Jason White
SS&C Technologies HoldingsAbout Jason White
Jason White, 55, serves as Senior Vice President, General Counsel and Secretary of SS&C (designated as a named executive officer). He has held the current role since September 2021, after serving as Senior Vice President, Group General Counsel and Assistant Secretary from May 2018–September 2021. Prior experience includes senior legal leadership roles at Shearman & Sterling, Orrick, and Barclays Capital. Company performance relevant to pay-for-performance: 2024 cumulative TSR was 131.10 vs. peer group 207.86; Net Income was $761.7 million and Adjusted Consolidated EBITDA was $2,281.0 million; 2024 annual bonus company performance factor achieved 189.5% of target, driven by outperformance in adjusted revenue, organic revenue growth, operating cash flow, and adjusted EBITDA.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SS&C Technologies | Senior Vice President, General Counsel and Secretary | Sep 2021–present | Executive legal leadership, corporate governance, transactional oversight |
| SS&C Technologies | Senior Vice President, Group General Counsel and Assistant Secretary | May 2018–Sep 2021 | Led group legal function; supported enterprise legal operations |
| Arizona (private practice) | Attorney | 1997–2005 (began practice in AZ) | Foundations in law practice prior to in-house and firm leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Shearman & Sterling LLP | New York Finance Partner; Co-Chair, General Practice Group | 2014–2018 | Led finance legal and general practice; complex transactions |
| Orrick, Herrington & Sutcliffe LLP | New York Finance Partner | 2011–2014 | Finance partner supporting capital markets and financing matters |
| Barclays Capital (Americas) | Attorney; Head of Finance Legal Americas; Legal Management Committee member | 2005–2011 | Ran finance legal across Americas; executive legal governance |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $494,792 | $500,000 | $500,000 |
- 2025 base salary maintained at $500,000.
- 2024 “Other compensation”: 401(k) match $8,000; life insurance premiums $198; total $8,198.
Performance Compensation
Annual Bonus Program – Structure and 2024 Results
| Metric | Weighting | 2024 Target | 2024 Actual | Payout Level (% of target) | Payout Form |
|---|---|---|---|---|---|
| Adjusted Revenue | 25% | $5,767.7m | $5,875.9m | 212.6% | 100% cash paid in early 2025 |
| Organic Revenue Growth | 25% | 4.5% | 6.1% | 196.0% | 100% cash paid in early 2025 |
| Operating Cash Flow | 25% | $1,342.0m | $1,385.0m | 153.5% | 100% cash paid in early 2025 |
| Adjusted Consolidated EBITDA | 25% | $2,237.5m | $2,277.4m | 196.1% | 100% cash paid in early 2025 |
| Company Performance Factor (aggregate) | — | — | — | 189.5% | 100% cash paid in early 2025 |
| Strategic Modifier | — | — | — | N/A (no adjustment) | — |
Annual bonus payout history:
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Actual Annual Bonus ($) | $765,000 | $708,000 | $1,895,000 |
| Target Bonus ($) | — | — | $1,000,000 |
Long-Term Incentive Equity Awards – Design and 2024 Grants
- Award mix: PSUs 50%, time-based stock options 25%, RSUs 25%; target grant value determined annually.
- 2024 target grant values: PSUs $2,250,000; Options $1,125,000; RSUs $1,125,000; aggregate $4,500,000.
- PSU performance metric: 3-year average annual Adjusted Diluted EPS growth with linear interpolation; payout 0–200% with up to ±20% relative TSR modifier; no upward TSR modifier if absolute TSR is negative; performance period Jan 1, 2024–Dec 31, 2026; certification expected early 2027.
2024 grants detail:
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Vesting Schedule | Exercise Price | Expiration | Notes |
|---|---|---|---|---|---|---|---|
| PSUs | 2/22/2024 | Threshold: 26,148; Target: 34,863; Max: 69,726 | $2,366,152 | Earn based on 3-year EPS growth; vest on certification in early 2027; double-trigger CoC acceleration; dividend equivalents vest/pay with PSUs | — | — | ±20% TSR modifier; 200% cap |
| RSUs | 2/24/2024 | 17,432 | $1,125,061 | One-third on each of first three anniversaries of grant date through 2/24/2027; double-trigger CoC acceleration; dividend equivalents accrue and vest with RSUs | — | — | — |
| Stock Options | 2/22/2024 | 65,598 | $1,125,073 | 25% vests on 2/22/2025; then 1/36 monthly until 2/22/2028; double-trigger CoC acceleration | $64.54 | 2/22/2034 | — |
Additional outstanding grant vesting schedules:
- 2023 time-based options: 25% vested on 3/2/2024; then 1/36 monthly until fully vested on 3/2/2027; double-trigger CoC acceleration.
- 2023 RSUs: one-third annually on each anniversary from 3/2/2023–3/2/2026; double-trigger CoC acceleration; dividend equivalents included.
Equity Ownership & Alignment
Beneficial ownership (as of March 25, 2025):
| Holder | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| Jason White | 312,529 | * (<1%) |
Ownership guidelines and policies:
- Executive stock ownership guideline: 2x base salary for other executive officers; counting methodology excludes in-the-money unexercised options after 2024 revision; includes 50% of unvested time-based RSUs.
- Anti-hedging/anti-pledging policy prohibits hedging or pledging of company stock.
- Clawback policy adopted.
Vested vs unvested equity and recent activity:
| Category | Quantity | Value ($) |
|---|---|---|
| Options exercised in 2024 | 69,000 | $2,083,423 |
| Shares vested (RSUs/PSUs) in 2024 | 6,437 | $412,012 |
Key outstanding awards at 12/31/2024 (selected grants):
| Instrument | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration | Unvested RSUs (#) | Market Value ($) | Unearned PSUs (#) | Payout/Market Value ($) |
|---|---|---|---|---|---|---|---|---|
| Options (grant 3/2/2023) | 27,527 | 35,393 | $59.17 | 3/2/2033 | 13,009 | $985,822 | 78,054 | $5,914,932 |
| Options (grant 2/22/2024) | — | 65,598 | $64.54 | 2/22/2034 | 17,684 | $1,340,094 | 70,734 | $5,360,223 |
| Older options (fully/partially exercisable) | 56,000; 50,000; 60,000; 67,499; 22,501 unexercisable | — | $50.01; $61.16; $71.46; $81.40 | 4/24/2028; 12/23/2029; 12/22/2030; 12/22/2031 | — | — | — | — |
Compliance with ownership guidelines: individual compliance status not disclosed; guidelines revised in 2024 to exclude vested, in-the-money unexercised options from counting.
Employment Terms
| Topic | Key Terms |
|---|---|
| Employment agreement | No employment agreement; no contractual severance for Jason White (only CEO Stone and CFO Schell have agreements). |
| Severance | None for Jason White; assuming termination as of 12/31/2024, no severance cash entitlement (outside of equity acceleration terms below). |
| Change-of-control (CoC) | Double-trigger acceleration (requires qualifying termination within 24 months of CoC); value of unvested awards that would vest: $14,044,920; death or disability: $8,793,606 (valuation using $75.78 closing price and PSU performance as specified). |
| Equity acceleration policy | Time-vesting awards fully vest upon death/disability; PSUs pro-rata vest based on actual achievement measured at termination; double-trigger for CoC grants post-Dec 2020. |
| Clawback | Clawback policy adopted. |
| Insider trading | Securities Transaction Policy governs trading; anti-hedging/anti-pledging restrictions. |
Compensation Structure Analysis
- Year-over-year mix: 2024 compensation includes salary $500,000, non-equity bonus $1,895,000, stock awards $3,491,213 (RSUs/PSUs), and option awards $1,125,073, reflecting strong emphasis on performance-based equity via PSUs (50% of LTIP).
- Shift to PSUs: Since 2023, LTIP is 50% PSUs tied to 3-year EPS growth with a TSR modifier; payout capped at 200%; aligns realized pay with long-term performance.
- Formulaic bonus: Four equally weighted financial metrics; 2024 achievement at 189.5% of target; no discretionary strategic modifier applied; payouts capped at 250%.
- Equity award design: RSUs 1/3 annually over three years; options vest monthly after initial 25%; double-trigger acceleration only; dividend equivalents on PSUs/RSUs.
Performance & Track Record
- Pay versus performance context: 2024 cumulative TSR 131.10 vs. peer group 207.86; Net Income $761.7m; Adjusted Consolidated EBITDA $2,281.0m.
- 2024 bonus metrics achieved: Adjusted revenue $5,875.9m vs. target $5,767.7m; organic growth 6.1% vs. 4.5%; operating cash flow $1,385.0m vs. $1,342.0m; adjusted EBITDA $2,277.4m vs. $2,237.5m.
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited; reduces alignment risk associated with pledging.
- Severance risk: No severance agreement for Jason White; retention depends on unvested equity value and ongoing compensation; CoC acceleration value $14,044,920 indicates meaningful unvested equity stake.
- Option exercises: Executed 69,000 options in 2024 ($2,083,423 value), which may create selling pressure around exercise/settlement dates.
Compensation & Ownership Summary Tables
Summary Compensation (NEO) – Jason White
| Year | Salary ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2022 | $494,792 | $1,516,879 | — | $765,000 | $8,220 | $2,784,891 |
| 2023 | $500,000 | $3,539,773 | $1,125,254 | $708,000 | $8,222 | $5,881,249 |
| 2024 | $500,000 | $3,491,213 | $1,125,073 | $1,895,000 | $8,198 | $7,019,484 |
2024 Grants of Plan-Based Awards – Jason White
| Grant Type | Grant Date | Shares/Units | Exercise Price | Grant Date Fair Value ($) |
|---|---|---|---|---|
| PSUs (threshold/target/max) | 2/22/2024 | 26,148 / 34,863 / 69,726 | — | $2,366,152 |
| RSUs | 2/24/2024 | 17,432 | — | $1,125,061 |
| Stock Options | 2/22/2024 | 65,598 | $64.54 | $1,125,073 |
2024 Annual Bonus Program – Jason White
| Target Bonus ($) | Company Performance Factor (%) | Strategic Modifier | Bonus Payout ($) |
|---|---|---|---|
| $1,000,000 | 189.5% | N/A | $1,895,000 |
Investment Implications
- Alignment: Strong pay-for-performance design (PSUs at 50% of LTIP; formulaic bonus metrics) and anti-hedging/pledging/clawback policies indicate high alignment with shareholder value creation.
- Retention: Absence of a severance agreement increases reliance on unvested equity for retention; meaningful CoC acceleration value ($14.0m) underscores equity-driven retention.
- Trading signals: 2024 option exercises (69,000 shares; $2.08m value) suggest potential selling pressure around exercise/vest dates; upcoming RSU tranches (through 2027) and monthly option vesting through 2028 create periodic liquidity events.
- Performance momentum: 2024 exceeded targets across all bonus metrics, producing a 189.5% payout, reinforcing confidence in execution; however, TSR lagged peer group, which may temper PSU TSR modifier upside.