Kang Sun
About Kang Sun
Dr. Kang Sun is President, Chief Executive Officer, and Director at Amprius Technologies (CEO and Class III director since September 2022; Legacy Amprius CEO since February 2017; Legacy director since December 2016) . Age 70 as of March 31, 2025; he holds a Ph.D. in Chemistry from Brown University, an M.S. from University of Georgia, and a B.S. from Nanjing University . Under Sun’s leadership, Amprius has emphasized commercialization of high-energy silicon-anode batteries; for context, FY2024 revenue increased versus FY2023 while EBITDA remained negative, reflecting scaling investments. See Performance Context table below.
Performance Context (Financials)
Values retrieved from S&P Global.
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $9.053M* | $24.167M* |
| EBITDA ($USD) | -$36.903M* | -$40.592M* |
Notes: *Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| JA Solar Co. Ltd. | President & COO | — | Led renewable energy business; operational leadership . |
| RayTracker Inc. | Chairman & CEO | — | Led advanced solar tracking; company acquired by First Solar . |
| Honeywell International Inc. | Vice President & General Manager | — | Senior operating role in diversified industrials . |
| Canon Production Printing (formerly Oce, N.V.) | Vice President of Technology | — | Technology leadership in printing systems . |
| Amprius Holdings | President, CEO, Director | Mar 2010–Oct 2024 | Parent leadership; oversaw spin-offs and consolidation history . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Berzelius (Nanjing) Co. Ltd. | Director | Since 2017 | Spun off from Amprius Holdings in 2022; exclusive supply relationship with AMPX for certain silicon anode materials in US/Canada/Mexico . |
| Apex (Wuxi) Co., Ltd. | Director | Nov 2014–Nov 2023 | Spun off entity; purchased materials/batteries historically . |
Fixed Compensation
| Component | FY 2023 | FY 2024 | FY 2025 (current) |
|---|---|---|---|
| Base Salary ($) | $624,000 | $624,000 | $633,000 |
| Target Bonus (% of base) | 100% | 100% | 100% |
| Actual Annual Bonus ($) | $624,000 (earned in 2023; paid in 2024) | $624,000 (earned in 2024; paid in 2025) | — |
| Other Cash/Perqs ($) | $690 | $600 | — |
| Director Fees | None (employee director; not paid as director) | None | None |
Performance Compensation
- For 2024, the company’s Executive Incentive Compensation Plan was in place, but performance goals were not formally approved; bonuses were determined by the Board, based on company performance and individual operational objectives, upon recommendation by the Compensation Committee .
| Incentive | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Discretionary (no formal metrics approved) | — | — | Board/Comp Committee judgment | $624,000 | Cash (paid 2025) |
| Clawback Policy | Applies to incentive awards per Dodd-Frank/exchange rules | — | — | — | Recovery possible upon restatement or specified events | — |
Equity Ownership & Alignment
- Total beneficial ownership: 8,197,318 shares (6.4% of outstanding as of March 31, 2025; 120,546,077 shares outstanding) .
- Breakdown: 217,869 common shares; 7,853,257 options exercisable within 60 days; 126,192 RSUs vesting/settling within 60 days .
- Hedging/pledging policy: Company prohibits hedging and pledging; short sales and derivatives are disallowed for insiders and directors .
- Director compensation: Employee directors do not receive additional director pay .
- Stock ownership guidelines: Not disclosed in the proxy materials reviewed.
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant Date | Security | Exercisable | Unexercisable | Strike ($) | Expiration | Key Vesting Terms |
|---|---|---|---|---|---|---|
| 12/14/2016 | Options | 202,934 | — | 0.98 | 12/14/2026 | Fully vested . |
| 03/16/2017 | Options | 727,950 | — | 0.05 | 03/15/2027 | Fully vested . |
| 03/16/2017 | Options | 41,653 | — | 0.62 | 03/15/2027 | Fully vested . |
| 12/12/2017 | Options | 208,265 | — | 0.62 | 12/12/2027 | Fully vested . |
| 01/02/2019 | Options | 208,264 | — | 2.44 | 01/02/2029 | Fully vested . |
| 09/18/2020 | Options | 967,539 | — | 2.50 | 09/17/2030 | Fully vested . |
| 06/17/2021 | Options | 1,273,913 | 181,987 | 1.78 | 06/16/2031 | 1/48th monthly post 6/17/2021 . |
| 12/16/2021 | Options | 1,974,502 | — | 3.68 | 12/15/2031 | Fully vested . |
| 04/13/2022 | Options | 530,798 | 197,152 | 2.61 | 04/13/2032 | 1/48th monthly post 1/1/2022 . |
| 04/13/2022 | Options | 261,609 | 284,353 | 2.61 | 04/13/2032 | 1/48th monthly post 1/1/2023 . |
| 09/26/2024 | Options (assumed) | 1,171,476 | — | 0.78 | 09/26/2034 | Assumed options; fully vested . |
| 03/19/2024 | RSUs | — | 1,153,482 | — | — | 1/16th vests quarterly after 3/19/2024; MV $3,229,750 at $2.80 close . |
- 2024 equity grant value (Summary Compensation Table): Stock awards $3,833,109; option awards $573,800 (options were awarded by Amprius Holdings and assumed) .
- Equity plan capacity: 2022 Plan/ESPP reserves; RSUs outstanding and remaining capacity disclosed .
Employment Terms
- Confirmatory Employment Letter (Sept 2022): Annual base salary, target annual cash bonus eligibility; benefits .
- Severance (non‑CoC): If terminated without cause/death/disability or for good reason, 6 months base salary continuation, plus immediate vesting of stock options that would vest over the next six months .
- Change‑of‑Control: If such termination occurs upon or within six months following closing of a change in control, 100% of outstanding stock options immediately vest and become exercisable (double-trigger) .
- Clawbacks: Awards subject to clawback/recovery consistent with exchange/Dodd‑Frank rules and additional administrator provisions .
- Non‑compete/non‑solicit/garden leave/tax gross‑ups: Not disclosed in proxies reviewed.
- 401(k): Company maintains a tax-qualified 401(k) savings plan for employees .
Board Governance
- Board leadership: Roles separated; independent Chair (Donald R. Dixon). Sun serves as CEO and director, not Chair, which mitigates dual‑role control risk .
- Independence: Board has majority independent directors; Sun is not independent due to his executive role .
- Committees: Audit (Bayless, Dixon, Hsieh; Bayless chair) ; Compensation (Hsieh, Dixon, Satterthwaite; Hsieh chair) ; Nominating/Governance (Chu, Satterthwaite; Chu chair) . Sun does not serve on committees.
- Attendance: Board held nine meetings in FY2024; all directors except Dr. Chu attended at least 75% of board/committee meetings; Sun attended the 2024 annual meeting .
- Director compensation policy: Cash retainers and RSUs for non‑employee directors; employee directors (like Sun) receive no director compensation .
Related Party Transactions and Conflicts
- Berzelius/Apex transactions: AMPX purchased ~$10.3M (2024), ~$2.2M (2023), and ~$1.4M (Q1 2025) in materials/batteries from Berzelius and Apex; Sun serves/served as director on these entities. Company states silicon-anode IP not shared with former subsidiaries and entered an exclusive supply agreement with Berzelius for certain regions; audit committee oversees related party transactions .
- Amprius Holdings liquidation: In Oct 2024, Amprius Holdings dissolved and distributed ~57.2M AMPX shares to its stockholders; options were assumed by AMPX (impacting Sun’s option profile) .
Say‑on‑Pay & Compensation Committee
- Emerging Growth Company status: AMPX is not required to submit say‑on‑pay or say‑on‑frequency votes and is exempt from certain disclosures (e.g., pay ratio, pay vs performance) .
- Compensation consultant: Compensia retained by the Compensation Committee in 2024; committee assessed no conflicts; consultant assisted with peer group development (peer details not disclosed) .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited for insiders; aligns with shareholder-friendly practices .
- Discretionary bonuses: 2023 and 2024 annual bonuses paid despite no formally approved metrics; indicates committee discretion and may weaken pay‑for‑performance signaling .
- Related party transactions: Ongoing purchases from entities where Sun has board roles require continued audit committee oversight to mitigate conflict risk .
- Leadership transitions: CFO retirement and replacement in 2025 (Rodriguez appointed CFO in Oct 2025) introduce transition risk but with consulting support for continuity .
Investment Implications
- Alignment: Sun’s sizable option holdings and RSUs (6.4% beneficial ownership) create strong equity alignment; company prohibits hedging/pledging, reducing misalignment risk .
- Retention/CoC: Severance is modest (6 months), but double‑trigger CoC acceleration on options could incentivize support for strategic transactions and creates potential overhang upon change‑of‑control .
- Pay mix and rigor: Heavy discretionary bonus use in 2023–2024 (no formally approved metrics) weakens pay‑for‑performance signaling; investors may prefer formal KPI frameworks tied to revenue growth, EBITDA, margin expansion, or TSR going forward .
- Related party exposure: Purchases from Berzelius/Apex where Sun has/had board roles require vigilant oversight; exclusive supply and stated IP safeguards mitigate some risk, but continued transparency is key .
- Scaling context: Revenues increased YoY while EBITDA remained negative as the company scales manufacturing and commercial engagement; execution on margins and capacity utilization will be critical for value creation. Values retrieved from S&P Global.
Citations:
About/roles/education: **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:10]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:11]** **[1899287_0001899287-24-000029_ampriustechnologies-2024pr.htm:10]**
Performance context table: Values retrieved from S&P Global.
Fixed compensation: **[1899287_0001899287-24-000029_ampriustechnologies-2024pr.htm:27]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:33]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:27]**
Performance compensation (plan/discretion/clawback): **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:34]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:36]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:37]**
Ownership and policy: **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:43]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:4]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:24]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:27]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:41]**
Equity awards detail: **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:39]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:51]**
Board governance and committees: **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:15]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:17]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:19]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:21]**
Related parties/IP/supply: **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:47]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:17]** **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:46]**
EGC/say-on-pay exemptions: **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:32]**
Compensation consultant: **[1899287_0001899287-25-000026_ampriustechnologiesinc-sch.htm:20]**
Leadership transitions: **[1899287_0001899287-25-000044_ampx-20250902.htm:0]** **[1899287_0001899287-25-000045_ampx-20251006.htm:1]** **[1899287_0001899287-25-000045_ampx-20251006.htm:2]**