Danny Rittman
About Danny Rittman
Danny Rittman (age 62) is a seasoned computer scientist and technology entrepreneur slated to serve as Chief Technology Officer (CTO) of VisionWave (the post-combination entity), and as of May 22, 2025, he continued as CTO after resigning his director seat to meet Nasdaq independence requirements . His background includes early software development in the Israeli Defense Forces, contributions to Motorola’s first GSM phone, founding RIT Technologies (NASDAQ listing), senior IC design consulting since 2012, and leadership/founder roles in multiple tech ventures; his education includes a B.Sc. (Bar-Ilan University), MBA (Tel Aviv University), and PhD in Computer Science (LaSalle) . A consulting agreement with the Company dated April 30, 2024 sets a $5,000 monthly cash fee (month-to-month, 60-day termination), and filings state he had no equity ownership in Avant, Target, Bannix, or VisionWave as of the S‑4/A disclosures—implications for pay-for-performance alignment and insider selling pressure are therefore minimal absent new awards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Israeli Defense Forces | Software Developer | Not disclosed | Early technical foundation in defense software |
| Motorola | Contributor to first GSM cellular phone | Not disclosed | Participation in seminal mobile communication development |
| RIT Technologies | Founder | 1996 (founder) | Network monitoring provider that went public on NASDAQ |
| Smart-chip design company (name not disclosed) | CTO and VP of Marketing | Not disclosed | Led product launches and software tool development |
| Senior Integrated Circuit Design Consultant | Consultant/Team lead | Since 2012 | Managed IC design teams in mobile tech sector |
| Infiniti Technologies | Founder | Not disclosed | Developed advanced mobile and web applications |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Gopher Protocol Inc. / GBT Technologies Inc. | Chief Technology Officer | Current (as disclosed) | Described as current CTO role in S‑4/A; also referenced as CTO of GBT Technologies |
Fixed Compensation
| Component | Terms | Amount | Effective Date | Notes |
|---|---|---|---|---|
| Consulting Agreement | Month-to-month; either party may terminate with 60 days’ prior notice | $5,000 per month | April 30, 2024 | Services include IT, patent maintenance/evaluation, and general business services |
Performance Compensation
No performance-based incentives for Rittman (bonus metrics, RSUs/PSUs, options, vesting schedules) are enumerated in the S‑4/A or related filings reviewed; the only disclosed compensation item is a cash consulting fee .
Equity Ownership & Alignment
| Item | Status/Detail | As-of | Source |
|---|---|---|---|
| Beneficial ownership | Filings state Dr. Rittman “has no equity ownership in Avant, Target, Bannix, or VisionWave” | S‑4/A filing date (context includes periods through 12/31/2024) | |
| Vested vs. unvested shares | Not disclosed | — | — |
| Options (exercisable/unexercisable) | Not disclosed | — | — |
| Shares pledged or hedged | Not disclosed | — | — |
| Ownership guidelines & compliance | Not disclosed | — | — |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Relationship | Individual consultant to the Company (IT, patent, business services) | |
| Compensation | $5,000 per month | |
| Term/Termination | Month-to-month; either party may terminate with 60 days’ prior notice | |
| Non-compete/Non-solicit | Not disclosed | — |
| Severance/Change-of-Control | Not disclosed for Rittman (separate retention agreements for other executives specify no severance/CoC) |
Governance and Role Transitions
- Post-combination leadership slate listed Rittman as Director and CTO; on May 22, 2025 he resigned his VisionWave board seat (while remaining CTO) to ensure a majority of independent directors under Nasdaq rules .
- Pre-existing fiduciary/contractual obligations disclosure lists Rittman as Consultant of Target; CTO at GBT Technologies and other advisory roles noted as outside obligations .
Related Party and Process Integrity
- Filings detail transactions among Tokenize/GBT, Avant, Target, and Bannix; they assert arms-length dealings and note that Rittman’s engagements with Avant and Target were limited to technical consulting for IP transition; filings also state he had no equity ownership in any of the entities (mitigating direct conflict/benefit risk) .
Business Context Relevant to Execution Risk
- Target/VisionWave early-stage financials show minimal operations and working capital deficits; a Funding Support Agreement with Stanley Hills LLC (effective March 31, 2025) provides 12 months of working-capital support, underscoring liquidity reliance and execution risk during commercialization—a factor for retention and potential future compensation reconfiguration for key technical leaders like the CTO .
Investment Implications
- Alignment: Only a $5,000/month cash consulting fee is disclosed for Rittman, with no equity ownership or enumerated equity awards—limited direct alignment with shareholder value creation absent future grants .
- Retention risk: The engagement is month-to-month with a 60‑day termination clause; this structure offers flexibility but elevates retention risk for a key technical leader unless longer-term incentives are adopted post-closing .
- Governance signal: Stepping off the VisionWave board while remaining CTO aligns with Nasdaq independence requirements and suggests separation of oversight from management; no disagreement reported .
- Related-party optics: The S‑4/A addresses relationships among entities and Rittman’s consulting roles, characterizing IP transactions as arms-length and stating he held no equity in involved entities, which mitigates certain conflict concerns .
- Execution backdrop: Early-stage financial constraints and reliance on funding support heighten execution risk; securing durable compensation structures (e.g., performance equity post-close) could improve alignment and retention for the CTO role .