Hardik Mehta
About Hardik Mehta
Chief Financial Officer of Quipt Home Medical Corp. since February 2018; age 43. Background includes nearly ten years as a finance professional and investment banker at Silverstone Capital Advisors with deep acquisition, transaction finance, accounting, and negotiating experience; MBA in finance from the Lindner Graduate School of Business at the University of Cincinnati and an undergraduate engineering degree . Company-level performance highlights in recent periods include Q3 FY2025 revenue of $58.3M and Adjusted EBITDA of $13.7M (23.5% margin), and nine-month FY2025 revenue of $177.0M with strong recurring revenue (81%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Quipt Home Medical Corp. | Chief Financial Officer | Feb 2018–present | Led capital markets, FP&A, and M&A execution across DME/HME; advisor on >30 transactions, including buy-side diligence and integration |
| Silverstone Capital Advisors | Finance professional and investment banker | Nearly 10 years | Advised on 30+ M&A and funding transactions; oversaw QoE, due diligence, and post-transaction integration planning |
External Roles
- Not disclosed in the proxy filings for Mehta .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 505,630 | 576,989 |
| Bonus ($) | 255,955 (discretionary; paid in FY2024 for FY2023 performance) | TBD (to be determined; will be disclosed via Item 5.02(f) 8-K) |
| Other Compensation ($) | 18,149 (401k $13,200; vehicle $4,949) | 20,192 (401k $13,800; vehicle $6,392) |
- Program design: base salary, discretionary annual cash bonuses, and long-term equity under the 2024 Equity Incentive Plan .
Performance Compensation
| Award Type | Grant/Status | Terms | Vesting |
|---|---|---|---|
| RSUs (Outstanding at FY-end) | 46,250 units | Market value $135,050 at $2.92 closing price on Sep 30, 2024 | Vests in equal amounts on Nov 20, 2024 and Feb 20, 2025 |
| RSUs (Vested, deliverable) | 92,499 units (deliverable by Mar 15, 2025; vested in calendar 2024) | — | Delivery by Mar 15, 2025 |
| Stock Options | 60,000 exercisable | Exercise price $6.28; expiration May 20, 2031 | Fully exercisable (as disclosed) |
- Award calibration and performance metrics: Executive bonuses are discretionary based on financial performance and other goals; specific metric weightings/targets not disclosed .
- Plan vehicle: 2024 Equity Incentive Plan (EIP) authorizes options, RSUs, PSUs, SARs, and other awards; aggregate share reserve 8,420,494 (with securities available for future issuance noted in the plan table) .
Equity Ownership & Alignment
| Component | Amount | Notes |
|---|---|---|
| Total Beneficial Ownership (shares) | 944,198 | Includes 791,699 shares held by a family trust over which Mehta exercises partial control and direction |
| Ownership % of Shares Outstanding | 2.2% (out of 43,091,273 shares as of Jan 16, 2025) | |
| Options – Exercisable | 60,000 | Strike $6.28; expires May 20, 2031; out-of-the-money vs $2.92 FY2024 close |
| RSUs – Unvested (as of Sep 30, 2024) | 46,250 | Vests Nov 20, 2024 and Feb 20, 2025 |
| RSUs – Vested (deliverable by Mar 15, 2025) | 92,499 | Vested in 2024 calendar year; deliverable by Mar 15, 2025 |
| Pledged/Hedged | None pledged; hedging/shorting/margin/pledging prohibited by policy |
- Stock ownership guidelines: Not disclosed in proxy .
- In-the-money value of options: Not applicable at FY2024 close given strike above share price ($6.28 vs $2.92) .
Employment Terms
- Employment Agreement: Commencement Date Nov 1, 2020; initial three-year term with automatic one-year renewals unless terminated .
- Initial Base Salary under agreement: $445,000 for first year; 7% annual increases on each anniversary (contractual terms) .
- Severance:
- Without Cause or for Good Reason: Final Compensation plus base salary for remaining term, subject to release .
- Change of Control: If termination occurs within one year following a Change of Control, severance equals greater of remaining term base salary or 2× current base salary (double-trigger) .
- Equity Award Treatment: Board discretion under 2024 EIP to accelerate/defer vesting upon change-in-control or termination, subject to applicable law .
- Clawback: Policy adopted in 2023 per Rule 10D-1/Nasdaq, requires recovery of erroneously awarded incentive compensation upon restatement (no-fault standard) .
- Hedging/Pledging: Prohibited for directors/officers/ employees; includes shorting, options on company stock, margin accounts, and pledging .
- Non-compete/Non-solicit: Not disclosed in the excerpts provided .
Investment Implications
- Alignment: Significant personal stake (2.2% of outstanding shares) plus RSUs indicates strong alignment; no pledging permitted and none reported, reducing alignment risk .
- Selling Pressure: Options are out-of-the-money at FY2024 close ($6.28 strike vs $2.92 price), lowering immediate exercise/sale incentives; RSU deliveries (92,499 by Mar 15, 2025) represent potential near-term supply but are modest relative to float .
- Retention/Change-of-Control: Double-trigger severance of up to 2× base salary under CoC enhances continuity but creates defined payout exposure; Board discretion to accelerate equity can increase CoC costs .
- Pay-for-Performance: Bonuses are discretionary; absence of disclosed metric weightings or targets limits visibility into pay-for-performance rigor; equity mix under 2024 EIP supports long-term incentives .
- Execution Record: Company performance has emphasized recurring revenue and steady Adjusted EBITDA margins; Mehta’s M&A/finance background and active execution in 2025 transactions support platform scaling but overall FY2025 nine-month revenue declined 4.1% YoY, suggesting near-term growth headwinds to monitor .