Jay Grant
Trade DeskAbout Jay Grant
Jay R. Grant, 58, is Chief Legal Officer and Secretary of The Trade Desk (TTD), serving since October 2020. He holds an A.B. in Government from Harvard University, an M.B.A. from NYU Stern, and a J.D. from UC Berkeley School of Law . TTD’s 2024 performance tied to executive incentives included revenue of $2.44B (+26% YoY) and Adjusted EBITDA of $1.01B (+31% YoY), with the annual cash incentive plan for NEOs based solely on revenue attainment .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Univision Communications Inc. (UCI) | EVP & General Counsel, Digital and News divisions | Feb 2019 – Oct 2020 | Led legal for UCI’s digital and news portfolios across extensive broadcasting and digital properties . |
| Univision – Fusion Media Group | EVP & General Counsel | May 2016 – Jan 2019 | Senior legal leadership for Fusion Media Group . |
| Manatt, Phelps & Phillips | Attorney (Private Practice) | Early career | Legal practice prior to in-house media roles . |
External Roles
| External Board/Role | Organization | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | Company filings list no external public company directorships for Jay Grant . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 550,000 | 575,000 | 600,000 |
| Target Bonus (% of Salary) | — | — | 100% |
| Non-Equity Incentive Compensation ($) | 942,727 | 1,373,651 | 1,298,829 |
| All Other Compensation ($) | 25,431 | 33,885 | 33,119 |
| Total Compensation ($) | 7,605,342 | 11,412,312 | 11,672,415 |
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Revenue (single metric) | Revenue-only plan | $2,335M company revenue | $2,445M company revenue | $1,298,829 to Jay Grant | Paid quarterly; per-quarter cap 40% of annual target; overperformance trued up in Q4 |
Plan mechanics: For NEOs (other than CEO), bonus factor scaled from 0.00552% at $2,175M to 0.06061% at $2,475M; target factor 0.02570% produced $600,000 (100% of salary); actual averaged factor of 0.05313% yielded $1,298,829 .
Equity Awards (2024 grants)
| Award type | Grant date | Shares/Options | Exercise Price | Grant-date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| Restricted Stock Award (RSA) | Apr 23, 2024 | 60,074 shares | — | 4,870,199 | 1/16th quarterly starting Aug 15, 2024, then quarterly thereafter (4-year schedule) |
| Stock Options (ISO) | Apr 23, 2024 | 121,684 options | $81.07 | 4,870,268 | 1/48th monthly (4-year schedule) |
Other recent awards outstanding as of 12/31/2024 include 2021/2022/2023 option grants with standard monthly vesting, and RSAs/RSUs from 2021–2023 with quarterly vesting schedules .
Equity Ownership & Alignment
Beneficial Ownership (as of June 30, 2025)
| Holder | Class A shares held | Options exercisable within 60 days | Total beneficial Class A | Voting power % |
|---|---|---|---|---|
| Jay R. Grant | 238,573 | 93,265 | 331,838 | <1% |
- Ownership guidelines: Other executive officers must hold ≥1x annual base salary; all covered individuals are either compliant or within the allowed time to comply .
- Hedging/pledging: Company policy prohibits hedging and pledging by executives and directors .
- Insider activity (2024): Options exercised 173,511 shares; value realized $6,363,519. Stock awards vested 55,020 shares; value realized $5,389,387 .
Unvested Stock (market value at 12/31/2024, $117.53 close)
| Grant Year | Unvested RSAs/RSUs (#) | Market Value ($) |
|---|---|---|
| 2021 RSA | 4,480 | 526,534 |
| 2022 RSA/RSU | 19,161 | 2,251,992 |
| 2023 RSA | 47,946 | 5,635,093 |
| 2024 RSA | 52,565 | 6,177,964 |
Outstanding Options (12/31/2024)
| Grant Year | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration |
|---|---|---|---|---|
| 2021 | — | 5,120 | $74.637 | 4/28/2031 |
| 2022 | — | 27,503 | $59.570 | 4/26/2032 |
| 2023 | — | 72,474 | $61.460 | 4/24/2033 |
| 2024 | 20,280 | 101,404 | $81.070 | 4/23/2034 |
Employment Terms
- Role and tenure: Chief Legal Officer and Secretary since October 2020 .
- Base/pay structure: 2024 base salary $600,000; target annual cash incentive 100% of salary, paid quarterly .
- Severance (no change-in-control): If terminated without cause or resign for good reason, cash equal to current base salary + target bonus; pro-rated bonus; 12 months acceleration of time-based equity; up to 12 months equivalent health premium cash payments, subject to release .
- Change-in-control (double trigger): If terminated without cause or resign for good reason within 3 months pre- or 24 months post-CIC, lump sum 2x (base + target bonus); pro-rated bonus; full acceleration of time-based equity; lump sum cash equal to 24 months health premiums; subject to release .
- Non-compete/non-solicit: Incorporated from prior agreement; applies during employment and for 1 year thereafter .
- Tax treatment: Potential 280G excise exposure; payments reduced if such reduction yields higher net after-tax benefit (no gross-up) .
- Clawback: SEC/Nasdaq-compliant policy to recover erroneously awarded incentive compensation upon certain restatements .
- Insider trading: Blackout periods; Rule 10b5-1 plans permitted; prohibits derivative hedging and pledging .
Investment Implications
- Pay-for-performance alignment: Jay’s 2024 cash incentive was entirely formulaic off revenue, with above-target results driving payout to $1.30M, directly tied to company top-line growth to $2.44B (+26% YoY) .
- Retention vs. selling pressure: Significant unvested equity across 2021–2024 RSAs/RSUs ($14.6M total market value at year-end) supports retention; 2024 option exercises totaling 173,511 shares and $6.36M in realized value indicate liquidity events that could contribute to selling pressure depending on subsequent dispositions .
- Change-in-control economics: Double-trigger CIC benefits at 2x base+target bonus with full time-based equity acceleration are competitive but not excessive; absence of tax gross-up and presence of clawback policy reduce shareholder risk .
- Ownership alignment: Beneficial ownership of 331,838 Class A shares (<1% voting power) plus options indicates meaningful, though not controlling, alignment; the company’s ownership guidelines require ≥1x salary and prohibit hedging/pledging, supporting long-term alignment .
- Execution context: Company-wide performance drivers (revenue and Adjusted EBITDA growth in 2024) underpinned incentive payouts and suggest continued emphasis on growth and client retention (>95%) in compensation design .