Kent Puckett
MULNAbout Kent Puckett
Independent director (Class II) at Mullen Automotive (MULN), serving since November 2021; previously CFO of Mullen Technologies (2012–2018) and a Mullen Technologies director since 2018. He holds a B.S. in Business Administration (Pensacola Christian College) with advanced studies in management, finance, compliance, taxation, and public company reporting; designated the Board’s audit committee financial expert. Age: 61; tenure on MULN Board through the 2026 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mullen Technologies | Chief Financial Officer | 2012–2018 | Led audit/disclosure, budgeting, resource allocation across operations, marketing, sales |
| Mullen Technologies | Director | Since 2018 | Governance oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| DRIVEiT | Director | Since Jan 2024 | External directorship disclosed |
Board Governance
| Dimension | Details |
|---|---|
| Board class and term | Class II; term expires at 2026 annual meeting |
| Independence | Committee members (Audit, Compensation, Nominating) determined independent under Nasdaq rules and SEC 10A-3 |
| Committee memberships | Audit Committee (Chair) ; Compensation Committee (Chair) ; Nominating & Governance Committee (Member) ; Member of all three per director matrix |
| Financial expertise | Board designated audit committee financial expert (Puckett) |
| Attendance | In FY2024: Board met 12; Audit 3; Compensation 2; Nominating 0; no director attended fewer than 75% of applicable meetings |
| Charters & governance | Committee charters and Corporate Governance Guidelines available on investor site |
Fixed Compensation
| Element | Policy (Non-Employee Directors) | Kent Puckett – FY2024 |
|---|---|---|
| Board cash retainer | $50,000 annual | $109,500 cash fees (includes committee/chair fees) |
| Audit Committee member | $10,000 annual | Included in fees |
| Audit Committee chair | $45,000 annual | Included in fees |
| Compensation Committee member | $5,000 annual | Included in fees |
| Compensation Committee chair | $7,500 annual | Included in fees |
| Nominating & Governance member | $5,000 annual | Included in fees |
| Lead Independent Director | $25,000 annual (if applicable) | Not disclosed as applicable to Puckett |
| Meeting fees (over thresholds) | $500 per additional telephonic; $1,000 per additional in-person (above 15/4) | Not separately disclosed |
| Total cash – FY2024 | — | $109,500 |
| Equity grant (annual) | $100,000 in stock (value divided by grant-date price) | $129,904 stock awards (FY2024 reported) |
| Total – FY2024 | — | $239,404 |
Performance Compensation
| Metric/Structure | FY2024 |
|---|---|
| Performance-based criteria tied to director pay | None disclosed; director equity is time-based annual stock award under 2022 Plan |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| External public company boards | None disclosed |
| Compensation committee interlocks | None; no relations requiring Item 404 disclosure |
| Related-party transactions | Audit Committee reviews; no Puckett-specific related-party transactions disclosed |
Expertise & Qualifications
- Finance and accounting background; public company reporting/audit competencies; designated audit committee financial expert .
- Experience leading audits, disclosures, budgeting across functional areas; supports oversight of capital structure and controls .
Equity Ownership
| Record Date | Shares Beneficially Owned | Ownership % |
|---|---|---|
| Aug 15, 2024 | 16,667 | <1% |
| Jan 7, 2025 | 175,167 | <1% |
| May 5, 2025 | 1 | <1% |
Notes:
- Share counts reflect the impact of multiple reverse stock splits over 2023–2025; all positions remain under 1% .
- No pledging/hedging policy disclosures specific to MULN were identified; general Code of Business Conduct applies .
Governance Assessment
- Board effectiveness: Puckett chairs Audit and Compensation—central to financial reporting integrity and pay governance; attendance thresholds met (>=75%) .
- Independence & engagement: Committees comprised of independent directors; Puckett designated financial expert, supporting robust audit oversight .
- Director compensation alignment: Mix of fixed cash and equity; annual stock award under 2022 Plan; no performance metrics tied to director equity (common for small-cap) .
- Ownership alignment: Sub-1% stake; equity grants provide some alignment but position size is limited .
RED FLAGS
- Prior executive role (CFO, Mullen Technologies) may raise perceived independence concerns despite formal independence determinations—heightened scrutiny advisable when chairing Audit/Compensation .
- Section 16 compliance: one late Form 4 filing attributed to Puckett for FY2024 (administrative control weakness signal) .
- Corporate context: multiple reverse stock splits and frequent capital transactions elevate governance risk; Audit/Compensation leadership bears increased burden (company-wide, not Puckett-specific) .
Implications for investors
- Audit leadership and financial expertise are positives for control environment; monitor committee disclosures, related-party oversight, and timeliness of insider reporting .
- Given prior management affiliation, ensure continued robust independent challenge in audit and pay decisions; review committee charter execution and any third-party advisor use .
Attendance and Committee Meeting Data
| FY2024 Meetings | Count |
|---|---|
| Board | 12 |
| Audit Committee | 3 |
| Compensation Committee | 2 |
| Nominating & Governance Committee | 0 |
| Attendance threshold | All directors met ≥75% of combined Board/committee meetings |
Committee Roles Summary
| Committee | Role | Independence |
|---|---|---|
| Audit | Chair (financial expert) | Independent (SEC/Nasdaq) |
| Compensation | Chair | Independent |
| Nominating & Governance | Member | Independent |
Director Compensation – FY2024 Detail
| Name | Cash Fees ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Kent Puckett | 109,500 | 129,904 | 239,404 |
Biography Snapshot (Company Proxy)
- “Has served as a director of the Company since November 2021…CFO of Mullen Technologies (2012–2018)…director of DRIVEiT since January 2024…B.S. in Business Administration…advanced studies…qualified due to finance and accounting background.”
Policies and Codes
- Corporate Governance Guidelines and Committee Charters available on investor site .
- Code of Business Conduct and Ethics applies to directors and officers .
Insider Reporting Compliance
- Late filings noted: Kent Puckett—one late Form 4; company disclosed broader late filings among several insiders (FY2024) .
Overall, Kent Puckett brings relevant financial oversight credentials and chairs two critical board committees. Investors should monitor independence in practice (given prior CFO role), timely insider reporting, and the robustness of audit and compensation committee processes amid MULN’s ongoing capital structure changes .