Brad Wright
About Brad Wright
Brad Wright is Chief Financial Officer and Secretary of Proficient Auto Logistics (PAL) and has served since the IPO on May 13, 2024; he is 64 years old as of December 31, 2024 and holds a B.S. in Business Administration (Accounting) from Nebraska Wesleyan University (1982) . Prior to PAL, Wright was CFO and a director of PMC Consolidated Holdings (Protect My Car) from September 2018 until its sale in August 2023; interim CFO at Eurasia Group (Sep 2017–Mar 2018); and EVP, CFO & CAO at NASDAQ-listed FBR & Co. (Feb 2008–Jul 2017) . PAL disclosed no specific TSR, revenue-growth, or EBITDA-growth metrics tied to Wright’s compensation; 2025 annual bonus eligibility is based on Company financial performance targets set by the Board, and no discretionary bonuses were paid for 2024 performance due to missed targets (Wright received a one-time $75,000 IPO transaction success bonus) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PMC Consolidated Holdings (Protect My Car) | Chief Financial Officer; Director | Sep 2018–Aug 2023 | Led finance; served on board through portfolio company sale |
| Eurasia Group | Interim Chief Financial Officer | Sep 2017–Mar 2018 | Interim finance leadership at global consultancy |
| FBR & Co. (NASDAQ-listed) | EVP, CFO & Chief Administrative Officer | Feb 2008–Jul 2017 | Senior finance and administrative leadership at investment bank/brokerage |
External Roles
| Organization | Role | Years |
|---|---|---|
| PMC Consolidated Holdings (Protect My Car) | Director | Sep 2018–Aug 2023 |
Fixed Compensation
| Item | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary ($) | 189,862 | 450,000 (raised from 375,000 effective Feb 1, 2025) | Initial base set at $375,000 post-IPO; increased Feb 1, 2025 |
| Target Annual Bonus (%) | N/A disclosed for 2024 | 0–100% of base salary tied to financial target attainment (see schedule below) | Board-set financial performance targets |
| Actual Annual Bonus ($) | 75,000 (one-time IPO transaction success bonus) | Not yet disclosed | No discretionary bonuses for 2024 performance due to missed targets |
| All Other Compensation ($) | 16,630 (housing reimbursement) | — | Perquisites disclosed in proxy |
2025 Annual Bonus Schedule (Percent of Base Salary)
| Percent of Financial Performance Target | Payout (% of Base Salary) |
|---|---|
| <80% | 0% |
| 80–99% | 20% |
| 100–114% | 40% |
| 115–129% | 55% |
| 130–144% | 70% |
| 145–159% | 85% |
| ≥160% | 100% |
Performance Compensation
Equity Awards (RSUs)
| Grant Type | Grant Date/Context | Shares | Grant-Date Value ($) | Vesting Schedule | Notes |
|---|---|---|---|---|---|
| RSUs | In connection with IPO (May 13, 2024) | 88,333 | 1,325,000 (based on $15.00 IPO price) | One-third on each May 13, 2025, 2026, 2027 (continued employment) | Unvested RSUs market value at 12/31/24: $712,847 (based on $8.07 closing price) |
Upcoming RSU Vesting Tranches (Selling Pressure Watch)
| Vest Date | Shares Vesting |
|---|---|
| May 13, 2025 | 29,444 |
| May 13, 2026 | 29,444 |
| May 13, 2027 | 29,445 (balance) |
Performance Metrics Tied to Awards
- Annual cash bonus metrics: “financial performance targets to be set by the Board” (no specific metrics/weights disclosed) .
- 2024 Long-Term Incentive Plan permits performance awards tied to metrics including EPS, EBITDA, TSR, ROE/ROA, revenue, margin, operating income, cash flow, market share, debt reduction, and others; provides adjustment mechanics and discretion to reduce/eliminate payouts .
Equity Ownership & Alignment
| As of | Shares Held | RSUs Vesting Within 60 Days | Total Beneficial Ownership | Ownership % of 27,069,114 Outstanding |
|---|---|---|---|---|
| Mar 31, 2025 | 6,265 (incl. 1,332 UTMA for grandchildren, 933 spouse) | 29,444 | 35,709 | <1% (denoted “*”) |
- Stock ownership guidelines: Executives must maintain ownership equal to 3x annual base salary and bonus; compliance required before selling compensation shares (tax withholding sales permitted); all executive officers were in compliance as of the Record Date .
- Hedging/pledging: Trading policy prohibits hedging and pledging of PAL securities .
- Options: No option awards disclosed for Wright; outstanding equity is RSUs .
Employment Terms
| Term | Detail |
|---|---|
| Start Date & Role | Effective upon IPO close (May 13, 2024); CFO and Secretary |
| Agreement Term | Initial 3-year term beginning May 13, 2024, unless earlier terminated |
| Severance | If terminated without cause or resigns for “good reason”: one year of base salary (paid per regular schedule) |
| Change-of-Control | PAL highlights “No single-trigger vesting of equity awards in the event of a change in control”; 2024 Plan provides for assumption/substitution; if not assumed, award effect per agreement/Board discretion; dissolution/liquidation triggers termination with potential discretionary acceleration |
| Non-Compete/Non-Solicit | Two-year non-compete and non-solicitation (employees/customers) post-termination |
| Clawbacks | Clawback policy for incentive-based compensation in event of accounting restatement due to material noncompliance; applies to current/former Section 16 officers, included as 10-K exhibit |
| Tax Gross-Ups | No excise-tax gross-ups |
Additional Governance and Certifications
- Wright is the principal financial and accounting officer; signed SOX 302 and 906 certifications for FY2024 10-K .
- Corporate governance practices emphasize majority independent board, executive sessions, majority voting, robust clawbacks, and prohibition of hedging/pledging .
Investment Implications
- Retention: Three-year RSU vesting (2025–2027) incentivizes continued service; May 13 annual vest dates are potential selling pressure windows for tax withholding and liquidity events . Ownership guidelines restrict sales until minimums are met, moderating near-term supply from executive sales .
- Pay-for-performance alignment: 2025 cash bonus is fully performance-based with payout up to 100% of base salary contingent on Company targets; missed 2024 targets led to no discretionary bonuses, signaling discipline, though metrics are not disclosed in detail (limits external scorecarding) .
- Downside protection and COC risk: Severance limited to one year of base salary and no excise-tax gross-ups; “no single-trigger” COC reduces windfall risk, but plan-level discretion/award terms introduce uncertainty around treatment if awards aren’t assumed/substituted .
- Alignment and skin-in-the-game: Beneficial ownership <1% and RSUs as primary equity exposure suggest alignment through vesting rather than large outright holdings; hedging/pledging prohibitions and clawbacks strengthen governance and reduce misalignment risk .