Eric Glaenzer
SOCKET MOBILEAbout Eric Glaenzer
Eric Glaenzer is Chief Technology Officer at Socket Mobile (SCKT), appointed on August 9, 2024, after serving as Director of Software and later Vice President & Chief Software Architect; he has been with the company since February 2005 and is 57 years old as of the April 4, 2025 record date . He holds an MBA from HEC Paris and a BS in Engineering from EPITA; earlier, he was a Project Leader at SAFRAN working on secure identification systems for the French Army . Company performance context during his tenure: year-end TSR for a hypothetical $100 investment was $47.30 (2022), $28.43 (2023), and $32.60 (2024), with net income of $86,931 (2022), $(1,919,154) (2023), and $(2,242,350) (2024) . In 2024 the board implemented an option exchange to restore retention value by replacing underwater options with new grants at $1.12 exercise price and 10-year term, including for Glaenzer .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Socket Mobile | Chief Technology Officer | 2024–present | Technology leadership; oversight of product roadmap |
| Socket Mobile | VP & Chief Software Architect | 2019–2024 | Led software architecture and platform strategy |
| Socket Mobile | Director of Software | 2005–2019 | Built internal software capabilities; product execution |
| Socket Mobile | Bluetooth Group Manager | 2003–2005 | Led Bluetooth development group |
| SAFRAN | Project Leader | 1991 (start) | Secure ID systems for French Army |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SAFRAN | Project Leader | 1991 (start) | Led secure identification projects for defense |
Fixed Compensation
| Year | Base Salary (rate) | Salary Paid | Target Bonus ($) | Actual Bonus Paid | Notes |
|---|---|---|---|---|---|
| 2024 | $220,000 (on appointment as CTO) | $214,131 | $66,000 | $6,600 (10% of target) | CTO effective Aug 9, 2024 |
Performance Compensation
| Metric | Weighting | Target | Actual Payout | Measurement Basis | Vesting/Timing |
|---|---|---|---|---|---|
| Revenue Attainment | Not disclosed | $66,000 target for 2024 | 10% payout ($6,600) for 2024 | Company revenue vs board-approved annual plan | Annual cash bonus |
| Adjusted EBITDA | Not disclosed | Included in $66,000 target | 10% payout ($6,600) for 2024 | EBITDA vs annual plan | Annual cash bonus |
The company’s variable compensation framework ties NEO bonuses to revenue and EBITDA performance versus the annual financial plan; payouts for 2024 were 10% of target for all NEOs including Glaenzer .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 97,476 shares; 1.2% of outstanding |
| Options exercisable within 60 days (beneficial owner calc) | 8,713 shares |
| Outstanding Options (12/31/2024) | 7,875 exercisable @ $1.90 exp. 2/15/2029; 457 exercisable and 3,200 unexercisable @ $1.12 exp. 6/25/2034 |
| Outstanding RS awards (unvested) | 4,800 (2/1/2021); 5,265 (2/1/2022); 9,945 (2/1/2023); 15,000 (2/1/2024) |
| RS vesting cadence (standard) | 15% Yr1, 20% Yr2, 25% Yr3, 40% Yr4 subject to continued employment |
| Pledging/Hedging | No pledging or hedging disclosure found in 2025 proxy; company maintains Insider Trading Policy |
| Ownership Guidelines | Not disclosed in 2025 proxy |
Upcoming Vesting and Potential Selling Pressure
| Grant | Next Vest Dates | Shares per Grant Remaining Unvested |
|---|---|---|
| RS 2/1/2021 | Feb 1, 2025 (final tranche) | 4,800 |
| RS 2/1/2022 | Feb 1, 2025 and Feb 1, 2026 | 5,265 |
| RS 2/1/2023 | Feb 1, 2025, 2026, 2027 | 9,945 |
| RS 2/1/2024 | Feb 1, 2025, 2026, 2027, 2028 | 15,000 |
2024 option exchange: replacement option grant of 3,657 shares at $1.12 (10-year term), alongside legacy options at $1.90; replacement options were issued at lower grant-date fair value, with no incremental compensation .
Employment Terms
| Provision | Key Terms |
|---|---|
| Agreement Term | Executed Aug 9, 2024; expires June 30, 2028; expected to be renewed |
| At-Will Status | Employment at-will; termination may occur at any time, with or without cause |
| Severance (non-cause or resignation for Good Reason) | Lump-sum severance equal to six months base salary; COBRA premiums for up to 6 months; option to purchase certain equipment at book value; extended option exercise period up to 24 months; pro rata vesting of unvested RSAs |
| Long-Term Service Option Rights | 10+ years continuous service: vested options exercisable until original grant expiration |
| Change-of-Control Economics | 1% of consideration payable if per-share price ≥ $5.00; plus eligibility for up to 10% bonus pool allocated at board’s discretion; equity awards fully accelerate (options/SARs exercisable, RS restrictions lapse, performance awards deemed at target) at change of control |
| Non-Compete/Non-Solicit | Competitive activity prohibited while employed; explicit post-termination non-compete not disclosed |
| Clawbacks / Tax Gross-ups | No tax gross-ups under Sections 280G/409A; clawback policy not disclosed |
| Arbitration/Governing Law | CA law; binding arbitration in San Jose for disputes |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $21,237,768 | $17,033,593 | $18,762,520 |
| EBITDA ($) | $276,068* | $(2,205,817)* | $(1,373,780)* |
| Net Income ($) | $86,931 | $(1,919,154) | $(2,242,350) |
| Year-end TSR ($100 base) | $47.30 | $28.43 | $32.60 |
*Values retrieved from S&P Global.
Company-level headwinds in 2023–2024 included negative EBITDA and net losses; TSR declined versus 2022 but improved in 2024 versus 2023 .
Investment Implications
- Compensation alignment: Cash bonus is explicitly tied to revenue and EBITDA vs plan; 2024 payout at 10% of target suggests disciplined pay-for-performance amid challenging results .
- Retention dynamics: Multi-year RS vesting across 2025–2028 and extended option exercise rights for long-tenured executives reduce immediate turnover risk; CTO agreement runs through June 30, 2028 .
- Insider selling pressure: Regular RS tranches vest each Feb 1 (2025–2028), potentially increasing liquidity events; options at $1.12 (2024 exchange) and $1.90 (legacy) add optionality depending on market price .
- Change-of-control incentives: The 1% of consideration at ≥$5/share and full equity acceleration create strong alignment to strategic alternatives; investors should consider potential transaction-driven payouts when assessing governance and event risk .
- Governance/risks: No pledging disclosed; no perquisites for executives; clear severance mechanics and arbitration provisions reduce ambiguity in termination events .