Kevin Stateham
About Kevin Stateham
Kevin Stateham, 54, serves as Vice President, Sales and Corporate Development at ConnectM (CNTM). He has led sales, client success, and M&A since June 2018, including managing nine acquisitions, and is described as a 25+ year technology sales and business development veteran who drives customer engagement, product utilization, and revenue expansion . Company performance context during his tenure: 2024 revenue grew 13.4% year over year to $22.65M, though operating losses widened; Q4 2024 revenue guidance was raised to $9M (+102% YoY), signaling accelerating momentum at that point in time .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Keen Home Inc. | Sales lead | n/d | Grew B2B sales 50% year over year |
| Network Access Solutions, Inc. | Director of Sales | n/d | Led conversion of 22,000+ USPS sites to DSL/VPN; involved in successful IPO |
n/d = not disclosed in filings.
External Roles
- No current public-company directorships or external roles for Stateham are disclosed in the reviewed filings .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 117,000 | 130,000 | 143,000 |
| Bonus ($) | 0 | 0 | 0 |
- Benefits/perquisites: Employees (including NEOs) eligible for 401(k) with 50% match on first 6% of pay, plus standard health and welfare benefits; perquisites determined case-by-case .
Performance Compensation
- Annual incentives: No target bonus program, performance metrics, or payouts disclosed for Stateham in 2022–2024; salary was the only reported compensation element for him in those years .
- Long-term incentives: No RSUs/PSUs or new option grants disclosed to Stateham in 2022–2024; legacy options outstanding are summarized below .
Equity Ownership & Alignment
| As-of Date | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Dec 31, 2024 | 24,967 | <1% | Consists of options exercisable within 60 days |
| Mar 17, 2025 | 24,967 | <1% (35,505,015 SO) | Consists of options exercisable within 60 days |
| Record Date for Sept 2025 Proxy | 274,967 | <1% (71,306,078 SO) | Includes 24,967 options exercisable within 60 days |
Outstanding Equity Awards (12/31/2024):
| Award Type | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested Stock/Units (#) |
|---|---|---|---|---|---|
| Stock Options | 24,910 | 0 | 0.50 | Nov 15, 2030 | 0 |
- Option plan design: Legacy options generally vest over four years; 2023 Plan prohibits automatic single-trigger CIC vesting and allows the committee discretion to accelerate if employment is terminated as a result of a Change in Control; awards subject to company clawback policy .
- Pledging/hedging: Hedging and margin are prohibited by policy; pre-clearance and blackout windows apply; 10b5-1 plans permitted with 30-day cooling-off .
Option Intrinsic Value Context:
- Company disclosed total intrinsic value of all outstanding options as ~$288,000 at 12/31/24; Stateham held 24,910 of 473,929 total options outstanding (all exercisable) .
Employment Terms
- Employment agreements: The company discloses “no employment agreements or offer letters” for named executive officers, including Stateham .
- Severance/CoC: No individual severance multiples disclosed. Under the 2023 Plan, the committee may accelerate vesting or cash out awards upon a Change in Control; no automatic single-trigger vesting; acceleration can apply where employment is terminated as a result of the CoC .
- Clawback: Awards under the 2023 Plan are subject to recovery under any company clawback policy .
- Trading policies: Insiders must pre-clear trades; trading limited to open windows; hedging and margin prohibited; 10b5-1 plans allowed with 30-day cooling-off; Section 16 short-swing profit rules emphasized .
- Liquidity constraints post-SPAC: Because the company was a “shell company” prior to the business combination, Rule 144 resale was unavailable for approximately one year after closing (July 12, 2024), affecting affiliate liquidity timing in 2024–2025 .
Compensation Structure Analysis
- Cash vs equity mix: 2022–2024 compensation for Stateham was entirely base salary, with no bonuses or new equity grants reported; suggests low at-risk pay and retention largely via legacy fully vested options .
- Shift in LTI design: The 2023 Plan authorizes stock options, RSUs, PSUs, and cash-based awards with a 1-year minimum vesting standard (limited exceptions), but no grants had been authorized under the 2023 Plan as of 12/31/24; potential for future equity grants exists .
- Governance features: No single-trigger CIC vesting; no repricing/cash buyouts of options without shareholder approval; no dividends on unvested RS/RSUs .
Performance & Track Record
- Role impact: Leads sales, client relations, and M&A; nine acquisitions since 2018, positioning for growth across segments .
- Company operating context: 2024 revenue grew 13.4% YoY to $22.65M; operating losses widened with public-company and transaction costs; Q4 2024 revenue guidance was raised to $9M (+102% YoY) prior to filing the 10-K .
Compensation Committee and Governance Notes
- Board committee memberships indicate Compensation Committee includes independent directors (identified via footnote (2) in the director table) .
- As an emerging growth company, CNTM uses scaled executive compensation disclosure and has not historically maintained a formal non-employee director compensation program; decisions on executive pay are overseen by the Compensation Committee .
Investment Implications
- Alignment: Stateham’s direct equity exposure appears modest (<1% ownership; 274,967 shares including 24,967 options per Sept 2025 proxy), with legacy options fully vested (exercisable at $0.50, expiring 2030), providing upside but limited incremental retention tether absent new grants .
- Retention risk: No employment agreement or disclosed severance terms; with at-risk pay minimal (no bonus, no recent equity awards), retention may rely on future equity grants under the 2023 Plan to better align and incentivize .
- Selling pressure: Fully vested options and the lifting of Rule 144 constraints around mid-2025 could increase insider liquidity flexibility, but pre-clearance, blackout windows, and hedging/margin prohibitions temper opportunistic selling; 10b5-1 plans can smooth execution .
- Execution risk vs growth: Sales/M&A leadership and nine acquisitions support growth initiatives; however, 2024 loss profile and public-company cost ramp underscore execution risk. Q4 2024 guidance raised 102% YoY and broader 2024 growth signal demand tailwinds, but sustained profitability and cash generation remain key for value creation .