Danny Meeks
About Danny Meeks
Danny Meeks (age 52) is Chief Executive Officer and Chairman of Greenwave Technology Solutions (GWAV). He joined the Board and became Chairman in June 2021 and was appointed CEO on September 30, 2021; he also served as interim CFO from November 30, 2021 to April 18, 2022 . Meeks founded Empire Services (acquired by GWAV in 2021), is President of DWM Properties (real estate) since 2002 and President of Select Recycling & Waste Services since October 2016; he is a high-school graduate (Manor High School, 1993) .
Company performance under his tenure (latest reported):
- FY 2024 revenues were $33.3M; net loss was $(100.4)M; management cites inventory build ahead of 2025 price increases .
- Pay-versus-performance TSR: a $100 initial investment declined to $0.03 by 2024, with net losses each year 2022–2024 .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | $35,667,982 | $33,315,859 |
| Net Income ($) | $(33,597,142) | $(100,446,189) |
| TSR – value of $100 investment | $4.01 | $0.03 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Empire Services, Inc. | Sole owner/President; Founder | 2002–2021 (sold to GWAV Sept 2021) | Built 10+ metal recycling facilities; platform GWAV acquired to enter scrap business |
| Greenwave Technology Solutions | Interim CFO | Nov 30, 2021 – Apr 18, 2022 | Transition finance leadership post-Empire acquisition |
| Greenwave Technology Solutions | Chairman of the Board | Jun 2021–present | Board leadership, strategy |
| Greenwave Technology Solutions | CEO | Sept 30, 2021–present | Operating leadership of 13-facility recycler |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| DWM Properties, LLC | President | 2002–present | Real estate holdings; counterpart in related-party transactions with GWAV |
| Select Recycling & Waste Services, Inc. | President | Oct 2016–present | Waste disposal and recycling services |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | Perquisites/Other ($) | Notes |
|---|---|---|---|---|---|
| 2023 | 500,000 | Not disclosed | 250,000 | — | Employment agreement provides $500k base; eligible for bonus |
| 2024 | 28,864 (salary deferred in part) | Not disclosed | — | 150,000 (other comp) | 2024 perqs included car $38,000, travel $23,700, clothing $10,000 |
- Employment agreement (Sept 30, 2021): base salary $500,000; eligible for annual bonus; either party may terminate on two weeks’ notice; upon termination (other than death), accrued compensation plus pro‑rata bonus and expense reimbursement; COBRA up to 12 months .
- Clawback: Board-adopted compensation recovery policy for restatements or significant misconduct .
Performance Compensation
| Incentive | Metric | Target/Trigger | Payout | Vesting/Timing |
|---|---|---|---|---|
| Empire revenue incentive (through Oct 1, 2026) | Empire Services annual revenue above $20M | $1M increments over $20M | Choice of 833,333 GWAV shares or $50,000 cash per $1M, at Meeks’ discretion | Annual; through 10/1/2026 |
| Annual bonus | Not disclosed | Discretionary | Not disclosed | Annual, per Compensation Committee |
Note: Company disclosed that Meeks last received equity awards in 2021; no outstanding option/RSU awards are shown for him in the Outstanding Equity Awards table .
Equity Ownership & Alignment
| Holder | Direct/Common | Derivatives (within 60 days) | Total Beneficial Ownership | % of Common Outstanding | Voting Power |
|---|---|---|---|---|---|
| Danny Meeks | 2,135,788 common | 5,484 warrants; 47,906,508 common issuable upon conversion of 450,000 Series A‑1 Preferred | 50,047,780 shares (as-if) | 3.5% | 45.0% (Series A‑1 votes as‑converted, capped at 45%) |
Additional alignment/controls and policies:
- Series A‑1 Preferred (issued to entities affiliated with Meeks in the Dec 2, 2024 real estate transaction) converts at a formula designed to equal up to 45% of common; votes with common on an as‑converted basis, capped at 45% of outstanding; no dividends; liquidation at stated value .
- Hedging/pledging: Company states it has no formal hedging policy; the Company does not engage in hedging, but there is no prohibition disclosed for executives (a governance gap) . Insider trading policy separately restricts pledging/margin holdings by Access Personnel absent pre‑approval .
- Ownership guidelines: Not disclosed.
Employment Terms
- Start dates: Board Chair (June 2021); CEO (Sept 30, 2021) .
- Contract: At‑will with two weeks’ notice by either party; severance limited to accrued pay, pro‑rata bonus, expense reimbursement, and up to 12 months COBRA; no disclosed salary+bonus multiples; change‑of‑control terms not disclosed .
- Additional incentive: Empire revenue-based share/cash election through Oct 1, 2026 noted above .
Board Governance
- Structure: Board of three – Meeks (CEO/Chair), Cheryl Lanthorn (independent), Lisa Lucas‑Burke (independent) .
- Independence: Both non‑employee directors are Nasdaq‑independent; committees comprised solely of independents .
- Committees and chairs:
- Audit: Lanthorn (Chair); Lucas‑Burke; Lanthorn designated financial expert .
- Compensation: Lanthorn (Chair); Lucas‑Burke .
- Nominating & Corporate Governance: Lanthorn (Chair); Lucas‑Burke .
- Sustainability: Lanthorn (Chair); Lucas‑Burke .
- Meetings (FY 2024): Board 6; Audit 4; Compensation 4; Nominating 4; Sustainability 4 .
- Leadership: CEO also Chair; no Lead Independent Director disclosed .
- Insider trading/hedging: Insider trading policy on file; Company states no hedging policy and that the Company does not engage in hedging .
Director Compensation
- Meeks received no additional compensation for Board service .
- Independent directors received cash retainers and stock awards in 2024 (e.g., Lanthorn $50,000 cash; $93,000 stock) .
Related-Party Transactions (Governance Red Flags)
- Real estate purchase from entities affiliated with Meeks (Dec 2, 2024): total $15.0M consideration, comprising $11.70M 10% promissory note to DWM (four installments of $2.983M; 12‑month backstop; cash‑balance conditions) plus 450,000 Series A‑1 Preferred (aggregate stated valuation ~$3.30M) .
- Prior equipment note to a Meeks‑controlled entity: $17.22M (7%) for shredders/downstream; exchanged in 2024 into preferred/common; balance $0 at 12/31/24 .
- Leases and services with Meeks‑controlled entities (2024):
- Facility/equipment leases: $1,502,830 rent; accrued rent owed $495,354 at 12/31/24 .
- Hauling paid by GWAV: $1,396,330; hauling provided by GWAV to Meeks’ entity: $850,737 .
- Mechanic/repair: $847,326; equipment rentals: $506,358; scrap purchases from Meeks’ entity: $147,401 .
- Vehicle purchase from DWM: $3,582,181 (27 trucks) .
- Audit Committee reviewed/approved related‑party transactions per policy .
Compensation Structure Analysis
- Cash vs equity mix: 2023 pay weighted to cash (salary + $250k bonus); 2024 total reported $500k with significant deferral and perqs, no equity grants to CEO .
- Performance linkage: Disclosed revenue‑based Empire incentive through 2026 is formulaic but unusual and dilutive if paid in shares (833,333 shares per $1M revenue over $20M, at CEO’s discretion) .
- Clawback: Adopted policy for restatements/misconduct .
- Hedging policy: No formal anti‑hedging policy disclosed (gap versus best practice) .
- Repricing/modification: Company states no option repricing/waivers for NEOs in the period .
Vesting Schedules and Insider Selling Pressure
- Outstanding equity awards: None disclosed for Meeks as of 12/31/24; company notes his last equity awards were in 2021 .
- Result: Limited forced selling pressure from vesting for Meeks; principal overhang arises from large as‑convertible Series A‑1 block and outstanding investor warrants (not Meeks’), which may drive dilution if exercised .
Say‑on‑Pay & Shareholder Feedback
- 2025 annual meeting includes advisory say‑on‑pay and triennial frequency proposals; no results disclosed yet .
- The Pay vs Performance table shows negative TSR and net losses, while CEO “compensation actually paid” remained $1.95M (2022), $0.75M (2023), $2.15M (2024) as defined by SEC rules .
Compensation Committee Analysis
- Composition: two independent directors; Lanthorn chairs; charter permits hiring independent compensation consultants .
- Practice: Committee cites focus on liquidity raising, Nasdaq listing compliance, and retention in 2022–2024; acknowledges that TSR is not a formal metric in compensation decisions .
Board Service History, Committee Roles, and Dual‑Role Implications
- Meeks holds dual roles as CEO and Chairman (no Lead Independent Director), concentrating authority; however, Board committees are fully independent and chaired by an independent director .
- Governance implication: Dual role plus 45% voting power via Series A‑1 may constrain board independence and entrench control, elevating governance risk .
Performance & Track Record
- Operations: 13 facilities; 180 employees; core products ferrous/non‑ferrous scrap; launched ScrapApp and selected GreenSpark ERP in 2025 .
- Financial trend: Revenues down 6.6% in 2024; net loss widened materially due to operating expenses, related‑party asset accounting, and capital structure effects .
- Stock listing risk: Nasdaq minimum bid price deficiency; extended cure period to Sept 8, 2025; board seeking reverse split authority .
Director Compensation (for context)
| Director (2024) | Cash Fees ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Cheryl Lanthorn | 50,000 | 93,000 | 128,000 |
| Jason Adelman | 67,500 | 93,000 | 160,500 |
| Henry Sicignano III | 50,000 | 93,000 | 143,000 |
Key Risks and Red Flags
- Going concern qualification by auditor (April 2025) .
- Nasdaq bid price non‑compliance; reverse split reliance .
- Extensive related‑party dealings with CEO‑controlled entities (leases, equipment/real estate, services) and issuance of a voting preferred block conferring 45% voting power to affiliates .
- No formal anti‑hedging policy disclosed for executives/directors .
- High dilution overhang from warrant issuances and amendments (January/February 2025) .
- Negative TSR and widening losses while CEO total “compensation actually paid” per SEC methodology remained substantial .
Investment Implications
- Alignment: Meeks’ significant economic stake and 45% voting block tightly align him with control of outcomes, but governance risk is elevated given dual CEO/Chair role, lack of a Lead Independent Director, and concentration of related‑party transactions .
- Incentives: Empire revenue‑based incentive could encourage top‑line growth but risks dilution if settled in shares (833,333 per $1M above $20M through 2026) .
- Overhang and dilution: Ongoing capital raises, warrant repricing/issuances, and potential reverse splits create dilution and technical pressure, even if not directly tied to Meeks’ selling activity .
- Monitoring focus: Track shareholder vote outcomes on related‑party Series A‑1 ratification and split authorization, progress on profitability/margins amid scrap price tailwinds, and any shifts toward formal anti‑hedging/ownership policies to strengthen alignment .