Sanjay Datta
Upstart HoldingsAbout Sanjay Datta
Sanjay Datta is Chief Financial Officer of Upstart Holdings, Inc., serving since December 2016. He is 51 years old (as of April 4, 2025) and holds a joint honors degree in Economics and Finance from McGill University and an MBA from Stanford University. Prior to Upstart, he held senior finance roles at Alphabet/Google, Artisan Capital, and Deloitte Consulting. Upstart’s 2024 Pay vs Performance disclosure shows revenue from fees of $635.5M and net loss of $128.6M, with cumulative total shareholder return value of $208.92 on an initial $100 investment in 2024; Datta’s 2024 performance review emphasizes his role in securing funding partners, refining external communications on macro trends, and strengthening investor relations.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alphabet Inc. (Google) | VP Finance, Global Advertising; Finance Director of Corporate Revenue & Product Profitability; international finance leadership roles | 2005–2016 | Led finance for global advertising and corporate revenue/profitability; international leadership in Asia and Europe. |
| Artisan Capital | Private investment professional | 2002–2005 | Sourced and reviewed prospective private equity investments. |
| Deloitte Consulting | Consultant | 1996–2000 | Management consulting across industries. |
External Roles
No public company board or committee roles for Datta are disclosed.
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 410,000 | 425,000 | 450,000 |
| Target Annual Bonus ($) | 307,500 | 318,750 | 337,500 |
| Target Bonus (%) | — | — | 75% of base salary |
| Actual Cash Bonus Paid ($) | 123,000 | 210,551 | 749,694 |
Performance Compensation
| Incentive | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2024 Cash Bonus | H2’24 adjusted EBITDA before bonus; modified by revenue-from-fees hurdle; individual multiplier | Corporate plus individual (company-wide achievement adjusted from 161.3% to 149.0% for NEOs other than CEO) | $337,500 | $749,694 | 222% of target | Cash (annual) |
| 2023 Cash Bonus | Revenue from fees and adjusted EBITDA; committee discretion reduced company payout to 45% | Corporate plus individual | $318,750 | $210,551 | 66.06% of target | Cash (annual) |
| 2022 Cash Bonus | Revenue; corporate multiplier below threshold (0%); individual-only for NEOs | Corporate (0%) plus individual | $307,500 | $123,000 | 38.5% of target | Cash (annual) |
Equity Awards – Grants and Structure
| Grant Year | Instrument | Grant Date | Shares/Units (#) | Exercise Price ($) | Grant Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|---|---|
| 2024 | RSUs | 2/29/2024 | 61,201 | — | 1,575,926 | 1/16th quarterly beginning 5/20/2024 |
| 2024 | Options | 2/29/2024 | 116,281 | 25.75 | 1,623,064 | 1/48th monthly beginning 3/20/2024 |
| 2023 | RSUs | 3/17/2023 | 167,598 | — | 2,552,518 | 1/16th quarterly beginning 5/20/2023 |
| 2023 | Options | 3/17/2023 | 318,436 | 15.23 | 2,550,012 | 1/48th monthly beginning 3/20/2023 |
| 2022 (Retention) | RSUs | 11/30/2022 | 203,777 | — | 3,983,840 | 12.5% quarterly in 2023; 7.5% quarterly in 2024; 5% quarterly in 2025 |
Variable vs Fixed Mix
| Executive | Fixed % of Target Direct Comp | Variable % of Target Direct Comp |
|---|---|---|
| Sanjay Datta (2024) | 9.4% | 90.6% |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (Mar 1, 2025) | 1,523,189 shares; 1.58% of outstanding (94,987,218 shares) |
| Direct Shares | 135,270 shares |
| Options Exercisable within 60 Days | 1,387,919 shares |
| RSUs Unvested (12/31/2024) | 6,481; $399,035 market value (closing price $61.57) |
| Additional RSUs Unvested (12/31/2024) | 40,756; $2,509,347 market value |
| Additional RSUs Unvested (12/31/2024) | 94,274; $5,804,450 market value |
| Stock Ownership Guidelines | Executive officers expected to hold ≥2x base salary; retain ≥50% of net shares until guideline met |
| Hedging/Pledging | Hedging/shorting prohibited; pledging prohibited absent waiver; no pledges disclosed for Datta |
| Clawback Policy | Adopted Dec 1, 2023; mandatory recovery on accounting restatements (not fault-based) |
Employment Terms
| Provision | Key Terms |
|---|---|
| Change-in-Control (CIC) Severance | Upon qualifying termination within 3 months before or 12 months after CIC: lump sum equal to 12 months base salary + 100% target bonus; up to 12 months COBRA premium reimbursement; 100% vesting acceleration of unvested equity (performance awards at target/prorated unless otherwise stated); release required; double-trigger |
| Non-CIC Severance | Outside CIC period: up to 12 months salary continuation + up to 12 months COBRA premiums; release required |
| Excise Tax | Best-net cutback (no gross-up) to minimize 4999 excise tax under 280G |
| Illustrative 12/31/2024 Termination Values (Datta) | Outside CIC: $450,000 salary + $33,963 COBRA = $483,963 total ; Within CIC: $450,000 salary + $337,500 bonus + $33,963 COBRA + $23,064,956 equity = $23,886,419 total |
Outstanding Equity Awards (12/31/2024)
| Grant Date | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | Market Value ($) |
|---|---|---|---|---|---|---|
| 12/28/2016 | 621,346 | — | 1.35 | 12/28/2026 | — | — |
| 12/18/2017 | 100,000 | — | 2.15 | 12/18/2027 | — | — |
| 3/29/2019 | 150,000 | — | 3.80 | 3/29/2029 | — | — |
| 1/31/2020 | 200,000 | — | 8.88 | 1/31/2030 | — | — |
| 3/20/2021 | 50,824 | — | 125.28 | 3/20/2031 | — | — |
| 2/20/2022 | 47,522 | 9,505 | 130.05 | 2/20/2032 | — | — |
| 3/17/2023 | 145,949 | 172,487 | 15.23 | 3/17/2033 | — | — |
| 2/29/2024 | 24,225 | 92,056 | 25.75 | 2/28/2034 | — | — |
| 2/20/2022 RSUs | — | — | — | — | 6,481 | 399,035 |
| 11/30/2022 RSUs | — | — | — | — | 40,756 | 2,509,347 |
| 3/17/2023 RSUs | — | — | — | — | 94,274 | 5,804,450 |
Note: RSU market values as of 12/31/2024 use closing price $61.57/share.
Vesting Schedules and Potential Selling Pressure
| Year | Option Exercises (#) | Value Realized on Exercise ($) | RSU Vests (#) | Value Realized on Vest ($) |
|---|---|---|---|---|
| 2024 | — | — | 139,032 | 5,748,062 |
| 2023 | 89,900 | 1,330,504 | 153,641 | 3,871,619 |
Key vesting timelines fueling future supply:
- 2024 Options (2/29/2024): 1/48th monthly from 3/20/2024 (exercise price $25.75).
- 2024 RSUs (2/29/2024): 1/16th quarterly from 5/20/2024; additional laddered RSUs vesting through 2025 per prior grants.
- 2022 Retention RSUs: 12.5% quarterly in 2023, 7.5% quarterly in 2024, 5% quarterly in 2025.
Performance & Track Record
| Year | Compensation Actually Paid – Avg Non-PEO NEOs ($) | Company Net Income ($) | Revenue from Fees ($) | Company TSR (Initial $100 Value) |
|---|---|---|---|---|
| 2024 | 13,942,785 | -128,581,000 | 635,466,000 | 208.92 |
| 2023 | 17,583,239 | -240,132,000 | 560,431,000 | 138.65 |
| 2022 | -13,737,932 | -108,665,000 | 907,272,000 | 44.86 |
Management commentary highlights Datta’s execution in capital markets, funding partner relationships, and investor communications.
Compensation Structure Analysis
- Variable-heavy pay: Datta’s 2024 target direct compensation was ~90.6% variable vs 9.4% fixed, consistent with strong pay-for-performance design.
- Equity mix: 2024 awards targeted ~$2.0M RSUs and ~$2.0M options (roughly 50/50 by economic value), down from ~$3.0M RSUs and ~$3.0M options in 2023, reducing potential dilution while maintaining performance alignment.
- Bonus policy: 2024 bonuses were driven 100% by corporate performance (H2’24 adjusted EBITDA before bonus) with revenue-from-fees hurdle and individual multipliers for non-CEO NEOs; Datta’s payout was 222% of target.
- Base salary progression: Base increased from $410,000 (2022) to $425,000 (2023) to $450,000 (2024), with committee citing less than 10% cumulative increases since 2021 to stay competitive.
Related Party Transactions and Governance
- No related party transactions >$120,000 since January 1, 2024; indemnification agreements in place.
- Compensation Committee: Independent directors, chaired by Kerry W. Cooper; advisor Compensia engaged; stock ownership guidelines and clawback policy adopted.
Investment Implications
- Alignment: Significant unexercised options and unvested RSUs create strong retention incentives and direct linkage to share price performance; clawback and ownership guidelines reinforce shareholder alignment.
- Supply overhang: RSU vesting cadence and monthly option vesting schedules imply periodic sellable share creation; 2023–2024 realized vest values indicate material supply potential, especially into quarterly vest dates.
- Event risk: Double-trigger CIC policy with full equity acceleration (best-net cutback) results in substantial potential payouts upon a change-in-control and termination, which can influence negotiations and perceived retention risk during strategic transactions.
- KPI sensitivity: Annual bonus funding tied to adjusted EBITDA and revenue-from-fees adds sensitivity to intra-year operational performance; upside payouts (e.g., 222% in 2024) signal variable compensation can amplify realized cash outcomes in strong periods.
Appendix: 2024 Summary Compensation (NEOs)
| Name | Salary ($) | Option Awards ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| Sanjay Datta (CFO) | 450,000 | 1,623,064 | 1,575,926 | 749,694 | 4,500 | 4,403,184 |
All citations reference Upstart’s DEF 14A proxy statements and related disclosures.