Henry Dubois
About Henry Dubois
BlackSky’s CFO since June 10, 2022, Henry Dubois (age 63) is a seasoned geospatial and satellite imaging executive with prior leadership roles at GeoEye (CFO/executive advisor), DigitalGlobe (President/CFO/COO), and Hooper Holmes (CEO), and earlier advisory/BD work with BlackSky before joining as CDO in 2021. He holds a Masters of Management (Kellogg/Northwestern) and a B.A. in Mathematics (Holy Cross) . Under his tenure as CFO, BlackSky’s revenue grew year-over-year and EBITDA losses narrowed, while company TSR modestly declined over 2023–2024 per the Pay vs. Performance disclosure ; see performance tables below for detail from company filings and S&P Global data.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| HED Consulting | Managing Director | 2009–2021 | Advised BlackSky and others on strategy, operating improvements, and financing . |
| Hooper Holmes Inc. | CEO & President | 2013–2018 | Led turnaround and portfolio refocus; company later filed for Chapter 11 in Aug 2018 after his tenure (risk context) . |
| GeoEye | CFO & Executive Advisor | 2005–2012 | Helped scale revenues from ~$30M to ~$350M; deep geospatial finance/ops experience . |
| DigitalGlobe | President, CFO, COO | (not disclosed) | Senior operating and finance leadership in space imagery and geospatial content . |
| PT Centralindo Panca Sakti | CEO | (not disclosed) | International telecom leadership and transaction experience . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Endurance Acquisition Corporation | Director | 2021–2022 . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $400,000 | $418,750 (raised to $425,000 effective Apr 1, 2024) |
| Target Bonus (% of base) | 100% | 100% |
| Actual Bonus Paid ($) | $439,044 | $387,344 (92.5% of target) |
| Other Compensation ($) | $13,464 | $13,914 |
Performance Compensation
Annual cash incentive structure and 2024 outcome
| Metric | Weighting | Target | Actual | Payout | Vesting/Payment Timing |
|---|---|---|---|---|---|
| Company Revenue | 50% | Not disclosed | Below target | Part of 92.5% total payout for 2024 | Paid under Executive Incentive Compensation Plan in 2025 |
| Company Cash Balance | 50% | Not disclosed | Above target | Part of 92.5% total payout for 2024 | Paid under Executive Incentive Compensation Plan in 2025 |
Notes: For 2023, plan metrics were the same (Revenue 50% / Cash Balance 50%); payouts were above target in aggregate (percent not disclosed) .
Equity awards summary (grant values)
| Year | Stock Awards ($) | Option Awards ($) |
|---|---|---|
| 2023 | $1,749,999 | $261,310 |
| 2024 | $1,416,948 | — (no new options in 2024 per SCT) |
Grant design framework (per offer letter): Eligible annually for RSUs valued at $875,000 plus stock options equal to 2x the RSU share count (actual grants at committee discretion) .
Equity Ownership & Alignment
Beneficial ownership (as of June 30, 2025)
| Holder | Shares Beneficially Owned | % of Outstanding | Detail |
|---|---|---|---|
| Henry Dubois (CFO) | 232,260 | <1% | 93,010 common + 139,250 options exercisable within 60 days |
Policy prohibits hedging, pledging, and margin accounts for executives and directors (alignment positive; sale pressure mitigation) .
Outstanding options (as of Dec 31, 2024)
| Grant Date | Exercisable | Unexercisable | Exercise Price ($) | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| 9/10/2023 | 23,435 | 32,815 | 10.16 | 9/10/2033 | 1/3 on 9/10/2024; remainder monthly (1/36) |
| 9/10/2022 | 57,233 | 44,511 | 17.20 | 9/10/2032 | 1/4 on 9/10/2023; remainder monthly (1/48) |
| 6/10/2022 | 22,990 | 13,788 | 16.80 | 6/10/2032 | 1/4 on 6/10/2023; remainder monthly (1/48) |
Historical CFO promotion grant (pre-reverse split, for context): 219,573 RSUs and 294,228 options at $2.10/share on 6/10/2022; post-split equivalents reconcile to outstanding schedule above .
Outstanding RSUs (as of Dec 31, 2024) and vesting cadence
| Grant Date | Unvested RSUs (#) | Market Value at 12/31/2024 ($) | Vesting Schedule (forward-looking) |
|---|---|---|---|
| 9/10/2024 | 197,072 | $2,126,407 | 1/4 on 9/10/2025; then quarterly (1/16) on Mar/Jun/Sep/Dec 10th |
| 9/10/2023 | 118,416 | $1,277,709 | Quarterly (1/16) on Mar/Jun/Sep/Dec 10th; 1/4 already vested on 9/10/2024 |
| 9/10/2022 | 22,255 | $240,131 | Quarterly (1/16); 1/4 vested on 9/10/2023 |
| 6/10/2022 | 10,292 | $111,051 | Quarterly (1/16); 1/4 vested on 6/10/2023 |
| 12/21/2021 | 5,146 | $55,525 | Quarterly (1/16); 1/4 vested on 9/10/2022 |
Implication: 2025 includes a large single vest on 9/10/2025 from the 2024 grant and multiple quarterly RSU tranches from prior grants—potential incremental selling pressure windows absent 10b5-1 plans.
Employment Terms
- Role/tenure: CFO since June 10, 2022 (previously Chief Development Officer from Sept 2021) .
- Base/bonus targets: Base raised to $425,000 effective Apr 1, 2024; target annual bonus 100% of base (CFO) .
- Annual equity design: Eligible for $875,000 in RSUs plus options equal to twice the RSU share count; actual grants at committee discretion .
- Severance (Executive Change in Control and Severance Plan; Tier 2 participant):
- Outside change-in-control period: 100% of base salary (lump sum), prorated target bonus, up to 12 months COBRA .
- Double-trigger within change-in-control period (3 months before to 18 months after): 150% of base salary (lump sum), prorated target bonus, up to 18 months COBRA, and full vesting of time-based equity awards .
- Best-net 280G cutback applies; all benefits contingent on release of claims .
- Hedging/pledging: Prohibited for executives/directors (no short sales, options trading, hedges, pledges, margin accounts) .
- Clawback/ownership guidelines: Not disclosed in proxy; no pension/SERP; no excise tax gross-ups on CIC .
Performance & Alignment Data
Company operating performance
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($) | $94,492,000 | $102,093,000 |
| EBITDA ($) | -$12,549,000* | -$1,264,000* |
- Values retrieved from S&P Global.
Pay vs. Performance references (Company disclosures)
| Metric | 2023 | 2024 |
|---|---|---|
| Value of $100 Investment (TSR proxy measure) | $90.91 | $87.58 |
| Net Income/Loss ($000s) | ($53,859) | ($57,218) |
Risk Indicators & Red Flags
- Section 16 compliance: One late Form 4 for Henry Dubois (Dec 13, 2024) cited as administrative error; late filings also noted for others around the Sept 2024 reverse split (contextual) .
- Prior bankruptcy involvement: Hooper Holmes filed for Chapter 11 in Aug 2018 following his tenure there as CEO (context for track record diligence) .
- Hedging/pledging: Prohibited (alignment positive) .
- Option repricing/award modifications: Not disclosed in proxy.
Compensation Structure Analysis
- Cash vs equity mix: Significant equity heavy mix via large annual RSUs and options (2023) with meaningful unvested overhang—aligns with long-term value creation but creates periodic vest-driven supply windows .
- Shift in instruments: 2024 compensation shows RSUs (no new options in SCT), while 2023 included both options and RSUs—an incremental tilt toward RSUs (lower risk than options) .
- Performance metrics: CFO bonus tied 50/50 to revenue and cash balance; 2024 paid at 92.5% (revenue below target, cash above), indicating balanced discipline on growth and liquidity .
- Governance features: No CIC tax gross-ups; prohibitions on hedging/pledging; independent comp consultant; peer benchmarking; no pensions/SERPs .
Investment Implications
- Alignment: Bonus metrics emphasize both top-line growth and balance sheet health; 2024 below-target payout (92.5%) suggests pay is sensitive to underperformance, which is shareholder-friendly .
- Retention/overhang: Large scheduled 2025 RSU vests (notably 9/10/2025) plus quarterly tranches from prior grants may create intermittent selling pressure; no pledging allowed mitigates risk of forced selling .
- Skin-in-the-game: Beneficial ownership <1% indicates limited personal equity stake relative to total outstanding; however, sizable unvested RSUs and options maintain incentive to drive long-term value .
- Track record and execution risk: Strong sector experience (GeoEye/DigitalGlobe), but past CEO role at Hooper Holmes (company later entered Chapter 11) warrants balanced assessment of turnaround/operating risk contexts .
- Performance trend: Revenues grew year over year and EBITDA losses narrowed in 2024; however, TSR declined modestly across 2023–2024—investors should monitor conversion of backlog to revenue, cash generation versus growth investments, and bonus metric calibration in 2025 .