Steven Mitchell
About Steven Mitchell
Steven Mitchell (age 55) is an independent Class III director of Alkami Technology, Inc. (ALKT), serving on the Board since October 2014. He is currently CEO of Argonaut Private Capital L.P.; previously Managing Director at Argonaut Private Equity, principal at Radical Incubation and 2929 Entertainment, and a corporate attorney at Gibson, Dunn & Crutcher. He holds a B.B.A. in marketing from Baylor University and a J.D. from the University of San Diego School of Law, bringing investment management and board experience to Alkami’s Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Argonaut Private Capital L.P. | Chief Executive Officer | Since July 2016 | Investment leadership; private capital governance |
| Argonaut Private Equity, LLC | Managing Director | Since Nov 2004 | Investment oversight for portfolio companies |
| Gibson, Dunn & Crutcher LLP | Corporate Attorney | 1996–1999 | Corporate law experience |
| Radical Incubation | Principal | Not disclosed | Early-stage company engagement |
| 2929 Entertainment | Principal | Not disclosed | Media/investment experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aspen Aerogels, Inc. (ASPN) | Director | Current | Energy technology company |
| StepStone Group, Inc. (STEP) | Director | Current | Investment firm |
Board Governance
- Independence: Board determined all directors except the CEO (Alex Shootman) are independent under Nasdaq rules; Mitchell is independent .
- Committees: Member, Nominating & Corporate Governance Committee (Chair: Brian R. Smith). Not on Audit, Compensation, or Information Systems Audit Committees .
- Attendance: Board met five times in 2024; each director attended ≥75% of Board and committee meetings during their service period. Independent directors met regularly in executive sessions .
- Board Leadership: Independent Chairperson (Brian R. Smith); CEO and Chair roles are separated .
Fixed Compensation
| Item | 2024 Amount ($) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | 34,000 | Mitchell elected to receive cash retainers in fully vested RSUs; minor $72 excess fair value booked in stock awards |
| Annual Director RSU Grant (fair value) | 178,387 | Annual RSUs generally vest in full on the anniversary of grant date per program |
| Total | 212,387 | 2024 total director compensation |
Program detail (rates applicable to all non-employee directors):
- Annual cash retainer: $30,000; Committee member retainers: Audit $10,000 (Chair $20,000), Compensation $7,500 (Chair $15,000), Information Systems Audit $7,500 (Chair $15,000), Nominating & Corporate Governance $5,000 (Chair $10,000). Independent Chair retainer: $60,000 .
- RSU elections in lieu of cash allowed; RSUs in lieu of cash are fully vested at grant. Deferrals under Section 409A permitted; change-in-control triggers vesting of director awards .
Performance Compensation
| Component | Type | Metric Linkage | Vesting |
|---|---|---|---|
| Annual Director Equity | RSUs | None (time-based; not PSU/option) | Annual grants vest on 1-year schedule; initial grants vest 1/3 per year over 3 years |
- No director performance-conditioned equity metrics (e.g., revenue/EBITDA/TSR) are disclosed for non-employee director awards; RSUs are time-based to support retention and alignment .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Exposure |
|---|---|---|
| Aspen Aerogels (ASPN) | Director | No disclosed transactions with Alkami |
| StepStone Group (STEP) | Director | No disclosed transactions with Alkami |
| ARG Private Equity II, LLC (APE II) | Adviser | APE II holds 2,521,611 Alkami shares; Mitchell may be deemed beneficial owner via advisory role (alignment and potential influence) |
Expertise & Qualifications
- Investment management leadership and public-company board experience; legal training (corporate attorney background) .
- Committee fit: Governance oversight on Nominating & Corporate Governance aligns with legal and board experience .
Equity Ownership
| Category | Shares | Detail / Status | Ownership % |
|---|---|---|---|
| Total Beneficial Ownership | 2,598,629 | Includes APE II, direct, DSUs, near-term RSUs | 2.5% |
| Held by ARG Private Equity II, LLC (APE II) | 2,521,611 | Mitchell serves as adviser; deemed beneficial ownership | — |
| Direct Common Stock (Mitchell) | 35,759 | Personal holdings | — |
| Deferred Stock Units (vested/potentially issuable) | 34,406 | Vested or potentially issuable DSUs | — |
| RSUs vesting within 60 days | 6,853 | Near-term vesting RSUs | — |
| RSUs deferred (settlement election) | 34,187 | Vested RSUs deferred for settlement | — |
- Company prohibits hedging, short sales, pledging, and purchasing Alkami stock on margin for directors; supports alignment and risk controls .
Governance Assessment
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Strengths:
- Independent director with significant investment and board experience; sits on Governance committee; Board has independent Chair .
- Strong attendance threshold met (≥75%); regular executive sessions of independent directors .
- Alignment via substantial beneficial ownership, including through APE II; director RSU program and ability to elect equity in lieu of cash retainers .
- Risk controls: insider trading policy prohibits hedging/pledging; change-in-control terms transparent; related-party transaction policy in place .
-
Potential RED FLAGS / Watch items:
- Significant beneficial ownership via APE II where Mitchell serves as adviser—may create perceived influence or conflict; ensure continued robust oversight of related-person transactions (no related-party transactions involving Mitchell disclosed) .
- Not a member of Audit or Compensation Committees; governance influence concentrated in Nominating & Corporate Governance—monitor balance of skills across committees .
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Overall: Governance posture is solid with independence, attendance, and alignment. The APE II advisory role tied to a large shareholding is a signal to monitor for any future transactions or decisions that could pose conflicts; current disclosures show no related-party transactions involving Mitchell .