Chester Bragado
MULNAbout Chester Bragado
Chester A. Bragado (age 47) is Mullen Automotive’s Chief Accounting Officer, serving in this role since March 2023. He holds a BA in Business Administration from the University of California, Riverside, is a California-licensed CPA, and is currently an executive MBA candidate at UCLA Anderson School of Management . Prior to becoming CAO, he was Executive Vice President of Operations at Mullen (July 2022–March 2023) and has 20+ years in accounting, finance, SEC reporting, and internal audit, including roles at Sambazon, Loop Media, Custom Foods/Marie Callender, and as an external auditor at PwC .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mullen Automotive | Executive Vice President of Operations | Jul 2022–Mar 2023 | Led operational execution ahead of transition to CAO |
| Mullen Automotive | Chief Accounting Officer (current) | Mar 2023–present | Oversight of accounting, reporting, controls |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sambazon | Vice President, Finance & Controller | 2021 | Finance leadership at international organic food manufacturer |
| Loop Media | Financial Reporting Director | 2020–2021 | SEC reporting and financial controls for digital video company |
| Custom Foods LLC/Marie Callender | Controller | 2017–2020 | Corporate accounting and control environment |
| PricewaterhouseCoopers | External Auditor | Not disclosed | Audit experience serving Fortune 500 companies |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | Not disclosed | $392,192 |
| Target Bonus (%) | Not disclosed | Not disclosed; Company had no formal bonus plan, discretionary awards only |
| Actual Bonus ($) | Not disclosed | — (no bonus reported in SCT) |
Employment agreement as of March 2023 provides an annual salary of $400,000 starting 11/27/2023 .
Performance Compensation
| Metric | FY 2023 | FY 2024 | Notes |
|---|---|---|---|
| Stock Awards ($) | Not in SCT for 2023 | $1,533,000 (grant-date fair value under ASC 718) | Earned common shares under the 2022 Equity Incentive Plan |
| Common Shares Earned (2022 Plan) | 1 share (giving effect to reverse splits) | 2,738 shares (giving effect to reverse splits) | Company has no formal equity ownership guidelines; grants not tied to disclosed weightings/targets |
| Option Awards | None disclosed | None disclosed | No options outstanding for Bragado at FY 2024 year-end |
Clawback policy adopted Nov 2023 requires recovery of excess incentive compensation in the event of a material financial restatement covering the prior three fiscal years .
Equity Ownership & Alignment
| Beneficial Ownership Snapshot | Jan 8, 2025 | Feb 18, 2025 | May 9, 2025 |
|---|---|---|---|
| Common Shares Held | — (less than 1%) | — (less than 1%) | — |
| Ownership % of Outstanding | <1% | <1% | — |
- Vested vs unvested shares: Not disclosed .
- Options: None outstanding at FY 2024 year-end .
- Shares pledged as collateral: Not disclosed .
- Stock ownership guidelines: None; company does not maintain formal executive ownership guidelines .
- Section 16 compliance: Report notes Bragado did not timely file one Form 4 reporting three transactions, indicating a compliance lapse .
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement Date | March 2023 |
| Base Salary | $400,000 effective 11/27/2023 |
| Equity Compensation (Contract) | 1 share of common stock per year (giving effect to reverse splits) |
| Severance (Termination without cause) | Six monthly salaries, paid in regular payroll cycles |
| Change-of-Control | Not disclosed for Bragado |
| Clawback Policy | Adopted Nov 2023; recovery of excess incentive compensation for three preceding fiscal years in case of restatement |
| Ownership Guidelines | None; no formal policy or guidelines for executives |
| Non-Compete/Non-Solicit | Not disclosed for Bragado |
| Perquisites/Deferred Comp/Pension | Not disclosed in proxy |
Investment Implications
- Pay-for-performance mix skewed to equity in FY 2024: $1.533M in stock awards vs $392k salary, suggesting high equity reliance but without disclosed performance metrics or weightings; lack of formal ownership guidelines moderates alignment quality .
- Minimal reported beneficial ownership (<1%) and no outstanding options reduce personal insider selling pressure signals; equity awards were common shares under the 2022 Plan and not options with expirations .
- Severance terms are moderate (six months), indicating limited “golden parachute” risk; change-of-control economics not disclosed for Bragado, limiting visibility on potential accelerated vesting or payout multiples .
- Governance/compliance: Late Section 16 filings for Bragado (one Form 4 covering three transactions) are a red flag for reporting rigor; the presence of a clawback policy (Nov 2023) is a mitigating governance feature .
Overall, compensation is heavily equity-based without transparent performance conditions, reported ownership is de minimis, and severance is modest; trading signals tied to Bragado’s holdings appear limited, but late insider reporting warrants monitoring of governance practices .