David Lavigne
About David Lavigne
David Lavigne (age 63) is an independent director of Venu Holding Corporation since December 2023, designated by the Board as the Audit Committee “financial expert.” He spent 17 years on the sell side in roles including National Sales, CEO, and Head of Research, then founded Edgewater Research (2001–2010) and later Trickle Research (2016–present) where he serves as senior analyst; he holds a B.S. in Finance from the University of Idaho (1984) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Various small regional broker-dealers/investment banks | National Sales, CEO, Head of Research; licensed across securities functions | First 17 years of career (through 2001) | Led research and sales; broad microcap coverage |
| Edgewater Research | Founder, Lead Analyst | 2001–2010 | Subscription-based microcap research; conferences and valuation work |
| Trickle Research | Founder, Senior Analyst | 2016–present | Extensive fundamental research; valuation models; industry newsletters |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Trickle Research | Senior Analyst | 2016–present | Founder; microcap focus |
| FactSet, AlphaSense | Research Contributor | Current | Contributes research content |
| Public company boards | — | — | None disclosed beyond Venu |
Board Governance
- Committee assignments: Audit (member; financial expert), Compensation (member), Nominating & Corporate Governance (member) .
- Independence: Board determined Lavigne is independent under NYSE American rules (non-independent directors are J.W. Roth, Mitchell Roth, Heather Atkinson) .
- Attendance: In 2024, Board held 2 meetings and each committee held 1; all directors attended at least 75% of applicable meetings; Board held 1 meeting to date in 2025 .
- Board leadership: CEO also serves as Chair; no designated Lead Independent Director; all standing committees are fully independent .
- Audit Committee report: Signed by Lavigne and Cominsky; recommended inclusion of audited 2024 financials in the 10‑K .
Fixed Compensation
| Component | 2024 Amount (USD) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $5,000 | $2,500 per in-person Board meeting in 2024 |
| All Other Compensation | $0 | — |
| Total Cash | $5,000 | — |
Performance Compensation
| Equity Award | Grant | Shares | Strike | Vesting | Fair Value (USD) |
|---|---|---|---|---|---|
| Director warrant grant | 2024 | 20,000 | $10.00 | Vests ratably over 2 years, beginning 2/28/2025 | $56,880 |
- Plan features (relevant to directors): Awards under the 2023 Omnibus Incentive Compensation Plan can include options, SARs, RSUs, restricted stock, and performance awards; non-cash awards generally fully vest upon change-in-control if not assumed or upon qualifying termination within 2 years, with accelerated payout at target for performance awards (subject to 409A) .
- Performance metrics tied to director compensation: None disclosed for director warrant grants (grants vest by time, not performance) .
Other Directorships & Interlocks
| Entity | Role | Overlap/Interlock | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed; no related‑party transactions disclosed involving Lavigne |
Expertise & Qualifications
- Audit Committee “financial expert” designation; financially literate per Board determination .
- 30+ years in financial analysis and microcap research; extensive valuation modeling .
- Finance degree (University of Idaho, B.S., 1984) .
- Independence and multi-committee service underpin governance breadth .
Equity Ownership
| Metric | As of | Value |
|---|---|---|
| Total beneficial ownership (shares) | Sep 3, 2025 | 182,328 |
| Ownership % of shares outstanding | Sep 3, 2025 | <1% |
| Indirect holdings (spouse) | Sep 3, 2025 | 6,514 |
| Options/warrants included (vested/vesting within 60 days) | Sep 3, 2025 | 10,000 |
| Shares outstanding (context) | Sep 3, 2025 | 43,186,232 |
Insider Trades (2025)
Pattern: Small, spread-out sales in June 2025 with a single gift earlier in the month; Lavigne retained >160k shares afterward .
Governance Assessment
- Alignment: Director compensation is heavily equity-focused ($56,880 option grant fair value vs $5,000 cash in 2024), fostering alignment; beneficial ownership of 182,328 shares plus warrants indicates moderate skin-in-the-game, albeit a small percentage of shares outstanding .
- Board effectiveness: Lavigne brings deep finance and microcap research experience and serves across all three key committees with “financial expert” status, bolstering audit oversight; attendance meets minimum thresholds .
- Independence: Board determined Lavigne is independent; committees are composed solely of independent directors .
- Compensation structure: Director pay is simple—per‑meeting cash plus time-vested equity; no disclosed performance metrics for director awards; change‑of‑control provisions in the Plan would accelerate vesting, which investors should monitor for dilution implications .
- Insider signaling: June 2025 sales appear modest and do not eliminate exposure; monitor for patterns or material changes around corporate events .
- RED FLAGS:
- Combined CEO/Chair and absence of a Lead Independent Director may weaken independent board oversight .
- Multiple related‑party transactions involving management and affiliates (leases, guarantees, and real estate interests), though none disclosed involving Lavigne, present governance complexity and potential conflict risk at the company level .
- Emerging Growth Company status limits say‑on‑pay and some compensation disclosures, reducing external accountability mechanisms .
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