Jeff Tuder
About Jeff Tuder
Jeff Tuder (age 51) is Chief Executive Officer of Concord Acquisition Corp II (CNDA). He is an Operating Partner at Atlas Merchant Capital (joined September 2020) and previously served as CEO of Concord I and Concord III. He holds a B.A. in English Literature from Yale College and currently serves on the boards of Inseego (NASDAQ: INSG) and GCT Semiconductor (NYSE: GCTS) . CNDA is a blank check company formed to consummate a business combination; it has no operating business, so traditional operating KPIs (revenue/EBITDA growth) and TSR benchmarking to fundamentals are not applicable prior to de‑SPAC. The company was incorporated in February 2021 and in October 2024 moved trading of its Class A shares to OTCQX following NYSE American delisting proceedings, reflecting SPAC-cycle dynamics under Tuder’s tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Atlas Merchant Capital | Operating Partner | 2020–present | Investing and operating expertise leveraged to source and execute SPAC transactions |
| Concord Acquisition Corp I & III | Chief Executive Officer | Not disclosed | Led SPAC platforms prior to de‑SPAC; capital markets and deal execution |
| Tremson Capital Management | Founder | Not disclosed | Public equity and private equity/credit investing with family offices |
| JHL Capital Group | Investment professional | Not disclosed | Multi-strategy hedge fund investing |
| KSA Capital Management | Investment professional | Not disclosed | Deep value long/short equities |
| CapitalSource Finance | Managing Director; Head, Special Opportunity Credit | Not disclosed | Led special situations credit investing |
| Fortress Investment Group | Private equity professional | Not disclosed | Underwrote and managed PE investments |
| Nassau Capital (Princeton endowment) | Investment professional | Not disclosed | Managed private assets for endowment |
| ABS Capital Partners | Investment professional | Not disclosed | PE firm affiliated with Alex. Brown & Sons |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Inseego (NASDAQ: INSG) | Director | Not disclosed | Current board member |
| GCT Semiconductor (NYSE: GCTS) | Director | Not disclosed | Current board member |
Fixed Compensation
CNDA discloses no cash compensation for executives or directors during the SPAC phase.
| Component | 2023 | 2024 | 2025 YTD |
|---|---|---|---|
| Base salary | $0 | $0 | $0 |
| Target bonus % | Not disclosed | Not disclosed | Not disclosed |
| Actual bonus paid | $0 | $0 | $0 |
| Cash retainer (directors) | $0 | $0 | $0 |
Notes:
- CNDA pays its Sponsor $20,000/month for administrative services (office, admin support) under an Administrative Services Agreement; this benefits the Sponsor rather than executives directly .
Performance Compensation
No executive equity or cash incentive plans (RSUs/PSUs/options) are disclosed for Mr. Tuder at CNDA. Incentives for insiders are primarily through Sponsor “founder shares” and private placement warrants that become valuable only if a business combination closes and equity trades favorably .
| Metric/Instrument | Weighting | Target | Actual | Payout | Vesting/Lock |
|---|---|---|---|---|---|
| Executive annual incentive plan (AIP) | N/A | N/A | N/A | N/A | None disclosed |
| Executive equity grants (RSU/PSU/Options) | N/A | N/A | N/A | N/A | None disclosed |
| Sponsor Founder Shares (Class B) | N/A | N/A | N/A | N/A | Lock-up: earlier of 1 year post-close; or 20/30 trading days ≥$12 after 150 days; or change-in-control |
| Private Placement Warrants | N/A | N/A | N/A | N/A | Lock-up: 30 days post-close |
Equity Ownership & Alignment
- Direct beneficial ownership: Mr. Tuder reported “—” (none) in CNDA Class A/B shares at each disclosure date; any indirect interest via Sponsor is not attributed under the “rule of three” (Sponsor board) .
- Sponsor/insider alignment: If no business combination by deadline, 6,508,490 founder shares and 5,401,300 private placement warrants acquired for ~$25,000 and $8,101,950, respectively, would be worthless—creating strong deal-completion incentives .
- Lock-ups: Founder Shares and certain Events.com holders are subject to standard SPAC lock-ups (12 months post-close, price-based release at $12, plus staggered releases for non-founder Events.com holders) .
| Beneficial Ownership (Direct) | Aug 7, 2023 | May 15, 2024 | Jan 28, 2025 |
|---|---|---|---|
| Jeff Tuder – Shares | — | — | — |
| Jeff Tuder – % Outstanding | — | — | — |
Other alignment indicators:
- “Rule of three” disclosure: no Sponsor manager (including Bob Diamond, David Schamis, Timothy Kacani; 2024–2025) or earlier composition is deemed a beneficial owner of Sponsor-held Class B .
- Pledging/hedging: No pledging or hedging of CNDA stock by Mr. Tuder is disclosed in proxies .
Insider selling pressure signals:
- Unlock catalysts: Founder share lock-up end (12 months post-close) or earlier price-based release at $12 for 20/30 days beginning 150 days post-close; PP warrants unlock 30 days post-close—potential supply overhang around these dates .
- Outstanding sponsor/insider securities: 7,002,438 founder shares (initial stockholders); 9,336,583 public warrants; 5,401,300 private placement warrants .
Employment Terms
- Employment agreement: Not disclosed for Mr. Tuder in CNDA’s 2023/2024/2025 proxy materials focused on charter extensions; filings state no cash compensation to executives during SPAC phase and do not include executive employment contracts .
- Severance / Change-of-Control: Not disclosed (no golden parachute terms, multiples, or double/single-trigger vesting for executives in filings reviewed) .
- Non-compete / Non-solicit / Garden leave / Post-termination consulting: Not disclosed .
Related Party and Governance Context
- Administrative Services Agreement: $20,000 per month paid to Sponsor until business combination or liquidation .
- Sponsor loans: Up to $350,000 (2024) and later $650,000 available via unsecured promissory notes, interest-free, payable upon business combination; unlikely to be repaid if no deal completes .
- Non-Redemption and extension arrangements: 2023/2024 non-redemption side letters and extensions reduced public float materially through redemptions; remaining trust ~$23.8M as of Jan 27, 2025 prior to further redemptions .
- Listing status and trading venue: NYSE American delisting proceedings began Sept 3, 2024; Class A began trading on OTCQX Oct 11, 2024; warrants on OTCQB Oct 21, 2024 .
- Extension timeline: Board sought and obtained extensions to allow completion of the proposed Events.com transaction; latest extension proposal to Dec 31, 2025 .
Performance & Track Record
- Role and tenure: Serves as CNDA CEO (at least as of Aug 9, 2023 and Jan 29, 2025) and certified CNDA’s 10-Q/10-K Sarbanes-Oxley officer certifications .
- Operating results/TSR: CNDA is a SPAC with no operating revenues pre‑combination; financial results reflect trust account mechanics and SPAC expenses rather than operating performance . Stock trading moved to OTCQX in Oct 2024 amid sector-wide SPAC pressures and timeline extensions .
Compensation Structure Analysis
- Cash vs equity mix: 100% at-risk via Sponsor equity economics; no salary/bonus—maximizes deal-completion incentive but may increase risk of value-transfer if terms favor insiders over public holders .
- Shift in guarantees: None; no guaranteed cash compensation disclosed .
- Metric difficulty/changes: No executive performance metric program disclosed (no AIP/LTIP) .
- Option/equity repricing: None disclosed .
- Clawbacks, tax gross-ups, SERP/pension: None disclosed .
Risk Indicators & Red Flags
- Founder share/warrant forfeiture risk if no deal: Strong incentive alignment but potential conflict with public holders around deal quality and timing .
- Listing risk realized: Delisting from NYSE American and transition to OTC markets in 2024 .
- High redemption dynamics: Trust balance reductions increase post‑close float tightness and potential volatility; additional financing needs possible .
- Related-party arrangements: Admin fee to Sponsor; Sponsor loans; Sponsor support/forfeiture agreements in proposed transaction .
Investment Implications
- Alignment: Mr. Tuder’s economic upside is predominantly through Sponsor founder shares and warrants that are worthless absent a business combination, aligning him to complete a transaction but possibly increasing incentive to prioritize deal completion over terms (monitor fairness opinions and dilution) .
- Selling pressure windows: If the Events.com merger (or any business combination) closes, expect potential supply from lock-up releases (founder shares at 12 months or $12‑price trigger; PP warrants after 30 days), which can pressure shares around these dates .
- Governance/venue risk: The move to OTCQX and repeated extensions underscore execution risk and financing dependence; terms such as Sponsor forfeitures and lock-ups partially mitigate dilution but warrant scrutiny at shareholder vote .
- Retention: No cash comp or employment agreement is disclosed for Tuder; while Sponsor economics are strong, lack of traditional retention mechanisms suggests continuity depends on successful transaction milestones rather than contractual severance protections .
Data notes: CNDA filings indicate no executive cash compensation, no individual equity grants to Mr. Tuder, and no employment/severance agreements disclosed; insider alignment arises via Sponsor-level founder shares and warrants with lock-ups/forfeitures tied to closing outcomes .