Tim Huffmyer
SMITH MICRO SOFTWAREAbout Tim Huffmyer
Timothy C. Huffmyer, age 51, is Smith Micro’s Chief Operating Officer and Chief Financial Officer (Treasurer, PFO, and PAO) effective June 9, 2025 . He previously served as SMSI’s CFO (2017–2021) and most recently as CFO of Urgent.ly Inc.; he holds a B.A. in Accounting from Michigan State University . Company performance context over the last three fiscal years shows declining revenue and persistent losses, with EBITDA negative; this has driven a shift to equity-heavy, performance‑based executive incentives tied to revenue and non‑GAAP operating expense execution .
Company performance context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 48,513,000 | 40,862,000 | 20,555,000 |
| EBITDA ($) | -23,371,000* | -10,660,000* | -19,101,000* |
| Net Income ($) | -29,279,000 | -24,396,000 | -48,697,000 |
Values marked with an asterisk were retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Smith Micro Software, Inc. | Vice President, Chief Financial Officer and Treasurer | 2017–2021 | Led financial operations and controls during multi-year product transition . |
| Black Box Corporation | Vice President, Chief Financial Officer and Treasurer; Director of Finance | 2008–2017 | Oversight of finance and treasury at IT solutions provider . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Urgent.ly Inc. | Chief Financial Officer | 2021–2025 | Finance leadership at connected mobility assistance software platform . |
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $400,000 annual base salary; subject to temporary 10% reduction to $360,000 until lifted by CEO (effective upon start date) . |
| Discretionary Bonus | Target $40,000 per year ($10,000 per quarter); currently suspended, replaced by RS grants in lieu . |
| Corporate Incentive Bonus | Target $150,000 per year ($37,500 per quarter); currently suspended, replaced by RS grants in lieu . |
| Sign‑on Equity | 50,000 fully vested common shares granted at employment start . |
| Annual RS Grant Target | 125,000 restricted shares per year, subject to Compensation Committee approval and share availability; prorated 72,917 for 2025 . |
| Benefits | Standard medical/dental/vision, disability and life; 401(k) with company match (company program provides 20% match on eligible contributions) . |
| Employment Status | At‑will; terms may change at company discretion; conditions include background/drug test and proprietary information agreement . |
Performance Compensation
Executive performance incentives are measured against two evenly weighted metrics (revenue and non‑GAAP operating expenses) with quarterly measurement; during suspension of cash plans, RS grants vest based on the same metrics .
| Metric | Weighting | Target (000s) | Actual (000s) | Payout Basis | Vesting Structure |
|---|---|---|---|---|---|
| Revenue (Q4’23) | 50% | 14,248 | 8,593 | Proportional vs target | RS grants vest 25% on determination then ratably over 36 months, contingent on service . |
| Non‑GAAP Operating Expenses (Q4’23) | 50% | 7,957 | 7,978 | Proportional vs target | Same as above . |
| Revenue (Q1’24) | 50% | 5,704 | 5,798 | Proportional vs target | Same as above . |
| Non‑GAAP Operating Expenses (Q1’24) | 50% | 8,150 | 8,088 | Proportional vs target | Same as above . |
| Revenue (Q2’24) | 50% | 6,001 | 5,140 | Proportional vs target | Same as above . |
| Non‑GAAP Operating Expenses (Q2’24) | 50% | 8,063 | 7,533 | Proportional vs target | Same as above . |
| Revenue (Q3’24) | 50% | 7,642 | 4,648 | Proportional vs target | Same as above . |
| Non‑GAAP Operating Expenses (Q3’24) | 50% | 9,067 | 6,815 | Proportional vs target | Same as above . |
Notes: RS performance portion is split between annual revenue and annual non‑GAAP opex targets; total earned cannot exceed performance share allotment even if combined attainment >100% .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 180,131 shares (“NEO/director table”), less than 1% of outstanding; comprised of 138,299 restricted and 41,832 unrestricted shares . |
| Ownership % of Outstanding | Approximately 0.84% (180,131 / 21,458,637 shares outstanding as of Sep 10, 2025) . |
| Vested vs. Unvested | Unrestricted: 41,832; Restricted: 138,299 . |
| Options | No options disclosed for Huffmyer; company did not grant stock options in 2024 under the Equity Plan . |
| Hedging/Pledging | Company insider policy prohibits directors, officers, and employees from hedging transactions (puts/calls/other hedges) unless specifically approved; no such approvals disclosed . |
| Ownership Guidelines | No executive stock ownership guidelines disclosed in available filings. |
Employment Terms
| Term | Detail |
|---|---|
| Start Date & Roles | Appointed COO and CFO effective June 9, 2025; also Treasurer, PFO, and PAO . |
| Offer Letter Economics | Base $400,000 (temporarily reduced 10% to $360,000); discretionary bonus $40,000; corporate incentive bonus $150,000; RS annual target 125,000; sign‑on 50,000 fully vested shares; 2025 prorated RS 72,917 . |
| At‑Will & Conditions | At‑will employment; background/drug test; I‑9 verification; proprietary information agreement; acceptance deadline May 21, 2025 . |
| Change‑of‑Control | Restricted stock awards automatically become fully vested upon a “Change of Control” under the Equity Plan (single‑trigger acceleration for RS) . |
| Severance | No severance multiple or change‑of‑control cash severance terms disclosed in offer letter or proxy; none identified in filings reviewed . |
Investment Implications
- Pay‑for‑performance alignment: Cash bonuses suspended with RS grants vesting on revenue and non‑GAAP opex metrics; annual RS design splits 50% time‑based and 50% performance‑based—tying pay outcomes to execution while conserving cash .
- Near‑term liquidity overhang: Sign‑on grant of 50,000 fully vested common shares provides immediate liquidity; while insider sale intent is not disclosed, this increases potential short‑term selling capacity relative to standard vesting .
- Retention and acceleration risk: Single‑trigger RS acceleration at change of control is shareholder‑sensitive (could accelerate value to executives without a service termination), but supports deal certainty; absence of defined severance multiples reduces cash outflow risk .
- Skin‑in‑the‑game: Huffmyer’s disclosed ownership (180,131 shares; ~0.84% of outstanding) with a large restricted component suggests alignment but also ongoing vesting dependency on hitting performance metrics .
- Governance and trading controls: Company prohibits insider hedging transactions; no pledging disclosed—reducing alignment red flags. Continued equity issuance activity (warrants and financings) elevates dilution sensitivity; Huffmyer signs financing documents as CFO/COO .
Data gaps: Form 4 insider transactions for Huffmyer could not be retrieved due to an API authorization error; ownership/patterns herein rely on proxy/8‑K disclosures rather than real‑time insider filings .