Sean Wirtjes
Chief Financial Officer at RPID
Executive
About Sean Wirtjes
Sean Wirtjes, age 55, is Chief Financial Officer of Rapid Micro Biosystems (RPID), a role he has held since September 2018. He previously served as VP, Finance and Controller, Asia Pacific/Middle East/Africa at Boston Scientific (2012–2016), and holds a B.S. in Accounting from Boston College’s Carroll School of Management . Under his finance leadership, RPID reported Q3 2025 revenue of $7.8M (12th consecutive quarter of meeting or beating revenue guidance), with recurring revenue up 32% YoY and consumables up 40%; the company raised FY25 revenue guidance to at least $33M and highlighted margin-improvement initiatives into 2026 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Boston Scientific | VP, Finance & Controller, Asia Pacific/Middle East/Africa | 2012–2016 | Led all aspects of regional financial management (controller leadership across APAC/MEA) . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 432,640 | 449,904 |
| Target Bonus (% of Salary) | 50% | 50% |
| Non-Equity Incentive Plan Compensation ($) | 177,123 | 150,493 |
| Discretionary/Other Bonus ($) | 62,400 (retention bonus) | 33,068 (discretionary bonus) |
| All Other Compensation ($) | 29,093 | 30,916 |
| Total Compensation ($) | 923,838 | 762,893 |
Notes:
- 2024 salary reflects a 4% increase vs 2023; CFO target annual bonus remained 50% of base salary .
- 2024 “All Other Compensation” includes: 401(k) match $15,205; life insurance $520; insurance premiums $15,191 .
Performance Compensation
Annual bonus framework (FY2024):
- Corporate performance score determined by revenue execution and gross margin initiatives; aggregate corporate achievement was 80.6% .
- Individual achievement for Wirtjes was 84.6% (25% weight for CFO) .
- The Compensation Committee also approved additional discretionary cash bonuses to NEOs for FY2024; Wirtjes received $33,068 .
| Component | Weight | Target | Actual/Result | Payout Basis | Vesting |
|---|---|---|---|---|---|
| Corporate performance (aggregate) | 75% (CFO) | Company goals (revenue, validations, gross margin) | 80.6% | Per plan matrix | N/A |
| Individual performance (CFO) | 25% | Pre-set individual objectives | 84.6% | Per plan matrix | N/A |
| Discretionary bonus | — | Board/Committee discretion | $33,068 | Discretionary | N/A |
Equity awards (grant-date accounting values):
| Equity Type | 2023 ($) | 2024 ($) |
|---|---|---|
| Stock Awards (RSUs/PSUs) | 97,464 | 48,042 |
| Option Awards | 125,118 | 50,470 |
Equity Ownership & Alignment
- Beneficial ownership: 685,949 shares (1.73% of Class A). Includes 269,755 Class A shares and 416,194 options exercisable within 60 days; excludes 220,200 unvested RSUs not vesting within 60 days of April 7, 2025 .
- Anti-hedging: Company policy prohibits directors, officers, and employees from hedging transactions (e.g., prepaid forwards, swaps, collars, exchange funds) on Company stock .
| Ownership Detail (as of Apr 7, 2025) | Amount |
|---|---|
| Shares Beneficially Owned | 685,949 (1.73%) |
| Includes: Common Shares | 269,755 |
| Includes: Options (exercisable within 60 days) | 416,194 |
| Excludes: Unvested RSUs (not vesting within 60 days) | 220,200 |
Outstanding equity awards (12/31/2024):
| Grant Date | Instrument | Exercisable (#) | Unexercisable (#) | Exercise Price / MV | Vesting / Terms | Expiration |
|---|---|---|---|---|---|---|
| 09/12/2018 | Stock Option | 82,886 | 0 | $1.00 | Fully vested | 09/11/2028 |
| 07/29/2020 | Stock Option | 96,624 | 0 | $0.75 | Fully vested | 07/28/2030 |
| 03/15/2021 | Stock Option | 22,837 | 1,523 | $10.85 | 48 equal monthly installments; CoC double-trigger accel on termination within 12 months of Sale Event | 03/14/2031 |
| 02/11/2022 | Stock Option | 56,666 | 23,334 | $7.82 | 48 equal monthly installments; CoC double-trigger accel on termination within 12 months of Sale Event | 02/11/2032 |
| 03/09/2023 | Stock Option | 86,887 | 111,713 | $1.24 | 48 equal monthly installments; CoC double-trigger accel on termination within 12 months of Sale Event | 03/09/2033 |
| 02/06/2024 | Stock Option | 21,458 | 81,542 | $0.94 | 48 equal monthly installments; CoC double-trigger accel on termination within 12 months of Sale Event | 02/06/2034 |
| 02/11/2022 | RSU | — | 13,334 unvested; MV $12,001 | $0.90 share price reference at 12/31/24 | 3 annual tranches (2023–2025); CoC double-trigger accel on termination within 12 months of Sale Event | — |
| 03/09/2023 | RSU | — | 52,400 unvested; MV $47,160 | $0.90 share price reference at 12/31/24 | 3 annual tranches (2024–2026); CoC double-trigger accel on termination within 12 months of Sale Event | — |
| 02/06/2024 | RSU | — | 51,000 unvested; MV $45,900 | $0.90 share price reference at 12/31/24 | 3 annual tranches (2025–2027); CoC double-trigger accel on termination within 12 months of Sale Event | — |
Note: Proxy tables use $0.90/share as of 12/31/2024 to show RSU market values; options above $0.90 were out-of-the-money at that date, while $0.75 strike options were in-the-money .
Employment Terms
- Agreement: Employment agreement effective July 14, 2021 .
- Target incentive: Annual bonus targeted at 50% of base salary (subject to plan and Board adjustments) .
- Severance (non‑CoC): If terminated without cause or resigns for good reason, subject to release and covenants: salary continuation equal to 75% of base salary; prior-year earned but unpaid bonus; pro‑rated current‑year bonus based on actual performance; up to 9 months COBRA .
- Change in Control (double trigger): If terminated without cause or resigns for good reason on/within 3 months prior or within 12 months post‑CoC: lump sum 1x base salary; prior-year earned but unpaid bonus; lump sum 1x target bonus; up to 12 months COBRA; full accelerated vesting of all unvested time‑based equity .
- Clawback: Company has an SEC/Nasdaq-compliant compensation recovery policy effective October 2, 2023, requiring clawback of incentive‑based compensation upon restatement (three-year lookback) .
- Hedging: Anti‑hedging policy prohibits transactions designed to hedge or offset declines in Company equity .
Performance & Track Record (Company context under CFO)
- Q3 2025: Revenue $7.8M; recurring revenue +32% YoY (consumables +40% YoY); service revenue +12% YoY; 174 systems placed cumulatively with 152 validated .
- Gross margin: 9% in Q3 (fifth consecutive positive quarter); product margins expected positive in Q4; service margins 40% in Q3 .
- Commercial momentum: Record multi‑system order from a top 20 global biopharma with deliveries beginning in Q4 2025 and extending into 2026+, plus MilliporeSigma collaboration building a global funnel and expected 2026 contributions .
- FY2025 outlook raised to at least $33M revenue; at least 27 system placements; margin expansion expected to accelerate in 2026 via cost reductions, manufacturing efficiency, and supply collaboration .
Compensation Structure Analysis
- Mix shift: 2024 equity grant-date values were lower than 2023 (Stock Awards: $48,042 vs $97,464; Option Awards: $50,470 vs $125,118), reducing guaranteed/equity components YoY .
- At‑risk pay: CFO’s annual cash incentive tied predominantly to corporate performance (75% weight for CFO) with achievement at 80.6%; individual component achieved at 84.6% .
- Discretion: Committee exercised discretion to award additional bonuses for 2024 based on qualitative improvements (CFO $33,068) .
- Equity vesting: Options vest monthly over 48 months for 2021–2024 grants; RSUs vest annually over three years; post‑2021 awards carry double‑trigger acceleration upon qualifying CoC termination (retention-aligned) .
Risk Indicators & Red Flags
- Clawback policy in place per SEC/Nasdaq rules (mitigates risk of windfall from misstated results) .
- Anti‑hedging policy (alignment with shareholders; no hedging of Company stock) .
Investment Implications
- Pay-for-performance alignment: CFO incentives are anchored to revenue execution and margin expansion; 2024 corporate performance scored 80.6%, with individual performance 84.6%; additional discretionary bonus acknowledged sustained improvement .
- Retention risk/CoC economics: Double‑trigger CoC protection includes full time‑based equity acceleration and 1x salary + 1x target bonus, which is market-standard; non‑CoC severance (9 months base) provides continuity without over-insulating management .
- Selling pressure/overhang: Significant scheduled RSU vesting through 2027 and a layered option stack may create periodic transaction activity (e.g., tax withholding sales) as tranches vest; many legacy options were out‑of‑the‑money at 12/31/2024 ($0.90 stock price reference), while $0.75-strike options were in‑the‑money .
- Execution signals: Company raised FY25 guidance, delivered recurring revenue growth and margin progress, and secured a record multi‑system order; these are constructive indicators for incentive realization and equity value alignment under the CFO’s purview .