David Blakeney
SMITH MICRO SOFTWAREAbout David Blakeney
David Blakeney is Senior Vice President, Engineering at Smith Micro Software (SMSI), leading the company’s global development engineering team; he joined SMSI in 2011 and is 64 years old as of April 23, 2025 . He holds a Bachelor of Science in Electrical Engineering from the University of Illinois, and earlier studied for a Master’s in Electrical Engineering at Rice University . Prior to SMSI, he served in senior engineering leadership roles at Tollgrade Communications, Marconi’s Broadband Switching Division, Fore Systems, 3Com, and Texas Instruments . Company pay design highlights link NEO compensation to revenue and operating expense objectives; detailed TSR or EBITDA performance metrics specific to Blakeney are not disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tollgrade Communications, Inc. | Vice President, Research & Development | Not disclosed | Led R&D; senior leadership in product development . |
| Marconi – Broadband Switching Division | Vice President, Product Development | Not disclosed | Directed product development for broadband switching . |
| Fore Systems | Vice President, ATM Engineering | Not disclosed | Led ATM engineering; network systems focus . |
| 3Com Corporation | Engineering management roles | Not disclosed | Engineering management spanning networking products . |
| Texas Instruments | Engineering management roles | Not disclosed | Engineering management in semiconductor/electronics . |
| Smith Micro Software | Led development teams; led wireless products quality engineering (pre-current role) | Not disclosed | Built and managed core product development and QA teams . |
External Roles
No external public-company directorships or committee roles for Blakeney are disclosed in SMSI’s proxy filings .
Fixed Compensation
Multi-year compensation reported (NEO status applicable in these years):
| Metric | 2014 | 2015 | 2016 |
|---|---|---|---|
| Salary ($) | 175,950 | 182,548 | 187,518 |
| Stock Awards ($) | — | — | — |
| Option Awards ($) | — | — | — |
| Non-Equity Plan Compensation ($) | — | 32,187 | 31,982 |
| All Other Compensation ($) | 1,501 | 3,600 | 3,600 |
| Total ($) | 177,451 | 218,335 | 223,100 |
Base salary rates (company schedule):
| Effective Date | Base Salary ($) |
|---|---|
| Mar 20, 2015 | 184,750 |
| Mar 20, 2016 | 184,750 |
| Mar 7, 2017 | 190,290 |
Target annual bonus:
| Year | Target Bonus ($) | % of Base Salary |
|---|---|---|
| 2015 | 35,000 | 18.9% |
| 2016 | 35,000 | 18.9% |
Performance Compensation
Annual bonus plan mechanics and metrics (2016):
- Weighting: 50% revenue; 50% operating expenses (non-GAAP, excluding stock-based comp and amortization of intangibles). Achievement assessed quarterly; payouts reflect prior Q4 and current Q1–Q3 results .
- Actual cash bonus paid (Non-Equity Plan Compensation): $31,982 in 2016; $32,187 in 2015 .
| Metric | Weight | Q4 2015 Target ($000) | Q4 2015 Actual ($000) | Q1 2016 Target ($000) | Q1 2016 Actual ($000) | Q2 2016 Target ($000) | Q2 2016 Actual ($000) | Q3 2016 Target ($000) | Q3 2016 Actual ($000) |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 50% | 14,400 | 10,006 | 6,830 | 7,214 | 8,691 | 7,459 | 10,244 | 6,478 |
| Operating Expenses (non-GAAP) | 50% | 9,288 | 8,280 | 8,693 | 8,598 | 8,968 | 9,251 | 8,962 | 8,873 |
Equity awards and vesting design (context):
- For NEO restricted stock grants in 2016: 50% time-based (48 equal monthly installments); 50% performance-based tied to annual revenue and operating expense targets; earned shares vest 25% at determination and then ratably over 36 months. Blakeney did not receive a 2016 restricted stock grant . Option awards generally vest 25% after one year with the remainder over 36 monthly installments .
Equity Ownership & Alignment
Beneficial ownership snapshot (as of March 31, 2017):
| Metric | As of Mar 31, 2017 |
|---|---|
| Shares Beneficially Owned (#) | 10,262 (includes options exercisable within 60 days) |
| Ownership (%) | <1% (“*” denotes less than 1%) |
| Options Exercisable within 60 Days (#) | 9,040 |
Outstanding option awards (December 31, 2016):
| Grant (Strike/Expiry) | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration |
|---|---|---|---|---|
| 5,000 @ $5.52 | 5,000 | — | 5.52 | 10/31/2022 |
| 3,390/2,860 @ $3.76 | 3,390 | 2,860 | 3.76 | 10/7/2024 |
| 7,500 @ $2.36 | — | 7,500 | 2.36 | 9/7/2026 |
| Totals | 8,390 | 10,360 | — | — |
Alignment and restrictions:
- Anti-hedging policy: Directors, officers, and employees are prohibited from hedging SMSI stock (e.g., buying/selling puts or calls) unless pre-approved in writing by the CFO or General Counsel; no such transactions have been approved .
Employment Terms
- Employment agreement: Other than CEO William W. Smith Jr., none of the named executive officers have employment agreements; NEO employment may be terminated at any time at the Board’s discretion (at-will) .
- Change of Control: Restricted stock awards become fully vested upon a “Change of Control” under the company plan .
- Corporate Transaction acceleration: Options and restricted stock held by named executive officers would vest upon a “Corporate Transaction” (stockholder-approved merger/asset sale) subject to award terms .
- Clawbacks, non-compete, severance multiples: Not disclosed.
- Perquisites/benefits: Company provides general health/welfare benefits and a defined contribution 401(k) plan with a 20% match on eligible contributions .
Investment Implications
- Pay-for-performance alignment: Blakeney’s cash bonus is tightly linked to quarterly revenue and operating expense targets; his 2016 bonus payout ($31,982) reflects performance variability, increasing alignment with operational execution .
- Equity exposure and selling pressure: His outstanding equity consists primarily of stock options with standard monthly vesting after a one-year cliff, which tends to spread potential selling pressure rather than concentrate it at single events; he had no 2016 RSU grant, reducing near-term vest-driven sales risk .
- Retention risk: Absence of an individual employment agreement or severance multiple, combined with at-will status, raises potential retention risk versus peers with formal protections; equity acceleration upon Change of Control/Corporate Transaction partially mitigates by providing transaction-aligned incentives .
- Alignment safeguards: Anti-hedging policy (with no approvals granted) strengthens alignment by limiting risk-off strategies that could undermine shareholder interests .
Appendix: Governance & Say-on-Pay Context
- Say-on-Pay approvals: Historical shareholder support was ~92% in 2016 and ~80% in 2015, indicating broad acceptance of the compensation framework used for NEOs during those years .