Steven Wu
About Steven Wu
Steven Wu is Chief Operating Officer of American Battery Technology Company (ABAT), age 36 as of the 2025 proxy, with an Electrical and Computer Engineering degree from Rutgers University . He joined ABAT as an at-will executive under an October 9, 2024 offer letter; he leads manufacturing scale-up, operational structures, and strategic milestone execution for ABAT’s battery materials businesses . Company performance context during his tenure includes total shareholder return (value of an initial $100 investment) improving from $4.13 in FY2024 to $5.35 in FY2025 and net loss narrowing from $(52,501,824) to $(46,765,428), framing pay-versus-performance alignment assessments .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rivian Automotive, Inc. | Director of Product, Programs, Systems, and Triage | Not disclosed | Led cross-functional product/programs systems and triage for EV manufacturing scale-up . |
| Nuro, Inc. | Head of New Product Introduction, Manufacturing, and Quality & Strategic Partnerships | Not disclosed | Led NPI and manufacturing quality; strategic partnerships for autonomous vehicle operations . |
| Uber | Executive roles (not specified) | Not disclosed | Automotive/technology operations experience applied to scale-up domains . |
| Apple | Executive roles (not specified) | Not disclosed | Manufacturing and technology sector expertise . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | No public company board or outside directorships disclosed in proxies . |
Fixed Compensation
| Metric | FY2025 | Notes |
|---|---|---|
| Base Salary ($) | 300,000 | Per Offer Letter; at-will . |
| Target Cash Bonus (% of Salary) | 75% | Milestone-based, subject to Compensation Committee approval . |
| Actual Cash Bonus Paid ($) | 12,375 | FY2025 payout . |
| Stock Awards – Grant Date Fair Value ($) | 555,110 | Equity awards per FY2025 SCT . |
| Option/Warrant Awards – Grant Date Fair Value ($) | 75,000 | Black-Scholes assumptions disclosed for FY2025 option awards . |
| Total Compensation ($) | 942,485 | FY2025 SCT total . |
Performance Compensation
| Component | Metric | Target/Structure | Actual/Payout | Vesting | Terms |
|---|---|---|---|---|---|
| Signing RSUs | Service (sign-on) | $500,000 divided by 20-day VWAP prior to Aug 25, 2024 | 482,842 RSUs granted | 4-year vest, quarterly | Granted per Oct 9, 2024 Offer Letter . |
| Annual Cash Bonus | Milestone-based | 75% of base salary | $12,375 FY2025 | N/A | Metrics not specifically disclosed; subject to Board/Committee . |
| Performance RSUs | Strategic milestones | $750,000 divided by 20-day VWAP prior to Sep 16, 2024 | Not disclosed | Not disclosed | Subject to achieving milestones; Board approval required . |
| Warrants/Options | Strategic milestones | $1,500,000 Black-Scholes-determined (5-year expiration) | $75,000 grant-date fair value FY2025 | 5-year expiry | Exercise quantity/price at grant under Black-Scholes; details not itemized for Wu in award tables . |
Performance metric definitions, weightings, and hurdle levels are not detailed in the proxies; awards are tied to “specific strategic milestones” with Committee oversight .
Equity Ownership & Alignment
| Ownership Metric | Sep 17, 2024 | Sep 17, 2025 | Notes |
|---|---|---|---|
| Common Shares Beneficially Owned | 91,379 | 365,996 | Increase alongside RSU grants vesting trajectory . |
| Ownership % of Outstanding | <1% | <1% | Below 1% threshold both years . |
| Unvested RSUs (Outstanding at FY-end) | Not disclosed | 509,354 RSUs vest quarterly over 4 years | As of June 30, 2025; indicates meaningful retention equity . |
| Anti-Hedging Policy | Prohibits hedging transactions in options on company equity | Prohibits hedging transactions in options on company equity | Policy applies to officers; hedging restricted . |
Pledging of shares is not expressly discussed in ABAT’s proxies; no pledging disclosures were identified .
Employment Terms
| Term | Detail |
|---|---|
| Employment Type | At-will under Offer Letter dated October 9, 2024 . |
| Base Salary | $300,000 per year . |
| Signing Equity | RSUs equal to $500,000 divided by 20-day VWAP prior to Aug 25, 2024; 482,842 RSUs granted; 4-year quarterly vest . |
| Incentive Structure | Bonus cash set at 75% of salary; Performance RSUs equal to $750,000 (20-day VWAP prior to Sep 16, 2024); Warrants valued at $1,500,000 with 5-year expiration; Black-Scholes methodology . |
| Severance | Not disclosed for Wu in 2024/2025 proxies . |
| Change-of-Control | Not disclosed for Wu in 2024/2025 proxies . |
| Clawback Policy | Nasdaq-compliant incentive compensation recovery policy applies to Section 16 officers; recovery of erroneously awarded incentive comp after restatements . |
Performance & Track Record
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Value of $100 Investment (TSR proxy measure) | $38.12 | $4.13 | $5.35 |
| Net Income ($) | (22,191,140) | (52,501,824) | (46,765,428) |
- Operational execution: Wu signed the Moss Landing Agreement amendment as COO on November 5, 2025, evidencing direct involvement in commercial operations and third-party engagement .
- Controls environment: ABAT disclosed material weaknesses in internal control over financial reporting and a remediation plan, including hiring and IT control implementation; remediation expected by end of FY2026, an execution risk factor for leadership teams including the COO .
Compensation Structure Analysis
- Mix shift and alignment: Wu’s compensation is heavily equity-linked via large sign-on RSUs and potential performance RSUs/warrants, indicating retention and milestone-driven alignment; however, specific performance metrics and weightings are not disclosed, limiting external verification of pay-for-performance rigor .
- Vesting cadence: Quarterly vesting over four years for RSUs creates sustained retention hooks and potential periodic selling pressure as units deliver; option/warrant terms are five-year expiry, increasing sensitivity to share price trajectories .
- Governance safeguards: A formal clawback policy mitigates restatement-related pay risks; anti-hedging policy restricts derivatives that could offset downside exposure—supporting alignment with shareholders .
Equity Ownership & Vesting Schedules
| Award Type | Grant specifics | Quantity/Value | Vesting |
|---|---|---|---|
| Signing RSUs | $500,000 ÷ 20-day VWAP prior to Aug 25, 2024 | 482,842 RSUs | 4-year, quarterly |
| FY-end Unvested RSUs | As of June 30, 2025 | 509,354 RSUs | Quarterly over four years |
| Performance RSUs | $750,000 ÷ 20-day VWAP prior to Sep 16, 2024 | Not disclosed | Not disclosed |
| Warrants/Options | $1,500,000 Black-Scholes; 5-year expiration | Notional value structure; $75,000 FY2025 grant-date fair value recognized | Term 5 years |
Board Governance (context)
- Wu is an officer, not a director; Board committee composition and independence noted for overall governance quality (Audit, Compensation, Nominating) .
- Anti-hedging and related-person transaction policies are in place at the company level .
Investment Implications
- Retention and alignment: Significant unvested RSU balance (509,354 as of FY-end 2025) and milestone-driven equity suggest strong retention levers; quarterly vesting could create recurring liquidity events that may translate into insider selling pressure windows if trading windows are open .
- Pay-for-performance transparency: Absence of disclosed quantitative performance metrics and weightings for Wu’s annual incentives reduces external validation of pay-for-performance rigor; monitoring Compensation Committee disclosures for future specificity is prudent .
- Control environment risk: Ongoing remediation of material weaknesses elevates execution risk; COO oversight of operations amid remediation should be monitored for impact on milestone attainment and equity vesting eligibility .
- Ownership signal: Wu’s beneficial ownership rose from 91,379 shares (2024) to 365,996 shares (2025), supported by RSU grants; anti-hedging policy enhances alignment, but pledging practices are not addressed—continue to monitor future proxy disclosures for any pledging red flags .
- Trading signals: Watch for Form 4 cadence around quarterly vesting, warrant exercises, and performance milestone recognitions; the S-3 shelf and increased authorized shares (2024) indicate potential equity issuance flexibility that can influence supply/demand dynamics relevant to option value realization .
