Lionel Bonnot
About Lionel Bonnot
Lionel Bonnot, 57, is Executive Vice President of Worldwide Sales and Business Development at SiTime. He joined SiTime in February 2018 (EVP Business Development) and has served in his current role since July 2019. He holds an M.S. in Computer Science from École Nationale Supérieure d’Informatique (Paris). During his tenure, SiTime’s corporate performance highlights include absolute TSR since the 2019 IPO increasing by over 1,500% and 2024 GAAP revenue growth of 40.8% to $202.7 million, which drove maximum annual bonus outcomes for 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Quantenna Communications | VP Worldwide Sales; SVP Business Development; SVP Marketing & Business Development | 2007–2017 | Led product strategy/roadmap, corporate strategy, partnerships, and M&A at a NASDAQ-listed wireless solutions company acquired by ON Semiconductor in 2019 . |
| Ikanos Communications | VP Europe; VP Sales North America & EMEA; Sr Director Worldwide Sales | 2001–2007 | Drove regional and global sales at a semiconductor and software developer . |
External Roles
- No public-company board service or external directorships disclosed in Bonnot’s executive biography .
Fixed Compensation
Multi-year cash and bonus outcomes:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $316,250 | $440,000 (effective Dec 1, 2024) |
| Target Bonus (% of salary) | 50% | 75% (CEO at 100%) |
| Annual Bonus Paid ($) | $71,157 (RSUs; 45% of target) | $660,000 (RSUs; 200% of target) |
| Sales Incentive Plan ($) | $69,254 (64.5% revenue/88.1% design-in) | $511,000 (exceeded $182.0M target; total payout including overachievement) |
Notes:
- 2024 bonus was paid in RSUs, vesting 50% on May 20, 2025 and 50% on August 20, 2025, subject to continued service .
Performance Compensation
Annual Bonus Plan — FY 2024
| Component | Weight | Threshold | Target | Max | Actual | Payout vs Target |
|---|---|---|---|---|---|---|
| GAAP Revenue Growth | 70% | 21.1% | 26.4% | 37.0% | 40.8% | 200% |
| Individual Goals | 30% | 80% achievement → 50% payout | 100% → 100% payout | 140%+ → 200% payout | Approved at 200% | 200% |
| Total Bonus Outcome | — | — | — | — | — | 200%; $660,000 paid (Bonnot) |
| Bonus RSU Vesting | — | — | — | — | — | 50% May 20, 2025; 50% Aug 20, 2025 |
Annual Bonus Plan — FY 2023
| Component | Weight | Result | Payout vs Target |
|---|---|---|---|
| GAAP Revenue ($223.0M target) | 35% | Not achieved | 0% |
| Non-GAAP Operating Income ($27.7M target) | 35% | Not achieved | 0% |
| Individual Goals | 30% | 120% achievement (Bonnot) | 150% component payout |
| Total Bonus Outcome | — | 45% of target; $71,157 paid (Bonnot) | 45% |
Sales Incentive Plan — FY 2024
| Metric | Target | Actual | Payout |
|---|---|---|---|
| GAAP Revenue | $182.0M | $202.7M | Base $111,000 plus $400,000 overachievement = $511,000 |
Equity Incentives — Grants and Performance Conditions
FY 2024 equity mix favored PRSUs with relative TSR vs the Philadelphia Semiconductor Index (SOX) and time-based RSUs:
| Award | Target Shares | Performance Period | Payout Curve | Vesting |
|---|---|---|---|---|
| March 2024 RSUs | 10,946 | n/a | n/a | 6.25% vested May 2024; remainder quarterly thereafter (time-based) |
| August 2024 RSUs | 14,450 | n/a | n/a | 12.5% vests quarterly starting Feb 2025 (time-based) |
| March 2024 PRSU (2-Year TSR) | 5,473 | Jan 1, 2024–Dec 31, 2025 | 0–200% (Threshold 30th pct; Target 55th pct; Max 80th pct; capped at target if TSR negative) | If earned, all vests Feb 20, 2027 (single date) |
| March 2024 PRSU (3-Year TSR) | 5,473 | Jan 1, 2024–Dec 31, 2026 | 0–200% (same curve) | If earned, all vests Feb 20, 2027 (single date) |
FY 2023 equity included RSUs and PRSUs (revenue PRSUs were forfeited due to underperformance):
| Award | Target Shares | Performance Period | Outcome | Vesting |
|---|---|---|---|---|
| Feb 2023 RSUs | 8,552 | n/a | Time-based | 12.5% May 20, 2023; 6.25% quarterly thereafter |
| 2023 Revenue PRSU | 4,276 | FY 2023 | Not achieved; forfeited | n/a |
| 2023 TSR PRSU (2-Year vs SOX) | 4,276 | Jan 1, 2023–Dec 31, 2024 | Earned shares to be certified (0–200%), capped if TSR negative | Earned shares vest 50% Feb 20, 2025; 50% Feb 20, 2026 |
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Beneficial Ownership | 8,520 shares as of Mar 28, 2025; includes 5,222 RSUs vesting within 60 days; “<1%” of shares outstanding . |
| Outstanding Unvested Awards (12/31/2024) | RSUs: 8,893; August 2024 RSUs: 14,450; PRSUs (target): 10,946 (2024 TSR 2-year), 4,276 (2023 TSR 2-year), 7,183 (PRSU from prior year) — see table for details . |
| Options | SiTime does not grant stock options or option-like instruments to employees or directors . |
| Hedging/Pledging | Prohibited for all employees, officers, directors; also maintain Insider Trading Policy . |
| Stock Ownership Guidelines | Raised in 2024: Non-CEO NEOs to 2x base salary by Dec 31, 2026 and 3x by Dec 31, 2028; CEO to 6x by Dec 31, 2026 . Prior guidelines (Jan 1, 2024): other executives at 1x; all execs complied except the newly hired CFO (time allowed to comply) . |
Employment Terms
| Item | Terms |
|---|---|
| Offer Letter | Jan 27, 2018 offer: initial base salary $260,000; eligible for annual performance bonus up to $100,000 . |
| Severance (Non-CO) | If Involuntary Termination (other than CEO): lump sum equal to 6 months base salary; COBRA reimbursement up to 6 months; acceleration of 12 months of unvested equity, subject to release . |
| Severance (CO + Involuntary Termination) | Lump sum equal to 12 months base plus target bonus; COBRA up to 12 months; acceleration of all unvested equity; offsets apply if non-CO severance already paid; subject to release . |
| PRSU Acceleration Mechanics | TSR PRSUs do not accelerate for non-CO involuntary termination; with CO and qualifying termination within 3 months prior to 12 months after CO, maximum shares for 2024 2-Year and 3-Year TSR PRSUs accelerate; for 2023 TSR PRSU, certified-but-unvested shares accelerate (less prior vestings) . |
| Clawback | Nasdaq-compliant incentive compensation recoupment policy adopted Nov 2023; applies to bonus plan and PRSUs for restatements within prior three fiscal years (not including pre-2023) . |
Performance & Track Record
- Corporate outcomes in 2024 included GAAP revenue growth of 40.8% and the introduction of eight new platforms and the Chorus ClkSoC for AI datacenters; these supported maximum bonus outcomes in 2024 and strategic product expansion .
- At the company level, absolute TSR since the 2019 IPO increased by over 1,500% as noted in compensation discussions .
- Section 16 compliance: one Bonnot Form 4 report was filed one day late in 2023 due to administrative error (company-wide disclosure) .
Compensation Structure Analysis
- Year-over-year shift to longer-dated performance equity: 2024 transitioned PRSUs to 2-year and 3-year relative TSR performance periods with single vest in 2027, aligning with long-term peer-relative performance and retention; revenue PRSUs were removed to avoid metric overlap with the bonus plan .
- Increased at-risk equity mix: For NEOs, ~85% of 2024 target compensation was equity-based; PRSUs comprise 50% of equity for NEOs (60% for CEO) .
- Ownership alignment strengthened: NEO ownership guidelines raised to 2x/3x salary over time; hedging and pledging prohibited .
- Bonus governance improved: objective GAAP revenue growth targets set with strict threshold/maximum payout rules; payment in RSUs enhances retention and alignment .
Equity Ownership & Alignment — Detail Table (12/31/2024)
| Category | Count | Notes |
|---|---|---|
| Unvested RSUs | 8,893 | Time-based quarterly vest (legacy awards) |
| August 2024 RSUs | 14,450 | Vests quarterly starting Feb 2025 |
| PRSUs — 2024 2-Year TSR (target) | 10,946 | Performance Jan 2024–Dec 2025; vests Feb 20, 2027 if earned |
| PRSUs — 2023 2-Year TSR (target) | 4,276 | Performance Jan 2023–Dec 2024; vests in 2025/2026 if earned |
| PRSUs — other (target) | 7,183 | From prior year performance programs |
Investment Implications
- Strong alignment via multi-year TSR PRSUs and elevated stock ownership requirements suggests pay-for-performance discipline and lower misalignment risk; hedging/pledging prohibitions reduce potential adverse alignment behaviors .
- Insider selling pressure windows: 2024 bonus RSUs vest May 20 and Aug 20, 2025; time-based RSUs vest quarterly from Feb 2025 — these dates may create predictable liquidity windows to monitor for selling activity .
- Change-of-control economics: For NEOs, double-trigger CO protection accelerates all unvested equity and pays 1x salary + target bonus; TSR PRSUs include maximum acceleration in specific CO scenarios — helpful for retention but could be dilutive in a transaction; monitor potential acquirer considerations .
- Execution risk mitigated by 2024 revenue outperformance and product cadence (AI datacenter timing solutions), but future TSR PRSU outcomes hinge on peer-relative performance through 2026–2027 cycles .
All information above is sourced from SiTime’s DEF 14A proxy statements (2025 and 2024). Specific figures and terms are cited inline.