Gregg Honigblum
Sintx TechnologiesAbout Gregg Honigblum
Gregg R. Honigblum, age 62, is Chief Strategy Officer (appointed November 15, 2024) and a Class III director of SINTX Technologies. He holds a B.A. in Economics from the University of Texas at Austin and Series 7, 24, and 63 licenses . Background includes 35+ years in healthcare investment banking and capital markets; he has raised over $500M for ventures and was an early financier for Myriad Genetics and Acacia Biosciences/Rosetta Inpharmatics (acquired by Merck for $620M) . Company performance context: value of a fixed $100 investment based on TSR was $96.06 in 2023 and $99.82 in 2024, and net income was -$8.259M (2023) and -$11.024M (2024), indicating continued losses during the latest period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FNEX Capital, LLC | Managing Director | Dec 2023–Nov 2024 | Private securities IB; global transactions focus |
| Westlake Securities | Managing Director | Jun 2021–Dec 2023 | Growth/M&A/capital raising for middle market companies |
| HealthGrowth Capital, LLC | Co‑founder & Director | Aug 2016–Dec 2023 | Capital, strategic advisory, and GPO platform with large wholesale pharma distributors |
| Creation Capital LLC / Creation Capital Advisors | Co‑founder | — | Founded/funded breakthrough healthcare technologies |
| Amedica (predecessor to SINTX) | Former board member | — | Prior familiarity with SINTX’s mission and strategy |
External Roles
| Organization | Capacity | Years | Notes |
|---|---|---|---|
| Myriad Genetics (early stage) | Investor/Financier | — | Early-stage capital provider; precision medicine pioneer |
| Acacia Biosciences/Rosetta Inpharmatics | Investor/Financier | — | Early-stage investor; Merck acquisition for $620M |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base Salary (Initial 6‑month term) | $137,500 | Payable per regular payroll; Committee may adjust based on performance |
| Annual Cash Bonus (eligibility) | Discretionary | Determined by Compensation Committee based on Company/individual objectives |
| Long‑Term Incentive Eligibility | Eligible | Participation in equity plan at Committee’s discretion |
| Benefits & PTO | Health/welfare plans; up to 20 PTO days/year | Per Company policy; expense reimbursement per policy |
Performance Compensation
| Metric/Objective | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|
| PIPE capital raise | — | $10M PIPE by Mar 31, 2025; $5M by Jan 31, 2025; final $5M by Mar 31, 2025 | Not disclosed; bonus eligibility is discretionary | Targets specified in CSO role Addendum A; no explicit payout formula disclosed |
| Investor relations program buildout | — | Establish programs, roadshows, earnings materials | Not disclosed | Ongoing responsibilities |
| Strategic finance/M&A | — | Evaluate/execute financings, JVs, partnerships | Not disclosed | Ongoing responsibilities |
Note: The Agreement provides bonus eligibility at Committee discretion; while Addendum A sets explicit capital-raising milestones, it does not disclose a formal payout formula tied to these objectives .
Equity Ownership & Alignment
| Item | Amount | Detail |
|---|---|---|
| Total beneficial ownership (shares) | 28,924 | 27,256 common + 1,668 RSUs exercisable within 60 days of 7/1/2025 |
| Ownership (% of outstanding) | 1% | Based on 2,755,587 shares outstanding (7/11/2025) |
| RSUs vesting/exercisable near‑term | 1,668 | Within 60 days of July 1, 2025 |
| Options (exercisable/unexercisable) | — | No option detail disclosed for Honigblum |
| Pledged shares | Not disclosed | No pledging disclosure in proxy |
Alignment context:
- Company maintains clawback/recoupment for awards under its equity plans .
- 2025 Equity Plan authorizes up to 700,000 shares with annual automatic share reserve increases and double-trigger acceleration if awards are assumed; no repricing without shareholder approval .
Employment Terms
| Term | Provision | Detail |
|---|---|---|
| Start date | Nov 15, 2024 | Executive Employment Agreement effective date |
| Role & Reporting | Chief Strategy Officer; reports to CEO | Location: Austin, TX with travel as needed |
| Initial term & renewal | 6 months; auto-renews in 6‑month increments | Either party may non‑renew with 30 days’ notice |
| Severance (no cause or Good Reason) | Base salary for longer of 3 months or remainder of initial term | Subject to execution of general release; paid per payroll |
| Good Reason | Material Company breach, 7‑day notice/cure and resignation window | Defined in Agreement |
| Cause | Defined, including fiduciary breach/fraud/refusal to carry directives etc. | Includes 10‑day cure for certain breaches |
| Section 409A | Compliance/exemption treatment; specified employee delay as applicable | Separation from service definition applies |
| Parachute payments | 280G cutback to avoid excise tax | Reduction order specified |
| Non‑compete/Non‑solicit | Company standard agreement | Terms not detailed in 8‑K; referenced in Agreement |
| Indemnification | Standard director/officer indemnification agreements | Company-wide for directors/officers |
Company-level change‑in‑control context:
- 10‑Q notes agreements with certain executive officers: up to 3× annual salary and accelerated vesting upon change‑in‑control events; individual coverage not specified for Honigblum . Honigblum’s Agreement itself does not disclose a CIC multiple; it includes 280G cutback and severance for termination without cause/Good Reason .
Board Governance
- Board service: Appointed April 2025; Class III director with term expiring at the 2026 annual meeting if re‑elected .
- Independence: Board majority is independent (non‑employee directors); Honigblum is an executive director (not independent) .
- Committee memberships: Audit (Chair: Moyes), Compensation (Chair: Anderson), Governance/Nominating (Chair: Mitchell); membership comprises independent directors; Honigblum not listed as a committee member .
- Dual‑role implications:
- CEO also serves as Chair, concentrating authority (Eric Olson) .
- Executive-director status for Honigblum reduces independence; mitigated by independent committee structure .
Director Compensation
- Non‑employee director schedule: $50,000 annual retainer; $20,000 Audit Chair; $7,500 other committee chairs; annual stock option award of 10,000 shares; reimbursement of reasonable expenses .
- Honigblum: As an executive director, no separate non‑employee director compensation is disclosed .
Compensation Structure Analysis
- Shift to equity pool expansion: Shareholder-approved 2020 Plan expanded in 2024 (+333,650 shares) and replaced by 2025 Plan authorizing up to 700,000 shares with annual reserve increases—supports broader equity usage, with double‑trigger CIC acceleration and anti‑repricing guardrails (shareholder approval required) .
- Repricing history/policy: 2020 Plan permitted repricing of underwater options by Committee—a governance red flag; 2025 Plan prohibits repricing without shareholder approval (improves governance posture) .
- Bonus discretion: Honigblum’s bonus eligibility is discretionary; explicit role KPIs (PIPE milestones) provide measurable deliverables but no disclosed payout curve, increasing committee judgment vs. formulaic pay .
Related Party Transactions and Conflicts
- No related party transactions above SEC thresholds since January 1, 2024; annual D&O questionnaires and related party review via Audit Committee .
- Indemnification agreements in place for directors/officers .
Risk Indicators & Red Flags
- Executive/Chair dual role at CEO level raises governance concentration concerns; mitigated by independent majorities and committee controls .
- Dilution risk: Automatic share reserve increases under 2025 Plan and substantial equity authorization may increase shareholder dilution over time .
- Pay‑for‑performance transparency: No disclosed bonus formula for Honigblum; reliance on committee discretion could weaken alignment if outcomes are not disclosed .
- Financial performance headwinds: Negative net income in 2023 and 2024; TSR-based $100 investment below par in 2023/2024 .
Equity Incentive Plan (2025) Features Relevant to Honigblum
- Awards: options, SARs, RSUs, restricted stock, performance shares; 10‑year plan term .
- CIC treatment: If assumed/continued, double‑trigger acceleration upon qualifying termination within 24 months; if not assumed, single‑trigger acceleration at CIC .
- Clawback: Awards subject to forfeiture/recoupment under Company policies .
Say‑on‑Pay & Shareholder Feedback
- Advisory vote proposed annually; 2025 proxy includes say‑on‑pay proposal covering 2024 NEOs (CEO/COO), not specific to Honigblum (not an NEO for 2024) .
Expertise & Qualifications
- Education: B.A. Economics (UT Austin) .
- Technical/financial expertise: Investment banking, capital raising, M&A; investor relations leadership per CSO role .
- Industry recognition: Early capital raiser for Myriad Genetics and Acacia/Rosetta; significant transaction experience .
Work History & Career Trajectory
| Organization | Role | Tenure | Notable Contributions |
|---|---|---|---|
| FNEX Capital, LLC | Managing Director | 2023–2024 | Private securities IB; deal leadership |
| Westlake Securities | Managing Director | 2021–2023 | Growth/M&A/capital raising |
| HealthGrowth Capital | Co‑founder/Director | 2016–2023 | Capital, advisory, purchasing platform |
| Creation Capital (LLC/Advisors) | Co‑founder | — | Funding breakthrough healthcare tech |
| Amedica (now SINTX) | Former board member | — | Prior governance exposure |
Compensation Committee Analysis
- Committee composition is fully independent (Chair: Mark Anderson; members: Moyes, Mitchell, Lyons) .
- Consultant usage and target percentiles/peer group: Not disclosed in 2025 proxy .
Investment Implications
- Alignment and near‑term supply: Honigblum holds 28,924 shares with RSUs exercisable within 60 days of July 1, 2025; proximity of vesting can create modest near‑term selling pressure, but magnitude is small (~1% ownership) .
- Capital‑raising execution as catalyst: Explicit PIPE deadlines in his CSO objectives create binary near‑term milestones; successful execution would de‑risk liquidity and could improve market perception; failure may elevate retention and compensation risk given discretionary bonus structure .
- Governance watch‑items: Executive‑director status and CEO‑Chair dual role warrant continued monitoring; positive offset from independent committees and strengthened anti‑repricing terms in the 2025 Equity Plan .
- Dilution risk vs. growth option: Expanded equity pools and automatic reserve increases support talent retention and performance pay but can dilute shareholders absent commensurate value creation; investors should track burn rates and award disclosures post‑plan adoption .