Chris H. Panagiotakos
About Chris H. Panagiotakos
Chris H. Panagiotakos, 52, is Chief Financial Officer (since May 18, 2021) and Treasurer (since 2024) at Data Storage Corporation (DTST). He is a CPA with a BBA in Accounting from Baruch College and an MBA from Texas A&M University–Commerce, with 26+ years in public company accounting and prior leadership at Cineverse (fka Cinedigm) and Young Broadcasting . Under his tenure, DTST reported FY 2022–2024 revenues of $23.9M*, $25.0M*, and $25.37M*; EBITDA of -$0.53M*, $1.13M*, and $1.43M*; and net income of -$4.36M*, $0.38M*, and $0.52M* (see tables below). DTST’s pay-versus-performance TSR measure shows an initial $100 investment valued at $48 in 2022, $94 in 2023, and $138 in 2024 .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 23,870,837* | 24,959,576* | 25,371,303* |
| EBITDA ($) | -528,104* | 1,133,183* | 1,430,129* |
| Net Income ($) | -4,356,802* | 381,575* | 523,214* |
Values retrieved from S&P Global.*
| “Value of $100” TSR | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cumulative TSR ($) | 48 | 94 | 138 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cineverse Corp. (fka Cinedigm) | VP, Corporate Controller | 2017–2021 | Led accounting, external audits, compliance, controls, and staff development . |
| Cinedigm Corp. | Corporate Assistant Controller | 2013–2017 | Supported public company accounting, controls, and reporting . |
| Young Broadcasting Inc. | Controller (division) / Assistant Corporate Controller | 2004–2013 | Broad accounting leadership across roles in a media enterprise . |
External Roles
- Not a director of DTST; listed as “executive officer who is not a member of the Board of Directors” .
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | 215,000 | 235,000 | Employment agreement set base at $215k (2023) and $235k (2024, 2025) . |
| Target Annual Bonus (% of base) | 25% | 25% | Per employment agreement. |
| Actual Bonus Paid ($) | 100,625 | 158,750 | Reported in SCT. |
| Stock Awards – Grant Date Fair Value ($) | 53,052 | 56,250 | Reported in SCT under FASB ASC 718. |
| Option Awards – Grant Date Fair Value ($) | 52,967 | 53,678 | Reported in SCT; Black‑Scholes valuation. |
| Other Compensation ($) | 8,983 | 7,963 | Employer health insurance and 401(k) match . |
Additional contractual elements:
- Equity award policy: Annual equity award with total value equal to 25% of base salary, split equally between RSUs and options; plus a long-term incentive (RSUs/options) equal to 25% of base salary; and a $45,000 financial achievement bonus eligibility .
- 1/2/2024 option grant: 19,198 options, exercise price $2.93, grant-date fair value $53,678 .
Performance Compensation
- Plan design: For the most recent fiscal year, DTST did not use “financial performance measures” under Item 402(v) to link NEO compensation to company performance (smaller reporting company disclosure) .
- Annual cash bonus: Target 25% of base per employment agreement; actual 2024 payout $158,750 (mechanics/metrics not disclosed as formulaic) .
| Incentive | Metric(s) | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Cash Bonus | Not formulaic financial metrics (per 402(v) disclosure) | — | 25% of base | $158,750 (2024) | Cash, annual. |
| Annual Equity | Time-based RSUs and options (split of equity per agreement) | — | 25% of base for annual equity; additional LT incentive of 25% of base | RSU FV $56,250; Option FV $53,678 (2024 SCT) | RSUs/Options vest 1/3 annually ; options @ $2.93 granted 1/2/2024 . |
Clawback and trading constraints:
- Clawback policy permits recovery of performance-based compensation upon an accounting restatement; recovery form/timing at Board discretion .
- Insider trading policy prohibits hedging and pledging of DTST stock by executives/directors .
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 48,590; less than 1% of outstanding . |
| Common Shares Owned Directly | 21,259 . |
| Options Exercisable Within 60 Days | 27,331 . |
| Unvested Awards Accelerating on Divestiture | 31,285 options; 30,302 RSUs (assumes closing and conditions) . |
| Anti‑Pledging / Hedging | Prohibited by policy for executives/directors . |
Outstanding equity and vesting (as of 12/31/2024):
- RSUs: 9,804; 11,129; 9,172; 10,026 unvested; RSUs vest 33.33% on each of the 1-, 2-, and 3‑year anniversaries following grant .
- Options: Multiple tranches including 3/1/2023 (4,902 ex/9,804 unex at $1.78, exp 2/28/2033), 3/28/2023 (5,564 ex/11,129 unex at $1.61, exp 3/27/2033), and 1/2/2024 awards totaling 19,198 options at $2.93 (2024 option details and fair value also disclosed separately) .
Employment Terms
| Term | Detail |
|---|---|
| Role and Start | CFO since May 18, 2021; Treasurer since 2024 . |
| Agreement Term | Employment agreement dated March 28, 2023; initial 3-year term with automatic one‑year renewals; terminable with/without cause . |
| Cash Compensation | 2023 base $215k; 2024 and 2025 base $235k; annual cash bonus target 25% of base . |
| Equity Compensation | Annual equity award with total value equal to 25% of base salary, split between RSUs and options; plus LT incentive (RSUs/options) equal to 25% of base; eligible $45k financial achievement bonus . |
| Severance (no CIC) | If terminated without cause or resigns for “Good Reason”: salary for the remainder of the term; all stock options/other equity accelerate and become fully vested and exercisable at termination . |
| Change-in-Control (CIC) | If terminated without cause or resigns for Good Reason within 24 months of a CIC: (i) salary for the remainder of the term; (ii) lump sum equal to 2x annual base salary; (iii) if prior year corporate financial objectives achieved and separation occurs before prior-year bonus payment, one‑times the annual $100,000 cash bonus; (iv) full equity acceleration; DTST determined the Divestiture is a CIC . |
| Estimated CIC Equity Acceleration | For illustration tied to the Divestiture assumptions, estimated equity acceleration for Panagiotakos: $219,229.30 (assuming $5.00 share price and 8/7/2025 close) . |
| Clawback | Recovery of incentive compensation upon accounting restatement . |
| Hedging/Pledging | Prohibited . |
Performance & Track Record
- Governance/finance leadership: Elevated to Treasurer in 2024; long-tenured accounting leader with CPA credentials .
- Company financial performance reference points: FY 2022–2024 revenues, EBITDA, and net income shown above; proxy TSR “value of $100” improved from $48 (2022) to $138 (2024) .
- Section 16(a) compliance note: DTST disclosed certain untimely Section 16 filings, including Form 4s by Christos (Chris) Panagiotakos on March 5, 2024 and April 2, 2024 .
Investment Implications
- Pay-for-performance: As an SRC, DTST did not use formulaic financial performance measures for NEO pay in 2024; cash bonuses appear discretionary relative to stated 25% target, while equity is primarily time-based with 1/3 annual vesting—moderate alignment but less leverage to explicit financial metrics in the last year .
- Retention/CIC economics: The combination of salary-for-remaining-term, 2x base salary lump sum on CIC-related termination, potential $100,000 prior-year bonus payment, and full equity acceleration creates strong protection and could influence retention/negotiating posture through the Divestiture close .
- Trading/overhang signals: Material unvested awards (31,285 options and 30,302 RSUs) could accelerate upon Divestiture, potentially increasing near-term selling pressure post-vesting; anti-hedging/anti‑pledging policy mitigates alignment risks .
- Ownership alignment: Beneficial ownership is <1% (48,590 shares including options exercisable within 60 days), indicating limited direct equity stake vs. peers; however, equity is an ongoing component of compensation .
- Governance controls: Clawback policy and trading restrictions are positives; isolated Section 16(a) filing delays are a minor red flag to monitor for process discipline .