Matthew Szot
About Matthew Szot
Matthew Szot is Chief Financial Officer of Cadrenal Therapeutics (CVKD), serving since May 2022. He is 51 years old, holds a BS in Agricultural Economics/Accountancy from the University of Illinois, and is a California-licensed CPA. His background spans public-company CFO roles, board audit leadership, and capital markets/M&A execution across life sciences and consumer sectors . Performance-linked compensation includes a 50% target annual bonus and equity awards; 2024 actual bonus was $263,126 on $435,850 salary, and he received $155,503 in option grant fair value for 2024 under ASC 718 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| S&W Seed Company (Nasdaq) | EVP & CFO | 2010–2021 | Led public-company finance, M&A, capital raising, governance, and international operations |
| Cardiff Partners, LLC | CFO (executive financial services) | 2007–2011 | Provided executive finance services to public/private companies |
| Rip Curl, Inc. | CFO | 2003–2006 | Led finance for market leader in wetsuit/action sports apparel |
| KPMG (San Diego/Chicago) | CPA, Audit Manager | 1996–2003 | Managed audits for publicly traded companies |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| INVO Fertility, Inc. (Nasdaq) | Director; Audit Committee Chair | Since 2020 | Ongoing board service with audit leadership |
| SenesTech, Inc. (Nasdaq) | Director; Chair of Audit and Nominating & Governance Committees | Current | Board and dual-committee chair roles |
| Eastside Distilling (Nasdaq) | Director; Audit Committee Chair | 2018–2019 | Board/audit leadership |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 377,180 | 435,850 |
| Annual Bonus Paid ($) | 184,053 | 263,126 |
| Stock Awards ($, ASC 718) | 250,000 | — |
| Option Awards ($, ASC 718) | — | 155,503 |
| All Other Compensation ($) | 33,657 | 13,800 |
| Total ($) | 844,890 | 868,279 |
- Employment agreement base salary progression: $375,000 (initial) → $415,000 (effective 6/1/2023) → $435,750 (1/1/2024) → $459,716 (1/1/2025). Target bonus: up to 50% of base .
- 2024 bonus exceeded the 50% target based on disclosed amounts and target policy .
Performance Compensation
Annual Cash Bonus Plan (NEOs)
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Not disclosed | — | Not disclosed | Not disclosed | Not disclosed | Bonuses are “based upon the achievement of ... performance targets and goals as set by our board of directors”; specific metrics and weights not disclosed . |
Key Equity Awards (Szot)
| Grant Date | Type | Shares/Units | Strike ($) | Vesting | Expiration | 2024 ASC 718 Fair Value ($) |
|---|---|---|---|---|---|---|
| 05/17/2022 | Restricted Stock | 450,000 | — | Vests quarterly over 2 years (fully vested by ~May 2024) | — | — |
| 01/18/2024 | Stock Options | 16,667 | 14.10 | 25% on 02/01/2025; then monthly over 36 months | 01/17/2034 | 155,503 (aggregate 2024 options value) |
- Company equity plan/clawback: Performance-based comp (cash or equity) is subject to clawback upon an accounting restatement; equity grants typically are at fair market value; annual grant cadence intended around first board meeting each fiscal year .
Equity Ownership & Alignment
| Snapshot Date | Shares Beneficially Owned | % of Outstanding | Breakdown/Notes |
|---|---|---|---|
| 03/07/2024 | 500,000 | 3.12% | 450,000 restricted stock (vesting over 2 years) + 50,000 common; excludes 250,000 options not yet exercisable within 60 days . |
| 03/13/2025 | 38,194 | 2.03% | 33,333 common + 4,861 options exercisable within 60 days . |
| 07/28/2025 | 39,236 | 1.91% | 33,333 common + 5,903 options exercisable within 60 days . |
- Anti-hedging/anti-pledging: Company policy prohibits short sales, options trading, hedging, trading on margin, and pledging of Company stock for officers/directors; pre-clearance and 10b5-1 plan parameters apply .
- Ownership guidelines: Not disclosed.
- Vested vs unvested and ITM value: Not fully disclosed beyond exercisable options within 60 days in the ownership tables .
Employment Terms
| Scenario | Cash Severance | Bonus Treatment | Equity | Option Exercise | COBRA |
|---|---|---|---|---|---|
| Termination without Cause or Resignation for Good Reason (not related to CoC) | 12 months base salary (continuation) | Lump sum equal to target bonus for the calendar year of termination | Full acceleration of all outstanding equity/equity-based awards | Extension to full term of any stock option | Company pays full premiums for 12 months (subject to conditions) |
| Termination without Cause or Resignation for Good Reason during Change-of-Control Period | Lump sum equal to 12 months base salary + target bonus | Included in lump sum as above | Full acceleration of all outstanding equity/equity-based awards | Extension to full term of any stock option | Company pays full premiums for 12 months (subject to conditions) |
| Death or Disability | Lump sum equal to 12 months base salary | — | Full acceleration of all outstanding equity/equity-based awards | — | Accrued obligations paid as applicable |
| For Cause or Voluntary Quit (no Good Reason) | Accrued obligations only | — | Forfeiture per plan/agreements | Forfeiture if for cause | — |
- Equity plan CoC default: Unvested awards to employees/consultants are forfeited unless assumed/continued/substituted; board may elect to accelerate unvested awards or cash-settle at fair market value, subject to 409A .
Governance, Policies, and Related-Party
- Compensation Committee: Independent directors; administers equity plans and executive/director pay .
- Clawback: Enables recovery of performance-based compensation after an accounting restatement .
- Related-party transactions: Other than executive/director compensation arrangements, no related-party transactions meeting Item 404 S-K thresholds since Jan 1, 2023 .
- Section 16 compliance: Disclosed late filings pertained to other executives; no noted issues specific to Szot .
Performance & Track Record
- SOX Certifications: As CFO, Szot signed Section 302 and 906 certifications for FY 2023 Form 10-K .
- Corporate capabilities: Brings extensive M&A, strategy, capital markets, governance, and operating process improvement experience; international operations and licensing experience cited .
Investment Implications
- Pay-for-performance alignment: Structure uses a 50% target bonus and equity; however, specific annual incentive metrics/weights are not disclosed, limiting external assessment of pay rigor. 2024 cash bonus exceeded the 50% target, indicating above-target outcomes against undisclosed goals .
- Retention and acceleration risk: Employment terms provide full equity acceleration if terminated without Cause or resigns for Good Reason, even outside a change-of-control—plus extension of option exercisability to full term—features that may reduce the “stickiness” of equity as a retention tool relative to typical double-trigger CoC structures .
- Selling pressure watchpoints: 2024 option grant vests monthly after an initial cliff (25% on 2/1/2025, then monthly over 36 months), creating ongoing monthly vesting through early 2028; while hedging/pledging are prohibited, monthly vesting can create periodic liquidity windows for insiders .
- Alignment and risk controls: Anti-hedging/anti-pledging policy and a formal clawback are positives for shareholder alignment and risk governance .
- Ownership trend: Beneficial ownership moved from 500,000 shares (3.12%) as of March 2024 to ~2% of outstanding shares on the materially reduced share base in 2025; current line-of-sight includes modest near-term exercisable options (5,903 within 60 days as of July 28, 2025) .