Mattias Stetz
About Mattias Stetz
Mattias Stetz, 45, is Chief Operating Officer of Rush Street Interactive (RSI), joining in April 2016; he oversees Operations and RSI’s Latin American business. He previously spent 2004–2016 at Kindred Group plc, serving as Chief Commercial Officer from 2009–2016; he holds an M.Sc. in Marketing and Business Development from the Stockholm School of Economics and is a Harvard Business School alumnus (GMP 2015) . Company performance context: GAAP revenue was $924.1 million in 2024 (vs. $691.2 million in 2023 and $592.2 million in 2022), net income was $7.2 million in 2024, and RSI’s 2024 TSR (value of fixed $100 investment) was $83.15 (peer group $113.68) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kindred Group plc | Chief Commercial Officer | 2009–2016 | Helped shape long-term strategy; oversaw day-to-day marketing and operations |
| Kindred Group plc | Executive (earlier roles) | 2004–2009 | Marketing, sports betting operations, and media content creation for sports wagering |
External Roles
- No public company directorships or external board roles disclosed for Stetz in RSI’s proxy .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $415,000 | $440,000 | $445,000 |
| Target Bonus (% of Salary) | 80% (per Stetz Letter) | 80% | 80% |
| Actual Bonus Paid ($) | $377,671 | $431,450 | $500,777 |
Notes:
- Annual bonus guidelines: actual payout intended between 50% and 110% of base salary subject to corporate and individual objectives .
Performance Compensation
Short-Term Incentive Plan (STIP) – 2024 Design and Outcome
| Component | Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|---|
| Corporate Goals | GAAP Revenue | 33% of Corporate Goals | Not Disclosed | Exceeded maximum | 150% of target for corporate component (combined) | Paid typically in Q1 of following year |
| Corporate Goals | Adjusted EBITDA | 67% of Corporate Goals | Not Disclosed | Exceeded maximum | 150% of target for corporate component | Paid typically in Q1 of following year |
| Individual Goals | Qualitative/Quantitative | 33% of STIP | Not Disclosed | Committee determined per scorecard | Determined by Committee | Paid typically in Q1 of following year |
Definition: Adjusted EBITDA excludes non-cash and non-core items; see 10-K reconciliation .
Long-Term Incentive Plan (LTIP) – 2024 Grants and Structure
| Element | Grant Date | Shares/Units | Terms | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| PSUs (Relative TSR) | Mar 15, 2024 | Target not disclosed (plan table shows estimated future payouts) | 3-year performance, vest range 0–200% of target; target at 55th percentile vs peer group; negative TSR caps max at 100%; 90-day averaging on start/end prices | $1,030,086 |
| RSUs (time-based) | Mar 15, 2024 | 68,218 | Vest ratably over 3 years | $396,347 |
| Stock Options (time-based) | Mar 15, 2024 | 62,260 | 3-year ratable vesting; 10-year term; $5.79 strike |
PSU payout history: 2022-granted PSUs (performance period ended Dec 31, 2024) paid at 194.2% of target (Relative TSR ~79th percentile) .
Equity Ownership & Alignment
Beneficial Ownership (as of April 9, 2025)
| Security | Shares | % of Class | Notes |
|---|---|---|---|
| Class A Common Stock | 646,629 | <1% | Voting stock |
| Class V Common Stock | 1,482,078 | 1.1% | Non-economic voting shares exchangeable 1:1 with RSILP Units into Class A |
Stock Ownership Guidelines: Executives must hold shares ≥3x salary; unvested RSUs count, PSUs and options do not; each executive currently exceeds guidelines .
Pledging/Hedging: Insider Trading Policy prohibits hedging, short sales, and derivative transactions without prior approval; no pledging disclosure identified .
Outstanding Equity Awards (12/31/2024)
| Award Type | Quantity | Strike | Expiration | Vesting |
|---|---|---|---|---|
| Options (granted 4/9/2021) – Exercisable | 6,748 | $15.40 | 4/9/2031 | 3-year ratable from grant |
| Options (granted 9/27/2022) – Unexercisable | 16,576 | $3.99 | 9/27/2032 | 3-year ratable from grant |
| Options (granted 3/15/2023) – Unexercisable | 71,724 | $3.28 | 3/15/2033 | 3-year ratable from grant |
| Options (granted 3/15/2024) – Unexercisable | 62,260 | $5.79 | 3/15/2034 | 3-year ratable from grant |
| RSUs (time-based, cumulative grants) – Unvested | 141,654 | — | — | Equal annual installments over 3 years |
| One-time RSUs (issued 9/27/2022) – Unvested | 200,000 | — | — | Vest on 3/26/2023, 3/26/2024, 3/26/2025 |
| PSUs (Relative TSR) – Unearned | 140,978; 296,692; 227,392 | — | — | 3-year performance; see PSU terms |
Market values at 12/31/2024 used $13.72 per share for RSU/PSU valuation (proxy methodology) .
2024 Stock Vested
| Metric | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| RSUs/PSUs Vested in 2024 | 333,737 | $2,720,090 |
Implication for potential selling pressure: Multi-year RSU tranches and three concurrent PSU cycles create recurring vesting events; options from 2022–2024 also continue to vest through respective schedules .
Employment Terms
- Role and Pay Mix: Stetz serves as COO with annual LTI value equal to 2.6× base salary; awards include both time-based and performance-based equity .
- Base Salary and Bonus: Base salary $440,000 (per amended/ restated offer letter); target annual bonus 80% of base with actual payout intended between 50% and 110% based on corporate and individual objectives .
- Restrictive Covenants: Confidentiality; non-disparagement; 18-month post-employment non-compete and non-solicitation of customers and employees .
- Severance without Change-in-Control: Lump-sum/periodic cash severance equal to sum of annualized base salary and target bonus; pro-rated annual bonus based on actual performance; 12 months COBRA premiums; partial accelerated vesting of time-based awards vesting within 12 months; PSUs earned on a prorated basis at actual performance .
- Severance with Change-in-Control (within 24 months): Cash severance equal to 2× (salary + greater of target bonus or average actual bonus over prior two years); 12 months COBRA; full acceleration of time-based awards; PSUs assumed/converted or vest in full at greater of target or actual performance if not assumed .
Estimated payments upon termination/change-in-control (as of 12/31/2024, using $13.72 share price):
| Scenario | Cash Severance ($) | Stock Incentives ($) | Other Benefits ($) | Total ($) |
|---|---|---|---|---|
| Termination for Death/Disability | — | $10,653,623 | — | $10,653,623 |
| Termination for Cause/Without Good Reason | — | — | — | — |
| Termination Without Cause/For Good Reason (No CoC) | $1,157,000 | $7,200,681 | $26,151 | $8,383,833 |
| Termination Without Cause/For Good Reason (With CoC) | $1,958,000 | $10,653,623 | $26,151 | $12,637,774 |
Clawback: SEC/NYSE-compliant clawback policy applies to incentive compensation granted/received on or after Oct 2, 2023 in the event of a restatement .
Investment Implications
- Pay-for-performance alignment: High equity mix (RSUs, Options, PSUs) with the majority of NEO pay equity-based and PSUs tied to Relative TSR; 2022 PSU cohort paid at 194.2% of target (79th percentile TSR), indicating strong market-relative performance over the period .
- Incentive calibration: STIP weighting emphasizes profitability (Adjusted EBITDA at 67% of corporate component) and growth (Revenue at 33%); 2024 corporate goals exceeded maximum → 150% payout for corporate portion, supporting near-term cash incentives and signaling operational momentum .
- Vesting supply dynamics: Multiple overlapping RSU/PSU cycles and option schedules create recurring vest events; 333,737 shares vested for Stetz in 2024, representing potential selling pressure around vesting windows depending on trading policy windows and personal liquidity needs .
- Ownership and alignment: Stetz exceeds stock ownership guidelines (≥3× salary) and has no disclosed pledging; hedging/short sales/derivative transactions are restricted, which supports alignment and reduces risk of adverse hedging signals .
- Retention and COC economics: Double-trigger change-of-control benefits at 2× cash and full acceleration of time-based awards (and PSUs at greater of target or actual if not assumed) reduce retention risk through a transaction, but create deal-contingent equity windfalls that investors should model in M&A scenarios .
- Governance and red flags: No excise tax gross-ups; no option repricing; clawback policy in place; related-party transaction policy robust. No pledging disclosures; say-on-pay frequency recommendation shifted to every three years, with controlling holders expected to approve proposals—monitor future say-on-pay outcomes for feedback signals .
Citations:
- Biography/role/education: **[1793659_0001793659-25-000098_rsi-20250414.htm:20]**
- Pay versus performance and financial metrics: **[1793659_0001793659-25-000098_rsi-20250414.htm:47]**
- Summary Compensation Table (salary, stock awards, options, bonus): **[1793659_0001793659-25-000098_rsi-20250414.htm:35]** **[1793659_0001793659-25-000098_rsi-20250414.htm:36]**
- STIP design and payout outcome: **[1793659_0001793659-25-000098_rsi-20250414.htm:31]**
- LTIP design, PSU terms and payout history: **[1793659_0001793659-25-000098_rsi-20250414.htm:32]** **[1793659_0001793659-25-000098_rsi-20250414.htm:37]** **[1793659_0001793659-25-000098_rsi-20250414.htm:36]**
- RSU grant counts and vesting; one-time RSUs: **[1793659_0001793659-25-000098_rsi-20250414.htm:39]**
- Option grants, strikes, expirations, vesting: **[1793659_0001793659-25-000098_rsi-20250414.htm:38]** **[1793659_0001793659-25-000098_rsi-20250414.htm:37]**
- Stock vested in 2024: **[1793659_0001793659-25-000098_rsi-20250414.htm:39]**
- Beneficial ownership: **[1793659_0001793659-25-000098_rsi-20250414.htm:52]**
- Ownership guidelines; Insider Trading Policy (hedging/short sales/derivatives): **[1793659_0001793659-25-000098_rsi-20250414.htm:34]**
- Employment terms (Stetz Letter): **[1793659_0001793659-25-000098_rsi-20250414.htm:42]**
- Severance/CoC descriptions and quantified table: **[1793659_0001793659-25-000098_rsi-20250414.htm:45]** **[1793659_0001793659-25-000098_rsi-20250414.htm:46]**
- Governance policies and say-on-pay frequency proposal: **[1793659_0001793659-25-000098_rsi-20250414.htm:51]** **[1793659_0001793659-25-000098_rsi-20250414.htm:7]**