Sunit S. Patel
About Sunit S. Patel
Sunit S. Patel (age 63) is an independent Class II director at BKV, serving since 2022. He is currently Executive Vice President and Chief Financial Officer of Crown Castle Inc. (NYSE: CCI) as of March 2025, and previously served on Crown Castle’s board from December 2023 to March 2025; he holds a B.S. in Chemical Engineering and Economics from Rice University and is a Chartered Financial Analyst (CFA) . He serves on BKV’s Audit & Risks Committee and has been designated an audit committee financial expert, with the board affirming his independence under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BKV Corporation | Director (Class II) | Since Sept 2022 | Audit & Risks Committee member; audit committee financial expert |
| Crown Castle Inc. | Director | Dec 2023–Mar 2025 | Board-level governance; transitioned to CFO in Mar 2025 |
| Crown Castle Inc. | Executive Vice President & CFO | Since Mar 2025 | Public-company CFO; financial reporting, capital allocation |
| Ibotta, Inc. | CFO | Feb 2021–Mar 2025 | Private company finance leadership |
| T-Mobile US, Inc. | EVP, Merger & Integration Lead | Oct 2018–Apr 2020 | Led merger integration; execution oversight |
| CenturyLink, Inc. | EVP & CFO | Nov 2017–Sept 2018 | Public-company CFO |
| Level 3 Communications Inc. | EVP & CFO | 2003–Nov 2017 | Long-tenured public-company CFO |
| Looking Glass Networks Inc. | Co-founder & CFO | Apr 2000–Mar 2003 | Built metro telecom transport provider |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Crown Castle Inc. (NYSE: CCI) | EVP & CFO | Since Mar 2025 | Oversees finance; prior Crown Castle director (Dec 2023–Mar 2025) |
Board Governance
- Independence: The board determined Mr. Patel is “independent” under NYSE listing standards; BKV is a “controlled company,” relying on NYSE exemptions for committee independence outside of Audit .
- Committee Assignments: Audit & Risks Committee member; the committee is chaired by Carla S. Mashinski; as of the proxy, two of three members are independent (Mashinski, Patel), with one non-independent (Chaimongkol) during the transition period post-IPO .
- Attendance: Audit & Risks Committee held five regular meetings in 2024; Mr. Patel missed one (80% attendance), with the committee report also detailing duties including oversight of related-party transactions and cybersecurity .
- Board/Committee Meeting Cadence: In 2024, the board met 12 times; committees met 19 times; overall committee attendance rate was 97% (aggregate disclosure) .
- Lead Independent Director: Structure provides for independent director executive sessions and appointment of a Lead Independent Director among independents due to a non-independent chair; specific designee not disclosed .
Fixed Compensation
| Component | 2024 Amount ($) | Notes |
|---|---|---|
| Annual cash retainer (non-chair) | Program: $75,000 | Non-employee director retainer under the program |
| Audit & Risks Committee member | Program: $10,000 | Member retainer; chair is $20,000 |
| Cash in lieu of RSUs | Included within reported total | Prior to 2024 Plan effectiveness, RSU value paid in cash |
| Total fees earned (Mr. Patel) | 217,678 | Reported director compensation for 2024 |
- Program transition: Beginning with the 2025 Annual Meeting (June 19, 2025), non-employee directors will receive annual RSU grants with grant-date value $140,000 (non-chair), vesting the day prior to the next annual meeting; cash retainer amounts remain as above .
Performance Compensation
| Award Type | Grant Date | Grant Value | Vesting | Performance Metrics |
|---|---|---|---|---|
| Director RSUs (non-chair) | June 19, 2025 | $140,000 | Time-based; vest day prior to 2026 annual meeting, subject to service | None; director RSUs are not performance-based |
No performance metrics are tied to director compensation at BKV; RSU awards for directors are time-based and not contingent on KPIs or TSR hurdles .
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Considerations |
|---|---|---|
| Crown Castle Inc. (NYSE: CCI) | EVP & CFO; prior Director | No disclosed related-party dealings between BKV and CCI; role increases time commitments but does not affect independence per board determination . |
Expertise & Qualifications
- Education: B.S. Chemical Engineering & Economics, Rice University; CFA charterholder .
- Financial Expertise: Designated “audit committee financial expert”; extensive CFO experience .
- Industry Experience: Deep telecommunications and integration background (T-Mobile, Level 3, CenturyLink), plus consumer tech (Ibotta); brings capital markets, M&A integration, and systems/controls acumen .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Pledged/Hedged |
|---|---|---|---|
| Sunit S. Patel | 50,000 | <1% | No pledges disclosed; company prohibits hedging/pledging |
- Shares outstanding at record date (for context): 84,708,373 .
Governance Assessment
- Strengths:
- Independent director with audit committee financial expert designation; enhances financial reporting oversight .
- Active on Audit & Risks Committee, which reviews related-party transactions and cybersecurity; direct contribution to core risk controls .
- Ownership alignment through direct shareholdings and time-based RSUs; company policy prohibits hedging/pledging, reducing misalignment risk .
- Concerns/RED FLAGS:
- Controlled company status: BNAC designates a majority of directors; Compensation and Nominations & Governance Committees are not fully independent, reducing minority shareholder protections; Audit Committee had one non-independent member during transition (expected to move to full independence within one year post-listing) .
- Attendance: One missed Audit & Risks meeting in 2024 (80% for that committee year); while not severe, audit attendance shortfalls can be scrutinized by investors focused on financial oversight rigor .
- External time commitments: Serving as CFO of Crown Castle may increase time demands; however, board explicitly maintains independence status and no related-party exposures to CCI are disclosed .
Related-Party Transactions: No transactions involving Mr. Patel were disclosed for 2024; the Audit & Risks Committee reported no related-party transactions beyond joint ventures and BNAC agreements outlined, which are monitored within committee remit .
Director Compensation Mix: 2024 compensation was predominantly cash due to pre-Plan RSU substitution; from 2025, equity grants introduce more direct alignment via annual RSUs with one-year vesting .
Independence & Committee Composition Signal: While Mr. Patel’s individual independence is clear, overall board structure under the controlled company framework dilutes independent oversight outside of the Audit Committee, which is still finishing its independence transition window post-IPO .