Jonathan New
MULNAbout Jonathan New
Jonathan New is Chief Financial Officer of Mullen Automotive (appointed September 19, 2022). He is a Florida CPA and member of the AICPA, with prior CFO roles at Motorsport Games (2020–2022), Blink Charging (2018–2020), and Net Element (2008–2018). He is age 64 and served as a Mullen director from November 2021 until his CFO appointment in September 2022 . Company performance during his tenure has been challenged: cumulative TSR indicators were negative, and net losses were $(781)M in 2022, $(965)M in 2023, and $(471)M in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Motorsport Games (NASDAQ: MSGM) | Chief Financial Officer | Jan 2020 – Sep 2022 | Public-company finance leadership in gaming/esports |
| Blink Charging (NASDAQ: BLNK) | Chief Financial Officer | Jul 2018 – Jan 2020 | EV charging public-company finance leadership |
| Net Element, Inc. | Chief Financial Officer | 2008 – Jul 2018 | Long-tenure finance leadership at payments/technology firm |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Mullen Automotive | Director | Nov 2021 – Sep 19, 2022 | Served on the board prior to CFO appointment |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) |
|---|---|---|---|
| 2024 | 499,795 | Not disclosed | — |
| 2023 | 425,000 | Not disclosed | 10,000 |
| Employment Agreement (current terms) | 500,000 | Not disclosed | Not specified |
Performance Compensation
Equity Awards History
| Year | Stock Awards ($) | Option Awards ($) |
|---|---|---|
| 2024 | — | 1,598,610 |
| 2023 | 198,300 | — |
Option Award Detail (May 2024 grant)
| Award Type | Grant Date | Shares | Strike Price | Expiration | Vesting |
|---|---|---|---|---|---|
| Stock option | May 2024 | 3,000 | $486 | 5 years | Vested immediately |
Notes:
- Award values reflect grant-date fair value under ASC 718; the 2024 option award was fully vested at grant .
Plan Provisions Potentially Affecting Vesting
| Provision | Implication |
|---|---|
| 2022 Equity Incentive Plan performance awards may be based on financial/operational metrics (revenue, margins, cash flow, TSR, etc.) | Establishes the framework for PSUs/other awards tied to company metrics |
| Change-in-control under the 2022 Plan: outstanding awards not assumed by a successor are fully vested and exercisable; the committee may provide acceleration upon termination without Cause/for Good Reason within up to 18 months post-transaction | Potential accelerated vesting in a covered transaction |
Equity Ownership & Alignment
| Item | Amount | As-of / Notes |
|---|---|---|
| Common shares beneficially owned | 3,000 (less than 1%) | DEF 14A beneficial ownership table |
| Outstanding options (company plan aggregate) | 3,000 shares, $486 weighted-average exercise price (plan-level) | Confirms option scale under 2022 Plan |
| Hedging/Pledging | Company policy includes anti-hedging and anti-pledging restrictions for insiders | Alignment safeguard |
Employment Terms
| Term | Details |
|---|---|
| Role start date | Appointed CFO September 19, 2022 |
| Base compensation | $500,000 salary per employment agreement; plus 1 share of common stock per year (split-adjusted) |
| Severance | If terminated other than for cause (e.g., not due to negligence/failure to perform), entitled to $200,000, paid via normal payroll cycle |
| Change-of-control | No separate CFO change-of-control cash agreement disclosed; however, the 2022 Plan provides for award acceleration if not assumed, and potential acceleration on qualifying termination post-transaction |
| Other | No specific non-compete/non-solicit provisions disclosed for CFO; company-wide code of conduct and insider trading policy applies |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net loss ($) | (780,049,246) | (964,894,185) | (470,961,744) |
| Value of initial fixed $100 investment based on TSR | (97.20) | (99.98) | (100.00) |
Notes:
- Pay-versus-performance disclosure indicates severe TSR declines and significant net losses over 2022–2024 .
Investment Implications
- Compensation structure/retention: New’s cash compensation is modest relative to peers, with limited disclosed variable cash opportunity and one immediate-vesting option award in 2024, which provides liquidity rather than long-term retention incentives. Severance is relatively small at $200k, indicating low change-of-control cost from a governance perspective . The 2022 Plan allows acceleration of unassumed awards at change-of-control, but there is no CFO-specific parachute; this reduces potential deal friction compared to CEO and directors’ richer CoC terms .
- Alignment and ownership: Direct equity ownership is de minimis (≤1%), and hedging/pledging is restricted by policy—limiting misalignment risks but offering limited “skin in the game” signaling .
- Company capital structure risk context: Multiple reverse splits and extensive convertible-note financing with anti-dilution features (high coupon, low floors, and large warrant coverage) have created heavy dilution and volatility—factors likely to overshadow any executive incentive signals in near-term trading dynamics . These features amplify equity issuance risk and pressure on existing holders.
- Performance backdrop: Persistent large net losses and negative TSR undermine pay-for-performance narratives; while the 2022 Plan includes robust performance metric possibilities, CFO-specific metric tie-ins or payouts are not disclosed .