Alan Black
About Alan Black
Alan Black, 64, is an independent director of Plum Acquisition Corp. III (PLMJF) serving since January 2, 2024; he is a seasoned software executive and former public-company CFO with IPO experience (Zendesk 2014; Openwave Systems 1999) and CEO experience (Intelliden, acquired by IBM 2010). He holds a BCom and Graduate Diploma in Public Accountancy from McGill University and is retired from the Ontario CA and California CPA organizations . The board has determined he is independent and he serves as Audit Committee Chair and an audit committee financial expert .
Past Roles
| Organization | Role | Tenure/Date(s) | Committees/Impact |
|---|---|---|---|
| Zendesk | Chief Financial Officer | IPO in 2014 | Led finance through IPO |
| Openwave Systems | Chief Financial Officer | IPO in 1999 | Led finance through IPO |
| Intelliden | President & CEO | Acquired by IBM in 2010 | Strategic leadership to sale |
| Looker Data Sciences | Director; Audit Committee Chair | Acquisition by Google in 2019 | Chaired audit committee; exit to Google |
External Roles
| Organization | Role | Committees/Impact |
|---|---|---|
| Nextiva, Inc. | Director | Not disclosed |
| Matillion Limited | Director | Not disclosed |
| Veea Inc. | Director | Not disclosed |
| Plum Acquisition Corp. I | Director | Not disclosed |
Board Governance
- Committee assignments: Audit Committee Chair; Nominating Committee member; Compensation Committee member (Compensation Chair: David Sable) .
- Independence: Board determined Alan Black is independent under applicable SEC rules; audit committee fully independent; Black and Hume Kyle designated audit committee financial experts .
- Board structure: Classified board; Black is in the second class (term expires at the second annual meeting) .
- Voting control context: Initial shareholders (including Sponsor) owned ~95.6% of outstanding Ordinary Shares as of the record date in the latest proxy; they intend to vote in favor of board proposals, which materially influences outcomes .
- Corporate opportunity/related party framework: Articles permit directors to have interests in other companies; conflicts can be authorized with disclosure; SPAC renounces corporate opportunities to the fullest extent permitted by law .
Fixed Compensation
| Component | Amount/Terms |
|---|---|
| Cash compensation to directors | None; no cash compensation paid to directors prior to a business combination |
| Administrative services fee (Sponsor) | Up to $55,000/month reimbursed to Sponsor for office space, secretarial, research, and administrative services (not paid directly to directors) |
| Meeting fees | Not disclosed |
| Committee chair/member fees | Not disclosed |
| Expense reimbursement | Directors reimbursed for out-of-pocket expenses; reviewed quarterly by audit committee |
Performance Compensation
| Component | Terms |
|---|---|
| Equity grants to directors | None prior to business combination; after closing, directors or management may be paid consulting/management fees as determined by the combined company’s board/comp committee |
| Performance metrics tied to pay | Not disclosed |
| Clawbacks/COC terms | Not disclosed |
Other Directorships & Interlocks
| Company | Type | Interlock/Notes |
|---|---|---|
| Nextiva, Inc. | Private technology | Current directorship |
| Matillion Limited | Private technology | Current directorship |
| Veea Inc. | Private technology | Current directorship |
| Plum Acquisition Corp. I | SPAC | Current directorship; sponsor ecosystem link |
| Looker Data Sciences | Private technology | Former director; Audit Chair; acquired by Google |
Expertise & Qualifications
- Audit/finance: Audit committee financial expert; extensive CFO experience at public tech issuers .
- Capital markets/M&A: Led multiple IPOs; CEO leading to strategic sale; board roles in venture-backed and public tech firms .
- Education: BCom and Graduate Diploma in Public Accountancy, McGill University .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Notes |
|---|---|---|---|
| Alan Black | Not listed as a beneficial owner | Not listed as a beneficial owner | Director not shown with beneficial holdings in proxy table |
| Mercury Capital, LLC (Sponsor) | — | 5,933,508 (84.01% of Class B) | Controls 73.44% of voting power via Class B; manager is CEO Kanishka Roy |
Governance Assessment
- Board effectiveness: Black’s audit chair role and “financial expert” designation are positives for oversight, especially amid a disclosed material weakness in internal controls (accruals, stock-based comp, trust agreement stipulations) that requires remediation and strong audit committee leadership .
- Independence and alignment: He is designated independent and not listed as a beneficial owner—reducing direct alignment through share ownership but supporting objectivity; however, Sponsor’s dominant voting control (~95.6% at the proxy) and SPAC provisions (renounced corporate opportunities; ability to amend with two-thirds of votes attending) can structurally limit minority influence and create perceived conflicts across sponsor-linked entities, including other SPACs where Black serves .
- Compensation risk: No cash/equity pay pre-combination; post-combination consulting/management fees may be introduced, which warrants future monitoring for pay-for-performance and independence of compensation decisions by an all-independent committee .
- RED FLAGS
- Sponsor control and voting dominance, which can approve proposals without public holders, materially impacting governance balance .
- Articles permit director interests and voting on interested transactions with disclosure; corporate opportunity renunciation increases conflict latitude—requires rigorous audit/comp committee scrutiny .
- Material weakness in internal controls elevates audit oversight importance; failure to remediate could impair investor confidence .
- Public holders cannot vote on director appointments pre-business combination; only founder shares can—reducing public governance participation .
Implications for investors: Black’s technical audit expertise and independence are strong positives for a SPAC nearing combination, but structural sponsor control and conflict-permissive charter provisions require vigilant committee oversight and clear disclosures to mitigate perceived conflicts and align with minority shareholder interests .