Calin Popa
MULNAbout Calin Popa
Calin Popa is President of Mullen Automotive’s Automotive Division with 34 years of automotive experience. Prior roles include VP of Manufacturing Engineering at Karma Automotive (2010–2017), and senior positions in product development, vehicle launch and manufacturing at MAN, Ford, and Chrysler. He has led Mullen’s EV efforts since 2017 and currently serves as President—Mullen Automotive. Age 61 as disclosed in the company’s roster of executives .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Karma Automotive (f/k/a Fisker Automotive) | VP Manufacturing Engineering | 2010–2017 | Led manufacturing engineering during relaunch; experience across manufacturing scale-up . |
| MAN, Ford, Chrysler | Senior roles in product development, launch, manufacturing | Various | Broad OEM expertise in development, launch readiness and manufacturing operations . |
| Mullen Technologies | President, Automotive EV Division | 2017–present | Led EV division; foundation for current Mullen Automotive programs . |
| Mullen Automotive, Inc. | President—Mullen Automotive | Current | Oversees core automotive operations and EV execution strategy . |
External Roles
No external public company directorships or outside committee roles disclosed for Popa in company filings .
Fixed Compensation
- Employment contract (effective July 7, 2021): Base salary $304,000; incentive compensation; restricted stock grant each year (see share count below); at-will employment; standard vacation; no severance agreement .
| Year | Base Salary ($) | Bonus ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|---|
| 2023 | 304,000 | — | 1,199,201 | 1,503,201 |
| 2022 | 304,000 | — | 1,323,001 | 1,627,001 |
Notes:
- The contract provides for annual restricted stock grants. A 2023 preliminary proxy states 4,000 restricted shares per year, while a later 10-K disclosure references 100,000 restricted shares per year; these differences reflect the company’s multiple reverse stock splits (share counts adjusted post-splits) .
Performance Compensation
- Incentive compensation is part of Popa’s employment agreement, but specific performance metrics, targets, and weighting for Popa are not disclosed in company filings. The company’s 2022 Equity Incentive Plan allows performance-based awards tied to metrics such as revenue, margin, EPS, share price/TSR, return measures, cash flow, market share, and working capital; however, Popa-specific KPIs and vesting outcomes are not detailed .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 14 shares of common stock; less than 1% ownership as of the 2023 executive ownership table (record date context shows negligible personal stake) . |
| Restricted stock grants | Annual restricted stock grants per employment agreement (share counts adjusted by reverse stock splits); exact vesting schedules for Popa not disclosed . |
| Insider filings | The company disclosed late Section 16 filings for Popa (late Form 3 and three late Form 4s) in the fiscal year ended Sept 30, 2022 (compliance red flag) . |
| Recent transactions | Popa filed Form 4s in 2022 and 2024; Form 4 index confirms reporting in Dec 2024 (details not fully enumerated in filings cited here) . |
| Stock ownership guidelines | Not disclosed in filings; no pledging disclosures found for Popa . |
Context on equity dilution and plan mechanics:
- Mullen’s shareholders approved substantial increases and evergreen features to the 2022 Equity Incentive Plan (90,000,000 shares authorized; automatic annual 10% increase, later amended to automatic quarterly 10% increases on a fully-diluted basis), materially increasing potential dilution to existing holders and expanding stock-based incentives across the company .
Employment Terms
- Contract date: Approved July 7, 2021. Terms: Base salary $304,000, incentive compensation, annual restricted stock grants (share counts subject to reverse split adjustments), at-will employment, standard benefits and vacation. Explicitly no severance agreement .
Investment Implications
- Alignment: Popa’s disclosed personal ownership is de minimis (14 shares; <1%), and while annual restricted stock grants exist, the lack of disclosed vesting schedules and Popa-specific performance targets limits visibility into pay-for-performance alignment. Late Section 16 filings are a governance red flag .
- Retention risk: At-will employment with no severance suggests limited retention protections. Compensation relies on ongoing equity grants in a company with repeated reverse splits and aggressive plan “evergreen” provisions—this can complicate retention/realized value outcomes amid dilution and share price volatility .
- Trading signals: Documented Form 4 activity (with late filings historically) and reported sales (per media) underline the need to monitor insider transactions directly via EDGAR for timing and size; late filings reduce transparency .
- Governance/dilution backdrop: Shareholder-approved amendments (automatic annual and later quarterly 10% increases to the equity plan) and frequent reverse stock splits shape a highly dilutive environment, which can depress realized value of equity awards and impair long-term alignment despite nominal stock grant values .