R. Craig Bealmear
About R. Craig Bealmear
R. Craig Bealmear, 58, has served as Oklo’s Chief Financial Officer since May 2024, after joining Legacy Oklo as CFO in August 2023. He previously was CFO of Renewable Energy Group, Inc. (acquired by Chevron in June 2022), and held senior finance roles at BP including CFO — North America Downstream and Deputy CFO of the Refining & Marketing segment; he holds an MBA from Wharton and a BA from Bellarmine University . As context for his tenure, Oklo reported FY 2024 net loss of $73.6M and total operating expenses of $52.8M, ending 2024 with $275.3M in cash and marketable securities .
Past Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| Renewable Energy Group, Inc. | Chief Financial Officer | Apr 2021 – Dec 2022 | Company was acquired by Chevron in June 2022 during his tenure . |
| BP plc | CFO — North America Downstream | Mar 2015 – Dec 2020 | Senior P&L and finance leadership for North America downstream operations . |
| BP plc | Deputy CFO — Refining & Marketing Segment | Jan 2013 – Feb 2015 | Group segment finance leadership role . |
| BP & Atlantic Richfield Corporation | Various finance, strategy, commercial roles | Prior years (U.S./U.K.) | 30-year career across finance, strategy and commercial functions . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Trindent Consulting | Executive Advisor | Since Apr 2023 | Management consulting advisor role . |
Fixed Compensation
| Item | 2023 | 2024 | Notes |
|---|---|---|---|
| Base salary paid ($) | 115,385 | 362,308 | 2024 base was increased in May 2024; see “Current base salary” below . |
| Current base salary ($) | 300,000 target at hire in 2023 | 400,000 (effective May 2024) | Employment Agreement set $400k base from May 2024 . |
| Target annual bonus (% of base) | 50% target in 2023 offer | Up to 50% (discretionary) | Discretionary, set by Board . |
| Actual bonus paid ($) | 62,500 | 281,154 | 2024 includes $181,154 discretionary annual bonus and $100,000 transaction bonus related to business combination . |
Performance Compensation
Annual Cash Incentive Plan (discretionary)
| Metric | Weighting | Target | Actual | Payout Timing | Notes |
|---|---|---|---|---|---|
| Discretionary annual bonus | N/A | Up to 50% of base | $181,154 for 2024 | Paid early 2025 | No specific financial/operational metrics disclosed; Board discretion . |
Equity Awards – RSUs
| Grant | Grant date/effective | Shares granted | Grant date target value ($) | Vesting | 2024 stock awards expensed ($) |
|---|---|---|---|---|---|
| Initial RSU grant (Business Combination) | Effective on S‑8 effectiveness (Jul 9, 2024), vesting starts May 9, 2024 | 235,955 | 2,100,000 | 1/12th each quarterly anniversary of May 9, 2024 (time-based) | 1,835,730 (aggregate 2024 stock awards for Bealmear) |
Equity Awards – Stock Options
| Grant | Grant date | Exercisable | Unexercisable | Exercise price ($) | Expiration | Vesting |
|---|---|---|---|---|---|---|
| Time-based stock option | Dec 23, 2023 | 353,536 | 972,223 | 3.18 | Dec 23, 2033 | 1/5 on 1st anniversary of Aug 1, 2023; then 1/60 monthly thereafter (5-year schedule), subject to service . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 508,025 shares; less than 1% of outstanding as of Apr 7, 2025 (includes 486,112 options exercisable or vesting within 60 days). RSUs that vested but not settled are excluded . |
| Unvested RSUs (12/31/2024) | 196,629 units outstanding; $4,174,434 market value reported at year-end . |
| Options outstanding | 353,536 exercisable; 972,223 unexercisable; $3.18 strike; expire 12/23/2033 . |
| Hedging/Pledging policy | Company policy prohibits hedging transactions (e.g., swaps, collars, exchange funds) by directors/officers/employees; no pledging disclosure in proxy . |
| Rule 10b5-1 plan | Adopted Sep 22, 2025 for “eligible sell-to-cover” sales to satisfy tax withholding only, covering up to 233,714 shares issuable upon equity vesting; terminates Dec 31, 2026 (subject to early termination); actual shares sold depend on share price and vesting . |
Employment Terms
| Term | Summary |
|---|---|
| Employment status | At-will, indefinite term . |
| Base salary & bonus | Base $400,000 and eligibility for up to 50% discretionary annual bonus per Employment Agreement (May 2024) . |
| Initial equity | RSUs with $2.1M target grant date value; vest quarterly over three years commencing May 9, 2024 . |
| Severance (non-CIC) | If terminated without cause or resigns for good reason: 12 months base salary continuation; prior-year unpaid bonus (lump sum); full current-year bonus (lump sum); 12 months Company-paid COBRA; and acceleration of time-based equity equal to what would have vested over 36 months post-termination . |
| Severance (CIC double-trigger) | If involuntary termination occurs from 3 months before to 12 months after a change in control: lump sum base salary (offset by any salary continuation); prior-year unpaid bonus (lump sum); pro-rata current-year bonus (lump sum); 12 months Company-paid COBRA; and full acceleration of time-vested equity (or cash if awards were terminated without payment at closing) . |
| 280G best-pay | “Best pay” cutback/maximum provision to optimize after-tax outcome under Sections 280G/4999 . |
| Restrictive covenants | Invention/Non-Disclosure and separate Non-Solicitation Agreement with one-year post-termination non-solicit; no non-compete disclosed for Bealmear (founders have non-compete) . |
| Clawback | Amended and Restated clawback policy compliant with NYSE/SEC for recoupment after an accounting restatement . |
| Benefits/perquisites | Standard employee benefits; 401(k) match; no executive-specific perquisites; no tax gross-ups . |
Investment Implications
- Retention and alignment: Large time-based RSU package vesting quarterly through May 2027 and meaningful unvested options create multi-year retention hooks; severance includes 36 months of time-based equity acceleration on non-CIC termination, and full acceleration under double-trigger CIC, reducing exit friction but preserving alignment via double-trigger .
- Near-term selling pressure: A Rule 10b5-1 plan provides only sell-to-cover transactions for tax withholding on equity vesting through Dec 31, 2026, implying predictable, limited sales around quarterly vest dates rather than discretionary disposals .
- Pay mix shift: 2023 compensation was option-heavy ($3.02M option grant-date value) while 2024 shifted to RSU-heavy ($1.84M stock awards), lowering risk for the executive and increasing guaranteed comp via the May 2024 base salary step to $400k; bonuses remain discretionary without disclosed performance metrics .
- Ownership and hedging: Beneficial ownership is <1% (with most exposure via options and unvested RSUs), and hedging is prohibited by policy, supporting alignment with shareholders; no pledging policy disclosure was found in the proxy .
Overall, Bealmear’s package emphasizes time-based equity and discretionary cash, with strong retention via vesting and severance/CIC terms; the 10b5-1 sell-to-cover plan points to tax-driven, not opportunistic, selling through 2026 .