jody thelander

Thelander Payer+Provider 2015 M O N E Y M A T T E R $

C O M P E N S A T I O N : T H E K E Y I N G R E D I E N T

165 Marlin Mill Valley, CA 94941

[email protected] jthelander.com

+1 415.383.7006

J. Thelander Consulting

Thelander Compensation Data What We Survey & How We Can Assist

Corporate Venture Firm (CVC) Compensation Survey: • First comprehensive examination of the compensation structures for CVC programsat Global 2000 companies, now in its 3rd year

• Collaboration, Industry Endorsement & Outreach: EVCA, IBF, Innovators Huddle, NVCA/Corporate Venture Group, Global Corporate Venturing

• Base pay, bonus, carried interest

Investment Firm Compensation Survey: • Run in partnership with Pitchbook• Includes 300+ venture and private equity firms• Data is broken down by type of firm and AUM• Base pay, bonus, carried interest

Thelander Compensation Data What We Survey & How We Can Assist

Private Company Compensation Survey: • Leading market information source for base pay, bonus, and equity compensation for Chiefs, VPs, Directors, Managers, and Staff positions • Biotech, Medical Device, Tech and Cleantech Industries • Founder/non-founder equity • Non-investor board compensation • Change of Control & Severance Info • Option Pool Size & Burn Rates • M&A, Carve-Out Programs

Money Matter$: VC vs CVC Compensation

VC Positions include: • Investment Professional I-V• Operating Partner• EIR• Chief Compliance Officer, CFO, COO• General Counsel• Management Company Head• VP/Director/Manager Level: Finance, HR, IT, Investor Relations, Marketing, Talent• Executive/Admin/Receptionist

Corporate Venture Positions include: • CVC Unit Leader, Senior Corporate Level Executive• Senior Investment Professional• VP Innovation/Head of Innovation• CVC Unit Portfolio Management/CFO• Investment/Program Manager• Analyst/Associate

Money Matter$: Private Company Compensation

Chiefs and VPs: • Base pay• Target and actual bonus• Non-Founder Equity • Founder Equity• Industry• Total financing raised to date• Look at each position individually • Look at each position in relationship to other executives

Directors, Managers and Staff:• Base pay• Target and actual bonus• Non-Founder Equity • Industry• Market pricing strategy• Pay grades, salary structures and equity ranges

BACKGROUND OF PRIVATE COMPANIES

Primary Location of Companies n = 815

Mid West

Mid Atlantic

Northeast

Europe

Asia, Other

Northern CA

Pacific Northwest

Southern CA

Southeast Southwest

Industry n = 815

Biotech, 32%

Medical Device, 26%

Tech, 34%

Cleantech, 7%

Total Financing Raised to Date n = 815

11%

17%

19% 19%

13% 11%

10%

Under $5 Million

$5-$14.9 Million

$15-$29.9 Million

$30-$49.9 Million

$50-$69.9 Million

$70-$89.9 Million

$90 Million +

COMPENSATION DATA

Percent of Interest Carried: (n = 31)

Average: 16.2% Median: 15.8% 75th %: 20.0%

$644

,507

$412

,763

$860

,783

$440

,000

$402

,625

$706

,750

$700

,000

$500

,000

$520

,000

$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000

$1,000,000

2014 Base Pay (n = 38)

2014 Projected Bonus

(n = 20)

2014 Total Cash Compensation

(n = 38)

Average Median 75th %

Thelander Investment Report – Venture Firm: Investment Professional I (All Reported Data)



$510

,634

$452

,143

$694

,152

$400

,000

$417

,500

$605

,000

$600

,000

$500

,000

$900

,000

$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000

$1,000,000

2014 Base Pay (n = 28)


(n = 14)


(n = 28)


Thelander Investment Report – Venture Firm: Investment Professional I (Less than $1 Billion AUM)



$568

,500

$230

,481

$690

,854

$400

,000

$160

,000

$487

,500

$600

,000

$300

,000

$675

,000

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2014 Base Pay (n = 24)


(n = 13)


(n = 24)


Thelander Investment Report – Venture Firm: Investment Professional II (All Reported Data)



$404

,353

$195

,778

$482

,235

$325

,000

$150

,000

$437

,000

$450

,000

$200

,000

$500

,000

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

2014 Base Pay (n = 17)

2014 Projected Bonus (n = 9)


(n = 17)


Thelander Investment Report – Venture Firm: Investment Professional II (Less than $1 Billion AUM)



$295

,800

$84,

955

$343

,767

$275

,000

$75,

000

$300

,000

$300

,000

$100

,000

$392

,500

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

2014 Base Pay (n = 15)


(n = 11)


(n = 15)


Thelander Investment Report – Venture Firm: Investment Professional IV (All Reported Data)



CVC Compensation 2014: CVC Unit Leader, Senior Corporate Level Executive

$305

,052

$197

,079

$459

,489

$255

,500

$110

,000

$380

,000

$350

,000

$170

,000

$530

,000

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

2013-14 Base Pay (n = 48)


(n = 38)

2013-14 Total Cash Compensation

(n = 48)


$362,318

$201,424

$332,700 $350,000 $391,243

$640,050

$316,577

$180,000

$288,500 $309,000

$350,000

$400,000

$68,612

$21,424 $38,125 $53,200 $80,000

$295,000

0.00

2.00

4.00

6.00

8.00

10.00

12.00

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

Average Minimum 25th % Median 75th % Maximum

Total Cash Base Salary Current Bonus Non-Founder Equity

4.66%

1.44%

4.45%5.00% 5.00%

10.00%

Thelander Private Company Report – Medical Device:CEO ($30-$49.9 Million Total Financing)

Annu

al C

ash

Com

pens

atio

n in

Dol

lars

Equi

ty –

Perc

ent o

f Ful

ly D

ilute

d Sh

ares

$382,823

$225,000

$325,548

$367,910

$437,994

$553,000

$325,090

$225,000

$300,000 $325,365

$350,475

$403,000

$97,235

$26,580 $53,625

$97,500

$137,750

$176,749

0.00

2.00

4.00

6.00

8.00

10.00

12.00

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000



4.89%

1.50%

3.95%4.59%

5.00%

10.00%


Annu

al C

ash

Com

pens

atio

n in

Dol

lars

Equi

ty –

Perc

ent o

f Ful

ly D

ilute

d Sh

ares

$416,607

$300,000 $330,438

$408,995

$479,162

$602,840

$352,654

$275,000 $325,000

$350,000 $370,950

$460,000

$95,929

$30,000

$60,000 $85,655

$106,518

$231,840

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000



4.42%

0.53%

3.90%4.35%

5.50%

8.30%


Annu

al C

ash

Com

pens

atio

n in

Dol

lars

Equi

ty –

Perc

ent o

f Ful

ly D

ilute

d Sh

ares

$255,018

$160,000

$210,000

$260,000 $300,000

$345,500

$232,409

$160,000

$200,000

$240,000 $257,500

$300,000

$42,705

$7,125 $13,954 $42,266

$68,000 $88,000

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000



1.03%

0.50%

0.94%1.00%

1.25%

1.50%

Thelander Private Company Report – Medical Device:CFO ($30-$49.9 Million Total Financing)

Annu

al C

ash

Com

pens

atio

n in

Dol

lars

Equi

ty –

Perc

ent o

f Ful

ly D

ilute

d Sh

ares

$264,162

$210,000 $230,000

$275,000 $292,800

$333,225

$238,794

$185,000

$223,431

$235,000

$257,500

$304,500

$43,126

$9,695 $26,201

$45,721 $56,010

$99,225

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000



0.98%

0.60%

0.80%

1.00%1.10%

1.50%


Annu

al C

ash

Com

pens

atio

n in

Dol

lars

Equi

ty –

Perc

ent o

f Ful

ly D

ilute

d Sh

ares

$281,442

$220,000

$247,659 $269,795

$303,115

$377,600

$240,560

$160,000

$226,500 $234,250 $252,390

$311,400

$46,723

$12,500

$28,054 $43,344

$56,000

$130,005

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000



0.89%

0.10%

0.75%

0.87%

1.10%

1.46%


Annu

al C

ash

Com

pens

atio

n in

Dol

lars

Equi

ty –

Perc

ent o

f Ful

ly D

ilute

d Sh

ares

Corporate VC Deal FlowDespite a slight dip in deal activity in 2014, CVC’s invested a record amount of capital.

$5 $7 $9 $8 $7 $8 $11

$9 $12

$15

379430

518 532

432500

741

830

938 888

0

100

200

300

400

500

600

700

800

900

1000

$0

$2

$4

$6

$8

$10

$12

$14

$16

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Capital Invested Deal Count ($B)

Corporate VC Exit FlowCVC Exits should continue to climb as the record number of deals in the past 5 years become ripe for exit.

$9 $10

$17

$10

$7 $10

$33

$15

$18

$31

103128

148

107119

168182

217 213

270

0

50

100

150

200

250

300

$0

$5

$10

$15

$20

$25

$30

$35

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Capital Exited ($B) Exit Count

Corporate VC Exit %Corporate VC’s participated in the largest percentage of Exits in the last decade.

19% 18% 19%

16%18% 18% 18%

18% 18%20%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

800

900

1000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

CVC Exit VC Exit CVC Exit %

J. THELANDER CONSULTING COMPANY INFORMATION

Jody K. Thelander

J.Thelander Consulting is headed by Jody K. Thelander, a compensation executive with more than twenty years of professional experience. Jody has a keen understanding of business through a diversified background in compensation, sales and customer service. The Thelander Surveys and Reports have become a well-respected and highly desired tool for compensation decision-makers in the private business sector.

Jody speaks publicly on executive compensation, investment firm and corporate venture compensation topics, including events hosted by BayBio, BioHouston, Global Corporate Venturing, IBF, National Venture Capital Association, JPMorgan, Private Equity International and Stanford.

Jody earned a Bachelor of Science degree in Consumer Studies at the University of Vermont and a Masters Degree in Human Resources at Marymount University. Her career began in the fashion retailing industry with British Vogue, Ralph Lauren Womenswear, Bonwit Teller and Garfinkels in London, New York and Washington, DC. Jody also spent ten years in human resources with TRW Space and Defense both in Washington DC, and San Francisco, before starting her own firm.

Jody serves as a sustaining member of the Auxiliary Board for the San Francisco Ballet and the Modern Art Council of the San Francisco Museum of Modern Art. She is the past chair of the Silicon Valley Leadership Committee for the American Diabetes Association.

Elyse Hurtado

Elyse provides expertise in the collection, inspection and cleaning of data for the Thelander Surveys. Her proficiency in data analysis, visualization and statistical interpretation is a key component supporting decision-making for Thelander Consulting. Elyse received her Bachelor of Science degree in Psychology at Emory University. She continued her academic studies at the University of Miami, earning both a master’s and doctoral degrees there. During her doctoral training she specialized in epidemiology and statistics and also worked in collaboration with the Centers for Disease Control and Prevention. In addition to her work for Thelander Consulting, Elyse teaches at the University of Miami.

Kristin Keeffe heads business development for J.Thelander Consulting. She has spent her professional career helping companies grow, with a particular focus on pre-IPO companies. Kristin possesses significant expertise advising companies and their founders through varied transactions, including equity compensation plan adoption, complex financings, mergers and acquisitions, and initial public offerings. Kristin began her career as a corporate and securities attorney at Wilson, Sonsini, Goodrich& Rosati and worked in the Palo Alto and Seattle offices. She served as corporate counsel for Mozes, Inc. (acquired by HelloWorld, Inc.) where she managed and directed all aspects of legal processes, as well as corporate counsel for Telesoft Partners, a special situations venture fund where she advised on potential investments. Kristin received her Juris Doctor from Georgetown University Law Center in 1997 and her Bachelor of Arts from Princeton University in 1993.

Kristin Keeffe

J. Thelander Consulting Services

We customize data and offer trend analysis for your specific needs.

We offer consulting services tailored to your specific needs. We are readily available to consult and personally meet with you, your executive team and board of directors.

The intelligence gathered in our compensation surveys can be sliced by position, industry, funding level, financing, revenue or a combination of factors for your customized analysis and reports. Our services include, but are not limited to:

THELANDER COMPENSATION REPORTS... beyond spreadsheets and databases

• Executive/Investment Professional Compensation: conduct a competitive analysis for salary, bonus and other incentives using comparators within peer groups. We work with both the executives, investment professionals, HR and/or the compensation committee to present strategic and near-term compensation issues.

• Equity/Carried Interest Programs: conduct a market analysis for senior executives, and design a program with the competitive mix between cash and equity or carried interest.

• Employee Compensation: design salary ranges and grade level descriptors with matching equity and/or carried interest percentages below the executive level.

J. Thelander Reports and Surveys


Private Company Compensation Report includes current compensation data on base pay, bonus and equity compensation for positions within biotech, cleantech, healthcare services, medical device and tech companies, including:

• Executives, directors, managers, non-investor board members • More than 70 staff positions • In-depth clinical, engineering, research and admin areas

Private Company Merger & Acquisition Report includes information on carve-out plans, milestone incentives, bonus programs, liquidation preferences and anti-dilution clauses.

Private Company Change of Control, Severance & 409A Report includes information on change of control agreements, severance programs, single/double trigger acceleration.

Private Company Year End Salary & Option Refresh Report includes information on salary increases, bonuses and refresh programs.

J. Thelander Reports and Surveys


The Thelander Compensation Reports provide an in-depth analysis based on our comprehensive databases. We use our extensive industry experience and information to provide you with results that you can use to make credible strategic decisions. We do NOT leave that analysis based on raw data for you to do - we do it for you.

Thelander- CVI² CVC Compensation Report includes information on corporate venture firms, covering base pay, bonus and carried interest for positions including:

• CVC unit leader senior investment professionals, CFO, investment/program manager, and analyst/associate.

Thelander-Pitchbook Investment Firm Compensation Report includes information on buyout, hedge-fund, private equity and venture capital firms and covers salary, carried interest, capital structures and succession planning for positions including:

• Investment professionals, operating partners, finance and operations.

jody thelander

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