Joe D. Staggs
About Joe D. Staggs
Joe D. Staggs is President and Chief Executive Officer of SWK Holdings, serving as CEO since January 1, 2023. He joined SWK as a Senior Analyst in August 2015, was promoted to Managing Director in January 2020, and served as President and Interim CEO beginning September 2022. He holds a B.A. in Finance from the University of Arkansas and is a CFA charterholder. Prior roles include VP of Investments at Annandale Capital, first employee at Alistair Capital, co‑founder of PBS Capital, Senior Portfolio Analyst at Highland Capital, and Senior Equity Research Associate at Raymond James . Pay-versus-performance disclosure shows “Compensation Actually Paid” to the PEO of $1.39M in 2024 vs $0.94M in 2023, while TSR value fell to 110.22 in 2024 from 121.82 in 2023 and net income was $13 in 2024 vs $16 in 2023 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| SWK Holdings | Senior Analyst → Managing Director → President & Interim CEO → CEO | Aug 2015–present (CEO since Jan 1, 2023) | Progressively led investing and operations; assumed CEO role in 2023 |
| Annandale Capital | Vice President of Investments | — | Institutional investing experience, healthcare focus |
| Alistair Capital | First employee | — | Early-stage hedge fund build-out experience |
| PBS Capital | Co‑founder | — | Built pharma royalty and healthcare equities investing platform |
| Highland Capital | Senior Portfolio Analyst | — | Healthcare multi‑strategy and public equity investing |
| Raymond James | Senior Equity Research Associate | — | Top‑quartile research associate, healthcare coverage |
External Roles
- No external public company directorships disclosed in the latest DEF 14A .
Fixed Compensation
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary | $260,327 | $408,077 | $400,000 |
| Bonus (cash) | $817,620 | $525,269 | $415,000 |
| Stock Awards (grant-date FV) | $400,000 | — | $599,930 |
| All Other Compensation | $12,360 | $19,800 | $20,700 |
| Total Compensation | $1,490,307 | $953,146 | $1,435,630 |
- 401(k) contributions comprise “All Other Compensation” .
- Employment agreement effective Jan 1, 2023 set initial base salary at $400,000 and target annual bonus opportunity at 175% of base salary; 2023 equity award targeted ~$600,000 grant-date fair value .
Performance Compensation
Annual Cash Incentive
| Year | Metric(s) | Weighting | Target | Actual | Payout mechanics |
|---|---|---|---|---|---|
| 2022 | Discretionary; eligible for performance goals (not specified) | N/D | 175% of base (per EA) | $817,620 | Discretionary bonus; eligible for annual target performance bonuses based on corporate goals |
| 2023 | Discretionary; eligible for performance goals (not specified) | N/D | 175% of base (per EA) | $525,269 | Discretionary bonus; eligible for annual target performance bonuses based on corporate goals |
| 2024 | Discretionary; eligible for performance goals (not specified) | N/D | 175% of base (per EA) | $415,000 | Discretionary bonus; eligible for annual target performance bonuses based on corporate goals |
N/D = Not disclosed
Equity Awards (Restricted Stock/RSUs)
| Grant date | Type | Grant-date FV | Vesting schedule | Unvested at 12/31/24 | Market value at 12/31/24 |
|---|---|---|---|---|---|
| 09/01/2022 | Restricted Stock | $400,000 (value-based award) | 4 equal parts on 9/1/22 and each of the next 3 anniversaries | 11,827 shares | $189,000 (at $15.96) |
| 03/01/2024 | Restricted Stock | — (captured in 2024 SCT stock awards) | 3 equal parts on 3/1/25, 3/1/26, 3/1/27 | 35,881 shares | $572,500 (at $15.96) |
| 2025 (during year) | Stock Awards | $600,045 | Not specified (new plan benefits table) | — | — |
| 2025 (during year) | Stock Options | 7,893 options at $11.22 avg exercise | Not specified | — | — |
Notes:
- 2024 “Stock Awards” of $599,930 in the SCT reflect equity granted in 2024 .
- New grants in 2025 (36,700 stock awards; 7,893 options) indicate continued equity-based incentives .
Stock Options (Outstanding as of 12/31/24)
| Grant date | Exercisable | Unexercisable | Exercise price | Expiration |
|---|---|---|---|---|
| 07/11/2016 | 15,000 | — | $9.61 | 07/11/2026 |
| 05/23/2019 | 18,750 | — | $12.50 | 05/23/2029 |
Pay Versus Performance (Context)
| Year | PEO “Compensation Actually Paid” | TSR value (initial $100) | Net Income |
|---|---|---|---|
| 2022 | $1,500,382 | 122.59 | $13 |
| 2023 | $941,496 | 121.82 | $16 |
| 2024 | $1,385,436 | 110.22 | $13 |
Equity Ownership & Alignment
| As-of date | Shares beneficially owned | % of outstanding |
|---|---|---|
| Apr 21, 2023 | 43,292 | <1% |
| Apr 15, 2024 | 79,173 | <1% |
| Apr 22, 2025 | 116,729 | <1% (based on 12,269,561 SO) |
- Ownership rose from 43K (2023) to 117K shares (2025), indicating increasing “skin in the game” .
- As of 12/31/24, unvested restricted stock totaled 47,708 shares (11,827 from 2022 grant; 35,881 from 2024 grant) with an aggregate market value of $761,500 at $15.96/share, creating known vesting events in 2025–2027 that can drive selling windows or trading constraints .
- The plan document describes potential pledge requirements for company-financed share purchases within the plan mechanics; no separate disclosure of personal share pledging by Mr. Staggs was found in the reviewed proxies .
Employment Terms
- Employment Agreement (effective Jan 1, 2023): Base salary $400,000; target annual bonus 175% of base; eligible for annual equity awards (2023 award targeted ~$600,000 FV) .
- Severance (termination without Cause or resignation for Good Reason): Base salary continuation for 12 months; payment of any prior-year earned but unpaid bonus; pro‑rata annual bonus for year of termination (based on actual results); COBRA cost waiver/reimbursement for 12 months; equity per plan/award agreements unless the Board/Comp Committee approves more generous treatment. If termination occurs within one year following a Change in Control, salary continuation and COBRA extend to 18 months (double-trigger for enhanced duration) .
- Restrictive covenants: Non-compete and non-solicit during employment and 12 months thereafter; confidentiality and IP assignment apply .
- Clawback: Compensation Recovery Policy adopted Nov 15, 2023 consistent with SEC and Nasdaq rules for restatements tied to financial reporting measures .
Investment Implications
- Alignment and vesting overhang: Rising personal ownership (43K→79K→117K shares from 2023–2025) plus meaningful time-based equity outstanding (11,827 shares from 2022 grant vesting on 9/1/2025; 35,881 shares from 2024 grant vesting in thirds beginning 3/1/2025) create predictable vesting windows that can influence insider trading windows and potential selling pressure in 2025–2027 .
- Pay mix and sensitivity: 2024 compensation included $600K in equity awards and a discretionary $415K bonus; 2025 plan benefits indicate continued equity grants (36,700 stock awards; 7,893 options), increasing equity leverage and retention but also adding supply overhang as tranches vest .
- Pay versus performance optics: PEO “Compensation Actually Paid” rose in 2024 ($1.39M) while TSR value declined (110.22 vs 121.82 in 2023) and net income was flat-to-down ($13 vs $16), a setup that can draw investor scrutiny of discretionary bonus decisions and equity grant sizing should fundamentals or TSR underperform .
- Downside protection and CIC terms: Severance mechanics provide 12 months’ salary continuation (18 months on double-trigger CIC), pro‑rata bonus, and COBRA support; equity treatment follows plan/agreements without automatic acceleration disclosure—limiting windfall optics but leaving room for committee discretion .
- Governance and risk: No material legal proceedings disclosed for the executive officer; “All Other Compensation” limited to 401(k) contributions; clawback policy is in place. No explicit executive ownership guidelines or anti‑hedging/pledging policy disclosures were identified in the reviewed excerpts, which may be a neutral to modest governance gap relative to larger-cap peers .
Sources: SWK DEF 14A filings dated Apr 29, 2025; Apr 26, 2024; May 1, 2023. Specific citations embedded throughout: .