Christopher Homer
About Christopher Homer
Christopher Homer is ThredUp’s Co‑Founder and Chief Operating Officer (COO), serving as COO since September 2020; he previously served as Chief Technology Officer from June 2009 to September 2020. He is 41 years old as of April 7, 2025, and holds an MBA from Harvard Business School and a BSE in Mechanical & Aerospace Engineering from Princeton University . Company performance over the last two fiscal years shows revenues were roughly flat (FY2023: $258.5M; FY2024: $260.0M), EBITDA losses narrowed (FY2023: -$38.8M; FY2024: -$23.3M*), while net loss increased (FY2023: -$71.2M; FY2024: -$77.0M) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ThredUp | Chief Technology Officer | 2009–2020 | Not disclosed in filings |
| ThredUp | Chief Operating Officer | 2020–Present | Not disclosed in filings |
| Microsoft | Midmarket Solution Advisor | 2005–2007 | Not disclosed in filings |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No external directorships or public company roles disclosed for Homer |
Fixed Compensation
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $375,000 | $635,000 | $635,000 |
| Target Bonus (% of Base) | 93% | N/A – Company moved away from annual cash incentives | N/A – Discretionary only |
| Actual Bonus Paid ($) | $142,828 (retention + discretionary) | $0 | $95,250 (discretionary) |
| Stock Awards ($) | $3,816,229 | $1,132,122 | $1,287,000 |
Performance Compensation
- Senior Executive Cash Incentive Bonus Plan (historical): In FY2022, bonuses were measured on company performance targets including net revenue, adjusted EBITDA, and gross profit; Homer’s target annual bonus was 93% of base. In early 2022, executives could convert up to 100% of target bonus to equity that vests quarterly based on the same performance conditions (Homer elected 59%) . In FY2023, ThredUp shifted away from annual cash incentives; in FY2024 the Compensation Committee awarded discretionary cash bonuses recognizing second‑half performance (no formal metric payout table disclosed) .
| Year | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2022 | Net revenue | Not disclosed | Not disclosed | Not disclosed | $121,075 (non‑equity incentive) | N/A (cash) |
| 2022 | Adjusted EBITDA | Not disclosed | Not disclosed | Not disclosed | See above | N/A |
| 2022 | Gross profit | Not disclosed | Not disclosed | Not disclosed | See above | N/A |
| 2022 | PSU/RSU in lieu of bonus | — | Up to 100% of target bonus | Homer elected 59% | $159,612 max grant-date value | Vests quarterly on performance |
| 2023 | Annual incentives | — | — | — | No bonus paid | — |
| 2024 | Discretionary bonus | — | — | — | $95,250 | — |
Equity Ownership & Alignment
- Anti-hedging and pledging: ThredUp prohibits hedging, margin pledging, and pledging company securities for loans .
- Clawback policy: Adopted August 4, 2023; recovery of incentive-based compensation upon a financial restatement for the prior three years .
Beneficial Ownership
| Item | As of 3/14/2024 | As of 3/19/2025 |
|---|---|---|
| Class A common shares | 483,517 | 954,023 |
| Class B common shares | 1,730,872 | 1,730,872 |
| Options exercisable within 60 days (Class B) | 897,020 | 989,944 |
| Trust holdings (Class B, Homer Family 2020 Irrevocable Trust) | 250,000 | 250,000 |
| Spouse holdings (Class B) | 111,583 | 111,583 |
| Total ownership (%) | 4.2% | 4.1% |
| Total voting power (%) | 7.8% | 9.4% |
Outstanding Awards and Vesting (as of 12/31/2024)
| Award Type | Grant Date | Vesting Commencement | Unvested (#) | Market Value ($) |
|---|---|---|---|---|
| RSU (2022 grant) | 4/11/2022 | 3/1/2022 | 41,336 | $57,457 |
| RSU (2023 grant) | 2/15/2023 | 12/1/2022 | 232,947 | $323,796 |
| RSU (2024 grant) | 2/26/2024 | 12/1/2023 | 433,334 | $602,334 |
- RSU vesting details:
- 2022 RSUs: 6.25% on 6/1/2022, 9/1/2022, 12/1/2022; 9.03% each quarter starting 3/1/2023 .
- 2023 RSUs: Twelve equal quarterly installments commencing 12/1/2022 .
- 2024 RSUs: Twelve equal quarterly installments commencing 12/1/2023 .
Option Awards (selected tranches)
| Grant Date | Vesting Commencement | Exercise Price ($) | Expiration | Exercisable (#) | Unexercisable (#) |
|---|---|---|---|---|---|
| 5/26/2020 | 5/26/2020 | 2.05 | 10/3/2027 | 32,813 | — |
| 5/26/2020 | 5/26/2020 | 2.05 | 5/21/2029 | 613,718 | — |
| 8/26/2020 | 3/30/2021 | 2.05 | 8/25/2030 | 181,807 | 12,121 |
| 8/26/2020 | 3/30/2022 | 2.05 | 8/25/2030 | 133,324 | 60,603 |
- Option vesting: Many options vest monthly (1/48) following vesting commencement; unvested shares vest immediately upon a qualifying termination under the Executive Severance Plan .
- RSU acceleration: Unvested time‑based RSUs accelerate upon a qualifying termination pursuant to the Executive Severance Plan .
Employment Terms
- Offer letter: July 2010; at‑will employment; subject to standard employment, confidentiality, return of property, non‑compete, non‑solicit, invention assignment, and arbitration agreements .
- Executive Severance Plan:
- Termination outside change‑in‑control (CIC) period: 50% of base salary paid over six monthly installments; up to six months of health premium contributions (CEO terms higher) .
- Termination within CIC period (three months before to 12 months after CIC): Lump‑sum 100% of base salary; lump‑sum 100% of annual target bonus; up to 12 months health premium contributions; 100% acceleration of time‑based unvested equity awards; performance awards subject to their performance conditions (double‑trigger structure) .
- 280G cutback: Payments reduced if doing so yields a higher net after‑tax benefit .
- Clawback: Recovery of incentive‑comp for three years preceding a restatement under Dodd‑Frank/SEC/Nasdaq rules .
- Emerging Growth Company: Exempt from non‑binding say‑on‑pay and certain compensation disclosures .
Company Performance Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | $258,504,000 | $260,031,000 |
| EBITDA ($) | -$38,771,000* | -$23,291,000* |
| Net Income ($) | -$71,248,000 | -$76,986,000 |
Values retrieved from S&P Global for EBITDA.*
Investment Implications
- Alignment and control: Homer’s substantial Class B holdings and exercisable options confer meaningful voting power (9.4%), signaling strong founder alignment; anti‑hedging/pledging policies further reduce misalignment risk .
- Vesting cadence and selling pressure: Quarterly RSU vesting on large 2023/2024 grants (698,841 and 650,000 RSUs, respectively) can create periodic supply; monitor Form 4s for sales around vesting dates and 10b5‑1 plans .
- Options likely less near‑term overhang: As of 12/31/2024 the stock closed at $1.39, below key option strikes ($2.05), implying options were out‑of‑the‑money then; RSUs (not options) are the likely driver of near‑term insider selling pressure if any .
- Pay mix and retention: Shift away from annual cash incentives toward base plus multi‑year RSUs emphasizes retention and long‑term equity alignment; CIC double‑trigger acceleration provides downside protection without single‑trigger windfalls .
- Execution focus: Company revenues were flat while EBITDA losses narrowed materially, suggesting operational improvements; discretionary FY2024 bonuses reflect recognition of second‑half performance rather than formulaic metric payouts .