Maxim Shatalov
About Maxim Shatalov
Dr. Maxim S. Shatalov is Vice President of Engineering & Technology at CVD Equipment Corporation (CVV), appointed in April 2018; he is 54 years old as of the June 16, 2025 record date and is referred to as “Dr.” in CVV’s filings, with disclosed U.S. patent holdings . Company-level performance context during his tenure includes total shareholder return (TSR) values of $119.24 (2024), $120.05 (2023) and $149.32 (2022) per $100 initial investment, with net income (loss) of $(1,898)k in 2024, $(4,180)k in 2023, and $(221)k in 2022; bookings rose 8.9% to ~$28.1M in 2024 and backlog reached ~$19.4M at year-end 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CVD Equipment Corporation | VP Engineering & Technology | 2018–present | Leads engineering and technology; senior management role |
| Sensor Electronic Technology Inc. (SETi) | Multiple technical and management roles; VP of Technology in 2017 | 2006–2018 | Responsible for UV LED technology and LED application development |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed in CVV filings for Shatalov | — | — | Biographies list SETi and CVV; no external directorships reported |
Fixed Compensation
- CVV’s DEF 14A names NEOs (CEO, CFO, SDC GM) with detailed pay tables; Shatalov is not a named executive officer, and his base salary/bonus/option grant values are not individually disclosed .
Performance Compensation
- No individual disclosure of Shatalov’s annual incentive metrics, weightings, targets, outcomes, or vesting in DEF 14A; CVV notes a Management Bonus Plan generically for NEOs, but Shatalov’s specific participation/metrics are not reported .
Equity Ownership & Alignment
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Beneficial Ownership (Shares) | 26,250 (includes options exercisable or exercisable within 60 days) | 35,000 (includes options exercisable or exercisable within 60 days) |
| Percent of Class | <1% (as disclosed) | <1% (as disclosed) |
| Shares Outstanding (Reference) | 6,825,338 (as of June 17, 2024) | 6,881,838 (as of June 16, 2025) |
| Pledging/Hedging | No pledging disclosed; company has insider trading policy restricting trading windows and requiring pre-clearance for covered persons |
- Equity plans in place: 2007 (terminated), 2016, and 2022 Equity Incentive Plans; remaining shares available for issuance and outstanding options are disclosed at plan level (not executive-specific for Shatalov) .
Employment Terms
- Appointment date and role: Appointed VP of Engineering & Technology in April 2018 .
- Employment agreement: Only CEO’s agreement is disclosed; filings state no other employment contracts or change-in-control arrangements beyond those noted .
- Clawback policy: Executive Compensation Clawback Policy effective October 2, 2023, covering current/former executive officers and requiring recovery of excess incentive-based compensation upon restatements (3-year lookback) .
- Insider trading controls: Covered persons may trade only within defined windows and must obtain pre-clearance from CFO; event-specific blackouts can apply .
Compensation Structure Analysis
- Disclosure gap: As Shatalov is not a named executive officer, detailed pay-for-performance linkages (metric weightings, target setting, PSU/RSU structures) are not available; compensation oversight is via the Compensation Committee .
- Committee composition shift: Compensation Committee membership changed—2024 included Nielsen (Chair), Waldman, Brill, Lotfi, Wasser ; 2025 comprised Lotfi (Chair), Africk, Waldman following Nielsen’s retirement and Africk’s appointment .
Related Party & Risk Indicators
- Section 16(a) compliance: CVV disclosed delinquent Forms 4 for a single transaction for multiple executives including Shatalov in 2023; otherwise filings reported timely .
- Legal/investigations: No legal proceedings disclosed involving directors in recent years; not specific to Shatalov .
- Corporate policies: Insider trading policy and Regulation FD compliance described; governance and audit processes outlined .
Performance Context (Company-Level)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| TSR Value of $100 Investment | $149.32 | $120.05 | $119.24 |
| Net Income (Loss) ($000s) | $(221) | $(4,180) | $(1,898) |
| Bookings ($MM) | — | $25.8 | $28.1 |
| Backlog ($MM, YE) | — | $18.4 | $19.4 |
Investment Implications
- Alignment and retention: Shatalov’s beneficial ownership consists of options counted as exercisable or within 60 days, with disclosed holdings rising from 26,250 (2024) to 35,000 (2025), signaling some equity exposure but below 1% ownership—alignment exists but is modest in absolute terms for a small-cap issuer; individual vesting schedules and performance-conditioned equity are not disclosed, limiting assessment of pay-for-performance rigor .
- Selling pressure and governance controls: Potential near-term liquidity from options exercisable within 60 days is mitigated by CVV’s trading windows and pre-clearance regime for covered persons, reducing opportunistic selling risk; clawback coverage adds downside protection for investors in the event of restatements .
- Execution risk and company trajectory: Engineering leadership tenure coincides with product launches (e.g., PVT200) and mixed company performance—improving bookings/backlog but ongoing net losses and sector cyclicality; absence of disclosed individual incentive metrics hampers direct linkage between Shatalov’s incentives and strategic KPIs (SiC equipment uptake, aerospace CVI systems, margin capture) .
- Monitoring priorities: Track future DEF 14A disclosures for executive-specific equity grants, option strikes/expirations, and any PSU frameworks tied to revenue, EBITDA, backlog conversion, or TSR; watch Form 4 activity for exercise/sale patterns and any pledging disclosures (none reported to-date) .