Paul Bloom
GevoAbout Paul Bloom
Paul D. Bloom, age 51, is Chief Business Officer at Gevo (since February 2025) and previously served as Chief Carbon Officer and Chief Innovation Officer (September 2021–February 2025) and Chief Technology Officer (March 2021–September 2021) . Prior to Gevo, he spent nearly two decades at Archer-Daniels-Midland (ADM) in commercial and technical leadership roles, including VP, Sustainable Materials (Mar 2020–Mar 2021) and VP, Process & Chemical Research (Nov 2013–Mar 2020) . Company performance context: 2024 net loss of $78.6 million and total shareholder return (TSR) value per $100 improved to $49.18 from $27.29 in 2023; compensation “actually paid” rose in 2024 reflecting equity fair value changes . 2024 operational highlights included a $1.46B DOE loan guarantee for ATJ-60, remarketing of RNG bonds, acquisition of Red Trail Energy assets, and monetization of ~$20M IRA investment tax credits .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gevo | Chief Business Officer | Feb 2025–Present | Executive leadership over business development and commercialization |
| Gevo | Chief Carbon Officer and Chief Innovation Officer | Sep 2021–Feb 2025 | Led carbon strategy and innovation functions |
| Gevo | Chief Technology Officer | Mar 2021–Sep 2021 | Technology leadership across renewable fuels/chemicals |
| ADM | VP, Sustainable Materials | Mar 2020–Mar 2021 | Oversaw sustainable materials initiatives |
| ADM | VP, Process & Chemical Research | Nov 2013–Mar 2020 | Directed process and chemical R&D |
| ADM | Commercial/Technical roles | 2001–2013 | Progressive roles of increasing responsibility |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Archer-Daniels-Midland (ADM) | VP, Sustainable Materials | Mar 2020–Mar 2021 | Sustainable materials portfolio development |
| Archer-Daniels-Midland (ADM) | VP, Process & Chemical Research | Nov 2013–Mar 2020 | Process and chemical R&D leadership |
| Archer-Daniels-Midland (ADM) | Commercial/Technical roles | 2001–2013 | Commercial and technical progression |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $360,000 | $382,777 | $420,024 |
| Actual Bonus Paid ($) | $72,000 | $361,600 | $404,903 |
| Total Compensation ($) | $1,003,946 | $1,370,187 | $1,475,502 |
| 2024 Target Bonus % | 2024 Actual Payout % of Base |
|---|---|
| 80% (unchanged vs 2023) | 96.4% |
Performance Compensation
| Metric/Goal (2024) | Weight | Target/Focus | Achievement | Performance Modifier | Payout Contribution |
|---|---|---|---|---|---|
| RNG project financial thresholds | 15% | Monetize ITCs | Sold ITCs for net cash ≈$14M | 120% | 18.0% |
| Accelerate ethanol-to-olefins | 10% | Strategic agreements | Extended JDA with LG Chem; new alliance with Axens | 150% | 15.0% |
| Verity operational/financial goals | 15% | Revenue/clients/tool release | First revenue; new grower tool; multiple new customers | 150% | 22.5% |
| RNG bond restructure | 10% | Remarketing | Remarketed RNG bonds in April; exploring structures | 100% | 10.0% |
| Climate-Smart Farm to Flight | 10% | Enrollment/USDA docs | >125,000 acres enrolled; all USDA documentation submitted | 100% | 10.0% |
| Net-Zero projects progress | 30% | Financing/engineering/M&A | $1.46B DOE loan guarantee; advanced engineering; bought RTE assets | 100% | 30.0% |
| Safety | 10% | TRIR ≤ 1.1 | 3-year TRIR 1.01 (<1.1 goal) | 150% | 15.0% |
| Total | 100% | — | — | — | 120.5% |
2024 Equity Awards (Grant date May 22, 2024 unless noted)
| Award | Shares | Strike/Terms | Vesting |
|---|---|---|---|
| Performance-Based Stock Options | 475,000 | $0.71 strike; exercisable only if closing price ≥$1.00 for 20 consecutive trading days post-grant | 33.33% annually on May 22, 2025/2026/2027 |
| Restricted Stock | 475,000 | Time-vested | 33.33% annually on May 22, 2025/2026/2027 |
| Non-compete Restricted Stock | 10,000 (Sep 1, 2024) | Consideration for non-compete | 3,333 on Sep 1, 2025; 3,333 on Sep 1, 2026; 3,334 on Sep 1, 2027 |
No stock options were exercised by named executives in 2024; Bloom’s RS vesting in 2024 totaled 249,186 shares ($163,398 value realized) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 1,681,086 shares; includes 711,122 options exercisable within 60 days of Mar 25, 2025 |
| Ownership % of outstanding | Less than 1% of 239,609,874 shares outstanding (as of Mar 25, 2025) |
| Options exercisable/unexercisable (as of Dec 31, 2024) | 69,074 exercisable @ $1.75; 66,540 exercisable @ $3.92; 392,175 exercisable @ $4.98; 475,000 unexercisable @ $0.71 (2024 grant) |
| Unvested RS and market value (Dec 31, 2024) | 672,535 unvested RS; market value $1,405,598 at $2.09 closing price |
| Upcoming RS vesting schedule | 158,333 (May 22, 2025); 49,387 (Jul 26, 2025); 69,074 (Aug 3, 2025); 3,333 (Sep 1, 2025); 158,333 (May 22, 2026); 69,074 (Aug 3, 2026); 3,333 (Sep 1, 2026); 158,334 (May 22, 2027); 3,334 (Sep 1, 2027) |
| Ownership guidelines | Senior management must hold 3x base salary; all subject individuals were compliant as of Mar 25, 2025 (except Mr. Baum) |
| Hedging/pledging | Prohibited for directors, officers, employees; derivative transactions prohibited |
Employment Terms
| Provision | Terms |
|---|---|
| Agreement date | Employment agreement entered August 2024 |
| Base salary (initial under agreement) | $407,000 per year (may be increased, not decreased) |
| Target bonus | Up to 80% of base salary; discretionary additional bonus possible |
| Standard severance (no change-in-control) | 6 months base salary; 18 months COBRA (contingent on release) |
| Death/Disability | 6 months base salary |
| Non-compete | Effective during employment and 2 years post-termination; Company granted 10,000 RS as consideration |
| Non-compete payment | If termination other than for cause, death or disability: 18 months base salary + 1.0x target bonus; repayable if restrictive covenants violated |
| Equity vesting on regular separation | Equity continues to vest for 18 months post-termination (except for Cause/death/disability); ceases upon covenant violation |
| Retirement transition benefits | If “Retirement Criteria” met (with 6 months consulting for Bloom), receive same cash/COBRA as good reason termination (contingent on release) |
| Change-of-control (double trigger) | If terminated within 30 days before or 12 months after CoC: 12 months base salary + 1.0x target bonus + 18 months COBRA; equity vests upon termination in connection with CoC |
| Clawbacks | Company clawback per Dodd-Frank/Nasdaq; recoup incentive-based pay on restatements; broader recoupment rights under stock plan |
| Tax gross-ups | No excise tax gross-ups; hedging/pledging prohibited; option repricing not permitted without stockholder approval |
Compensation Structure Analysis
- Cash vs equity mix: Bloom’s salary and bonus grew from 2022 to 2024 (salary $360k→$420k; bonus $72k→$404.9k) while equity grant fair values remained broadly stable (RS $358.6k→$345.2k; options $213.4k→$305.4k), reflecting emphasis on annual operational achievements alongside continued long-term equity incentives .
- Equity instruments: 2024 awards split 50% performance-based options, 50% time-vested RS; options carry a stock-price hurdle ($1.00 for 20 consecutive days) aligning pay with shareholder returns .
- Ownership alignment: Compliance with 3x salary stock-holding guidelines (company-wide, with exception noted for another director) and prohibition on hedging/pledging strengthen alignment .
- Say-on-pay: 76.3% approval at 2024 meeting indicates moderate shareholder support for compensation practices .
Related Party Transactions
- None >$120,000 involving Bloom disclosed (compensation arrangements only) .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; option repricing requires stockholder approval; clawbacks in place for restatements/fraud, reducing governance risk .
- Non-compete payment obligations (18 months salary + 1x target bonus) upon non-cause separation create both retention leverage and potential cash obligations if multiple executives separate; equity continues to vest for 18 months post-termination unless covenants are breached .
- Upcoming RS vesting cadence (2025–2027) could create periodic selling pressure; no option exercises in 2024 suggests limited near-term option-driven selling .
Compensation Peer Group & Committee
- 2024 peer group includes energy/cleantech firms such as Aemetis, Clean Energy Fuels, FuelCell Energy, NextDecade, LanzaTech, Origin Materials, etc. (updated November 2023) .
- Compensation Committee members: Andrew J. Marsh (Chair), Angelo Amorelli, Carol J. Battershell; independent consultant FW Cook engaged; policies emphasize pay-for-performance and minimum vesting .
Investment Implications
- Alignment: Performance-conditioned options and strict anti-hedging/pledging policies align Bloom’s upside with share price appreciation; compliance with ownership guidelines further supports alignment .
- Retention: Two-year non-compete with dedicated RS and substantial non-compete payment on separation (non-cause) materially reduces near-term flight risk; 18-month post-termination vesting continuation adds retention stickiness .
- Overhang/Supply: Significant unvested RS through 2027 and large exercisable option stack (711k within 60 days of Mar 25, 2025) create potential supply overhang; monitor vesting dates and share price relative to option hurdles .
- Governance risk: Robust clawback, no excise tax gross-ups, and no option repricing without stockholder approval mitigate governance red flags; say-on-pay support (76.3%) is acceptable but not overwhelming—continued investor outreach advisable .
