Eduardo Marini
About Eduardo Marini
Eduardo Marini (age 44) is an independent director of IX Acquisition Corp. (IXAQF). He is Chief Executive Officer and co‑founder of green4T, with prior roles in private equity and IT infrastructure across Latin America; the board has designated him as its audit committee financial expert and confirmed his independence under Nasdaq standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| green4T | Chief Executive Officer & Co‑founder | 2016–present | Leads IT infrastructure services across Brazil, Argentina, Chile, Uruguay, Peru, Colombia, Ecuador, Costa Rica |
| Aceco TI (KKR portfolio) | Vice President; Interim CEO | Prior to 2016 | Led high‑availability data center design/maintenance across LATAM |
| General Atlantic | Private Equity Investor | Prior to Aceco TI | Non‑executive directorships; oversaw LATAM tech/financials; notable XP Inc. investment |
| Actis; Lazard; Bank of America | Investing/Investment Banking | Prior roles in Brazil and U.S. | Transactional and investment experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| green4T | Chief Executive Officer | 2016–present | Private company; not disclosed as a public company board |
| GA investees (various) | Non‑executive director roles | Historical | Specific entities not listed; no current public‑company directorships disclosed |
Board Governance
| Item | Detail |
|---|---|
| Board size | 3 directors |
| Independence | Marini and Grewer are independent directors |
| Audit Committee | Members: Marini (Chair), Grewer; Marini designated “audit committee financial expert” |
| Compensation Committee | Members: Grewer (Chair), Marini |
| Lead Independent Director | Not disclosed |
| Director class/term | Marini’s term (Class I) expires at first AGM |
Fixed Compensation
| Component | Amount/Status |
|---|---|
| Annual director cash retainer | $0; no cash paid to directors/executives to date |
| Committee membership/chair fees | Not disclosed; no director cash compensation |
| Meeting fees | Not disclosed; no director cash compensation |
| Company admin support fee (context) | Up to $10,000/month to IX Acquisition Services LLC; Sponsor waived fees in 2023–2024 |
Performance Compensation
| Instrument | Terms |
|---|---|
| RSUs/PSUs | Not disclosed; no equity grants to directors |
| Options | Not disclosed; no director awards |
| Performance metrics (TSR, EBITDA, ESG) | Not disclosed; no performance‑linked director pay |
| Clawbacks/COC provisions | Not disclosed for directors |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Private company boards/roles | green4T CEO; historic non‑exec roles at GA investees |
| Shared directorships with competitors/suppliers/customers | Not disclosed |
Expertise & Qualifications
- LL.B., Universidade Federal de Minas Gerais (UFMG); MBA, Yale School of Management .
- Private equity/investment banking background (General Atlantic, Actis, Lazard, Bank of America) .
- IT/data center operations leadership across Latin America (Aceco TI; green4T) .
- Audit committee financial expert designation, indicating strong finance/accounting oversight capability .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding Ordinary Shares |
|---|---|---|
| Eduardo Marini | 0 | 0.0% (out of 7,360,373 outstanding) |
| Outstanding shares (context) | Class A: 5,612,494; Class B: 1,747,879 | — |
Notes:
- Beneficial ownership table in the 10‑K lists Marini as owning no IXAQF shares; sponsor holds 4,002,121 Class A (converted founder shares) and anchor investors hold 1,747,879 Class B .
Related‑Party Transactions & Potential Conflicts
| Item | Terms/Exposure |
|---|---|
| Extension Promissory Notes to Sponsor | Convertible promissory notes up to $4.5M; $3,856,641 outstanding at 12/31/2024; up to $1.5M may convert into private placement‑equivalent warrants at $1.00 per warrant |
| Monthly trust “Contribution” by Sponsor to extend timeline | ~$48,311/month during Third Extension; Board repeatedly extended; Sponsor deposits into trust to maintain combination window |
| Admin support agreement | Up to $10,000/month payable; fees waived in 2023–2024 |
| Voting control dynamics | Sponsor, officers, directors, and Anchor Investors collectively held ~78.12% of votes at Sept 16, 2025 record date for extension meeting |
Implications:
- Sponsor financing and potential warrant conversion create incentives aligned with completing a business combination; concentrated voting control reduces minority influence on key proposals .
- No director equity ownership by Marini limits “skin‑in‑the‑game” alignment .
Risk Indicators & Red Flags
- Trading venue downgrade: IXAQF securities delisted from Nasdaq and now trade on OTC Markets, with reduced liquidity and potential “penny stock” constraints .
- Concentrated control: Sponsor/officers/directors/Anchor Investors held ~78.12% voting power at the extension meeting, able to approve routine proposals without broader public support .
- Going concern: Management disclosed substantial doubt about ability to continue as a going concern absent completion of a business combination by the deadline .
- Governance concentration: CEO simultaneously serves as CFO, COO, and director, increasing key‑person and oversight risk .
Compensation Committee Analysis
| Attribute | Detail |
|---|---|
| Members | Shannon Grewer (Chair), Eduardo Marini |
| Independence | Committee composed solely of independent directors |
| Use of consultants | Charter permits retention of independent compensation consultants/legal counsel |
| Current activity | No director/executive cash compensation paid; committee will primarily act upon a de‑SPAC/initial business combination |
Governance Assessment
- Strengths: Independent director; audit chair; designated audit committee financial expert; broad finance/IT infrastructure experience .
- Weaknesses: No disclosed equity ownership (low alignment); concentrated sponsor voting/control; multi‑hat CEO (CFO/COO) structure; venue downgrade to OTCM; going‑concern disclosure .
- Overall signal: Board oversight benefits from Marini’s finance expertise, but investor confidence is tempered by structural SPAC risks, ownership concentration, absence of director ownership, and market listing downgrade .