Rahul Bobbili
ComstockAbout Rahul Bobbili
Rahul Bobbili served as Comstock Inc. (LODE) Chief Engineering Officer starting June 23, 2021, with 23 years of experience in process design, licensing, equipment manufacturing, commissioning, project management, and startups; age 48 at the time of the 2025 proxy . He holds a B.S. in Production Engineering (Osmania University), an M.S. in Mechanical Engineering (Old Dominion University), and an Executive Finance certification (Stanford), and is credited with inventing multiple chemical processes and building 21 biofuel refineries over 17 years . Company performance context: total shareholder return rose 85.8% in 2023 and 41.3% in 2024, while net income was $10,526,252 (2023) and $(53,402,898) (2024) . In August 2025, Bobbili resigned as an officer/director/manager of Comstock entities to join Bioleum Corporation, elevating retention and transition risk .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Comstock Inc. | Chief Engineering Officer | Jun 2021–Aug 2025 | Led engineering across process design, commissioning, and operations; executive officer role |
| Comstock Engineering (formerly Renewable Process Solutions, Inc.) | Chief Executive Officer | 2006–2021 | Invented chemical processes; built 21 biofuel refineries; managed multiple industrial-scale projects |
External Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| Bioleum Corporation | Executive/manager (title not disclosed) | 2025– | Resigned from Comstock entities to join Bioleum; part of broader Bioleum transactions and asset assignments |
| Bobbili Equity Holdings LLC | Manager | 2025– | Signatory to Bioleum Investors’ Rights, Voting, and Co‑Sale agreements; participates in Bioleum capitalization |
Fixed Compensation
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Base Salary | $495,000 | $495,000 |
| Target Bonus Opportunity (% of salary) | Up to 100% | Up to 100% |
| Actual Bonus Paid | $215,000 | $0 |
| All Other Compensation | $4,792 | $4,724 |
Notes:
- On July 1, 2022, the Board set executive base salaries at $495,000 with potential annual performance bonuses up to 100% of salary; bonuses are discretionary based on progress against Board-approved strategic plans .
Performance Compensation
- The annual cash incentive program is discretionary, tied to progress and achievement of performance objectives in the Board-approved strategic plan; specific metric categories, weightings, and target thresholds are not disclosed .
- Clawback policy adopted in 2023 applies to incentive-based compensation for covered officers received on or after October 2, 2023 in the event of a qualifying accounting restatement .
| Incentive Element | 2023 | 2024 |
|---|---|---|
| Annual Cash Bonus (Outcome) | $215,000 payout | No payout |
| Metric framework | Discretionary assessment of progress vs. strategic plan (no weights/targets disclosed) | Discretionary assessment (no weights/targets disclosed) |
| Equity awards vesting | None disclosed for Bobbili; company canceled prior 2020 plan units in Jan 2024 due to unmet performance goals; 2022 plan had no grants as of 12/31/24 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 110,000 shares (0.4% of outstanding as of Mar 25, 2025) |
| Vested vs. unvested shares | Not disclosed |
| Options (exercisable/unexercisable) | None disclosed; no 2022 plan grants as of 12/31/24; 2020 plan units canceled in Jan 2024 |
| Shares pledged as collateral | Not disclosed for Bobbili in proxy filings |
| Hedging/short sales | Prohibited for directors, officers, and employees per company policy |
| Ownership guidelines / compliance | Not disclosed |
Employment Terms
| Term | Detail |
|---|---|
| Effective date | Employment letter executed June 23, 2021 |
| Base salary | $495,000 (increased effective July 1, 2022) |
| Bonus opportunity | Up to 100% of base salary; discretionary, aligned to strategic plan progress |
| Contract term | Initial five-year term; auto-renewal for consecutive one-year terms unless terminated |
| Auto-renewal | Yes (one-year increments) |
| Restrictive covenants | Confidentiality and IP assignment to the Company; competitive interest protections |
| Non-compete duration/scope | Not disclosed for Bobbili (CEO’s agreement includes one-year post-termination non-compete) |
| Severance & change-of-control | Not disclosed for Bobbili in proxy; CEO’s severance includes 12 months’ salary (36 months upon change of control), plus benefits continuation |
| Clawback policy | Adopted 2023; applies to incentive-based comp (see above) |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of $100 TSR investment | $21 | $190 | $140 |
| Net Income (Loss) | $(46,738,259) | $10,526,252 | $(53,402,898) |
Highlights:
- TSR improved in 2023 and 2024 while net income swung positive in 2023 then back to a larger loss in 2024, illustrating volatility in financial performance during Bobbili’s tenure .
Risk Indicators & Red Flags
- Retention/transition risk: Bobbili resigned as an officer/director/manager of Comstock entities in August 2025 to join Bioleum, indicating potential knowledge transfer and execution continuity risks .
- External interlocks: Bobbili Equity Holdings LLC is a signatory to Bioleum Investors’ Rights, Voting, and Co‑Sale agreements, linking Bobbili to Bioleum’s capitalization and governance documents .
- Equity incentive reliance: With no disclosed equity grants under the 2022 plan and cancellation of 2020 plan units, recent compensation was predominantly cash-based, reducing equity alignment intensity vs. typical RSU/PSU structures .
Compensation Committee Oversight
- Compensation Committee membership: Leo Drozdoff (Chair), William Nance, Kristin Slanina (all independent) .
- Committee responsibilities: Approves CEO goals/compensation, reviews other executive pay annually, administers stock plans, evaluates succession/organization systems, and reviews CD&A .
Investment Implications
- Alignment: Bobbili’s 0.4% ownership provides modest alignment; lack of active equity grants in 2023–2024 and reliance on discretionary cash bonuses may weaken pay-for-performance signaling versus peers with PSUs tied to TSR/EBITDA .
- Retention/trading signals: The August 2025 resignation to join Bioleum suggests near-term operational transition risk; his direct Bioleum involvement via Bobbili Equity Holdings points to potential future intercompany dynamics but no Comstock-related pledging or hedging was disclosed for him .
- Governance mitigants: A formal clawback policy (2023) and prohibitions on hedging/short selling support compensation discipline; however, absence of disclosed metric weightings/targets limits investors’ ability to assess bonus rigor .
- Performance context: Strong TSR in 2023–2024 alongside net income volatility underscores execution risk inherent in commercialization phases; with Bobbili’s departure, monitor engineering leadership continuity and any follow-on disclosures around Bioleum agreements or asset allocations .
