Matt Edelman
About Matt Edelman
Matt Edelman is Chief Executive Officer and President of SLE, appointed CEO effective April 1, 2025, and has served as President since January 13, 2023; he previously served as Chief Commercial Officer from July 2017 to March 31, 2025, overseeing revenue, marketing, content, creative services, and business development . He is 55 years old and holds a Bachelor of Arts in Politics from Princeton University . Company pay-versus-performance disclosures show a decline in total shareholder return from $22.59 (value of an initial $100 investment) in 2023 to $9.18 in 2024 and net losses of $30.3 million in 2023 and $16.6 million in 2024, framing the operating backdrop for executive incentive alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| WME-IMG (now Endeavor) | Head of Digital Operations & Marketing Solutions | 2014–2017 | Led digital audience and revenue growth across global live events; digital marketing services; DTC content businesses (including esports and fashion OTT) . |
| Glossi (previously ThisNext) | Chief Executive Officer | 2010–2013 | Built an authoring platform for individuals to create digital magazines . |
| Multiple early-stage digital media companies | Founder/Executive roles | Various | Early-stage operating and leadership experience in digital media . |
| SLE | Chief Commercial Officer | Jul 2017–Mar 2025 | Oversaw commercial functions: revenue, marketing, content, creative services, business development . |
External Roles
| Organization | Role | Years |
|---|---|---|
| PickTheBrain | Owner | Not disclosed . |
| Epilepsy Foundation of Greater Los Angeles | Board member and marketing committee member | Not disclosed . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $330,000 | $330,000 |
| Actual Bonus Paid ($) | $114,000 | $0 |
| Stock Awards ($) | $60,000 | $0 |
| Option Awards ($) | $154,000 | $0 |
| Total Compensation ($) | $658,000 | $330,000 |
| 2025 Base Salary Terms | Effective Date |
|---|---|
| $385,000 annual base salary per employment agreement addendum | April 1, 2025 |
On May 1, 2025, a temporary 10% salary reduction was agreed through December 31, 2025, with a contingent bonus payable in Q1 2026 equal to 10% of April 30, 2025 salary multiplied by eight months, conditional on continuing employment during January–March 2026 .
Performance Compensation
| Instrument | Grant Size | Exercise/Price Terms | Vesting | Key Conditions |
|---|---|---|---|---|
| Stock Options (Addendum) | 12,500 options | $5.08 exercise price | 1/48th per month; accelerates upon a change of control together with termination without cause | Subject to 2025 Plan approval . |
| Stock Options (Addendum, earlier disclosure) | 1,000,000 options | $0.245 exercise price | 1/48th per month; accelerates upon a change of control together with termination without cause | Subject to Plan approval; terms reflect pre-reverse split share counts . |
| Performance Stock Units (PSUs) – modified | 7,500 PSUs | Market price tranches: 60-Day VWAP at $16/$20/$24/$28/$32 (20% each) | Market condition vesting over a five-year term | Replacement for canceled PSUs; ASC 718 market condition . |
| Performance Stock Units (PSUs) – modified (later split-adjusted) | 188 PSUs | 60-Day VWAP at $640/$800/$960/$1,120/$1,280 (20% each) | Market condition vesting over five years | Reflects reverse split–adjusted thresholds . |
| Legacy PSUs (employment agreement) | 150,000 PSUs | 60-Day VWAP at $4.75/$6.00/$7.00/$8.00/$9.00 (20% each) | Market condition vesting | Issued in lieu of annual equity grants during Hand’s initial term . |
Company-wide policies include a Clawback Policy applicable to current and former executive officers for three fiscal years prior to any accounting restatement, covering incentive compensation tied wholly or partly to financial reporting measures (e.g., stock price, TSR, revenues, net income, EBITDA, EPS); recoupment may include repayment of cash incentives and recovery of gains from equity awards .
Equity Ownership & Alignment
| As-of | Shares of Common Stock | Exercisable Derivative Securities | Total Beneficial Ownership | % of Common Stock Outstanding |
|---|---|---|---|---|
| May 2025 (DEF 14A) | 6,576 | 43,335 | 49,911 | Less than 1% (asterisk) |
| September 18, 2025 (DEF 14A) | 164 | 2,604 | 2,768 | Less than 1% (asterisk) |
| Outstanding Equity Awards (as of Dec 31, 2024) | Count | Exercise Price | Expiration | Notes |
|---|---|---|---|---|
| Options (exercisable) | 37,780 | $9.80 | 4/27/2033 | Granted 9/7/2023; exchanged from prior grants . |
| Options (unexercisable) | 22,220 | $9.80 | 4/27/2033 | Vests monthly over 36 months from 9/7/2023 . |
| PSUs (unvested) | 7,500 | N/A | N/A | Five tranches by market VWAP . |
| RSUs (unvested) | 1,084 | N/A | N/A | Granted 6/16/2022 . |
Insider Trading Policy prohibits trading while in possession of MNPI, requires preclearance and trading windows for Section 16 Individuals, and bars trading in interests or positions relating to future price (e.g., puts, calls, short sales) .
Employment Terms
| Term | Provision |
|---|---|
| Current Role & Addendum (Apr 1, 2025) | CEO & President; annual salary $385,000; grant of equity awards vesting 1/48th per month with accelerated vesting on change of control together with termination without cause; all other terms unchanged . |
| Legacy Employment Agreement (Jan 5, 2022) | CCO; three-year initial term with automatic one-year renewals unless 30-days’ notice; base salary $330,000; participation in variable compensation plan; health benefits; reimbursement of reasonable business expenses; 150,000 PSUs with market VWAP tranches . |
| Severance | If terminated without Cause or resigns for Good Reason, cash equal to six months of base pay; for termination with Cause or resignation without Good Reason, only accrued pay/benefits; 90-day post-termination exercise window for vested awards . |
| Change-of-Control | Acceleration of vesting of all awards immediately prior to change-in-control (legacy agreement); addendum also provides accelerated vesting in connection with change of control with termination without cause . |
| Equity Award Modifications | Option exchange in 2023 replacing older grants with new 9/7/2023 options vesting one-third at grant and remainder monthly over 36 months . |
| Temporary Salary Reduction & Retention Bonus | 10% salary reduction May–Dec 2025; contingent bonus in Q1 2026 equal to 10% of April 30, 2025 salary multiplied by eight months, subject to continued employment Jan–Mar 2026 . |
| Clawbacks | Mandatory recoupment of excess incentive compensation following accounting restatement; applies to current/former executive officers; multiple recovery methods permitted . |
| Insider Trading Controls | Preclearance, blackout windows, prohibition on derivative/short transactions; Section 16 list includes Edelman . |
Investment Implications
- Pay-for-performance alignment: Edelman’s incentive mix is heavily equity-based, with market-conditioned PSUs tied to multi-threshold VWAP targets and monthly vesting options that accelerate under change-in-control provisions; Clawback coverage extends to equity and cash incentives linked to financial measures, reinforcing accountability .
- Retention and selling pressure: 1/48th monthly vesting creates a steady cadence of potential saleable shares; the May–Dec 2025 salary reduction paired with a deferred, employment-contingent bonus suggests near-term cash conservation and retention incentives, potentially moderating near-term insider sales .
- Governance red flags to monitor: Equity award cancellations/modifications and September 2023 option exchanges indicate repricing/modification risk; change-in-control acceleration (including legacy single-trigger acceleration) can weaken long-term retention at transaction closing; continued low beneficial ownership (<1%) reduces “skin in the game” optics .
- Performance backdrop: Company TSR deterioration and continuing net losses through 2024 highlight execution risk and raise the bar for performance-based vesting (particularly market VWAP tranches); compensation disclosures emphasize alignment with corporate and personal objectives and Board preclearance/timing controls for grants .
All facts and figures are sourced from SEC filings and company documents as cited above.
