David Silverman
About David Silverman
David Silverman, age 53, is an independent Class I director of Weave Communications, Inc. and has served on the board since October 2015; he is a managing partner at Crosslink Capital since July 2011 and holds a B.A. from Dartmouth College and a J.D. from Stanford University . He is financially literate and serves on the Audit Committee and the Nominating & Governance Committee; the board has determined he meets NYSE independence standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Crosslink Capital | Managing Partner | Jul 2011 – Present | VC investor experience in financial technologies |
| Piper Jaffray | Managing Director | Jul 2009 – Jul 2011 | Investment banking leadership |
| 3i Ventures | Partner | Jun 2000 – Jul 2008 | Venture investing |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Crosslink Capital | Managing Partner | Jul 2011 – Present | Focus on fintech; designated Silverman to WEAV board |
Board Governance
- Independence: Board determined all non-employee directors, including Silverman, are independent under NYSE rules; all audit, compensation, and nominating committees are composed of independent directors .
- Committees: Audit Committee member (chair: George P. Scanlon; Silverman and Tyler Newton are members) ; Nominating & Governance Committee member (chair: Tyler Newton; members: Stuart C. Harvey Jr. and Silverman) .
- Financial literacy: All Audit Committee members are financially literate .
- Executive sessions: Non-employee directors meet in executive session; the independent Board Chair presides .
- Attendance: In 2024, each director attended at least 75% of aggregate board and applicable committee meetings; board met 6x, audit 7x, compensation 4x, nominating & governance 5x .
Fixed Compensation
| Component | Amount | Period/Effective Date | Notes |
|---|---|---|---|
| Fees Earned or Paid in Cash (Silverman) | $64,350 | FY2024 | Payable quarterly in arrears under non-employee director policy |
| Board Annual Cash Retainer | $35,000 | Through Mar 31, 2024 | Prior schedule |
| Board Annual Cash Retainer | $60,000 | Effective Apr 1, 2024 | Updated schedule |
| Committee Annual Cash Retainer – Audit (Member) | $10,000 | Effective Apr 1, 2024 | $20,000 chair; $10,000 member |
| Committee Annual Cash Retainer – Nominating & Governance (Member) | $4,000 | Effective Apr 1, 2024 | $8,000 chair; $4,000 member |
| Chairperson premium (if applicable) | $43,800 | Effective Apr 1, 2024 | Board Chair premium; not applicable to Silverman |
Note: In 2024, Silverman’s director compensation (cash and equity) was payable and transferred to Crosslink LLC pursuant to his agreement with the affiliated fund .
Performance Compensation
| Equity Component | Value | Vesting | Policy Details |
|---|---|---|---|
| Stock Awards (RSUs) – Silverman FY2024 | $170,764 (grant date fair value) | See RSU vesting; unvested RSUs at YE below | RSUs accounted under ASC 718; may elect deferral of distribution until board departure |
| Unvested RSUs (YE 12/31/2024) – Silverman | 19,383 units | Per annual grant terms | Unvested count disclosed in director table |
| Annual RSU grant for continuing directors (policy) | $183,000 grant date value | Vests in full on earlier of one-year from grant or next AGM (subject to service) | Increased from $150,000 starting in 2025 |
| Initial RSU grant for new directors (policy) | $350,000 grant date value | Vests in three annual installments (1st–3rd anniversaries) | Increased from $300,000 starting in 2025 |
| Change-in-control | Full vest of all director equity awards immediately prior to a change in control | — | Alignment in transaction scenarios |
- Options: Silverman held no stock options as of December 31, 2024 (— in options column) .
- Transfer to affiliated fund: RSUs with aggregate grant date fair value of $214,574 were granted to Silverman, and under his agreement all compensation/awards were payable to Crosslink LLC .
- Performance metrics: Director equity awards are time-based RSUs; no performance metric framework is disclosed for directors .
Other Directorships & Interlocks
| Entity | Role/Relationship | Detail | Potential Interlock/Conflict |
|---|---|---|---|
| Crosslink Capital-affiliated funds | 5%+ shareholder | Entities affiliated with Crosslink hold 7,123,217 shares (9.5%); Silverman designated to WEAV board by Crosslink; his director compensation paid to Crosslink or its nominee | Large shareholder representation on board; compensation flow to fund may create perceived conflict regarding alignment |
No other public company directorships for Silverman are disclosed in the proxy biography .
Expertise & Qualifications
- Venture capital investor focusing on financial technologies; prior senior roles at Piper Jaffray and 3i Ventures .
- Educational credentials: B.A. (Dartmouth), J.D. (Stanford) .
- Financial literacy as Audit Committee member; Audit Committee’s financial expert is George P. Scanlon .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Total Voting Power | Notes |
|---|---|---|---|
| David Silverman | 7,142,600 | 9.5% | Ownership primarily via Crosslink-affiliated entities; Crosslink funds also hold RSUs vesting within 60 days (19,383) |
| Crosslink-affiliated entities | 7,123,217 | 9.5% | Schedule 13D/A details funds and shared voting/dispositive power; director comp directed to Crosslink |
| Silverman – Unvested RSUs (director) | 19,383 units | — | Director table; no options outstanding |
Policies impacting alignment:
- Insider Trading Policy prohibits hedging/monetization; pledging or margin accounts disallowed without Compliance Officer approval .
Governance Assessment
- Committee effectiveness: Dual committee membership (Audit; Nominating & Governance) positions Silverman in financial oversight and board composition/assessment; Audit Committee reported on auditor independence and recommended inclusion of audited financials in 10-K .
- Independence and attendance: Board affirms independence; attendance met the at-least-75% threshold across 2024 meetings—supports baseline engagement .
- Ownership alignment: Significant 9.5% beneficial ownership is reported alongside compensation directed to Crosslink, indicating alignment through the fund rather than personal holdings; unvested RSUs (19,383) provide ongoing exposure, but equity awards are time-based rather than performance-conditioned .
- Compensation structure: FY2024 cash fees of $64,350 and stock awards valued at $170,764 (with RSUs assigned to Crosslink) reflect a standard director mix; board increased cash retainer in 2024 and raised annual RSU grant values in 2025—potentially increasing guaranteed components and annual equity value .
- Related-party exposure: No material related party transactions involving Silverman are disclosed beyond indemnification agreements; audit committee reviews and pre-approves related party transactions per policy .
- Section 16 compliance: 2024 delinquent Section 16 filings list does not include Silverman (entries include others and Catalyst Investors Partners IV, L.P. related to director grants); reduces filing-risk signals for Silverman .
RED FLAGS and investor signals:
- Large shareholder representation: Silverman’s designation by Crosslink and compensation directed to Crosslink may create perceived conflicts with minority stockholders’ interests, especially in matters impacting shareholder rights or capital allocation .
- Pay structure shifts: Increased cash retainer and higher annual equity grants in 2025 could signal rising guaranteed compensation for directors; monitor consistency with performance and shareholder feedback .
- Mitigants: NYSE independence determination, executive sessions led by independent Chair, anti-hedging/pledging policy, and audit committee oversight help mitigate governance risks .
Director Compensation
| Metric | FY2024 | Notes |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $64,350 | Quarterly in arrears under policy |
| Stock Awards ($; RSUs) | $170,764 | ASC 718 fair value; deferral election available |
| Options ($) | — | No option awards in 2024 |
| Total ($) | $235,114 | Sum of cash + stock awards |
Other Directorships & Interlocks
| Company/Entity | Role | Committee Roles | Notes |
|---|---|---|---|
| Crosslink Capital-affiliated entities | 5%+ WEAV holder | — | Designated Silverman to WEAV board; compensation directed to Crosslink |
Equity Ownership & Alignment Details
| Category | Amount | Status |
|---|---|---|
| Beneficial Ownership (Silverman) | 7,142,600 shares | 9.5% of voting power |
| RSUs (Silverman, unvested at 12/31/2024) | 19,383 units | Time-based vesting under director policy |
| Pledging/Hedging | Prohibited (pledging requires approval) | Company-wide policy |
Governance Notes on Compensation Policy (Directors)
| Policy Element | Detail |
|---|---|
| Annual Cash Retainer | Increased to $60,000 effective Apr 1, 2024 |
| Committee Fees | Audit: $20k chair/$10k member; Comp: $15k chair/$7k member; Nom/Gov: $8k chair/$4k member |
| Annual RSU Grant | Increased to $183,000 starting 2025; vests by next AGM or one-year anniversary |
| Initial RSU Grant | Increased to $350,000 starting 2025; 3-year annual vesting |
| CIC Treatment | Full vest immediately prior to change in control |
Insider Trades
- Delinquent Section 16(a) filings for 2024 do not list Silverman; entries include others and Catalyst Investors Partners IV, L.P. related to RSU grants, with late filings in May/August 2024 .
Governance Assessment
- Overall, Silverman is an experienced independent director with meaningful committee exposure. His affiliation with a 9.5% shareholder enhances capital markets expertise and ownership alignment via fund holdings, but compensation and RSU direction to Crosslink warrants monitoring for potential conflicts in board deliberations. Independence determinations, attendance, and committee structures provide mitigants, while anti-hedging/pledging policy supports alignment .