Michael Pisetsky
About Michael Pisetsky
Michael A. Pisetsky, age 47, is SI-BONE’s Chief Business & Legal Affairs Officer (since April 2023), overseeing Legal, Compliance, IT, and People & Culture and serving as corporate secretary; he previously served as General Counsel and Chief Compliance Officer since March 2015 and held senior operations/administration roles in 2021 . He holds a B.A. from Harvard College and a J.D./M.B.A. from Duke University . Company performance during his tenure includes 2024 revenue of $167.2 million (~20% YoY), positive adjusted EBITDA in Q4’24, and year-over-year improvements in net loss (~29%) and adjusted EBITDA (~71%) . For 2024, SI-BONE’s cumulative TSR (fixed $100 measure) was 65.21 versus 140.47 for the peer group .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SI-BONE, Inc. | Chief Business & Legal Affairs Officer | Apr 2023–present | Executive oversight of Legal, Compliance, IT, People & Culture; corporate secretary |
| SI-BONE, Inc. | SVP, Operations & Administration and Chief Legal Officer | Apr 2021–Apr 2023 | Expanded responsibilities across operations/admin alongside legal leadership |
| SI-BONE, Inc. | General Counsel & Chief Compliance Officer | Aug 2016–Apr 2021 | Built and led legal/compliance functions through growth phases |
| SI-BONE, Inc. | Director of Legal | Mar 2015–Aug 2016 | Established internal legal capability |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cooley LLP (Palo Alto) | Business Department Attorney | 2008–Jul 2011 | Advised medical technology, biotech, healthcare services, and tech clients from inception to public offering/sale |
| Independent Practice | Attorney (medical tech, healthcare, real estate) | Aug 2011–Mar 2015 | Provided strategic legal counsel to growth-stage companies |
Fixed Compensation
- Mr. Pisetsky’s base salary and target/actual bonus are not disclosed in the 2025 proxy (he is not a Named Executive Officer). SI-BONE sets executive base salaries via annual Compensation Committee review and uses an annual corporate bonus plan .
- Company-wide 2024 bonus program (applies to executives under the plan) was driven by corporate metrics; the plan paid at 109.4% of target based on actual results .
Performance Compensation
2024 Corporate Bonus Framework and Outcomes
| Metric | Weight | Target | Actual | Payout Level | Contribution |
|---|---|---|---|---|---|
| Revenue Growth | 40% | 22% | 20.4% | 92% | 36.7% |
| Adjusted EBITDA | 25% | ($7.5M) | ($5.1M) | 124% | 31.1% |
| Product 1 FIP | 10% | May | Apr | 125% | 12.5% |
| Product 2 FIP | 10% | May | Apr | 125% | 12.5% |
| Product 3 FIP | 5% | Nov | Sept | 125% | 6.3% |
| Retention Rate | 5% | Up 1% | 92% | 125% | 6.3% |
| Engagement Score | 5% | Up 2% | 72% | 80% | 4.0% |
| Total | 100% | — | — | — | 109.4% |
Executive Equity Program Design
| Award Type | Vesting/Performance | Payout Curve | Notes |
|---|---|---|---|
| RSUs | Time-based, quarterly over 4 years | N/A | RSU grants vest ratably over 16 quarters assuming continued service |
| PSUs (Relative TSR) | 1-, 2-, and 3-year tranches vs. industry peer median | 0% at -50 points; 100% at median; 200% at +50 points | Interim payouts after years 1 and 2; aggregate cap 200% over 3 years |
Recent relative TSR PSU outcomes (company-wide awards):
| PSU Tranche | SI-BONE TSR vs. Median | Payout (% of Target) |
|---|---|---|
| FY24 Tranche 1 | -28 points | 47% |
| FY23 Tranche 2 | +33 points | 139% |
| FY22 Tranche 3 | +33 points | 146% |
Equity Ownership & Alignment
| Policy/Item | Details |
|---|---|
| Hedging & Pledging | Prohibited for all directors, employees, and consultants; no short sales, options, hedging, margin/pledge arrangements |
| Stock Ownership Guidelines | CEO: ≥3x salary; other executive officers: ≥1x salary; directors: ≥3x Board retainer; 5-year compliance window |
| Clawback | 2023 Compensation Recoupment Policy compliant with Exchange Act 10D/Nasdaq; recovers excess incentive comp upon required restatement; applies to all current/former executive officers |
| Insider Trading Policy | Formal policy governing director/officer/employee transactions; filed with 2024 Form 10-K |
| Beneficial Ownership | Mr. Pisetsky is not individually listed in the “Security Ownership of Certain Beneficial Owners and Management” table; no pledging permitted by policy |
Note: We attempted to retrieve Mr. Pisetsky’s Form 4 insider trading records to assess vesting/ownership dynamics but were unable to access the insider-trades data source; the proxy does not itemize his personal holdings .
Employment Terms
| Term | Details |
|---|---|
| Employment status | Executives have at-will employment via offer letters; proprietary information & inventions agreements executed |
| Severance Benefit Plan | Provides double-trigger benefits to designated participants: 12 months base salary (CEO: 18 months), target annual bonus (CEO: 1.5x), 12 months COBRA (CEO: 18 months), full equity acceleration, 2-year option exercise window upon change-in-control termination |
| Non-compete / Non-solicit | Not specifically disclosed in proxy for executive officers beyond proprietary information/inventions agreements |
| Indemnification | Company maintains indemnification agreements for directors/executive officers; advancement of expenses per Delaware law |
| Governance role | Serves as corporate secretary; signs annual meeting notices and shareholder communications |
Investment Implications
- Alignment: Executive pay is heavily at-risk via corporate bonus metrics and RSU/PSU mix; SI-BONE increased EBITDA weighting and introduced financial metric PSUs in 2025, indicating stronger linkage to profitability and shareholder value . Anti-hedging/pledging and an Exchange Act-compliant clawback enhance alignment and risk control .
- Retention and event risk: The Severance Plan’s full equity acceleration on double-trigger change-in-control terminations can reduce post-deal retention for participants but aligns executives to shareholder outcomes in an acquisition; designation status for Mr. Pisetsky is not disclosed .
- Performance signals: 2024 bonuses paid above target (109.4%) reflect EBITDA outperformance despite revenue slightly below target, reinforcing a focus on operating leverage; relative TSR PSU results were mixed near-term (FY24 tranche underperform) but stronger on longer tranches (FY22–FY23), balancing momentum and discipline .
- Data gaps: Without Form 4 detail, insider selling pressure and personal ownership levels cannot be evaluated. However, policy prohibitions on hedging/pledging and ownership guidelines suggest structural guardrails against misalignment .
Sources
- Executive biography/role and governance notices:
- Company performance highlights (2024):
- Bonus program design and 2024 outcomes:
- Equity program (RSU/PSU) design and outcomes:
- Ownership, insider trading, guidelines, and clawback:
- Severance plan terms and potential payouts:
- Indemnification:
- Pay versus performance TSR metrics (2024):