Kevin Landis
About Kevin Landis
Kevin Landis (born 1961) is Chairman of the Board, President, Chief Executive Officer, and Chief Financial Officer of Firsthand Technology Value Fund, Inc. (SVVC), serving on the Board since 2010 and currently a Class III director with a term through the 2026 annual meeting . He holds a B.S. in Electrical Engineering and Computer Science from UC Berkeley and an MBA from Santa Clara University . SVVC is externally managed by Firsthand Capital Management, Inc. (FCM), where Landis has been President since 2009; SVVC’s executives are FCM employees and not directly compensated by SVVC, limiting disclosure of pay-for-performance metrics at the registrant level . Company-level TSR, revenue growth, and EBITDA growth targets tied to executive compensation are not disclosed; as a performance context, SVVC reported net assets of $296,547 ($0.04 per share) and a net investment loss of $430,629 for Q3 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Firsthand Capital Management, Inc. (FCM) | President | Since 2009 | External manager/adviser to SVVC under the investment management agreement |
| Firsthand Funds | President, Chairman, Founder | Since 1994 | Investment platform leadership for related funds advised by FCM |
| SVVC | Portfolio Manager | Since April 2011 | Oversees SVVC portfolio management as part of FCM’s mandate |
| Phunware, Inc. | Director | Mar 2015–May 2019 | Board oversight at portfolio company |
| Pivotal Systems Corp. | Director | Dec 2014–Nov 2023 | Board oversight at portfolio company |
| QMAT, Inc. | Director | Apr 2016–Dec 2019 | Board oversight at portfolio company |
| Silicon Genesis Corp. | Director | Sep 2001–Jan 2023 | Board oversight at portfolio company |
| Hera Systems, Inc. | Director | Sep 2015–Aug 2024 | Board oversight at portfolio company |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| IntraOp Medical Corp. | Chief Executive Officer | Since 2023 | Also serves as director |
| Wrightspeed, Inc. | Chief Executive Officer | Since 2023 | Also serves as director |
| EQX Capital, Inc. | Director | Current | Private technology portfolio company |
| Revasum Inc. | Director | Current | Private technology portfolio company |
| Wrightspeed, Inc. | Director | Current | Private technology portfolio company |
| IntraOp Medical Corp. | Director | Current | Private technology portfolio company |
Fixed Compensation
SVVC does not pay salaries, bonuses, equity awards, or perquisites to executive officers (including Kevin Landis). Executives are employed and compensated by FCM; SVVC cannot segregate or identify the portion of FCM compensation attributable to services for SVVC . As an “interested” director, Landis receives no director fees from SVVC .
| Component | SVVC Disclosure |
|---|---|
| Base salary | Not paid by SVVC; executives compensated by FCM |
| Target/Actual bonus | Not paid by SVVC; executives compensated by FCM |
| Director cash retainer | $0 for “interested” director (Landis); independent directors receive $50,000 |
| Perquisites | None provided by SVVC |
Performance Compensation
SVVC maintains no executive incentive plans (RSUs/PSUs/options) for executive officers, pays no bonuses, and makes no equity grants to executives; compensation and performance determinations occur at FCM and are not disaggregated to SVVC-level disclosure .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable at SVVC | — | — | — | — | — |
Equity Ownership & Alignment
Kevin Landis holds a significant personal stake in SVVC common stock.
| Metric | As of Feb 28, 2024 | As of Feb 28, 2025 |
|---|---|---|
| Shares beneficially owned | 637,929 | 681,945 |
| % of shares outstanding | 4.48% (6,893,056 shares outstanding) | 9.89% (6,893,056 shares outstanding) |
| Dollar range (director disclosure) | Over $100,000 | Over $100,000 |
| Anti-hedging policy | Hedging, short sales, and options trading prohibited for directors/officers | Hedging, short sales, and options trading prohibited for directors/officers |
Notes:
- SVVC does not disclose vested vs. unvested shares, options, or pledging status for Landis; no option holdings are reported at SVVC .
- Shares outstanding remain 6,893,056; Landis’s stake increased year-over-year .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreement | None with SVVC; executives are FCM employees |
| Severance provisions | None; SVVC has no arrangements to pay executives upon termination |
| Change-of-control | None; SVVC has no arrangements to pay executives upon change of control |
| Non-compete / non-solicit | Not disclosed by SVVC |
| Clawback provisions | Not disclosed for executive compensation; codes of ethics exist |
| Garden leave / post-termination consulting | Not disclosed by SVVC |
Board Governance
Kevin Landis serves as Chairman, CEO, and CFO, and is an “interested person” under the 1940 Act; the Board uses independent-led committees (Audit, Valuation, Compensation, Nominating) to mitigate conflicts arising from the combined Chair/CEO structure. The Board has no designated Lead Independent Director .
| Committee | Members | Chair | Meetings (FY 2024) |
|---|---|---|---|
| Audit | Greg Burglin; Kimun Lee (both independent) | Burglin | 4 |
| Valuation | Greg Burglin; Kimun Lee (both independent) | Burglin | 4 |
| Nominating | Kimun Lee; Greg Burglin (both independent) | Lee | 1 |
| Compensation | Kimun Lee; Greg Burglin (both independent) | Lee | 1 |
| Board meetings | — | — | 4 |
| Attendance | All directors ≥75% of meetings/committees served |
Director compensation (FY 2024): Independent Directors received $50,000 each; Landis (interested director) received none . Independent Directors may defer fees; for 2024, Burglin and Lee each deferred $25,000 under the Deferred Compensation Plan, tracking SVVC NAV .
Compensation Structure Analysis
- Externalized pay: No SVVC-paid executive cash/equity; compensation occurs at FCM with limited transparency at the registrant level—reducing direct pay-for-performance linkage visibility for SVVC shareholders .
- Guaranteed vs. at-risk: Not disclosed at FCM; SVVC does not operate executive equity plans, options, or cash bonuses .
- Discretionary adjustments/repricings: None at SVVC; no executive equity reported .
- Ownership alignment: Landis’s beneficial ownership rose to ~9.9%, creating strong economic alignment but also concentrated influence given combined Chair/CEO/CFO roles .
Related Party Transactions
SVVC’s investment management agreement with FCM creates related-party ties, as Landis (Chairman/CEO/CFO of SVVC) has ownership and financial interests in FCM. Other FCM personnel and SVVC officers/directors may serve as officers/directors of entities in similar lines of business, with FCM committing to fair and equitable allocation of investment opportunities .
Performance & Track Record
- Certifications and controls: Landis, as CEO and CFO, certified Q3 2025 10-Q disclosures and internal controls; management concluded disclosure controls were effective; no material changes in internal controls during the quarter .
- Recent operating results: As of Q3 2025, net assets were $296,547 ($0.04 per share) with a net investment loss of $430,629; portfolio included $256,934 in public/private securities .
- Shares outstanding: 6,893,056 as of September 30, 2025 .
Director Compensation
| Director | Fees Earned (FY 2024) |
|---|---|
| Greg Burglin | $50,000 |
| Kimun Lee | $50,000 |
| Kevin Landis (interested) | $0 |
Deferred Compensation Plan: Independent directors may defer fees; 2024 elections were $25,000 each for Burglin and Lee .
Equity Ownership & Alignment Detail
| Holder | Shares | % of Class | Date |
|---|---|---|---|
| Kevin Landis | 637,929 | 4.48% | Feb 28, 2024 |
| Kevin Landis | 681,945 | 9.89% | Feb 28, 2025 |
Anti-hedging: Directors/officers are prohibited from short sales, hedging transactions, and trading in put/call options on SVVC securities .
Employment Terms Summary
| Provision | Status |
|---|---|
| Employment agreements | None with SVVC |
| Severance/change-of-control | None; no arrangements to pay executives upon termination or change of control |
| Executive equity plans | None; SVVC does not maintain exec equity comp plans |
| Clawbacks | Not disclosed; supplemental antifraud and personal trading codes exist |
Investment Implications
- Alignment vs. control: Landis’s ~9.9% stake aligns incentives with shareholders but, combined with Chairman/CEO/CFO roles and “interested person” status, heightens governance and conflict-of-interest risk; Board relies on independent-led committees and an anti-hedging policy to mitigate some risks .
- Pay-for-performance opacity: With compensation set at FCM and not disaggregated to SVVC, investors lack visibility into executive performance metrics, target-setting, or payout rigor at the registrant—constraining traditional compensation alignment analysis .
- Related-party dynamics: The advisory relationship with FCM and overlapping roles may influence decision-making and opportunity allocation; FCM states a commitment to fair allocation, but monitoring outcomes remains prudent .
- Execution risk: Recent net asset levels and investment loss underline the importance of valuation discipline and exit execution under Landis’s oversight; shareholders should track valuation committee actions and portfolio realization updates for trading signals .