Stephen Markscheid
About Stephen Markscheid
Independent director at Four Leaf Acquisition Corporation (“Four Leaf”/FORLU) since 2022. Managing Principal of Aerion Capital; previously led GE Capital’s Asia-Pacific business development (1998–2006) and worked at Boston Consulting Group across Asia . Tenure indicated by sponsor’s grant of 25,000 founder shares to Markscheid on August 26, 2022, vesting upon completion of the business combination . Listed by WSJ as an Independent Director of Four Leaf .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GE Capital | Led Asia-Pacific business development | 1998–2006 | Strategic M&A/investments leadership |
| Boston Consulting Group | Consultant across Asia | Prior to 1998 | Strategy advisory experience |
| Aerion Capital | Managing Principal | 2019–present | Family office leadership; investment oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| JinkoSolar Holding Co., Ltd. | Director | Ongoing (as disclosed) | Public company board experience |
| ConnectM Technology Solutions, Inc. (post-combination of Monterey Capital Acquisition) | Director | Since Jul 2024 | Public company director post-SPAC |
| Richtech Robotics Inc. | Independent Director; Chair, Compensation Committee; Member, Audit & Nominating | As of Sep 2025 | Committee leadership; independence affirmed |
| Charlton Aria Acquisition Corp. | Independent Director | Since Oct 2024 | SPAC director |
| Shepherd Ave Capital Acquisition Corp. | Independent Director | Since Dec 2024 | SPAC director; audit committee financial expert designation in filing |
| Starry Sea Acquisition Corp. | Independent Director | Since Jun 2025 | SPAC director; external role inventory shows FORL among his boards |
| Tristar Acquisition I Corp. | Director (resigned at business combination) | Aug 2023–Aug 2024 | Resigned at de-SPAC |
Board Governance
- Committee memberships (FORLU): Audit Committee Chair; audit committee consists of Markscheid and Mewawalla (note: Nasdaq/SEC rules typically require 3 independent members; disclosure notes requirement) .
- Nominating/governance: Four Leaf disclosed it did not have a standing nominating committee at IPO; independent directors recommend nominees; intent to form corporate governance/nominating committee as required .
- Independence status: Listed as Independent Director (external profile) .
Fixed Compensation
| Component | Detail | Grant Date | Vesting/Terms |
|---|---|---|---|
| Founder Shares (Class B) | 25,000 founder shares transferred to Markscheid by sponsor | Aug 26, 2022 | Vest simultaneously with closing of initial business combination, contingent on continuous board service through closing |
No cash retainers, meeting fees, or chair fees are disclosed in the 2025 special meeting proxy; directors may solicit proxies without additional compensation beyond standard arrangements .
Performance Compensation
| Performance-Linked Element | Metric/Condition | Measurement Window | Status |
|---|---|---|---|
| Founder Shares vesting | Completion of Four Leaf’s initial business combination; continuous service until closing | Until de-SPAC closing | Unvested until business combination completes |
Other Directorships & Interlocks
| Company | Overlap Type | Potential Conflict/Information Flow Consideration |
|---|---|---|
| Multiple SPACs (FORLU, CHAR, SPHA, SSEAU; prior TRIS, MCAC) | Multi-SPAC directorships | Allocation policy disclosed: first suitable SPAC opportunity to Four Leaf, second to Charlton Aria, third to Shepherd Ave—mitigates but does not eliminate inter-SPAC conflicts . |
| JinkoSolar, Richtech Robotics, ConnectM | Public company boards | Cross-industry insights; committee leadership at Richtech (Compensation Chair) . |
Expertise & Qualifications
- Audit oversight: Chairs Four Leaf’s audit committee; in other filings, designated as audit committee financial expert (e.g., Shepherd Ave SPAC) .
- Strategic/M&A: Led GE Capital’s Asia-Pacific BD; consulting background with BCG; Managing Principal at Aerion Capital .
- Governance: Committee leadership at Richtech Robotics (Compensation Chair) and membership on Audit and Nominating committees .
Equity Ownership
| Holder | Class B Founder Shares | % of Outstanding Shares | Notes |
|---|---|---|---|
| Stephen Markscheid | 25,000 | <1% of 4,078,153 total outstanding (Class A + Class B) | Founder shares convert 1-for-1 into Class A upon business combination; vest upon de-SPAC completion . |
No pledging/hedging or separable options reported for Markscheid in Four Leaf’s 2025 special meeting proxy; founder shares are subject to vesting/convertibility as described .
Governance Assessment
- Committee effectiveness: Markscheid chairs Audit at Four Leaf, bringing financial and oversight expertise. However, Four Leaf’s 10-K notes an audit committee of two (Markscheid and Mewawalla) despite typical Nasdaq/SEC requirements for three independent members—investors should monitor committee completeness and compliance .
- Alignment and incentives: Founder shares awarded to independent directors vest only upon completing the business combination, aligning with de-SPAC completion but potentially incentivizing a deal over liquidation; directors and sponsor have agreed not to redeem their shares in such votes .
- Conflicts and related-party exposure: Sponsor loans outstanding ($2,270,100) are repayable only upon consummation of a business combination or convertible into warrants at $1.00, which may bias toward completion; directors/sponsor hold private warrants and founder shares that become valuable if a deal closes .
- Foreign ownership/CFIUS risk: Sponsor controlled 81.4% by PRC resident Alvin Wang; with sponsor owning ~33.2% of outstanding shares, Four Leaf may be considered a “foreign person,” creating CFIUS risks for certain U.S. targets; timing constraints tied to CFIUS review elevate closing risk .
- Shareholder protections: Public stockholders retain redemption rights at de-SPAC; proceeds in trust will not be used to pay the 1% excise tax; sponsor indemnification exists to maintain trust minimum per-share value under certain conditions .
Overall signal: Strong audit/finance background and multi-board experience support oversight quality; nonetheless, SPAC-standard founder share grants and sponsor financing create incentives toward deal completion, and the sponsor’s foreign control introduces regulatory risk (CFIUS) that could impact transaction feasibility and timing .
Document References
- Four Leaf DEF 14A (2025-06-16): founder share vesting; security ownership; redemption mechanics; sponsor/director interests .
- Four Leaf 10-K (2025-04-30): Markscheid biography; audit committee composition and chair .
- Four Leaf IPO Prospectus 424B4 (2023): committee structure; nominating approach .
- External company filings for other boards and committee roles: Richtech Robotics DEF 14A; Starry Sea ACQ 424B4; Shepherd Ave ACQ filings .