Charles van Es
About Charles van Es
Chief Sales Officer at The Vita Coco Company since October 2019; previously Vice President of Marketing (2016–2019) and held various marketing roles at Heineken N.V. (2003–2016), including Senior Director of Portfolio Brands (2013–2015). Education: MBA from Columbia University and MSc in Chemical Engineering from Delft University of Technology . Company performance metrics tied to executive bonuses show strong results in 2024: Total Net Revenue grew 4.5%, Branded Net Revenue grew 9.6%, and Adjusted EBITDA reached $84 million vs $77 million target, resulting in a 160.8% corporate performance factor (no ESG modifier applied) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Vita Coco Company | Chief Sales Officer | Oct 2019–Present | Leads sales organization; tenure aligned with strong corporate performance metrics underpinning incentive payouts |
| The Vita Coco Company | Vice President of Marketing | 2016–2019 | Led U.S. marketing; foundation for branded growth emphasis later embedded in bonus design |
| Heineken N.V. | Various Marketing Roles | 2003–2016 | Senior Director of Portfolio Brands (2013–2015); portfolio strategy and brand management experience |
External Roles
No public company directorships or external board roles disclosed for van Es .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $346,000 | $365,000 | $375,000 |
| Employment Agreement Base (at least) ($) | $300,000 (CSO Agreement effective Feb 10, 2020) | — | — |
- Target bonus percentage for van Es: 60% of base salary in 2024 .
- Clawback policy: company may recover cash or equity-based compensation upon material revisions to financial results .
- No pledging or hedging permitted; no tax gross-ups; no option repricing without shareholder approval .
Performance Compensation
Annual Incentive Design and Results
| Metric | Weighting | Minimum | Target | Maximum | 2024 Actual | Payout Basis |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 50% | ≥ $71M | $77M | ≥ $88M | $84M | Factor 0–200% per metric; aggregate Corporate Performance Factor 160.8% |
| Total Net Revenue | 25% | ≥ 0.0% | 1.6% | ≥ 7.1% | 4.5% | Included in Corporate Performance Factor 160.8% |
| Branded Net Revenue | 25% | ≥ 3.5% | 7.0% | ≥ 12.5% | 9.6% | Included in Corporate Performance Factor 160.8% |
| ESG Modifier | ±10 percentage points | — | — | — | Not applied (satisfactory progress) | Final payouts unaffected |
Annual Bonus Outcomes (van Es)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary at Year End ($) | $346,000 | $365,000 | $375,000 |
| Target Bonus ($) | — | $219,000 | $225,000 |
| Corporate Performance Factor (%) | — | 187.5% | 160.8% |
| Resulting Annual Bonus Payout ($) | $83,040 (Non-Equity Incentive Plan Comp) | $410,625 | $361,800 |
| Transaction Bonus ($) | — | $15,000 (paid early 2024 for 2023 transactions) | — |
2024 Equity Grants (grant-date fair value)
- RSUs: $276,000 to van Es; options: $92,000; RSUs and options generally vest ratably over four years, subject to continued service; PSUs issued in 2023–2024 can vest 0–200% based on performance .
Equity Ownership & Alignment
Beneficial Ownership (as of April 7, 2025)
| Item | Amount |
|---|---|
| Total Beneficial Ownership (# shares) | 203,863 |
| Ownership as % of Shares Outstanding | Less than 1% |
| Breakdown | 193,872 shares via fully vested and exercisable options; 9,991 shares directly |
Outstanding Equity Awards at Fiscal Year-End (Dec 31, 2024)
| Award Type | Status | Quantity | Exercise Price | Expiration | Vesting Schedule / Notes |
|---|---|---|---|---|---|
| Stock Options | Exercisable | 43,532 | $15.00 | 10/21/2031 | 4-year equal annual installments starting 11/27/2022 |
| Stock Options | Unexercisable | 14,511 | $15.00 | 10/21/2031 | Time-based, as above |
| Stock Options | Unexercisable | 42,980 | $15.36 | 8/15/2032 | Time-based vesting per 2021 Plan |
| Stock Options | Exercisable | 3,551 | $16.91 | 3/10/2033 | 4-year equal annual installments starting 3/10/2024 |
| Stock Options | Unexercisable | 10,654 | $16.91 | 3/10/2033 | As above |
| Stock Options (Performance) | Unearned | 14,025 | $16.91 | 3/10/2033 | 100% vest upon performance by end of 2025; 50% if first met in 2026 |
| Stock Options | Unexercisable | 8,746 | $27.59 | 3/4/2034 | 4-year equal annual installments starting 3/4/2025 |
| Stock Options (Performance) | Earned & Vesting | 4,550 | $10.18 | 1/11/2031 | Earned when performance met; vested 50% on 1/11/2023 and 50% on 1/11/2025 |
| Stock Options | Exercisable | 9,100 | $10.18 | 1/11/2031 | Mixed ex/unexercisable 9,100/9,100 |
| RSUs (time-based) | Unvested | 9,583 | — | — | Vests in equal annual installments starting 11/27/2022; MV $353,709 at $36.91 |
| RSUs (time-based) | Unvested | 10,542 | — | — | Vests starting 3/4/2025; MV $389,105 |
| RSUs (PSUs) | Performance | 3,514 | — | — | Up to 200% vest upon 2026 performance; MV $129,702 |
| RSUs (time-based) | Unvested | 4,435 | — | — | 2024 grants; MV $163,696 |
| RSUs (time-based) | Unvested | 5,914 | — | — | 2024 grants; MV $218,286 |
| RSUs (time-based) | Unvested | 58,594 | — | — | 2022 grant; MV $2,162,705 |
| Valuation Basis | — | — | — | — | Market value based on $36.91 closing price on 12/31/2024 |
- General vesting policies: RSUs vest equally over four years (first vest on 1-year anniversary); options vest equally over four years; PSUs vest upon attainment of defined performance goals .
Employment Terms
| Provision | Detail |
|---|---|
| Employment Agreement | CSO Agreement dated Feb 10, 2020; base salary at least $300,000; annual bonus 35% of salary with additional 35% stretch; same termination terms as COO Agreement |
| Severance (Involuntary Without Cause/Good Reason) | Six months of base salary, plus additional months for service beyond six years (capped at six additional months); pro-rated bonus if termination occurs >4 months into year and cooperation on transition |
| Modeled Severance (2025 Proxy) | Severance $281,250; Pro-rated annual incentive bonus $131,250; Total $350,000 |
| Change-of-Control (Modeled) | Accelerated vesting of unvested equity valued at $5,253,326 (based on $36.91 stock price at 12/31/2024) |
| Benefits Post-Termination | No health insurance benefits under agreements |
| Clawback | Recovery of cash/equity comp upon material revisions to financial results |
| Single-Trigger Policy | Company policy: no single-trigger severance; no single-trigger equity acceleration for assumed awards |
Investment Implications
- Pay-for-performance alignment: Incentive design heavily weights Adjusted EBITDA and revenue; 2024 produced a 160.8% corporate performance factor, driving a $361,800 bonus for van Es on a $375,000 base with target 60%—clear linkage of pay to operational performance .
- Retention and potential selling pressure: Large unvested RSU/PSU balances and multi-year option schedules with vesting dates through 2026 (e.g., RSUs starting 3/4/2025 and PSUs with 2026 performance vesting) suggest strong retention hooks, but could create periodic selling pressure upon vesting events (e.g., 1/11/2025 performance option vest) .
- Ownership alignment: Beneficial ownership is modest (<1%) with 203,863 shares, predominantly via fully vested options (193,872), indicating alignment via incentive equity rather than substantial outright shareholdings; the firm’s no-pledging policy mitigates alignment risk .
- Downside protection and governance: No tax gross-ups, clawback policy, and no single-trigger severance/equity for assumed awards reflect shareholder-friendly governance; modeled change-of-control equity acceleration of $5.25 million highlights potential windfall in M&A scenarios .
- Cash vs equity mix trend: 2024 compensation includes $367,986 in stock awards and $92,008 in options alongside bonus and salary, reinforcing equity-heavy at-risk pay consistent with committee’s philosophy and use of PSUs to tighten performance alignment .