Kevin Van Asdalan
About Kevin Van Asdalan
Kevin A. Van Asdalan, 47, is Chief Financial Officer and Treasurer of Montauk Renewables (since January 2021). He is a CPA and CGMA, with an MBA from the University of Pittsburgh Katz Graduate School of Business; prior roles include Controller at Montauk Energy Holdings/Montauk Holdings USA and finance roles at L.B. Foster, PwC, and Sisterson & Co LLP . Company performance during the most recent two fiscal years shows flat revenue and lower EBITDA year-over-year as the firm missed Adjusted EBITDA bonus targets in both 2023 and 2024 .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD) | $174,904,000 | $175,736,000 |
| EBITDA ($USD) | $46,285,000* | $41,730,000* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Montauk Renewables, Inc. | Chief Financial Officer & Treasurer | Jan 2021–Present | Principal financial officer signing SOX certifications; responsible for disclosure controls and ICFR |
| Montauk Holdings USA / Montauk Energy Holdings | Chief Financial Officer (pre-reorg) | Pre-2021 | Led finance prior to reorganization and IPO |
| Montauk Energy Holdings / Montauk Holdings USA | Controller | Mar 2018–Sep 2019 | Built controllership and external reporting |
| L.B. Foster Company | Lines of Business Controller; Manager of External Reporting | Jul 2011–Mar 2018 | Transportation/energy infrastructure finance and reporting |
| PricewaterhouseCoopers LLP; Sisterson & Co LLP | Senior Associate, Accounting | Prior to 2011 | Public accounting foundation (CPA) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | — |
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Salary ($) | $237,454 | $345,168 |
| Bonus ($) | $95,143 | $132,600 |
| All Other Compensation ($) | $14,507 | $17,756 |
| Total ($) | $2,472,427 | $495,524 |
Supplemental “All Other Compensation” detail for FY 2024:
- 401(k) contributions: $17,441; Life/Medical insurance: $315; Total: $17,756 .
Performance Compensation
- Annual incentive design and outcomes:
- 2024: Target cash bonus tied to Adjusted EBITDA at 15% of base salary ($340,000), with payout of 0% as the $82,115,122 Adjusted EBITDA goal (≥95%) was not attained; discretionary components: MBO 15% with 60% of target earned, Individual performance 30% with 100% of target earned; total Incentive Plan Compensation $132,600 .
- 2023: Target cash bonus tied to Adjusted EBITDA at 30% of base salary ($316,250), payout 0%; discretionary Individual performance at 30% with 100% of target earned; Incentive Plan Compensation $94,873 .
| Year | Metric | Weighting | Target | Actual/Payout | Amount ($) | Vesting |
|---|---|---|---|---|---|---|
| 2024 | Adjusted EBITDA | 15% of base salary | ≥95% of $82,115,122 | 0% earned | $0 | Cash (annual) |
| 2024 | MBOs (individual objectives) | 15% of base salary | Committee-set MBOs | 60% of target earned | Included in $132,600 | Cash (annual) |
| 2024 | Individual performance (discretionary) | 30% of base salary | Committee discretion | 100% of target earned | Included in $132,600 | Cash (annual) |
| 2023 | Adjusted EBITDA | 30% of base salary | ≥95% of $75,781,472 | 0% earned | $0 | Cash (annual) |
| 2023 | Individual performance (discretionary) | 30% of base salary | Committee discretion | 100% of target earned | $94,873 | Cash (annual) |
- Long-term equity awards (Options):
- 1/28/2021 grant: 149,508 options (fully vested at 1-year), strike $11.38, expire 1/28/2031 .
- 4/19/2023 grant: 500,000 options at $6.77 vest ratably on the 3rd/4th/5th anniversaries and expire one year after each vest date; tranche schedule below . Option award grant-date fair value recognized in FY 2023: $2,125,323 .
| Grant Date | Quantity | Strike ($) | Vesting Milestones | Option Expiration |
|---|---|---|---|---|
| 1/28/2021 | 149,508 | 11.38 | Fully vested at 1-year | 1/28/2031 |
| 4/19/2023 | 166,666 | 6.77 | Vests on 3rd anniversary | 4/19/2027; expires 1-year post vest |
| 4/19/2023 | 166,666 | 6.77 | Vests on 4th anniversary | 4/19/2028; expires 1-year post vest |
| 4/19/2023 | 166,667 | 6.77 | Vests on 5th anniversary | 4/19/2029; expires 1-year post vest |
- Award agreements include restrictive covenants (one-year non-compete and non-solicit during employment and for one year thereafter), confidentiality, and IP protection .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of 3/28/2025) | 354,338 shares; less than 1% of 143,336,666 shares outstanding |
| Vested options included | 149,508 (strike $11.38, exp. 1/28/2031) |
| Unvested options outstanding | 500,000 (three tranches as shown above) |
| Ownership guidelines | 3x base salary for executive officers reporting to CEO; vested & unvested RS/RSUs and options count; 5-year compliance window |
| Hedging/pledging policy | Hedging, pledging, short sales prohibited for directors, officers, employees, family members/designees (Insider Trading Policy, Ex. 19.1 to 10-K) |
| Clawback policy | Adopted; compliant with SEC/Nasdaq; Exhibit 97.1 to 10-K |
Note: The proxy footnotes explicitly identify vested options within beneficial ownership; direct share holdings beyond this are not specifically itemized for Kevin Van Asdalan .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreement | Effective September 25, 2019 (as CFO) |
| Base salary history | Started at $190,000; increased as reflected in compensation tables |
| Target bonus (annual) | 30% of base salary; determined by individual and Company goals |
| Severance | None; employment agreement does not provide payments/benefits upon termination for any reason |
| Change-of-control | RS awards, if assumed, vest on double-trigger (CIC + termination without cause); Options continue to vest over applicable periods; retirement results in pro rata vesting |
| Restrictive covenants | Option agreements include one-year non-compete & non-solicit (during employment and for one year thereafter), confidentiality/IP |
Performance & Track Record
- No EBITDA-based bonuses paid in 2023 or 2024 due to non-attainment of Adjusted EBITDA goals, indicating conservative pay-for-performance calibration in cash incentives .
- Management progress in 2024: NC REC multiplier legislation, securing ~95% of hog spaces in NC, renegotiated Tulsa gas rights, litigation settlement, internalization of RIN pathway generation, new thermal REC pathways, monetization of RINs above indices .
- CFO responsibilities evidenced via SOX 302 and 906 certifications on 10-K/10-Q filings, reflecting accountability for disclosure controls and ICFR .
Compensation Structure Analysis
- Shift toward equity in 2023 via significant option award (grant-date fair value $2,125,323), with 3–5 year vesting—aligns retention/incentives with long-term value creation .
- Annual cash incentives contain substantial discretionary components (MBO and individual performance), while EBITDA gates were not met—introduces discretion but preserves discipline by zeroing quantitative payouts when goals miss .
- Ownership guidelines and anti-hedging/pledging policy strengthen alignment and reduce misalignment risk .
Risk Indicators & Red Flags
- Controlled company status (Consortium Agreement parties beneficially owning ~52.3%)—governance exemptions may affect compensation committee independence over time .
- Discretionary bonuses paid despite EBITDA miss (consistent with disclosed framework tied to MBOs/strategic progress) .
- No severance for CFO—reduces golden parachute risk; retention economics rely on unvested option value and annual awards .
- Hedging/pledging strictly prohibited—reduces alignment concerns .
Equity Ownership & Outstanding Awards (Detail)
| Category | Quantity | Notes |
|---|---|---|
| Beneficially owned | 354,338 | <1% of shares outstanding; includes vested options |
| Options exercisable | 149,508 | Strike $11.38, expire 1/28/2031 |
| Options unexercisable | 166,666 | Vests 4/19/2027; $6.77; expire one year post-vest |
| Options unexercisable | 166,666 | Vests 4/19/2028; $6.77; expire one year post-vest |
| Options unexercisable | 166,667 | Vests 4/19/2029; $6.77; expire one year post-vest |
Say-on-Pay & Shareholder Feedback
- No advisory say-on-pay percentages disclosed in the 2025 proxy; board notes controlled company status and committee independence plans per Nasdaq timelines .
Investment Implications
- Alignment: Meaningful unvested options with back-end loaded vesting (2027–2029) and strict anti-hedging/pledging policies support alignment; ownership guidelines at 3x salary add further alignment .
- Pay-for-performance: Quantitative EBITDA gates zeroed when missed, while MBO/discretionary payouts rewarded strategic progress—suggests balanced incentive design; however, reliance on discretion introduces judgment risk .
- Retention and selling pressure: Upcoming option vesting dates (2027–2029) create potential exercise/settlement windows; absence of severance increases reliance on equity value for retention .
- Governance: Controlled company status may affect committee independence; continued compliance with audit independence and clawback policies mitigates some risks .