Candice Graves
About Candice Graves
Capstone Green Energy Holdings (CGEH) appointed Candice Graves as Chief Accounting Officer (principal accounting officer), effective September 9, 2025; she was 49 at appointment and is a CPA (Texas) and CGMA with an MBA (IT concentration) from the University of North Texas and a BS in Accounting from California State University, San Marcos . Company operating metrics relevant to pay-for-performance emphasize revenue growth and Adjusted EBITDA: Q2 FY26 revenue rose 25% year over year to $28.4M and Adjusted EBITDA increased to $4.5M, marking six consecutive quarters of positive Adjusted EBITDA .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Maxar Space LLC | Senior Director of Accounting & FP&A | Feb 2019–Sep 2025 | Advanced space technology provider; satellite development/deployment; senior finance leadership |
| Mosys Inc. (NASDAQ: PRSO) | Corporate Controller | ~4 years | Fabless semiconductor; corporate controllership for public issuer |
| DynCorp International | Director of Accounting | ~4 years | Government defense contractor; accounting leadership in complex contracting environment |
External Roles
No public company board roles or external directorships were disclosed in the appointment filing reviewed .
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $315,000 annually (effective 9/9/2025) |
| Target Bonus | 30% of base salary under the Annual Incentive Plan (AIP) |
| Actual Cash Bonus Paid | Not disclosed |
Performance Compensation
| Instrument / Program | Grant / Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs | 80,000 RSUs granted as of 9/9/2025 (subject to committee approval) | n/a | n/a | n/a | n/a | Cliff vests on third anniversary of grant date, contingent on continued employment |
| Annual Incentive Plan (AIP) | Company plan eligibility with 30% of salary target | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual, per plan; specifics not disclosed |
- Company-wide, management highlights Adjusted EBITDA as a key indicator used for performance targets, annual budgets, and operating decisions, providing context for AIP design even though individual metrics for Ms. Graves are not disclosed .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership at Appointment | Form 3 filed 9/9/2025 reports “No securities are beneficially owned.” |
| Initial Equity Award | 80,000 RSUs, effective 9/9/2025, cliff vest on 3rd anniversary (employment-contingent) |
| Vested vs. Unvested | Vested: 0; Unvested: 80,000 RSUs (award terms as above) |
| Options | None disclosed for Ms. Graves |
| Pledging | Prohibited by insider trading policy |
| Hedging | Prohibited by insider trading policy |
| Stock Ownership Guidelines | Senior executives (including NEOs) expected to own stock equal to multiples of salary (CEO 4x; EVPs 2x; Senior VPs/other NEOs 1x) within five years from emergence or becoming subject; filing does not explicitly specify CAO coverage |
| S-8 Signature | Signed the October 9, 2025 S-8 as Chief Accounting Officer (principal accounting officer) |
Employment Terms
| Term | Detail |
|---|---|
| Appointment / Effective Date | Appointed 8/4/2025; effective 9/9/2025 as Chief Accounting Officer (principal accounting officer) |
| Reporting Relationships | CAO appointment replaced prior principal accounting officer; prior officer moved to Director of Compliance and Reporting |
| Severance | Not disclosed for CAO in the appointment 8-K; company-level severance/CIC details disclosed for CEO/CFO, not for CAO |
| Change-of-Control | Not disclosed for CAO; CIC terms disclosed for CEO/CFO in proxy/10-K |
| Related Party Transactions | None involving Ms. Graves disclosed under Item 404(a) |
| Clawback | Company adopted executive incentive compensation recoupment policy in line with Rule 10D-1 |
| Anti-Hedging / Anti-Pledging | Hedging and pledging of company securities prohibited |
Company Performance Context (during early tenure)
| Metric (USD) | Q2 FY2025 | Q2 FY2026 |
|---|---|---|
| Total Revenue | $22.7M | $28.4M |
| Gross Margin | 31% | 32% |
| Net Income (Loss) | $(0.4)M | $0.8M |
| Adjusted EBITDA | $3.8M | $4.5M |
- Additional context: FY2025 showed first full-year positive Adjusted EBITDA in company history, with Q4 FY2025 revenue of $27.1M and Adjusted EBITDA of $2.8M, underscoring the firm’s emphasis on profitability and discipline .
Investment Implications
- Incentive alignment and retention: A three-year cliff RSU (80,000 units) strongly incentivizes retention through September 2028; absence of interim vesting limits near-term sell pressure but may concentrate potential selling around vesting if Form 4 sales occur then . Anti-pledging/anti-hedging policies reduce misalignment risks and limit downside credit/leverage risks associated with pledging .
- Pay-for-performance linkage: While individual AIP metrics for the CAO are not disclosed, company materials indicate Adjusted EBITDA is a core management performance yardstick used for targets and budgeting; improving profitability (six consecutive quarters of positive Adjusted EBITDA) supports bonus pool sustainability and could elevate incentive payouts if plan metrics track these measures .
- Ownership posture: Form 3 shows no beneficial ownership at appointment; with a single cliff RSU award and no options disclosed, current “skin in the game” is modest until vesting. Stock ownership guidelines exist for senior executives and NEOs with a five-year attainment window, but the filing does not explicitly state whether the CAO is covered; if covered, the 1x salary guideline would apply over the compliance period .
- Contractual risk: No CAO-specific severance or CIC protections are disclosed in the appointment filing, unlike the CEO/CFO. Lack of publicly disclosed protections could modestly increase retention risk relative to peer NEOs with defined severance/CIC agreements, though participation in company-wide plans (if applicable) cannot be assumed without explicit disclosure .