Christopher Krug
Greenidge Generation HoldingsAbout Christopher Krug
Christopher Krug (age 33) is an independent director of Greenidge Generation Holdings Inc. appointed effective April 17, 2025; he founded Chatham Harbor Capital in 2017 and focuses on deep value and special situations in small/microcap equities. He holds a BA in Management and Finance from Clemson University and previously worked as an equity trader at Hold Brothers Capital, with roles at Kushner & Kushner P.C. and Charlotte Bobcats Sports & Entertainment . Greenidge’s Board determined Mr. Krug to be independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Chatham Harbor Capital | Founder, Managing Member | 2017–present | Built contrarian, concentrated portfolio process |
| Hold Brothers Capital | Equity Trader | Prior to 2017 (not specified) | Trading and public markets experience |
| Kushner & Kushner P.C. | Various roles | Not disclosed | Legal/business exposure |
| Charlotte Bobcats Sports & Entertainment | Various roles | Not disclosed | Operations exposure |
External Roles
- No public-company directorships disclosed for Krug; principal external role is founder/operator of Chatham Harbor Capital .
- No related-party transactions with the Company disclosed for Krug at appointment .
Board Governance
- Committee assignments: Compensation Committee member (Chair: Timothy Fazio; members: Fazio, Krug, Jerome Lay) .
- Independence: Board categorized Krug as independent (independent directors: Neuscheler, Fearn, Rogers, Krug, Lowe) .
- Attendance and engagement: Board met 4 times in 2024; each director attended at least 75% of aggregate Board and committee meetings; independent directors hold executive sessions at least twice per year .
- Controlled company: Greenidge is a “controlled company” under Nasdaq rules, exempt from having a majority-independent Board and fully independent Compensation/Nominating committees .
- Director nominations: independent directors (including Krug) participate in recommending nominees per Nasdaq Rule 5605 .
Fixed Compensation
| Component | Amount | Terms | Source |
|---|---|---|---|
| Annual Board cash retainer | $40,000 | Increased by $10,000 effective Jan 1, 2025 for non-employee directors | |
| Vice Chair retainer | $20,000 | Applies only to Vice Chair (not Krug) | |
| Audit Chair retainer | $10,000 | Applies only to Audit Chair (not Krug) | |
| Standard director package at appointment | $40,000 cash + $100,000 equity | Equity vests over 3 years; standard indemnification agreement |
Performance Compensation
| Equity Award Type | Grant Size | Vesting | Performance Metrics | Source |
|---|---|---|---|---|
| RSUs (standard director equity) | $100,000 FV | Time-based over 3 years | None disclosed for directors (time-based) | |
| RSUs (special committee service) | 22,500 units | Time-based; vest 6 months after grant (Nov 9, 2025 grant) | None; service-based | |
| RSUs (special committee chair service) | 15,000 units | Time-based; vest 6 months after grant | None; service-based |
Plan-level performance criteria exist (EBITDA, EPS, margins, TSR, FCF, etc.), but director awards disclosed for Krug are time-based RSUs without performance conditions .
Other Directorships & Interlocks
- No other public boards for Krug disclosed; principal affiliation is CHC Fund Partners I LP (indirect ownership vehicle) .
- Atlas Holdings controls 70.4% of voting power; Affiliate Transaction Committee oversees transactions with Atlas; Krug is not listed on that committee (members: Kovler, Neuscheler, Rogers) .
Expertise & Qualifications
- Public markets investor with focus on small caps; contrarian strategy and rigorous fundamental research; long-term value orientation .
- Education: BA in Management & Finance, Clemson University .
Equity Ownership
| Date/Context | Direct Ownership (Class A) | Indirect Ownership (Class A) | Vehicle | Notes |
|---|---|---|---|---|
| Record Date (Apr 25, 2025, Proxy) | — | 125,000 | CHC Fund Partners I LP | Krug as managing member; disclaims beneficial ownership except pecuniary interest; <1% ownership |
| After RSU grant (Nov 9, 2025, Form 4) | 174,107 | 250,000 | CHC Fund Partners I LP | RSUs for special committee service; beneficial totals updated; late filing noted as inadvertent |
- Anti-hedging/pledging: Company policy prohibits hedging and pledging of Company securities; no pledging disclosed for Krug .
- Insider transactions: Open-market purchases reported in multiple transactions at prices $0.7966–$0.8386 (April 2025 Form 4) .
Governance Assessment
-
Positive signals:
- Independent director with external investment expertise; adds market-facing perspective to Board .
- Time-based equity grants align longer-term interests; ongoing RSU grants increase ownership alignment .
- Anti-hedging/anti-pledging policy reduces misalignment risk .
-
Structural risks and potential conflicts:
- Controlled company status: Board not required to be majority-independent; Compensation Committee need not be fully independent—Committee includes an Atlas co-managing partner (Fazio, Chair), with Krug as member, which can raise perceived independence concerns on pay decisions (RED FLAG) .
- Atlas-related transactions: Board recognizes and oversees related-party engagements (letters of credit; property purchases); Affiliate Transaction Committee reviews Atlas transactions, but concentrated voting power (70.4%) can affect minority shareholder confidence (RED FLAG) .
- Emerging growth company: No say-on-pay votes required; reduced compensation disclosures may limit shareholder visibility into pay-for-performance alignment (neutral-to-caution) .
-
Attendance and engagement:
- Board met 4 times in 2024; ≥75% attendance by directors; independent director executive sessions at least twice per year—framework supportive of oversight .
Related-Party Exposure
- No transactions involving Krug disclosed at appointment (explicit Item 404 statement) .
- Broader related-party items involve Atlas (letters of credit support, Columbus property acquisition, reimbursed costs); governance structures (Affiliate Transaction Committee) in place to review and approve such dealings .
Compensation Committee Analysis
| Committee | Members | Chair | Independence Requirement | Notes |
|---|---|---|---|---|
| Compensation Committee | Fazio, Krug, Lay | Fazio | Not required to be fully independent due to “controlled company” status | Duties include CEO and director compensation determination, equity plan administration, and performance goal setting |
- Use of independent compensation consultants not disclosed; no consultant conflicts disclosed .
- Committee composition changed with April 2025 refresh; only one meeting held in 2024 (pre-Krug) .
Director Compensation Structure Trends
- Cash retainer increased to $40,000 for non-employee directors effective 2025; board refresh added equity ($100,000) vesting over 3 years—mix shifts toward equity alignment .
- Committee/meeting fees largely limited; specific Compensation Committee membership fees not disclosed .
Say-on-Pay & Shareholder Feedback
- As an emerging growth company, Greenidge does not conduct say-on-pay or say-on-frequency votes; pay-versus-performance disclosures are not required .
Risk Indicators & RED FLAGS
- Controlled company and non-independent Compensation Committee (RED FLAG) .
- Significant related-party transactions with the controlling stockholder (RED FLAG) .
- No evidence of hedging or pledging by Krug; anti-pledging policy in place .
Employment & Contracts (Director-Specific)
- Standard indemnification agreement executed for non-employee directors, including Krug .
Notes on Equity Plan Terms Relevant to Directors
- Change-of-control: Administrator may accelerate vesting or cancel awards with value paid in cash/stock; plan termination on 10th anniversary of shareholder approval .
- Tax treatment: RSUs taxable upon delivery; company generally entitled to deduction equal to ordinary income recognized .
Insider Trades (Summary Table)
| Date | Type | Amount/Price | Vesting/Notes | Source |
|---|---|---|---|---|
| 2025-04-17 | Open-market purchases | Multiple transactions at $0.7966–$0.8386 | Aggregate quantity not disclosed in excerpt | |
| 2025-11-09 | RSU grant (special committee service) | 22,500 RSUs at $0 (award) | Vests 6 months after grant; Form 4 filed late (administrative oversight) | |
| 2025-11-09 | RSU grant (special committee chair) | 15,000 RSUs at $0 (award) | Vests 6 months after grant |
Governance Summary for Investors
- Krug brings capital markets and small-cap investing acumen, sits on the Compensation Committee, and is classified as independent—supporting Board oversight depth .
- Equity grants (time-based RSUs) and additional open-market purchases suggest growing personal alignment; anti-hedging/pledging policy reduces misalignment risk .
- Key governance risk remains Atlas’s control and non-independent compensation oversight; monitoring of related-party transactions and committee independence is warranted (RED FLAG) .