C. Brian Coad
About C. Brian Coad
C. Brian Coad, CFA, 55, has served as Cartica Acquisition Corp’s Chief Operating Officer and Chief Financial Officer since February 9, 2021; he holds a BBA in Finance from Southern Methodist University and is a Chartered Financial Analyst . Cartica is a SPAC; executive-level pay-for-performance metrics such as TSR, revenue, and EBITDA growth are not disclosed, and company filings highlight going-concern and liquidity risks absent completion of a business combination by February 7, 2026 . Since April 2024, Coad has also served as CEO and director of Capitalworks Emerging Markets Acquisition Corp (OTC: CMCAF), now Piermont Valley Acquisition Corp, in parallel with his Cartica role .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cartica Management, LLC | Chief Operating Officer | 2012–2020 | Built and ran non-investment operations; broad platform oversight |
| PrinceRidge Holdings LP | CFO and Head of Strategic Planning | Not disclosed | Built finance/accounting; led treasury, tax, and supported clearing/ops |
| Broadpoint Securities Group, Inc. (Nasdaq: BPSG) | CFO; previously Director of FP&A | Not disclosed | Led external/regulatory reporting, clearing ops, enterprise risk |
| Frost Securities, Inc. | Co-founder and CFO | Not disclosed | Managed finance, accounting, operations, legal, compliance, IT, admin |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Capitalworks Emerging Markets Acquisition Corp (now Piermont Valley Acquisition Corp; OTC: CMCAF) | Chief Executive Officer; Director | Since Apr 2024 | SPAC leadership and board role, indicating multi-SPAC execution experience |
Fixed Compensation
| Component | Terms | Period | Notes |
|---|---|---|---|
| Base Salary | $200,000 annual cash salary (paid by Sponsor under Amended Administrative Support Agreement) | Ongoing post-May 23, 2023 | Company ceased CEO salary and office support payments; CFO salary shifted to Sponsor |
| Target Bonus | Up to $150,000 (cash; paid by Sponsor) | Ongoing post-May 23, 2023 | Performance metrics not specified |
| Company payment to Sponsor for services | $16,666.67 per month | From May 31, 2023 until termination | Covers office space, utilities, and support; CFO compensation funded by Sponsor |
| Company-Reported Service Fees to Sponsor | FY 2023 | FY 2024 | 9M 2025 |
|---|---|---|---|
| Fees incurred/paid for services (includes agreement costs) | $320,333 | $200,000 incurred; $183,333 paid | $150,000 incurred and paid |
Historical IPO-related compensation: At the IPO closing (Jan 2022), $549,000 represented compensation and bonuses paid to Mr. Goel and Mr. Coad through the IPO (aggregate amount; individual split not disclosed) .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual bonus (cash) | Not disclosed | Up to $150,000 | Not disclosed | Not disclosed | Not disclosed |
Notes: No RSU/PSU or option awards disclosed for Coad by Cartica; future equity plan terms in DEFM14A relate to Nidar post-combination and are not specific to Coad .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Class A and B) | 0 shares; no reported percentage ownership for Coad as of the DEF 14A record dates |
| Sponsor interest | Each executive officer holds a membership interest in the Sponsor (economic alignment not quantified) |
| Pledged shares | None disclosed |
| Stock ownership guidelines | None disclosed |
| Options/RSUs (vested/unvested) | None disclosed |
Employment Terms
| Term | Detail |
|---|---|
| Role start date | COO and CFO since February 9, 2021 |
| Contract structure | Administrative Support Agreement (amended May 23, 2023): Sponsor pays CFO salary and bonus; Company pays Sponsor monthly service fee |
| Severance | Not disclosed |
| Change-of-control | Not disclosed for Cartica; Nidar’s plan allows potential acceleration or cash-out at Committee discretion for plan awards (general plan terms; not individual) |
| Clawback | Not disclosed |
| Non-compete / Non-solicit | Not disclosed |
Transaction execution involvement: Coad participated in business combination negotiations (e.g., April 2024 deliberations on PIPE removal and minimum cash condition changes) .
Investment Implications
- Pay-for-performance alignment: Coad’s compensation is predominantly fixed cash (salary) with a capped bonus and no disclosed equity grants, resulting in limited direct share-based alignment; while he holds a membership interest in the Sponsor, the magnitude is not quantified for investors .
- Insider selling pressure: With zero reported beneficial share ownership and no disclosed equity/option awards, near-term insider selling pressure tied to Coad appears low; no pledging disclosed .
- Retention risk: Compensation is sponsored rather than company payroll, and lacks long-term equity vesting mechanics, which may reduce retention lock-in typical of RSUs/PSUs; severance and change-of-control economics are not disclosed, limiting visibility on retention levers .
- Execution risk and signals: Filings flag going-concern risks absent completing a business combination by February 7, 2026, elevating the importance of CFO execution on deal closure and financing; Coad’s direct involvement in revising transaction terms suggests active leadership, but performance metrics for incentive payout are not disclosed, weakening pay-for-performance transparency .
- Governance and related-party considerations: The structure whereby the Sponsor pays Coad’s salary/bonus and the Company pays the Sponsor monthly service fees is a related-party dynamic; the audit committee reviews payments each quarter, but no cap exists on reimbursements of out-of-pocket expenses to officers/directors/affiliates .