and relocation; CIC defined by change in voting control or liquidation plan .
- Clawbacks/Ownership Guidelines: Not specifically disclosed for executives; insider policy prohibits pledging/hedging .
Risk Indicators & Red Flags
- Hedging/Pledging Prohibited: Insider trading policy bans short sales, pledging, hedging, monetization transactions; strengthens alignment .
- Option Repricing Authority: 2021 Plan permits cancellation/regrant or cash settlement of underwater options without stockholder approval (no use disclosed); monitor for potential shareholder-unfriendly actions .
- Legal/Investigations: No SEC investigations disclosed; Section 16 compliance affirmed for FY2024 .
Investment Implications
- Strong retention hooks via sizable unvested RSUs and multi-year PSUs; plus double-trigger CIC acceleration increases the cost of a change in control but provides management continuity .
- Annual bonus tied to net ARR growth and non-GAAP EBITDA aligns near-term incentives with subscription and profitability improvements; equity PSUs align long-term with TSR, moderating payout asymmetry via caps .
- Governance watch items: 2021 Plan’s repricing authority and generous CIC acceleration terms warrant monitoring; insider policy’s ban on pledging/hedging mitigates alignment risks .
- Fundamental backdrop shows revenue contraction and negative EBITDA; compensation levers emphasize turnaround execution — investor focus should be on ARR momentum and margin trajectory given pay design. Values retrieved from S&P Global.*