Cintia Nardi
About Cintia Nardi
Cintia Nardi, age 51, is President of Bolt Projects Holdings (Nasdaq: BSLK). She was COO of Bolt Threads from February 2022 before being promoted to President in November 2023, and continues as President following the August 14, 2024 business combination “Closing” . She holds a bachelor’s degree in Industrial Engineering from the Catholic University of Argentina . Under her operational leadership, Bolt reported Q3 2025 revenue of $0.4 million (+7,300% YoY), gross margin of 16% (from 5% in Q2) with Q4 margin expected >40%; full-year revenue guidance remains $4.5M (2025) and $9.0M (2026), and 2025 gross profit outlook increased to >$1.0M with a long-term target margin of 60% .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cosmetica Laboratories Inc. | Chief Operating Officer; Board Member | 2017–2022 | Oversight of color cosmetics and skincare development and manufacturing operations |
| Estée Lauder Companies Inc. | Executive Director, Quality Assurance and Operations | 2002–2017 | Quality and operations leadership at a global beauty manufacturer |
External Roles
| Organization | Role | Years |
|---|---|---|
| Cosmetica Laboratories Inc. | Member of the Board of Directors | 2017–2022 |
Fixed Compensation
| Year | Salary ($) | All Other Compensation ($) | Notes |
|---|---|---|---|
| 2023 | 267,669 | 11,173 | Employer retirement contributions; company disclosed no perquisites and no tax gross-ups |
| 2024 | 270,112 | 10,804 | Canadian defined contribution plan contributions; no perquisites and no tax gross-ups |
No annual cash bonus program, target bonus %, or actual bonus payouts are disclosed for Ms. Nardi in 2023–2024; company states executive benefits are limited to standard health/welfare and retirement plans, with no perquisites or tax gross-ups .
Performance Compensation
Summary of Equity Grants and Vesting
| Instrument | Grant date | Shares/Units | Strike ($) | Expiration | Vesting schedule |
|---|---|---|---|---|---|
| RSUs (service + liquidity-based) | 9/18/2023 | 1,261 | — | — | Two-thirds vest 1/6 on each three-month anniversary of vest start; remaining one-third vests upon Initial Liquidity Event; liquidity condition satisfied at Closing; service condition continues |
| Stock Options | 11/25/2024 | 37,463 | 6.80 | 11/25/2034 | Vest 1/12 on each quarterly anniversary of grant, subject to continued service (quarterly schedule) |
Compensation Mix (Realizable grant-date fair value reported)
| Year | Stock Awards ($) | Option Awards ($) | Total Compensation ($) |
|---|---|---|---|
| 2023 | 41,520 | 2,728,151 | 3,048,513 |
| 2024 | — | 194,590 | 475,506 |
Equity award context:
- 2024 option awards vest quarterly over ~3 years and are service-based .
- 2023 RSUs included a liquidity condition satisfied at Closing; two-thirds continue to vest on a time-based schedule .
- Company adopted a clawback policy effective August 13, 2024 for recovery of erroneously awarded incentive-based compensation upon restatements .
Equity Ownership & Alignment
Beneficial Ownership (multi-date)
| As-of date | Shares outstanding | Direct shares owned | Options exercisable within 60 days | RSUs vesting/deferred within 60 days | Total beneficial shares | Ownership % |
|---|---|---|---|---|---|---|
| Feb 10, 2025 | 34,284,298 | 82,072 | 62,438 | 50,461 | 194,971 | <1% |
| Jul 11, 2025 | 2,061,779 | 4,103 | 10,294 | 2,523 | 16,920 | <1% |
| Oct 10, 2025 | 3,940,170 | 4,103 | 14,346 | 2,523 | 20,972 | <1% |
- Insider alignment: Anti-hedging policy prohibits hedging transactions; pledging policy not disclosed .
- Stock ownership guidelines for executives are not disclosed in the available filings.
- Potential selling pressure: Options granted on 11/25/2024 vest in equal twelfths each quarter through 2027, creating regular liquidity windows; RSU tranches vest on three-month cycles for the service-based portion .
Employment Terms
- Offer letter: Company is party to an offer letter with Ms. Nardi covering initial base salary, initial RSU grant, and benefit eligibility .
- Severance and Change-in-Control (expired policy): Bolt’s Severance Policy expired on June 9, 2024. While in effect, upon a qualifying termination within 12 months after a change in control, Ms. Nardi would have received 6 months of base salary (lump sum), up to 6 months of company-subsidized healthcare, and accelerated vesting of 50% of outstanding equity awards; subject to release of claims and a “best-pay cap” under 280G . No successor severance program is disclosed post-expiry.
- Clawback: Dodd-Frank compliant clawback policy adopted August 13, 2024 for restatement-related recovery of incentive compensation .
- Non-compete/non-solicit/garden leave: Not disclosed.
- Change-of-control equity treatment: Director awards accelerate under certain circumstances; executive CIC acceleration followed the now-expired Severance Policy; current executive CIC treatment not disclosed .
Performance & Track Record
- Commercial traction: Nardi highlights collaboration with amika to deploy Vegan Silk™ in aerosol format, expanding addressable categories; she cites accelerating reorders and expanding partner use of the platform .
- Operations excellence: Q3 2025 saw meaningful product cost reductions; EcoVadis Silver rating for responsible sourcing; rapid scale/validation of XL-Silk variant to manufacturing readiness; total patent portfolio 84 granted, 114 pending as of 9/30/2025 .
- Financial progress: Q3 2025 revenue $0.4M; gross margin 16%; 2025 gross profit outlook >$1.0M; Q4 margin expected >40%; margin target 60% .
Compensation Committee Analysis
- Committee composition: Compensation Committee comprised of Ransley Carpio and Jerry Fiddler (Chair); both independent by Nasdaq standards; authority to engage advisors and oversee clawback compliance .
- Consultant: Compensia served as independent compensation consultant in 2024 for benchmarking, trends, severance agreements, and LTI practices; no conflicts identified .
- Equity grant practices: Annual equity awards typically granted in Q1; options priced at or above closing market price; no timing of material nonpublic information around grants; insider trading policy and anti-hedging in place .
Risk Indicators & Red Flags
- Option repricing: S-1 discloses stock option repricing approved effective August 3, 2025 (details in 8-K filed August 6, 2025) — repricing underwater options is a shareholder-alignment red flag .
- Listing compliance: Multiple Notices of Delisting or Failure to Satisfy Continued Listing Standards filed in Nov 2024, Feb 2025, and Oct 2025, indicating exchange compliance risk .
- Hedging policy: Anti-hedging policy reduces misalignment risk; pledging policy not disclosed .
Investment Implications
- Pay-for-performance alignment: Nardi’s compensation is heavily equity-linked (large 2023 option award; 2024 options vesting quarterly) with clawback coverage, promoting alignment; lack of disclosed cash bonus metrics suggests focus on equity incentives rather than STI KPI targets .
- Retention and selling pressure: Quarterly option vesting through 2027 and continued RSU vesting create periodic liquidity windows; monitor insider Form 4s around vest dates for selling pressure and signaling. No active severance policy is disclosed post-June 2024, potentially lowering guaranteed protection and increasing reliance on ongoing equity value .
- Governance risks: The 2025 option repricing and repeated delisting notices raise governance and trading risk premia; evaluate board/committee response and any remediation plans disclosed in subsequent filings .
- Execution upside: Documented operational improvements, partner expansion, and margin trajectory (>40% Q4 expected; 60% long-term target) support value creation potential under Nardi’s operational leadership; watch delivery vs guidance into 2026 .