Maydan Rothblum
Glimpse GroupAbout Maydan Rothblum
Maydan Rothblum, 52, is Co‑Founder, Chief Financial Officer and Chief Operating Officer of The Glimpse Group (VRAR) since 2016 and has served on the Board since July 2021; he holds an MBA from Columbia Business School and a B.S. in Industrial Engineering & Management from Technion–Israel Institute of Technology, with prior roles at Sigma Capital Partners (co‑founder/MD/COO), Apax Partners, Booz Allen & Hamilton, and as an engineer in the Israel Defense Forces . The company’s pay-versus-performance disclosure shows TSR fell 49% over the two years ended FY2023 while net loss increased ~379%, contextualizing incentive outcomes and alignment pressures during that period . As an executive director, he receives no additional board compensation and is not considered independent; independent directors are listed separately in the proxy .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sigma Capital Partners | Co‑Founder, Managing Director & COO | 2004–2016 | Led portfolio oversight, operations, and financial reporting for a middle‑market private equity fund investing in small/mid-cap public tech companies . |
| Apax Partners | Investment professional (role not further specified) | Not disclosed | Private equity investing experience applicable to capital allocation and M&A . |
| Booz, Allen & Hamilton | Strategy consultant | Not disclosed | Strategic consulting background relevant to operating rigor and execution . |
| Israel Defense Forces | Engineer | Not disclosed | Technical and operational discipline . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | Company filings for 2024–2025 list no current public company directorships or external governance roles for Rothblum . |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Salary (USD) | $235,000 | $246,833 |
| Cash Bonus (USD) | $0 | $100,000 |
| Option Awards (Grant-date FV, USD) | $357,746 (primarily in lieu of cancelation of previously issued, fully vested options) | $0 |
| Total (USD) | $592,746 | $346,833 |
| Current Contracted Base Salary (USD) | $235,000 (as of FY2024 disclosures) | $263,400 (current employment agreement) |
Notes:
- Employment agreement provides for annual base salary and eligibility for performance bonuses at Compensation Committee discretion; agreement is at‑will (continues until terminated) .
Performance Compensation
| Incentive | Grant date | Size/Price | Vesting/Expiration | Performance metrics / conditions |
|---|---|---|---|---|
| Stock options (2016 Plan) | 2023‑02‑15 | 770,000 options @ $7.00 | 4‑year vesting for time‑based tranches; 10‑year term (exp. 2/15/2033) | Target options vest in fixed amounts upon: (a) revenue run‑rate milestones of $30M, $50M, $75M, $100M achieved over consecutive four‑quarter periods within 7 years; and (b) sustained stock price targets at $20, $30, $45, $60 for 15 consecutive trading days within 7 years . |
| Stock options (exchange/regrant) | 2023‑09‑29 | 250,000 options @ $2.50 (A) and concurrent return of 250,000 options (D) [Form 4] | Not specified in Form 4; reflected in FY2024 outstanding awards table | Transaction reflects option program modification; see outstanding awards detail . |
| Stock options (exchange/regrant) | 2024‑03‑01 | 306,145 options awarded (A) and return of 320,180 options (D) [Form 4] | Portion reflected as $1.50 strike with exp. 3/1/2034 (97,812 exercisable / 152,188 unexercisable as of 6/30/2025) | Admin modification exchanges prior grants; illustrates refresh at lower strike and removal of older grants . |
Additional context:
- As of FY2025 year‑end, Rothblum’s option holdings include tranches at $7.00 (time/performance mix), legacy 2031 grants ($2.00–$3.00), and a $1.50 grant dated 3/1/2034; detailed in Outstanding Equity Awards tables .
- Company adopted an Exchange Act Section 10D‑compliant clawback policy effective for awards granted on/after Oct 2, 2023 (covers cash/equity tied to financial reporting measures including stock price/TSR; 3‑year lookback; no indemnification) .
Equity Ownership & Alignment
| Record date context | Total beneficial ownership (sh) | % of outstanding | Common shares (sh) | Vested options (sh) | Options vesting ≤60 days (sh) | Notes |
|---|---|---|---|---|---|---|
| As of 9/22/2023 (14,734,190 out.) | 806,630 | 5.37% | 486,450 | 320,180 | — | Additional 3,528 shares held by his mother noted in footnote . |
| FY2024 proxy record date (18,166,217 out.) | 532,870 | 2.93% | 486,450 | 35,552 | 10,868 | Shift reflects option returns/exchanges during 2023–2024 (see Form 4) . |
| FY2025 proxy record date (21,076,506 out.) | 657,779 | 3.10% | 486,450 | 160,461 | 10,868 | Footnote again notes 3,528 shares held by his mother . |
Additional alignment controls:
- Insider Trading Policy prohibits pledging, margining, short sales, hedging, and derivatives on company stock for directors and officers (pre‑clearance required; 10b5‑1 plans permitted) .
Recent Form 4 activity (trading pressure check):
- Awards/returns dominate: 2023‑02‑15 Award 770,000 options @ $7.00 ; 2023‑09‑29 Award/Return 250,000 options @ $2.50 ; 2024‑03‑01 Award 306,145 options and 2024‑02‑29 Return 320,180 options . No open‑market sale transactions appear in these filings for Rothblum; recent Form 4s show awards/returns and small stock awards only .
Employment Terms
- Term and role: Executive employment agreement continues until terminated; role as CFO/COO with eligibility for performance bonuses at Committee discretion .
- Base salary: Currently $263,400 per employment agreement (superseding prior $235,000) .
- Severance: Upon termination without Cause or resignation for Good Reason (outside CoC), lump‑sum severance equal to continuation of base salary, benefits, and accrued/earned cash and equity bonuses for six months, subject to release; offset and 409A timing provisions apply .
- Change‑of‑Control: Upon a CoC event, Severance increases by 1.5x (e.g., 6 months becomes 9 months) per agreement definition of CoC .
- Restrictive covenants: Non‑compete during employment and through the severance period (if not for Cause or with Good Reason), and non‑solicit for the restricted period (3 years after termination) .
- Clawback: Company policy allows recoupment of erroneously awarded incentive compensation granted on/after Oct 2, 2023 upon a financial restatement (3‑year lookback; includes equity tied to stock price/TSR) .
Board Governance
- Board service: Director since July 2021; executive director (CFO/COO) status; not counted among independent directors .
- Committee roles: Independent committees (Audit, Compensation, Nominating & Governance) composed of independent directors; Rothblum is not listed as a member; Compensation Committee chaired by Alexander Ruckdaeschel; Audit held 4 meetings in FY2025; Compensation held 3 meetings in FY2025 . In FY2024, Audit held 4 meetings; Compensation held 4; Nominating held 1 .
- Attendance: No director attended fewer than 75% of Board and committee meetings in FY2023 and FY2024 .
- Director pay: Executive directors (including Rothblum) receive no additional compensation for Board service . Non‑employee directors received equity‑based compensation; in FY2025, option grant fair values of ~$81,788 per director .
- Say‑on‑Pay (FY2024): Votes For 11,474,458; Against 2,118,044; Abstain 344,124; broker non‑votes 4,520,352 .
Performance Compensation – Metrics, Weighting, Payouts
| Metric/Plan | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Revenue run‑rate milestones (Options) | Not disclosed | $30M / $50M / $75M / $100M over consecutive four‑quarter periods within 7 years | Vests fixed option amounts upon achievement (per grant) | Performance‑based; see option agreement (7‑year window) . |
| Stock price hurdles (Options) | Not disclosed | 15 consecutive trading days ≥ $20 / $30 / $45 / $60 within 7 years | Vests fixed option amounts upon achievement (per grant) | Performance‑based; see option agreement (7‑year window) . |
| Annual cash bonus | Not disclosed | Committee‑determined | FY2025: $100,000 bonus paid; FY2024: $0 | Cash; annual. |
Note: The company does not disclose specific annual bonus weightings or targets for Rothblum; bonuses are at Compensation Committee discretion .
Risk Indicators & Related Party
- Related party transactions: None disclosed in FY2025 proxy .
- Insider controls: No pledging/hedging permitted per policy; trading pre‑clearance required; 10b5‑1 plans permitted .
- Equity award modifications: FY2024 exchanges/regrants and returns suggest program adjustments to maintain retention/incentive amid share price volatility; FY2024 option awards were “primarily in lieu of cancelation of previously issued and fully vested stock options” .
Equity Ownership Detail – Outstanding Awards
| As of June 30 | Exercisable options (sh) | Unexercisable options (sh) | Strike | Expiration |
|---|---|---|---|---|
| 2024 | 3,805 | — | $7.00 | 2/15/2033 |
| 2024 | 15,445 | 57,750 | $7.00 | 2/15/2033 |
| 2024 | 16,302 | 233,698 | $1.50 | 3/1/2034 |
| 2024 | — | 729 | $3.00 | 3/1/2031 |
| 2024 | — | 17,986 | $3.00 | 3/1/2031 |
| 2024 | — | 875 | $2.50 | 3/1/2031 |
| 2024 | — | 17,840 | $2.50 | 3/1/2031 |
| 2024 | — | 1,094 | $2.00 | 3/1/2031 |
| 2024 | — | 17,621 | $2.00 | 3/1/2031 |
| 2024 | — | 693,000 | $7.00 | 2/15/2033 |
| 2025 | 3,805 | — | $7.00 | 2/15/2033 |
| 2025 | 34,695 | 38,500 | $7.00 | 2/15/2033 |
| 2025 | 97,812 | 152,188 | $1.50 | 3/1/2034 |
| 2025 | 729 | — | $3.00 | 3/1/2031 |
| 2025 | 17,986 | — | $3.00 | 3/1/2031 |
| 2025 | — | 875 | $2.50 | 3/1/2031 |
| 2025 | — | 17,840 | $2.50 | 3/1/2031 |
| 2025 | — | 1,094 | $2.00 | 3/1/2031 |
| 2025 | — | 17,621 | $2.00 | 3/1/2031 |
| 2025 | — | 693,000 | $7.00 | 2/15/2033 |
Director Service and Independence – Dual‑Role Considerations
- Rothblum serves concurrently as CFO/COO and director; the Board’s independence determinations list independent directors separately (Rothblum not included), mitigating independence concerns via committee composition (all independent on Audit/Comp/Nominating) . He receives no additional compensation for board service, aligning economic incentives to operating performance rather than board fees .
Say‑on‑Pay & Shareholder Feedback
- FY2024 Say‑on‑Pay: For 11,474,458; Against 2,118,044; Abstain 344,124; broker non‑votes 4,520,352, indicating majority support with a measurable dissent cohort to monitor .
Investment Implications
- Alignment and retention: High equity exposure through multi‑tranche options (incl. 2023 performance‑linked grant) aligns with long‑term value creation via revenue scale and sustained stock price thresholds; FY2024 option exchanges and FY2025 cash bonus suggest a pragmatic mix to retain talent during volatility .
- Selling pressure: Recent Form 4s show awards/returns and small stock awards, with no open‑market sales in the cited filings—reducing near‑term selling overhang risk from the CFO/COO; large unexercised option overhang persists and could pressure if in‑the‑money later .
- Governance quality: Executive‑director structure is balanced by fully independent key committees and >75% attendance; clawback and prohibitions on pledging/hedging strengthen shareholder alignment .
- Change‑of‑control economics: 1.5x severance multiplier upon CoC and six‑month severance baseline represent moderate protections; non‑compete/non‑solicit covenants help protect franchise value in transition scenarios .
- Pay vs performance: Prior TSR drawdown and widened losses in FY2023 contextualize the use of performance‑based options and later cash bonus; continued scrutiny of bonus criteria is warranted given limited disclosure of annual metric weightings .