Stephen Lafaille
About Stephen Lafaille
Stephen Lafaille, age 37, is Vice President of Business Development at Tecogen Inc. (TGEN). He joined Tecogen in May 2010 as a Product Development Engineer, progressed to Product Manager, then Director of Business Development, and was promoted to VP in 2022; he holds a B.S. and M.S. in Mechanical Engineering from the University of New Hampshire . Company performance context during his tenure shows total shareholder return (TSR) values of $121 (value of a $100 initial fixed investment) for 2024, $65 for 2023, and $105 for 2022, with revenues of $22.62M in 2024 vs. $25.14M in 2023 and net losses of $(4.76)M in 2024 and $(4.60)M in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tecogen Inc. | Product Development Engineer | May 2010 onward | Built product knowledge; foundation for customer-facing work |
| Tecogen Inc. | Product Manager | (Not separately dated; after initial engineering role) | Interface between engineering and customers; enhanced sales process understanding |
| Tecogen Inc. | Director of Business Development | (Not separately dated; before 2022) | Leveraged market/business insight into BD; partnerships and market development |
| Tecogen Inc. | Vice President of Business Development | 2022 – Present | Leads strategic partnerships, new market growth, strengthens key verticals |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in company proxy biographies for Mr. Lafaille | — | — | — |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 171,672 | 173,607 |
| Bonus ($) | — | — |
| Stock Awards ($) | — | — |
| Option Awards ($) | — | — |
| All Other Compensation ($) | 1,722 | 2,322 |
| Total ($) | 173,394 | 175,929 |
| Notes | Includes base salary and sales commissions | Includes base salary and sales commissions |
All Other Compensation – detail
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Insurance Premiums ($) | 1,222 | 1,322 |
| 401(k) Match ($) | 500 | 1,000 |
| Total ($) | 1,722 | 2,322 |
Performance Compensation
- No target bonus percentage or annual bonus payouts are disclosed for Stephen Lafaille in FY 2023–2024; his salary “includes base salary and sales commissions” (variable pay basis), but commission metrics/weights are not disclosed .
- A one-time performance bonus plan adopted on March 1, 2024 provided payments contingent on two consecutive quarters of positive Adjusted EBITDA >2% after bonus accruals; beneficiaries listed were CEO ($50k) and COO, CAO, VP of Operations, and General Counsel ($35k each). Mr. Lafaille (VP Business Development) was not listed among recipients .
Outstanding equity awards and vesting status (options)
| Grant (exercise price; expiration) | As of 12/31/2023 Exercisable (#) | As of 12/31/2023 Unexercisable (#) | As of 12/31/2024 Exercisable (#) | As of 12/31/2024 Unexercisable (#) |
|---|---|---|---|---|
| $3.93; 4/29/2026 | 6,362 | — | 6,362 | — |
| $0.71; 7/9/2030 | 25,000 | 25,000 | 25,000 | 25,000 |
| $1.10; 1/21/2032 | 26,250 | 26,250 | 52,500 | — |
- No unvested stock awards (RSUs/PSUs) are reported for Stephen Lafaille in the outstanding equity awards tables for 2023 or 2024 .
Equity Ownership & Alignment
Beneficial ownership of common stock
| Metric | As of Apr 9, 2024 | As of Apr 25, 2025 |
|---|---|---|
| Shares owned | 77,500 | 83,862 |
| Percent of class | <1% | <1% |
- Pledging/hedging: Directors and executive officers are prohibited from pledging Tecogen stock or entering into derivative/hedging transactions on company shares .
- Equity plans: Company’s 2022 Stock Incentive Plan authorizes options and stock awards to employees, officers, directors, and consultants; award agreements specify vesting and may permit acceleration upon change of control, death, or disability at Compensation Committee discretion .
Employment Terms
| Term | Detail |
|---|---|
| Employment start date | Joined Tecogen in May 2010 |
| Current role and tenure | Vice President of Business Development since 2022 |
| Contract term/expiration | Not disclosed in proxy/8-K filings reviewed |
| Severance provisions | Not disclosed for Mr. Lafaille; no specific severance multiples found in filings reviewed |
| Change-of-control | Plan-level discretion to accelerate vesting for share-based awards; individual award terms not disclosed for Mr. Lafaille |
| Non-compete / non-solicit | Not disclosed for Mr. Lafaille in filings reviewed |
| Clawback provisions | Not specifically disclosed for Mr. Lafaille; plan governance language referenced but no clawback detail found |
| Pension/Deferred comp | Company does not provide Pension or Deferred Compensation benefits to PEO or Non-PEO NEOs (policy applies to NEOs) |
Performance & Track Record (company context during tenure)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| TSR – value of $100 initial fixed investment ($) | 105 | 65 | 121 |
| Total Revenues ($) | — | 25,139,419 | 22,619,536 |
| Net Loss attributable to Tecogen ($) | (2,447,927) | (4,598,108) | (4,760,238) |
| Gross Profit Margin (%) | — | 40.6% | 43.6% |
Additional 2024 revenue mix details: products $4.44M, services $16.07M, energy production $2.10M .
Compensation Structure Analysis
- Cash vs. equity mix: FY 2023–2024 compensation for Mr. Lafaille is primarily cash (salary with commissions), with no new stock or option awards granted in those years; outstanding legacy options provide equity alignment via long-dated expirations and progressive vesting .
- Guaranteed vs. at-risk pay: No target annual bonus disclosed; variable component is commission-based within base salary; absence of RSUs/PSUs reduces short-term vesting-related selling pressure .
- Performance metrics: Company implemented an EBITDA-based one-time bonus for select executives (not including VP Business Development), signaling a focus on positive Adjusted EBITDA; commission metrics for Mr. Lafaille are not disclosed .
Risk Indicators & Red Flags
- Pledging/hedging: Prohibited for executive officers, mitigating alignment concerns .
- Pay-versus-performance: Company-level “compensation actually paid” and TSR disclosures provided; no pension/deferred comp for NEOs (shareholder-friendly) .
- No disclosures found of tax gross-ups, option repricing, or related-party transactions tied specifically to Mr. Lafaille in reviewed filings .
Compensation Committee Analysis
- Compensation Committee membership (per proxy committee matrix): Directors with Compensation Committee membership include Angelina M. Galiteva, Ahmed F. Ghoniem, and Earl L. Lewis III as indicated by committee markings; independent directors meet in executive sessions at least twice annually .
Investment Implications
- Alignment: Modest direct share ownership (<1%) coupled with sizable, long-dated options (notably $0.71 expiring 2030 and $1.10 expiring 2032) aligns Mr. Lafaille with long-term equity value creation; prohibition on pledging/hedging reduces misalignment risk .
- Retention: Long tenure (since 2010) and progression to VP suggest institutional knowledge and execution continuity; absence of recent RSU/PSU grants and no disclosed severance/change-of-control economics for him point to lower guaranteed retention pay, with incentives primarily via commissions and legacy options .
- Trading signals: Monitor Form 4 filings for option exercises on 2026/2030/2032 grants and any new equity awards/bonus plans tied to EBITDA or revenue build; company-level margin improvement (gross margin +300 bps YoY in 2024) alongside net losses underscores execution risk tied to product shipments and service mix .