Shaun O’Neil
PAVmedAbout Shaun O’Neil
Shaun M. O’Neil, age 43, is Executive Vice President and Chief Operating Officer of PAVmed since February 22, 2022 and President & COO of Lucid Diagnostics (PAVmed’s subsidiary) since November 2023; prior roles include Chief Commercial Officer at Lucid (2018–2022) and senior commercial/operations roles at AngioDynamics and Aycan Medical Systems. He holds a B.S. in Business Administration from Alfred University and an MBA from Rochester Institute of Technology, with deep experience in commercial buildouts, acquisition integration (PacificDx → LucidDx Labs), and vascular/oncology product launches . Company performance during his tenure shows PAVmed total shareholder return (TSR) on a $100 base declined from $20 (2022) to $11 (2023) to $2 (2024), while reported net income swung to $31,966k in 2024 from losses in 2023/2022, reflecting corporate-level dynamics rather than exec-specific metrics .
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| PAVmed TSR – $100 initial investment | $20 | $11 | $2 |
| PAVmed Net Income/(Loss) ($000s) | $(89,264) | $(66,270) | $31,966 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AngioDynamics (Nasdaq: ANGO) | Product Manager; Senior Product Manager (Peripheral Vascular); Regional Business Manager | 2011–2018 | Led due diligence on acquisitions; launched AngioVac system adopted as standard of care in intravascular removal |
| Aycan Medical Systems | Multiple roles incl. launching DICOM archive and Apple-based imaging post-processing solutions | 2005–2011 | Brought multi-modality imaging and teleradiology solutions to market |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lucid Diagnostics (subsidiary) | President & COO (prev. EVP & COO; CCO) | 2018–present (CCO 2018–2022; EVP/COO 2022–2023; President/COO since Nov 2023) | Built commercial operations; integrated PacificDx assets to form LucidDx Labs; led market access and clinical support |
Fixed Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Reported Salary (PAVmed+Lucid) | $487,500 | $625,000 |
| Target Bonus % (PAVmed) | 50% of base (discretionary) | 50% of base (discretionary) |
| Target Bonus % (Lucid) | 50% of base (discretionary) | 50% of base (discretionary) |
| Actual Bonus Paid | $0 (cash conservation) | $0 (cash conservation) |
| All Other Compensation | $10,500 (comm. allowance $600; 401k match $9,900) | $10,950 (comm. allowance $600; 401k match $10,350) |
| Base in Employment Agreements (reference) | PAVmed $325,000 | Lucid $300,000 (since Dec 1, 2023; prior $150,000) |
Performance Compensation
- Bonuses: Discretionary, target 50% of base at both PAVmed and Lucid, with no payouts in 2023 or 2024 due to cash preservation .
- Equity: Time-based RS and stock options; no PSU/metric-tied awards disclosed. 2024 reported “Stock Awards” total $412,000 (combined Company/Lucid), reflecting time-based grants rather than performance-contingent payout .
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Bonus (PAVmed) | Discretionary | N/A | 50% of base | Not paid | $0 | N/A |
| Annual Bonus (Lucid) | Discretionary | N/A | 50% of base | Not paid | $0 | N/A |
| RS – Lucid (Grant 400,000) | Time-based | N/A | N/A | N/A | Grant of 400,000 sh | Vests May 20, 2026 |
| RS – Lucid (Grant 300,000 in 2025) | Time-based | N/A | N/A | N/A | Grant of 300,000 sh | Vests May 20, 2028 |
Equity Ownership & Alignment
- Ownership guidelines: Company states no formal executive ownership guidelines; relies on periodic equity grants to align interests .
- Hedging/pledging: Insider policy prohibits hedging, short sales, derivatives, and pledging by directors/officers; Rule 10b5‑1 plans allowed with approvals .
| As-of Date | Total Beneficial Ownership (sh) | % of Shares Outstanding | Breakdown |
|---|---|---|---|
| Apr 22, 2025 | 62,635 | <1% (“*”) | 17,933 common + 30 Series Z wts + 44,673 vested/vesting options within 60 days |
| Oct 23, 2025 | 212,605 | <1% (“*”) | 17,932 common + 150,000 RS (vest 05/20/2028) + 44,673 vested/vesting options within 60 days |
| Options – PAVmed | Quantity | Strike | Expiration |
|---|---|---|---|
| Stock Options | 13,007 | $23.70 | Jul 23, 2028 |
| Stock Options | 6,666 | $15.00 | Mar 6, 2029 |
| Stock Options | 5,000 | $66.60 | Mar 31, 2031 |
| Stock Options | 20,000 | $22.20 | Feb 21, 2032 |
| Options – Lucid | Quantity | Strike | Expiration |
|---|---|---|---|
| Stock Options | 50,000 | $3.95 | Feb 17, 2032 |
Employment Terms
| Employer | Agreement Date/Term | Auto-Renewal | Base/Target Bonus | Severance & COBRA | Non-Compete/Non-Solicit | Equity Acceleration |
|---|---|---|---|---|---|---|
| PAVmed | Feb 22, 2022; initial 3 years | 1-year renewals unless 60-day notice | Base $325k; Target 50% (discretionary) | If term’d w/o cause or for good reason: 12 months base, pro‑rata bonus, up to 12 months health coverage, accrued vacation | Restricts competitive employment/solicit for 1 year (2 years upon change-of-control) | RS immediately vest upon termination for good reason or after/within 60 days prior to change-of-control; options vest upon termination after/within 60 days prior to change-of-control |
| Lucid | Feb 22, 2022; amended Dec 1, 2023 (base raised to $300k) | 1-year renewals unless 60-day notice | Base $300k (since 12/1/2023; $150k prior); Target 50% | If term’d w/o cause or for good reason: 12 months base, pro‑rata target bonus, up to 12 months health coverage, accrued vacation | Restricts competitive employment/solicit for 1 year (2 years upon change-of-control) | RS immediately vest upon termination for good reason/without cause or upon change-of-control under Lucid plan; options vest upon termination after/within 60 days prior to change-of-control |
- 280G treatment: “Best‑net” approach (pay full or reduce to avoid excise tax, whichever yields higher after‑tax), no gross‑ups .
- 401(k): Company match commenced July 1, 2021; O’Neil’s “All Other” includes match and communication allowance .
Investment Implications
- Pay-for-performance: No cash bonuses in 2023/2024; equity awards are time-based RS/options without disclosed operational metrics or TSR gates—alignment derives from share price rather than KPI-based outcomes .
- Retention and change-of-control: Standard severance (12 months base) and broad acceleration on certain termination/change-of-control conditions reduce exit friction; non-compete extends to 2 years upon change-of-control, supporting continuity yet offering executives downside protection .
- Selling pressure and overhang: Notable scheduled RS vest dates (May 20, 2026 and May 20, 2028 at Lucid) and exercisable options create potential supply at/after vest, though insider policy bans hedging/pledging and requires pre-approval; 10b5‑1 plans permitted, which can smooth execution .
- Ownership alignment: Beneficial ownership is modest (<1%); Company lacks formal ownership guidelines but continues equity grants; alignment relies on future vesting and market performance rather than minimum holding requirements .
- Execution track record: O’Neil’s commercial buildout and integration history (AngioVac launch; LucidDx Labs formation) supports operational scaling, but corporate-level TSR declined across 2022–2024, underscoring risk that equity-linked pay can underperform without KPI-tied incentives .