Mark Miles
About Mark Miles
Mark Miles is Quipt Home Medical’s Chief Compliance Officer (CCO), serving since March 2024; previously VP of Information Technology from May 2018 to March 2024. He is 43, with 15+ years at the company across operations and IT, holds formal education in Legal Studies, and is a Certified HIPAA Professional (CHP) since July 2020 . Company performance during his tenure includes Q1 FY2025 revenue of $61.4M and a net loss of $1.1M, with rentals at $24.3M and sales/supplies at $37.1M; basic/diluted loss per share was $(0.03) for the three months ended Dec 31, 2024 . The company highlighted a conservative balance sheet with net debt to Adjusted EBITDA of 1.4x as of Q2 FY2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Quipt Home Medical | Chief Compliance Officer | Mar 2024–present | Oversees comprehensive compliance program; enhances internal controls; proactive compliance posture |
| Quipt Home Medical | VP, Information Technology | May 2018–Mar 2024 | Drove tech advancements; integrated platforms; streamlined systems to support expansion |
| Quipt Home Medical | Operations roles (driver, warehouse manager, assistant branch manager, branch manager) | Not specified | Ground-up operational experience underpinning compliance and risk management expertise |
External Roles
No external public, private, or non-profit roles disclosed for Mark Miles in the proxy materials .
Fixed Compensation
- Mark Miles (CCO) is not listed among Named Executive Officers (NEOs) in the Summary Compensation Table; base salary, target bonus %, and actual bonus amounts were not disclosed for him in FY2024 proxy materials .
- Executive cash incentive bonuses are discretionary based on annual financial performance and other goals; no metric-level disclosure specific to Mark was provided .
Performance Compensation
- Framework: Equity under the 2024 Equity Incentive Plan (EIP) includes options, RSUs, PSUs, performance units, and other awards; RSUs vest quarterly over two years; options may vest over varying schedules (often three years) with up to ten-year terms .
- Metric-level detail (weighting, targets, actuals, payout) for Mark was not disclosed; the company uses discretionary annual cash bonuses tied to financial and non-financial goals .
Equity Ownership & Alignment
Current Beneficial Ownership and Derivatives (Form 3 — Oct 1, 2024)
| Security Type | Shares Underlying | Exercise Price (USD) | Date Exercisable detail | Expiration | Exercisable vs Unexercisable | Vesting Schedule |
|---|---|---|---|---|---|---|
| Stock Option (right to buy) | 12,500 | $1.11 | All vested as of Oct 1, 2024 | 04/09/2028 | 12,500 / 0 | Fully vested |
| Stock Option (right to buy) | 30,000 | $6.27 | All vested as of Oct 1, 2024 | 05/20/2031 | 30,000 / 0 | Fully vested |
| Stock Option (right to buy) | 15,000 | $6.14 | 7,500 vested as of Oct 1, 2024; remaining vests 1,250 on: Nov 20, 2024; Feb 20, 2025; May 20, 2025; Aug 20, 2025; Nov 20, 2025; Feb 20, 2026 | 02/20/2033 | 7,500 / 7,500 | As listed above |
- Non-derivative common shares: Form 3 did not list any non-derivative common shares for Mark (Table I showed no entries for Miles) .
- Company-level March 2025 grants: 425,000 options (exercisable at US$2.37, vest over three years, 10-year term) and 2,478,753 RSUs (vest over two years) were awarded under the 2024 EIP to eligible officers, directors, employees, and consultants; individual allocations to Mark were not disclosed .
Ownership Policies and Alignment
- Hedging and pledging of company stock are prohibited for directors, officers, employees, and related parties; no short sales, puts/calls, margin accounts, or pledging allowed .
- Clawback Policy (adopted 2023) requires recovery of erroneously awarded incentive-based compensation to current/former executive officers in the event of a restatement, regardless of fault, consistent with Rule 10D‑1/Nasdaq standards .
- EIP permits Board discretion to accelerate vesting/settlement of outstanding awards upon change-in-control and certain terminations, subject to applicable law (e.g., IRS §409A) .
- Equity pool: 3,920,875 securities outstanding under equity comp plans as of Sept 30, 2024 (3,401,500 options; 519,375 RSUs); 3,979,869 securities remained available for future issuance under the 2024 EIP .
Employment Terms
- Role start date and tenure: CCO since March 2024; previously VP IT from May 2018–March 2024; total service >15 years .
- Contract-specific severance terms for Mark Miles were not disclosed; severance/change‑of‑control economics disclosed only for CEO/CFO employment agreements (multiples contingent on timing and cause) .
- Insider trading policy enforces blackouts and prohibits hedging and pledging, aligning executive behavior with shareholder interests .
- DOJ Civil Investigative Demand (CID) regarding CPAP equipment claims: Company is cooperating; SEC subpoena concluded in Nov 2024 with staff advising it did not intend to recommend an enforcement action based on information at that time .
Investment Implications
- Alignment and vesting: Mark’s compensation alignment is primarily via stock options—with two grants fully vested and one grant vesting quarterly through Feb 2026—creating predictable vesting dates that can influence trading windows and potential selling pressure around those events .
- Governance safeguards: Prohibitions on hedging/pledging and a formal clawback policy mitigate misalignment and downside governance risk; EIP acceleration features may amplify change‑of‑control economics for equity awards, affecting executive retention dynamics during strategic events .
- Compliance overhang: The DOJ CID represents a regulatory overhang; as CCO, Miles’ execution on remediation and controls is central to risk mitigation—SEC’s closure without recommended enforcement in 2024 reduces some risk but does not resolve the DOJ matter .
- Company-wide equity usage: March 2025 RSU and option grants, with short RSU vest cycles, suggest retention and alignment priorities across management; however, individual grant specifics for Miles were not disclosed, limiting precision on his forward equity incentives .
Overall, Mark Miles’ incentive alignment is option‑heavy with structured vesting through early 2026; governance frameworks (hedging/pledging bans and clawbacks) bolster alignment, while the ongoing DOJ CID elevates compliance execution risk—an area squarely within Miles’ remit .