Benjamin Bartlett
About Benjamin Bartlett
Benjamin Bartlett, age 37, is TRNR’s co‑founder and has served as Chief Operating Officer and President since June 14, 2025; previously, he was President (Oct 2019–Jan 2023) and Special Advisor (Feb 2023–Jun 2025). He holds a B.A. in Economics from Washington & Lee University and an MBA from Columbia University, and was a principal/private equity investor at Lincolnshire Management (2013–2019), including board service at Holley Performance Products (2013–2018) . During his current tenure, TRNR reported Q3 2025 record revenue of $4.8M with 139% YoY growth, a net loss of $5.2M, and reiterated 2025 pro forma revenue guidance of $80M+ with Q4 profitability guidance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Interactive Strength Inc. (TRNR) | President | Oct 2019–Jan 2023 | Co‑founder; led early commercial and operating activities |
| Interactive Strength Inc. (TRNR) | Special Advisor | Feb 2023–Jun 2025 | Advisory role to management prior to COO appointment |
| Lincolnshire Management, Inc. | Principal & Private Equity Investor | Mar 2013–Oct 2019 | Deal execution and portfolio governance; director roles including Holley |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Holley Performance Products | Director | 2013–2018 | Board service during private equity ownership period |
Fixed Compensation
| Component | Amount | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $350,000 | Jun 14, 2025 | As COO & President |
| Annual Bonus Target | Up to 50% of base | FY 2025 onward | Per company bonus plan; metrics set by Compensation Committee |
Performance Compensation
Annual Incentive Plan Design
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company performance goals (not specified) | Not disclosed | Not disclosed | Not disclosed | Up to 50% of base salary | Annual, subject to Compensation Committee plan |
Long-Term Incentive – Series LTI Convertible Preferred Stock
| Grant Date | Instrument | Shares Granted | Original Issue Price | Vesting | Dividend Terms | Conversion/Redemption |
|---|---|---|---|---|---|---|
| Jun 14, 2025 | Series LTI Convertible Preferred Stock | 200,000 | $2.00 per share | 100% vested at grant | 10% per annum, compounded; payable only if holder remains on Board or, for executives not on Board, only if not resigned on dividend dates | |
| Post‑grant mechanics | — | — | — | — | — | Convertible after Jun 6, 2026 subject to shareholder approval; if approval not obtained by Jun 6, 2026, company will redeem at $2.00 per share in cash |
Implication: Absent shareholder approval by Jun 6, 2026, Bartlett’s 200,000 LTI shares redeem for $400,000 cash (200,000 × $2.00) — Redemption value per grant mechanics .
Equity Ownership & Alignment
| Ownership Element | Amount | As Of | Notes |
|---|---|---|---|
| Common shares owned | 1 | Jul 29, 2025 | Direct ownership |
| Options exercisable within 60 days | 7 | Jul 29, 2025 | Included in beneficial ownership |
| Total beneficial ownership (common + options exercisable) | 8 | Jul 29, 2025 | As reported in proxy |
| Shares outstanding (for % calc) | 1,519,418 | Jul 29, 2025 | Proxy share count |
| Ownership as % of outstanding | ~0.0005% | Jul 29, 2025 | 8 ÷ 1,519,418 based on reported figures |
| LTI Preferred Stock (Series LTI) | 200,000 shares | Jun 14, 2025 | Executive LTI grant; accounted as liability award until shareholder approval |
| LTI redemption value | $400,000 | If no shareholder approval by Jun 6, 2026 | Original Issue Price × shares; mechanical outcome |
| Hedging & pledging | Prohibited | Policy revised Oct 8, 2023 | Anti‑hedging and no margin/pledging under Insider Trading & Communications Policy |
| 10b5‑1 plans | None | FY 2024/Proxy | Proxy disclosure: “10b5‑1 Trading Plans: None.” |
| Stock ownership guidelines | Not disclosed | — | No executive ownership guideline disclosure in 2025 proxy |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment | COO & President effective June 14, 2025 | |
| Base salary and bonus | $350,000 base; bonus up to 50% of base | |
| LTI grant | 200,000 Series LTI Convertible Preferred shares (fully vested at grant) | |
| Executive Severance Plan (company‑wide) | 12 months salary continuation for participants other than CEO upon qualifying termination; COBRA subsidy; double‑trigger within 12 months post change‑in‑control adds salary+target bonus for severance period and full equity vesting | |
| Clawback/recoupment | Recoup incentive compensation in case of restatements due to intentional or grossly negligent conduct; Dodd‑Frank compliant | |
| Non‑compete/non‑solicit | Not disclosed for Bartlett specifically | — |
Performance & Track Record
| Period/Item | Data | Notes |
|---|---|---|
| Q3 2025 company performance | Revenue $4.8M; +139% YoY; net loss $5.2M; Adjusted EBITDA loss $2.9M | First full quarter including Wattbike; COO tenure underway |
| Outlook/guidance | Reiterated 2025 pro forma revenue >$80M; Q4 Adjusted EBITDA profitability expected | Dependent on closing Sportstech acquisition; forward‑looking |
Compensation Structure Analysis
- Shift to liability‑classified LTI preferred stock: Fully vested at grant with cash redemption if shareholder approval not obtained by Jun 6, 2026; dividends accrue at 10% with service‑based eligibility — lowers traditional performance‑vesting risk, adds retention incentive but creates a dated cash event .
- Cash vs equity mix: Base $350k plus variable (up to 50%) paired with LTI preferred grant suggests a heavier near‑term cash alignment via potential redemption than traditional RSU/PSU frameworks .
- Change‑in‑control design: Company’s Executive Severance Plan contemplates double‑trigger salary+target bonus and full equity acceleration, potentially increasing exit incentives for covered executives .
Investment Implications
- Alignment: Minimal common stock ownership (~0.0005%) reduces traditional “skin‑in‑the‑game,” but the LTI preferred grant (with 10% accruing dividends conditional on continued service) creates retention incentives through at least June 2026 .
- Event‑dated liquidity: If shareholder approval for LTI conversion is not obtained by Jun 6, 2026, Bartlett would receive $400,000 cash redemption, a potential executive liquidity event and company cash outflow; if approval is obtained, conversion at a set price and associated tax gross‑up cash payment to executives is contemplated by company disclosures .
- Selling pressure risk: No 10b5‑1 plans and anti‑hedging/anti‑pledging policy reduce near‑term hedging/selling pathways; however, the deterministic LTI redemption date could create concentrated executive liquidity timing independent of market conditions .
- Retention/CoC dynamics: The Executive Severance Plan’s double‑trigger severance and full vesting may increase management’s openness to strategic transactions if economics are favorable; investors should monitor participant coverage disclosures for Bartlett specifically and any shareholder approval processes tied to LTI conversion .