Anastas Budagov
About Anastas Budagov
Anastas (Stas) Budagov, age 37, has served as Chief Financial Officer (CFO) of QT Imaging Holdings since December 2023 (Board ratification March 12, 2024). He holds a B.S. in Accounting from George Mason University and has been a CPA (Virginia) since 2013 . In 2024, QTIH reported commercial revenue of $4.9 million, a 54% gross margin, and a net loss of $9.0 million, establishing baseline performance context during his tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CBIZ APG | Consultant providing services to public/private clients | 2022–2023 | Led advisory engagements across finance for public/private clients |
| Acilon Consulting LLC | Financial consultant; acting revenue director at Natera; acting finance director at Kodiak Sciences; senior manager on 5+ IPO projects (medtech/life sciences/biotech) | 2017–2022 | Built revenue processes, finance leadership, and IPO execution capabilities for high-growth healthcare companies |
| The Siegfried Group | Contractor at Ernst & Young; advisor to public company management on audits, ICFR, contracts | 2013–2017 | Strengthened audit readiness, internal controls, and commercial contract practices |
| Regional public accounting firms | Senior accountant | ~4 years (prior to 2013) | Core accounting foundation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| CBIZ APG | Consultant | 2022–2023 | Advisory across public/private clients |
| Ernst & Young (via Siegfried Group) | Contractor | 2013–2016 | Audit process support for public companies |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | — | $380,000 (per CFO Employment Agreement dated March 18, 2024, effective March 12, 2024) |
| Sign-on Bonus ($) | — | $63,333 paid in 2024 |
| Annual Bonus Target | — | 40% of base salary in future years; initial year eligible up to $63,333 |
Performance Compensation
- Annual cash incentive metrics for FY2024 were set on two financial objectives: total revenue and cash balance; payout determination follows completion of the audit. For NEOs, awards are assessed post year-end; the only bonus shown for Budagov in 2024 was his sign-on bonus ($63,333) .
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| FY2024 Annual Cash Incentive | Total revenue; cash balance | Not disclosed | Not disclosed | Not disclosed (assessed post audit) | Not disclosed | N/A |
| Sign-on Bonus | N/A | N/A | N/A | N/A | $63,333 paid 2024 | N/A |
Equity Ownership & Alignment
- Beneficial ownership: 162,500 shares underlying stock options exercisable within 60 days as of July 16, 2025; less than 1% of outstanding shares .
- Company insider policy prohibits short-term trading, short sales, publicly-traded options, hedging, holding in margin accounts, and pledging company stock as loan collateral—reducing misalignment risks .
- Stock ownership guidelines: not disclosed in proxy; compliance status not disclosed (no ownership guideline section).
| Ownership Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (options exercisable within 60 days) | 162,500 shares | <1% of outstanding; options only |
| Shares outstanding (record date) | 28,710,144 | Proxy record date July 16, 2025 |
Equity Awards and Vesting Schedules
| Grant | Grant Date | Shares | Exercise Price | Vesting Schedule | Expiration |
|---|---|---|---|---|---|
| Stock Options (CFO grant) | 07/03/2024 | 325,000 | $0.748 | 1/3 vests 02/15/2025; remaining 2/3 vests quarterly over 2 years thereafter (eight quarterly tranches) | 07/03/2034 |
| Stock Options (additional grant) | 04/21/2025 | 50,000 | $0.6650 | 16,667 vests 02/15/2026; remaining 33,333 vests in eight equal quarterly tranches thereafter; fully vested 05/15/2028 | Not disclosed in 8-K |
| Key Vest Dates | Shares Vesting | Award Source |
|---|---|---|
| 02/15/2025 | ~108,333 (1/3 of 325,000) | 07/03/2024 grant |
| Quarterly thereafter (2025–2027) | Remaining 216,667 pro rata | 07/03/2024 grant |
| 02/15/2026 | 16,667 | 04/21/2025 grant |
| Quarterly thereafter (2026–2028) | 33,333 pro rata; fully vested 05/15/2028 | 04/21/2025 grant |
Employment Terms
| Term | Provision |
|---|---|
| Employment basis | At-will; serves as CFO on a full-time basis, performing duties remotely |
| Base salary | Initial annualized $380,000; reviewed annually at Board/Comp Committee discretion |
| Annual bonus | Initial year up to $63,333; thereafter target 40% of base salary; paid subject to performance metrics and continuous employment on payment date |
| Equity grant | 325,000 options under 2024 Plan (vesting as above); further equity at Board discretion |
| Benefits & expenses | Eligible for executive plans; reimbursement of business travel per policy |
| Severance (without cause or good reason resignation) | Accrued benefits plus six months’ base salary paid monthly; immediate vesting of awards that would have vested on the next scheduled vesting date |
| Death/Disability | Employment terminates; Accrued benefits paid; disability provisions per agreement |
| IP/Confidentiality | Proprietary Information and Inventions Agreement executed as a condition of employment |
| Change-of-control | No specific CFO change-of-control multiples disclosed; only CEO has defined change-of-control economics |
Governance, Trading Windows, and Pledging/Hedging
- Trading windows: permitted from the 4th business day after earnings release through the 16th business day preceding quarter end, with required preclearance by CEO/CFO; windows may be closed at management’s discretion .
- Prohibitions: short-term trading within six months of purchase, short sales, exchange-traded options, hedging (e.g., collars/forwards), margin accounts, and pledging company securities as loan collateral are prohibited .
- Rule 10b5-1 plans: allowed under a qualified plan with strict preclearance, adoption during open windows, minimum/maximum duration, and reporting protocols .
Compensation Structure Observations
- Mix emphasizes equity via options with multi-year vesting; cash compensation includes a modest base and performance-linked annual bonus (target 40%) .
- FY2024 incentive metrics (total revenue and cash balance) are financial, tying pay to scale and liquidity—consistent with an early-stage commercialization phase .
Investment Implications
- Alignment: Option-heavy grants, vesting through 2028, and strict prohibitions on hedging/pledging support long-term alignment and reduce near-term insider selling pressure; however, initial large vest (Feb 2025) and quarterly tranches create predictable potential liquidity windows .
- Retention risk: Severance protection is modest (six months base and limited acceleration only to next tranche), which balances retention incentives with shareholder discipline; absence of CFO-specific change-of-control economics limits golden parachute risk relative to CEO .
- Performance linkage: FY2024 bonus metrics (revenue, cash balance) directly tie incentives to commercialization and liquidity, appropriate for the company’s stage; actual payouts not disclosed, reducing immediate visibility into pay-for-performance outcomes .