Mary Winter
About Mary Winter
Mary Winter, 33, serves as Corporate Secretary and Director of Bollinger Innovations, Inc. (formerly Mullen Automotive). She has been a director since at least 2018 (Mullen Technologies) and is currently listed as Secretary and Director as of September 19, 2025 . Background includes Vice President of Operations at Mullen Technologies since 2014, providing operational depth to the board . Company performance during her tenure remains highly challenged: nine months FY2025 revenue was $8.34M vs $0.10M in the prior year period, with a large net loss and a going-concern warning due to liquidity constraints and production shutdowns ; the company also rebranded to Bollinger Innovations and changed its ticker to BINI on July 28, 2025 .
| Company Performance Context | 9M FY2024 | 9M FY2025 |
|---|---|---|
| Revenue ($USD) | $98,570 | $8,344,311 |
| Net Loss ($USD) | $(326,984,240) | $(304,447,183) |
| Liquidity/Going Concern | — | Substantial doubt; potential bankruptcy without funding |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Mullen Technologies | Vice President of Operations | Since 2014 (end date not disclosed) | Operational leadership across EV development and scale-up |
| Bollinger Innovations/Mullen Automotive | Director | 2018–present (Mullen Tech); Company director since merger (Nov 2021) | Long-tenured governance continuity through reverse-merger and EV initiatives |
External Roles
No public company external directorships or committee roles disclosed for Ms. Winter.
Fixed Compensation
| Period | Role/Capacity | Arrangement | Amount (USD) | Notes |
|---|---|---|---|---|
| Oct 1, 2021 – Sep 30, 2022 | Corporate Secretary & Director (consulting) | Consulting Agreement | $60,000 | $60k for the one-year period |
| Oct 1, 2021 – Sep 30, 2024 | Corporate Secretary & Director (consulting) | Consulting Agreement (extended period at $60k annually) | $60,000 per year | Company disclosed $60k annual for this period |
| FY2024 (paid) | Corporate Secretary & Director (consulting) | Consulting payments | $60,000 | Actual FY2024 consulting payments received |
• No base salary, target bonus %, or NEO-style compensation elements are disclosed for Ms. Winter; her compensation is reported as consulting fees tied to secretary/director responsibilities .
Performance Compensation
No RSUs/PSUs, option grants, performance metrics, or vesting schedules specific to Ms. Winter are disclosed in the filings reviewed .
Equity Ownership & Alignment
| Metric | As of | Value |
|---|---|---|
| Beneficial ownership (common shares) | Record date Aug 22, 2025 | 0 shares; “–” in table; <1% of class |
| Ownership guidelines / compliance | — | Not disclosed |
| Shares pledged / hedging | — | Not disclosed |
| Options (exercisable/unexercisable) | — | Not disclosed |
• The beneficial ownership table lists Ms. Winter with no reported common shares and less than 1% ownership as of the record date, suggesting limited direct “skin-in-the-game” alignment .
Employment Terms
| Topic | Disclosure |
|---|---|
| Contract type | Consulting agreement for corporate secretary/director services (initial one-year at $60k; company disclosed $60k annually through Sep 30, 2024) |
| Severance | Not disclosed for Ms. Winter |
| Change-of-control | On Aug 11, 2023, change-in-control agreements were entered with specified non-employee directors (Andersen, Betor, Miltner, Novoa, Puckett) and the CEO—but Ms. Winter is not named among those recipients |
| Non-compete / Non-solicit | Not disclosed for Ms. Winter |
| Clawback | Not disclosed for Ms. Winter |
Board Governance
| Attribute | Detail |
|---|---|
| Board role | Director; Corporate Secretary |
| Committee memberships | Nominating & Corporate Governance Committee member |
| Committee chair roles | None disclosed |
| Independence status | Company states the Nominating & Governance Committee members (including Ms. Winter) are independent under Nasdaq standards |
| Dual-role implications | Ms. Winter is both Corporate Secretary (an officer) and a Director, which can raise perceived independence concerns despite the company’s independence assertion |
• Ms. Winter was also named, alongside the CEO, as a proxy holder for the September 11, 2025 special meeting, reflecting active governance involvement during capital structure actions (reverse split authorization) .
Director Compensation
| Component | Amount |
|---|---|
| Consulting payments (FY2024) | $60,000 (for corporate secretary/director services) |
| Retainer/committee fees | Not separately disclosed |
• Related-party transaction note: The company discloses the consulting arrangement with Ms. Winter as Corporate Secretary and Director ($60k annually), a governance-sensitive structure given her board role .
Performance & Track Record (Company Context)
| Metric/Item | Disclosure |
|---|---|
| Rebranding/ticker | Name changed to Bollinger Innovations (BINI), effective July 28, 2025 |
| Reverse splits/compliance | Multiple reverse splits since 2023; ongoing listing compliance pressures and delisting risk discussed in 2025 special proxy |
| Liquidity/going concern | Substantial doubt about going concern; production temporarily shut due to liquidity constraints |
Compensation Structure Analysis (Signals)
- No variable pay or equity linkage disclosed for Ms. Winter; compensation reported as consulting fees ($60k/year), offering limited direct performance alignment (no disclosed performance metrics, vesting, or equity-based incentives) .
- No disclosed severance or change-in-control economics for Ms. Winter; non-employee director CoC agreements (with $5M per director) named other directors—and not Ms. Winter—reducing entrenchment concerns specific to her, but highlighting atypical CoC terms elsewhere on the board .
- Beneficial ownership reported as nil suggests minimal insider selling pressure attributable to Ms. Winter and limited alignment via share ownership .
Investment Implications
- Alignment and retention: Ms. Winter’s compensation is a modest fixed consulting fee without disclosed equity or performance linkages, and she reports no common share ownership—indicating low personal downside alignment and limited direct selling pressure signals .
- Governance quality: Dual role as Corporate Secretary and Director—while the company asserts committee independence—creates perceived independence risk on a key governance committee; investors may press for separation of officer and director roles to strengthen oversight .
- CoC risk: She is not among directors with disclosed $5M CoC agreements, lowering her individual parachute risk, but the presence of such agreements for other non-employee directors is a broader governance red flag to monitor .
- Company overhang: Severe financial strain (going concern warning, multiple reverse splits, listing deficiency path) may dominate trading and governance dynamics; board members’ roles (including Ms. Winter’s) will be scrutinized through recapitalization, restructuring, and potential delisting scenarios .
Key disclosures used: consulting agreement and payments to Mary Winter ; board/committee roles and independence characterization ; beneficial ownership table (0 shares) ; corporate identity/ticker change ; financial performance and going concern ; reverse split/delisting risk ; proxy appointment role .