David Jenkins
About David Jenkins
David A. Jenkins, age 67, serves as Executive Chairman and Chief Executive Officer of Catheter Precision (VTAK). He became Executive Chairman in January 2023 upon the merger with privately-held Catheter Precision, Inc. (“Old Catheter”), served as Interim CEO beginning April 28, 2023, and was named CEO on January 2, 2024 . Jenkins holds a degree in accounting from the University of Kansas and an MBA from the University of Texas at Austin; he began his career in public accounting with Coopers and Lybrand . Company pay-versus-performance disclosures show the value of a $100 TSR investment fell to $0.05 in 2024 and reported net loss of $16,643,000 for 2024, underscoring challenging performance during his tenure; however, a November 2025 8-K press release reported Q3 2025 revenue grew 135% year-over-year to $226,000 with reduced quarterly net loss versus Q3 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Catheter Precision, Inc. (“Old Catheter”) | Chairman of the Board | 2006–Jan 2023 | Led predecessor entity through development and merger with public company; deep product/domain expertise . |
| Catheter Precision, Inc. (“Old Catheter”) | CEO | Dec 2020–Jan 2023 | Operational leadership pre-merger; maintained product roadmap . |
| Arrhythmia Research | Chairman & CEO | Not disclosed | Introduced Cardiolab electrophysiology recording system; acquired by General Electric; technology continues in market . |
| EP MedSystems, Inc. | Founder/CEO | Not disclosed | Sold to St. Jude Medical (Abbott) for ~$93 million in 2008 . |
| Transneuronix, Inc. | Founder/CEO | Not disclosed | Sold to Medtronic for $267 million in 2005 . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | The proxy does not list current public company boards or external directorships for Jenkins . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus Paid ($) |
|---|---|---|---|
| 2024 | 300,000 | Not disclosed | 0 (no bonus reported) |
| 2023 | 300,000 | Not disclosed | 0 (no bonus reported) |
| Contract terms | Oral employment agreement as of Jan 2023; annual compensation of $300,000 | — | — |
Performance Compensation
Option Awards
| Grant Date | Type | Shares | Exercise Price | Term | Vesting Schedule | Performance Metrics | Fair Value (if disclosed) |
|---|---|---|---|---|---|---|---|
| Jan 29, 2025 | Stock Options | 450,000 | $0.42 | 10 years | 90,000 vested on grant; 120,000 on 1/29/2026; 120,000 on 1/29/2027; 120,000 on 1/29/2028 | None (time-based vesting; no explicit performance targets) | Not disclosed |
Annual/Short-Term Incentives
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Annual bonus (CEO) | Not disclosed | Not disclosed | Not disclosed | $0 in 2024 |
Equity Ownership & Alignment
| Snapshot Date | Shares Beneficially Owned (Common) | % of Common Outstanding | Key Notes |
|---|---|---|---|
| June 5, 2025 | 194,182 | 1.53% of 12,593,873 shares | Includes shares deemed beneficially owned under SEC rules; mix may include exercisable options/warrants within 60 days . |
| Sept 10, 2025 | 10,218 | Asterisk denotes <1%; group of directors/executives 22,953 shares = 1.53% | Footnotes: includes 11 shares in a charitable remainder unitrust and 3,735 via a partnership; excludes adult family member holdings; significant Series X Preferred holdings convertible to common subject to blockers and conditions . |
- Preferred stock and derivatives: Jenkins and affiliates held 8,171.57 shares of Series X Preferred convertible into 43,008 common shares, subject to beneficial ownership blockers and conditions not currently met; family members held additional Series X Preferred convertible into 5,521 common shares; related family member warrants and options noted in footnotes .
- Hedging and pledging: Company policy prohibits directors, employees, and agents from hedging and pledging company securities; no pledging by Jenkins is disclosed .
Employment Terms
- Role transitions: Executive Chairman (Jan 9, 2023), Interim CEO (Apr 28, 2023), CEO (Jan 2, 2024) .
- Agreement structure: Oral employment agreement since Jan 2023; annual compensation $300,000; no disclosed term length, auto-renewal, non-compete, non-solicit, garden leave, or post-termination consulting terms for Jenkins .
- Temporary dual function: Jenkins assumed Chief Commercial Officer duties upon the discontinuation of the prior CCO’s employment on June 2, 2025, pending replacement .
Board Governance
- Board service: Executive Chairman and CEO; Director since 2023; current term expires 2026; not independent .
- Board leadership and independence: Board comprises four members, three are independent; committees are fully independent; no lead independent director due to small board size, though considered periodically .
- Committees: Audit (Chair: James Caruso; Member: Andrew Arno), Compensation (Chair: Martin Colombatto; Member: James Caruso), Nominating & Governance (Chair: Andrew Arno; Member: Martin Colombatto) .
- Attendance: In FY 2024, the board held 10 meetings; each director attended at least 75% of board and committee meetings during their service period .
- Executive sessions: Board typically holds executive sessions of non-employee directors in conjunction with regular quarterly meetings .
Director Compensation
| Year | Cash Retainer (Non-Employee Directors) | Equity Grants | Terms |
|---|---|---|---|
| 2024 | $50,000 reduced to $30,000 effective July 1, 2024 | Options to purchase 2,500 shares at $4.00; 10-year term; vest quarterly over 3 years | Adjusted final payment reflects reduction; travel expenses reimbursed . |
| Jan 2025 | — | Options to purchase 100,000 shares at $0.42; 10-year term; 33.33% vested on grant; remaining 33.33% on first anniversary and 33.34% on second anniversary | Board retains discretion for additional awards . |
Note: Jenkins is an employee director; his compensation is shown in Executive Compensation sections .
Related Party Transactions and Financial Interests
- Merger-related conversions: Jenkins and affiliates converted ~$25.1 million of Old Catheter convertible notes into 7,856.251 shares of Series X Preferred at merger; in exchange for forgiving ~$13.9 million of accrued interest, Jenkins and affiliates received royalties equal to 11.77% of net sales of LockeT through Dec 31, 2035 .
- Additional equity: Jenkins and affiliates received 1,325.838 shares of Series X Preferred; adult children received 1,284.344 shares of Series X Preferred in exchange for Old Catheter equity interests per the merger exchange ratio .
- Loan repayments: Non-interest-bearing demand loans totaling $1,075,000 from Jenkins to Old Catheter were repaid at/shortly after closing .
- Promissory notes: Accrued interest of $10,222 (to Jenkins), $6,511 (to FatBoy, controlled by Jenkins), and $4,111 (to Jenkins Family Charitable Institute) paid on August 30, 2024; subsequent interest due Jan 31, 2026; Jenkins and immediate family have 100% economic interest in FatBoy .
- New subsidiary equity: Cardionomix formed Feb 2025; Company received 82% of common stock; minority interests issued 5% to Jenkins and 7% to FatBoy (and 6% to associates) for originating the business opportunity; deal consideration included 1,000,000 restricted Company shares and a $1.5 million Cardionomix note (4% interest, due May 5, 2028) .
- Liquidity risk: As of Sept 10, 2025, total principal and accrued interest under promissory notes held by Jenkins and certain affiliates was $1,685,500; Company stated it could not repay without financing or extension by Jan 2026 .
Performance & Track Record
- Commercial update (Q3 2025): Revenue rose 135% YoY to $226,000; quarterly GAAP net loss reduced 45% YoY to $2,251,000; nine-month revenue up 114% YoY; management cited growing international traction for LockeT and VIVO and completion of two VIVO clinical studies in 2025 .
- Pay-versus-performance disclosure: Value of $100 TSR investment measured at $0.05 in 2024; reported 2024 net loss of $16,643,000 .
- Strategic actions: Assumed CCO duties during leadership transition; board and committee structure aligned to NYSE American independence standards .
Compensation Committee Analysis
- Composition: Compensation Committee comprises Martin Colombatto (Chair) and James Caruso, both independent .
- Process: Committee annually reviews executive compensation, considers CEO input but Jenkins does not participate in deliberations on his own pay .
- Consultants: No compensation consultant retained for non-employee director compensation in 2024 .
- Risk oversight: Committee assesses whether compensation policies encourage excessive risk-taking .
Equity Ownership & Alignment Details
| Item | Disclosure |
|---|---|
| Ownership guidelines | Not disclosed for executives or directors; company prohibits hedging and pledging of company securities . |
| Vested vs unvested options (CEO) | As of 12/31/2024, Jenkins showed no option awards outstanding; post-grant on 1/29/2025, 90,000 options vested immediately, remaining 360,000 vest over 2026–2028 . |
| Preferred stock blockers | Series X Preferred conversions subject to beneficial ownership “blocker” thresholds (0.99% to 19.99%) and conditions; Series X has limited voting rights . |
Employment Contracts, Severance, and Change-of-Control Economics
- Severance and change-of-control (CEO): Not disclosed for Jenkins; filings discuss change-of-control economics for certain warrants, not for executive severance .
- Clawbacks/gross-ups: No clawback policy specific to executive compensation disclosed; no tax gross-ups disclosed [Search returned none].
- Deferred comp/pension/perquisites: Not disclosed for Jenkins .
Risk Indicators & Red Flags
- Dual role: Executive Chairman and CEO; board acknowledges lack of lead independent director due to size; independence considerations persist .
- Related parties: Royalty stream tied to product sales (LockeT) for Jenkins and affiliates; loan repayments; ongoing notes and minority stakes in subsidiary Cardionomix may introduce perceived conflicts .
- Liquidity: Company signaled inability to repay $1,685,500 to Jenkins/affiliates by Jan 2026 without financing, highlighting financing and governance risks .
- Family employment: Jenkins’ adult daughter employed as non-executive COO of Catheter; received multiple option grants; disclosure reflects related party employment .
- Hedging/pledging: Company prohibits hedging and pledging; aligns with shareholder-friendly practices .
Investment Implications
- Pay-for-performance alignment: CEO cash pay is modest ($300,000) with no 2024 bonus; 2025 equity compensation is time-based options without disclosed performance metrics, reducing direct linkage to operating goals and TSR; however, multi-year vesting creates retention incentives .
- Ownership and alignment: Jenkins’ beneficial ownership includes common and significant Series X Preferred subject to blockers; policy prohibits hedging/pledging, mitigating misalignment risk; disclosures do not show executive ownership guidelines .
- Governance and related-party risk: Dual role and lack of lead independent director, royalty arrangements, and financing dependencies on notes to Jenkins/affiliates pose governance optics and potential conflicts; investors should monitor financing milestones and board independence moves .
- Trading signals and vesting pressure: Immediate vesting of 90,000 options in Jan 2025 with additional tranches vesting in 2026–2028 introduces potential supply overhang if exercised; lack of Form 4 detail in filings limits assessment of near-term selling behavior—monitor Section 16 filings to gauge activity .
- Execution risk vs momentum: 2025 commercial indicators (international traction, studies) show improving top-line and reduced quarterly losses, but small absolute revenue base and historical losses keep execution risk elevated .