Trevor Thatcher
About Trevor Thatcher
Trevor Thatcher, 39, is Chief Financial Officer (CFO) of Palladyne AI Corp. (PDYN) and has served in this role since March 2024; he previously joined PDYN in December 2021 as VP, Corporate Controller after seven years at LifeVantage, culminating as SVP, Corporate Controller (2016–2021) . He holds a Masters of Accounting (University of Utah), a B.S. in Accounting and Economics (Utah State University), and is a CPA in Utah; he has public-company finance leadership experience and was a recipient of the Direct Selling “Forces Under 40” award in 2017 . Company-wide 2025 performance context disclosed includes a strong cash position ($57.1M), no debt, and operating cash use of ~$6.3M in Q3, reflecting disciplined capital management as PDYN transitions to commercial expansion in AI software for defense/industrial robotics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Palladyne AI Corp. | Chief Financial Officer | Mar 2024–present | Principal financial and accounting officer; Sarbanes-Oxley certifications on 10-Q, indicating responsibility for disclosure controls and fair presentation . |
| Palladyne AI Corp. | VP, Corporate Controller | Dec 2021–Mar 2024 | Led corporate controllership during strategic pivot to AI software . |
| LifeVantage Corporation | SVP, Corporate Controller | 2016–2021 | Oversaw accounting, tax, commissions, treasury, internal audit; aligned/consolidated company-wide processes to drive operational efficiencies . |
| LifeVantage Corporation | Various accounting roles | 2014–2016 | Supported public-company finance operations . |
| Local Utah accounting firm | Public accounting | Early career | Foundation in audit/accounting discipline . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in PDYN filings | — | — | No public company board or external governance roles disclosed for Thatcher . |
Fixed Compensation
- PDYN discloses its executive compensation framework (salary, bonuses, equity awards) but does not provide CFO-specific base salary, target bonus %, or actual bonus paid for 2024–2025; Trevor was not a Named Executive Officer (NEO) in the 2024 Summary Compensation Table, and CFO-specific cash comp details are not disclosed in the proxy .
Performance Compensation
- November 2025 price-based RSU grant: PDYN’s board approved new executive RSU awards subject to stockholder approval; Thatcher was granted 147,541 RSUs with vesting tied to stock-price goals across 10 tranches, service requirements, and a VWAP-based growth factor that scales eligible units at each vesting date .
| Tranche | Stock Price Threshold | Vesting cadence after threshold attainment | Notes |
|---|---|---|---|
| 1 | $20.00 | 25% at attainment; +25% at 6, 12, 18 months | Threshold must be sustained for 60 consecutive trading days; vesting also requires continued service . |
| 2 | $25.00 | 25% at attainment; +25% at 6, 12, 18 months | Same as above . |
| 3 | $30.00 | 25% at attainment; +25% at 6, 12, 18 months | Same as above . |
| 4 | $35.00 | 25% at attainment; +25% at 6, 12, 18 months | Same as above . |
| 5 | $40.00 | 25% at attainment; +25% at 3, 6, 12 months | Same as above . |
| 6 | $45.00 | 25% at attainment; +25% at 3, 6, 12 months | Same as above . |
| 7 | $50.00 | 25% at attainment; +25% at 3, 6, 12 months | Same as above . |
| 8 | $55.00 | 25% at attainment; +25% at 3, 6, 12 months | Same as above . |
| 9 | $60.00 | 33.3% at attainment; +33.3% at 3 months; +33.4% at 6 months | Same as above . |
| 10 | $65.00 | 33.3% at attainment; +33.3% at 3 months; +33.4% at 6 months | Same as above . |
- Payout determinant: On each vesting date, eligible RSUs for the tranche are scaled by the “VWAP Growth Factor,” defined as the positive difference between the 20-day VWAP on the vesting date and the 20-day VWAP as of Nov 15, 2025, divided by the 20-day VWAP as of Nov 15, 2025; if negative, zero eligibility applies .
- Termination and change-of-control (CoC): If terminated without cause or for good reason (per employment agreement), previously achieved tranches vest; in a CoC prior to threshold achievement, measurement uses closing price on last day before closing and only achieved tranches vest; unachieved tranches are forfeited .
Equity Ownership & Alignment
- Award size: Thatcher RSU grant size is 147,541 units; other executives received distinct sizes (e.g., CEO 4,470,942), underscoring differentiated equity leverage across the team .
- Beneficial ownership: PDYN’s March 31, 2025 beneficial ownership table does not list Thatcher individually (it presents directors, NEOs, and 5% holders), so total personal holdings and % of shares outstanding for Thatcher are not disclosed in that table .
- Hedging/pledging: PDYN’s insider trading policy prohibits hedging and pledging by employees and directors; a limited pledging waiver was granted solely to CEO Ben Wolff for taxes related to his special RSA—no waiver disclosed for Thatcher (thus pledging is prohibited for him) .
- Clawback: PDYN adopted a compensation recovery policy compliant with SEC/Nasdaq rules; erroneously received incentive compensation tied to restated results is recoverable from executive officers .
Employment Terms
- Role and tenure: CFO since March 2024; principal financial and accounting officer responsibilities include SOX 302 and 906 certifications on periodic reports (signed on Nov 12, 2025 for Q3 2025) .
- Contract specifics: CFO-specific employment agreement terms (base, bonus, severance multiples, non-compete) are not disclosed in the 2025 proxy; however, RSU award agreements specify vesting treatment on termination and CoC, as summarized above .
- Governance and controls: PDYN emphasizes audit committee oversight of internal control over financial reporting and disclosure controls; Thatcher’s certifications affirm fair presentation and compliance for Q3 2025 .
Investment Implications
- High-leverage equity incentives tied to sustained stock-price thresholds align Thatcher’s upside with long-horizon TSR, but also introduce binary vesting outcomes—no vesting if thresholds are not met—which can influence risk appetite and execution priorities .
- Staggered post-attainment vesting (25%/33% chunks across months) creates predictable windows where incremental RSUs can vest, potentially increasing supply risk around those dates; the anti-hedging/anti-pledging policy mitigates misalignment risks, and the clawback policy reduces restatement-related moral hazard .
- Lack of disclosed CFO base/bonus detail limits precision in pay-for-performance calibration; however, the RSU design and VWAP-based scaling embed sensitivity to sustained market value creation, aligning compensation outcomes with shareholders under PDYN’s capital-light AI strategy and recent defense-focused developments .