Benjamin Lee
About Benjamin Lee
Benjamin Lee (age 58) is Reddit’s Chief Legal Officer (since March 2022) and Corporate Secretary (since October 2019), having joined Reddit in September 2019 as EVP, Legal & General Counsel . He holds a J.D. from Columbia Law School and a B.S. in Physics and Economics from Yale University . During Reddit’s first year as a public company, 2024 revenue reached $1,300.2 million and Adjusted EBITDA for bonus purposes was $298.0 million, driving maximum corporate bonus funding (225%) for executives including Mr. Lee . From the IPO date (Mar 21, 2024) to year‑end 2024, total shareholder return equated to $324.03 on $100 invested, outpacing the selected peer index value of $118.17 over the same span .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Chief Legal Officer; Corporate Secretary | CLO since Mar 2022; Corporate Secretary since Oct 2019 | Led public company transition, corporate governance, and disclosure; serves as Corporate Secretary | |
| EVP, Legal & General Counsel | Sep 2019 – Mar 2022 | Built legal function pre‑IPO; managed regulatory and commercial matters | |
| Plaid Inc. | General Counsel | Jan 2018 – Sep 2019 | Led fintech legal, product, and regulatory strategy |
| Airbnb, Inc. | Deputy General Counsel, Product | Oct 2016 – Jan 2018 | Product counseling across marketplace, trust, and safety |
| Twitter, Inc. | VP Legal & Deputy General Counsel | 2010 – 2016 | Scaled legal operations at a large social media platform |
| Google Inc. | Legal roles (earlier career) | Not disclosed | Product/technology legal experience |
| NEC Laboratories America | Roles (technology research) | Not disclosed | Technology/IP exposure |
| AT&T Corp. | Roles (telecom) | Not disclosed | Telecom/enterprise legal experience |
| White & Case LLP; Legal Aid Society | Attorney roles | Not disclosed | Law firm and public interest experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Seton Hall University School of Law | Adjunct Professor | Not disclosed | Legal education and mentorship |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 414,500 | 430,300 |
| Target Bonus (% of Salary) | 60% | 60% |
| Target Bonus ($) | — | 258,180 |
| Actual Bonus Paid ($) | — | 580,905 (225% of target) |
Performance Compensation
- Corporate bonus metrics and results for 2024 applied to all NEOs, including Mr. Lee.
| Metric | Weight | Threshold (50% payout) | Target (100%) | Max (225%) | 2024 Result | Payout |
|---|---|---|---|---|---|---|
| DAUq | 40% | 78.0m | 87.0m | 96.0m | 101.7m | 225% |
| Revenue ($mm) | 40% | 980.0 | 1,030.0 | 1,080.0 | 1,300.2 | 225% |
| Adjusted EBITDA ($mm) | 20% | — | 15.0 | 35.0 | 298.0 | 225% |
| Total | 100% | — | — | — | — | 225% |
- Mr. Lee’s bonus outcome under the above funding: 2024 payout $580,905 on a $258,180 target (225% of target) .
Equity Compensation (Grants and Vesting)
| Award Type | Grant Date | Shares/Units (#) | Grant-Date Fair Value ($) | Vesting Details |
|---|---|---|---|---|
| RSU | 2/7/2024 | 51,430 | 1,622,617 | Vests in equal quarterly installments over 1 year, commencing 2/20/2024; as of 12/31/2024, 12,857 units remained unvested (expected to vest on next quarterly date) . |
| Stock Options (exercisable) | 10/15/2019 | 324,500 (exercisable) | — | Options exercisable at $7.92; fully vested as of 12/31/2024 . |
Key company-wide grant/vesting cadence: Equity committee guidelines set standard grant/vesting dates generally on Feb 20, May 20, Aug 20, Nov 20 each year .
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Total Beneficial Ownership (Class A) | 317,465 shares (includes shares, options exercisable within 60 days, and RSUs settling within 60 days) |
| Ownership as % of Shares Outstanding | <1% (Class A) |
| Components | 50,500 shares owned; 249,500 options exercisable within 60 days; 17,465 RSUs to settle within 60 days |
| Options Outstanding (separate from 60-day test) | 324,500 options exercisable; strike $7.92 (in-the-money vs $163.44 YE price) |
| Hedging/Pledging | Hedging and pledging of company stock are prohibited under Insider Trading Policy |
| 10b5‑1 Plans | Use permitted if adopted while not aware of MNPI |
| Clawback | Compensation recovery policy adopted Feb 2024 (SEC/NYSE compliant) |
Outstanding unvested RSUs as of 12/31/2024 (indicative of forward vesting/overhang):
- 12,857 (2/7/2024 grant; quarterly over 1 year starting 2/20/2024) .
- 21,428 (11/1/2023 grant; vests 1/8th quarterly over 2 years from 11/20/2023) .
- 42,849 (2/8/2023 grant; vests 1/12th quarterly over 3 years from 2/20/2023) .
- 10,767 (12/13/2021 grant; vests 1/6th quarterly over 6 quarters from 8/20/2023) .
These quarterly vesting schedules, combined with standard vest dates (generally Feb 20/May 20/Aug 20/Nov 20), create predictable potential selling windows (subject to trading policies and any 10b5‑1 plans) .
Employment Terms
| Scenario | Cash Severance | Bonus | Benefits | Equity Acceleration |
|---|---|---|---|---|
| Termination without Cause or Resignation for Good Reason (outside CIC window) | 12 months base salary (lump sum) | None | Company-paid COBRA premiums up to 12 months | None (no acceleration) |
| Double‑Trigger CIC (termination without Cause / good reason from 3 months before to 12 months after a CIC) | 12 months base salary (lump sum) | Prorated target annual bonus (lump sum) | Company-paid COBRA premiums up to 12 months | Full acceleration of time‑based equity |
Related policies:
- Double‑trigger change‑in‑control structure (no single‑trigger windfall) .
- No executive pensions or SERP; no excise tax gross‑ups; compensation recovery policy in place .
Compensation Structure Notes
- 2024 base salary increased 3.8% vs 2023 (from $414,500 to $430,300), a modest market‑aligned adjustment .
- Annual incentive is tied to DAUq (40%), Revenue (40%), and Adjusted EBITDA (20%); 2024 corporate performance maxed out payout (225% of target) reflecting significant over‑achievement (e.g., Revenue $1,300.2m vs $1,030.0m target; Adjusted EBITDA $298.0m vs $15.0m target) .
- Long‑term incentives are largely time‑based RSUs with quarterly vesting; no new options disclosed for Mr. Lee in 2024; outstanding legacy options are significantly in‑the‑money at YE 2024 prices .
- Hedging/pledging prohibited; Rule 10b5‑1 permitted; clawback adopted in 2024 .
Compensation Peer Group (for program benchmarking)
AppLovin; Bumble; Dropbox; ElasticSearch; Etsy; IAC; Lyft; Match; Nextdoor; Nutanix; Pinterest; Roblox; Roku; Snap; Sprout Social; Squarespace; Twilio; Unity Software; Zillow; ZoomInfo Technologies (Qualtrics and Splunk were removed in 2024 due to acquisitions) .
Governance, Related Party, and Say‑on‑Pay
- Compensation & Talent Committee is fully independent; supported by independent consultant Pearl Meyer; no consultant conflicts noted .
- Related party transaction policy requires Audit Committee approval; no executive officer‑specific related party transactions disclosed for Mr. Lee .
- 2025 proposals include advisory say‑on‑pay and recommend annual frequency; results not yet reported in the proxy .
Performance & Track Record Highlights
- 2024: First year as a public company; revenue of $1,300.2 million with Adjusted EBITDA metric at $298.0 million drove maximum bonus funding .
- IPO‑to‑YE 2024 TSR: $324.03 value on $100 invested; peer index $118.17 (Dow Jones Internet Composite) .
Investment Implications
- Alignment: Meaningful unvested RSU overhang with quarterly vest cadence (generally on/around Feb 20, May 20, Aug 20, Nov 20) aligns retention but can create periodic supply; monitor Form 4s and any 10b5‑1 plan disclosures around these dates .
- Selling Pressure: Legacy options (strike $7.92) were deeply in‑the‑money vs YE price $163.44, which may incentivize staged exercises/sales under trading plans, subject to policy constraints .
- Retention/Change‑in‑Control: Double‑trigger CIC with 1x salary plus prorated target bonus and full time‑based equity acceleration is moderate; outside CIC, severance is 1x salary with benefits, suggesting balanced retention economics without excessive golden parachutes .
- Pay‑for‑Performance: 2024 metrics produced maximum payouts (225%), driven by revenue and EBITDA over‑achievement; continued scrutiny of target calibration is warranted as the program matures post‑IPO .