- Figma CEO Dylan Field stands to be very wealthy if he can hit the marks outlined in his pay package.
- The design software maker’s trading debut puts big awards within reach.
- Field could make $1.9 billion if Figma’s stock price reaches the highest hurdle, or $130, within 10 years of its IPO; it rose above $124 today.
Figma (FIG) shot the lights out on its trading debut. The latest big IPO stands to make co-founder and chief Dylan Field very rich.
The design software maker’s shares finished Thursday at above $115, below daily highs over $124. That represented a massive pop: The IPO priced at $33 per share, already above an upwardly revised range of $30 to $32, and trading opened at $85. That first-day action puts Field’s performance-based executive compensation awards well within reach.
Some 14.5 million shares in restricted stock units have been set aside as a stock price award, split across seven tranches, according to filings. If the shares’ 60-day average price hits $60, the low end of targets, Field would unlock $130 million worth. If the stock meets the highest hurdle, or $130, that package would grow to $1.9 billion. Field has 10 years to hit those marks; it nearly hit the highest target in its first day.
That doesn’t include the 22.5 million shares split between service- and market-based awards Figma granted Field in 2021, which can be unlocked sooner. There are 7.9 million shares of Class B common stock that Field can vest as part of his service-based package, which are worth more than $900 million based on the the stock’s Thursday close.
There is also a CEO market reward that grants Field an additional 11.25 million shares separated into three tranches tied to laddered market-valuation targets of $15 billion, $20 billion, and $25 billion. (Today’s close has the company valued at over $42 billion.) And there’s cash: Figma’s board in 2024 raised Field’s base salary to $500,000 from $450,000.
Field can thank Elon Musk and his richly-valued pay package at Tesla (TSLA) for raising the compensation ceiling for other CEOs. Though Musk’s $56 billion compensation was rejected twice by courts, the chief of the EV maker launched an appeal in March to restore it.
This article has been updated since it was first published to reflect closing share-price information.
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