Tom Muniz
Chief Technology Officer at ACHR
Executive
About Tom Muniz
Archer Aviation’s Chief Technology Officer since March 2024, previously COO (2021–2024) and VP Engineering (2019–2021), with prior eVTOL leadership roles at Wisk and Kitty Hawk and early career at Desktop Aeronautics. He holds a B.S. in Mechanical Engineering (UC Berkeley) and an M.S. in Aeronautics & Astronautics (University of Washington) . Company TSR was 58.8% (1‑yr) and 17.3% (3‑yr) through YE2024, aligning 2024 NEO long‑term incentives to relative TSR via PSUs added to the program . Muniz has led Archer’s engineering, certification and flight testing pace, highlighting milestones including Midnight piloted flights, CTOL-first flight test strategy, and the largest eVTOL transition by gross weight, supporting scale-up toward the LA Olympics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Archer Aviation | CTO; formerly COO; VP Engineering | CTO since Mar 2024; COO Mar 2021–Mar 2024; VP Eng Dec 2019–Feb 2021 | Led engineering, manufacturing, and certification; accelerated flight-test milestones and scale manufacturing plans |
| Wisk | VP Engineering | Jul 2019–Dec 2019 | Early eVTOL program leadership and certification know‑how |
| Kitty Hawk | Lead Engineer Battery; Director Subsystems; VP Engineering | Jan 2011–Jul 2019 | Built multiple eVTOL generations; deep EVTOL design and test experience |
| Desktop Aeronautics | Aerospace Engineer | May 2009–Dec 2010 | Aeronautics software and applied aero design experience |
External Roles
No public company directorships or external board roles disclosed for Muniz in the proxy .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $650,000 | $650,000 | $700,000 |
| Target Bonus (% of Base) | 50% | 50% | 50% |
| Actual Cash Bonus ($) | $320,125 | $318,500 | $297,500 |
| Stock Awards ($ grant‑date fair value) | — | $4,669,000 | $1,681,778 |
| All Other Compensation ($) | $10,250 | $15,150 | $8,775 |
| Total ($) | $980,375 | $5,652,650 | $2,688,053 |
Performance Compensation
| Element | Metric | Weighting | Target | Actual/Payout | Vesting Terms |
|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Corporate objectives (manufacturing, flight test, FAA, commercialization, cash burn) + Individual objectives | 50% corporate / 50% individual for NEOs | Corporate 100% of target; Individual 100% of target | Corporate achieved at 70% of target; Individual at 100% → 85% of target payout; Muniz bonus $297,500 | Paid following FY review |
| RSUs (3/26/2024 grant) | Time‑based | — | 143,130 units | Time‑based vest only | 4‑yr schedule: 1/16 on 5/15/2024, then quarterly 1/16 thereafter |
| PSUs (3/26/2024 grant) | Relative TSR vs S&P 600 | — | 143,130 target; 200% max | First tranche for 3/26/2024–3/26/2025 vested at 200%; Muniz received 95,420 PSUs (1/3 of target × 200%) | Multi‑year tranches; converts to time‑based on change‑in‑control |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (3/31/2025) | 1,334,213 Class A shares (<1% of outstanding) |
| Composition | 1,173,905 directly held (105,179 subject to lapsing repurchase right due to early option exercise); 160,308 RSUs vesting within 60 days |
| Outstanding Awards (12/31/2024) | RSUs unvested: 116,292 units, MV $1,133,847; PSUs unearned: 143,130 units, MV $1,395,518; Early‑exercised option (11/3/2020) strike $0.15, expiration 11/2/2030 |
| 2024 Vested Stock | 961,312 shares vested; value realized $3,761,621 (includes shares withheld/sold for taxes) |
| Hedging/Pledging | Company prohibits hedging and generally prohibits pledging without prior General Counsel approval; margin accounts restricted |
| Ownership Guidelines | No specific executive ownership multiples disclosed; equity program emphasizes RSUs/PSUs and clawback |
Key Grant and Vesting Schedule Details
| Award | Grant Date | Shares/Units | Vesting Schedule | Notes |
|---|---|---|---|---|
| Stock Option (early exercised) | 11/03/2020 | 788,838 shares (early exercised 11/30/2020) | 5‑yr: 1/5 on 11/01/2021 then 1/60 monthly; unvested subject to lapsing repurchase | Exercisable; $0.15 strike; expires 11/02/2030 |
| RSU | 05/01/2023 | 2,300,000 units | 4‑yr: 1/4 on 05/15/2024 then 1/16 quarterly | Time‑based |
| RSU | 03/26/2024 | 143,130 units | 4‑yr: 1/16 on 05/15/2024 then 1/16 quarterly | Time‑based |
| PSU | 03/26/2024 | 143,130 target; 286,260 max | Relative TSR; first tranche vested at 200% (95,420 units) for 3/26/2024–3/26/2025 | Converts to time‑based on change‑in‑control |
Employment Terms
| Provision | Base Case (No Change‑in‑Control) | Change‑in‑Control (Double Trigger) |
|---|---|---|
| Severance Cash | $1,050,000 lump‑sum | $1,400,000 lump‑sum (12 months of base + 100% target bonus) |
| Health (COBRA) | $29,017 lump‑sum | $29,017 lump‑sum |
| Equity Acceleration | Additional 12 months of service credit; excludes performance‑contingent awards | 100% acceleration of then‑unvested shares; excludes awards contingent on remaining‑unsatisfied performance criteria |
| Total Estimated (12/31/2024) | $5,580,075 | $17,508,834 |
| Triggers | Double‑trigger only; no single‑trigger benefits | |
| Clawback | 3‑yr recovery of erroneously‑awarded incentive pay upon restatement due to gross negligence/intentional misconduct; filed as Ex. 97.1 to 2024 10‑K | |
| Tax Gross‑Ups | None (280G/4999 and perquisites) | |
| Insider Trading Policy | Restrictions on hedging, shorting, pledging and margin accounts; company trading compliance |
Performance & Track Record
- Engineering leadership: Muniz outlined Archer’s CTOL‑first piloted flight test strategy, piloted Midnight flights, and manufacturing “golden line” process feeding Georgia scale‑up toward LA Olympics scale date .
- Certification progress: Discussed FAA compliance verification findings cadence and issue paper resolutions; positioned to advance PIA/TIA and VTOL piloted operations later in the year .
- Defense integration: Acquisition for rapid in‑house advanced composites; defense work as R&D catalyst for civil applications and potential revenue contributor .
- Company TSR performance: 58.8% 1‑yr and 17.3% 3‑yr through YE2024; PSUs use relative TSR vs S&P 600 for alignment .
Compensation Structure Analysis
- Shift to performance equity: 2024 added PSUs (50% of annual equity mix) alongside time‑based RSUs to directly link pay to relative TSR, strengthening alignment and reducing reliance on options (no options granted in 2024) .
- Cash vs equity mix: 2024 total comp down vs 2023 (lower stock award grant‑date values), base salary up to $700k; annual bonus paid formulaically at 85% of target without discretion, reflecting partial corporate goal attainment .
- Governance safeguards: Double‑trigger CIC; clawback; no hedging/pledging; no tax gross‑ups; independent consultant FW Cook advising the compensation committee .
Investment Implications
- Alignment: Relative TSR‑based PSUs and prohibition on hedging/pledging align Muniz’s incentives with shareholder outcomes; change‑in‑control is double‑trigger only, limiting windfalls without separation .
- Vesting calendar and potential supply: Significant RSU tranches from 2023 and 2024 grants vest quarterly; 2024 vesting totaled 961k shares for Muniz across awards (includes shares withheld/sold for taxes), indicating ongoing issuance that can create periodic supply overhang near vest dates .
- Retention economics: Estimated CIC package ~$17.5m and base‑case severance ~$5.6m, plus 100% equity acceleration under CIC, provide retention and transition stability; however, large equity acceleration is a potential dilution factor in a transaction .
- Execution risk skew: Muniz’s track record in scaling engineering and certification is a positive for commercialization timelines; defense R&D integration may improve technology maturity but introduces program timing variability; investors should monitor FAA milestone cadence and manufacturing ramp to assess bonus plan goal attainment and PSU vesting prospects .