Paul Kasowski
Outdoor HoldingAbout Paul Kasowski
Paul Kasowski, age 49, is Chief Financial Officer of Ammo, Inc. (Outdoor Holding Company) effective September 20, 2024, after serving as Chief Compliance & Transformation Officer since January 2024. He holds an M.S. in Supply Chain Management (Michigan State University), MBA (Ohio University), and B.S. in Finance (Robert Morris University), and brings deep finance and transformation experience from Kinder’s Seasonings & Sauces, Arizona Natural Resources, Igloo Products, Del Monte Foods and Ainsworth Pet Nutrition . During FY2025, company performance was challenged: Total Shareholder Return (fixed $100) fell to $23.31, Net Loss from continuing operations was $68.3M, while Adjusted EBITDA was $15.3M, informing incentive alignment and bonus frameworks tied to EBITDA and personal goals .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kinder’s Seasonings & Sauces | SVP, Business Transformation | 2022–2023 | Professionalized financial reporting; implemented margin improvement projects; built winning culture |
| Arizona Natural Resources | Chief Financial Officer | 2020–2021 | Oversaw finance, accounting, IT, HR, planning, and sourcing; broadened operating scope |
| Igloo Products Corp. | VP, FP&A | 2019–2020 | Led planning/analytics for consumer products; supported growth initiatives |
| Del Monte Foods & Ainsworth Pet Nutrition | Senior finance/strategy roles | 2003–2019 | Built capabilities across finance, strategy, and operations |
| Ammo, Inc. (Outdoor Holding Company) | Chief Compliance & Transformation Officer → Chief Financial Officer | Jan 2024 → Sep 20, 2024–present | Compliance/transformation leadership; appointed CFO to lead finance, accounting, and principal officer duties |
External Roles
No public company board service for Kasowski is disclosed in the proxy biography or executive officer section .
Fixed Compensation
| Component | FY2025 | Notes |
|---|---|---|
| Base salary (set) | $325,000 | Fiscal 2025 CFO base salary set by Compensation Committee |
| Salary earned | $301,982 | Partial-year accrual post appointment |
| Target bonus % | Up to 100% of base salary | Eligible based on Company and personal goals |
| Actual bonus paid | $113,750 | Paid in recognition of FY2025 performance |
| All other compensation | $18,586 | Health premiums $9,249; 401(k) contribution $9,337 |
Performance Compensation
Cash Incentive (MBO Program)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company EBITDA | 30% | Not disclosed | Not disclosed | Part of $113,750 FY2025 bonus | Cash |
| Division EBITDA | 30% | Not disclosed | Not disclosed | Part of $113,750 FY2025 bonus | Cash |
| Personal Goals | 40% | Not disclosed | Not disclosed | Part of $113,750 FY2025 bonus | Cash |
Program design: Management-by-Objective with weightings 30% Company EBITDA, 30% Division EBITDA, 40% Personal Goals; payout discretionary, aligned to business unit and corporate performance .
Equity Awards (RSUs/Restricted Stock)
| Grant date | Type | Shares Granted | Vesting Schedule | Grant-date Fair Value | Status at 3/31/2025 |
|---|---|---|---|---|---|
| 9/20/2024 | Restricted Stock | 100,000 | Quarterly vesting; 25,000 per quarter | $150,000 | Unvested 25,000 shares; market value $34,500 |
Additional equity terms: CFO employment agreements provide quarterly equity awards—25,000 shares per quarter under Sept 19–20, 2024 CFO agreement and annual 100,000 shares vesting quarterly per the appointment 8-K . FY2025 vesting: 90,000 shares vested; value realized $145,050 based on closing prices on vest dates .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (6/30/2025) | 81,808 shares; <1% of outstanding (117,510,797 shares) |
| Vested vs unvested (FY2025 year-end) | Unvested: 25,000 shares ($34,500 market value); Vested during FY2025: 90,000 shares ($145,050 value realized) |
| Options (exercisable/unexercisable) | None disclosed for Kasowski |
| Pledging / Hedging | Company prohibits director/officer pledging and hedging of company securities |
| Ownership guidelines | Stock ownership guidelines apply to non-employee directors; executive officer guidelines not disclosed |
No related-party transactions or arrangements associated with Kasowski’s appointment were disclosed; no family relationships; no Item 404(a) related transactions noted .
Employment Terms
| Term | CFO Agreement Detail |
|---|---|
| Appointment & role | Named CFO; principal financial and accounting officer effective Sept 20, 2024 |
| Contract term | Initial one-year term; auto-renews for successive one-year terms unless either party opts out with 90 days’ notice |
| Termination notice | Executive may terminate with 60 days’ notice |
| Base salary | $325,000 per year; subject to discretionary annual increases |
| Annual bonus eligibility | Up to 100% of base salary; subject to Compensation Committee discretion based on company/personal goals |
| Equity awards | Annual equity award of 100,000 common shares vesting quarterly; CFO agreement specifies 25,000 shares per quarter |
| Severance (no cause / Good Reason) | 12 months of salary; immediate vesting of remaining unvested equity due under the agreement |
| Change-in-control terms | Proxy “potential payments” table for Kasowski shows no separate change-in-control cash severance; estimated total of $309,500 (salary $275,000 + accelerated equity $34,500) if terminated without cause/good reason as of 3/31/2025, indicating single-trigger severance equals salary plus accelerated equity |
| Restrictive covenants | Confidentiality, non-competition, non-solicitation, and non-disparagement provisions included |
| Clawback policy | Company has SEC/Nasdaq-compliant clawback; ongoing recovery analysis due to restatements (share-based comp, capitalization of share issuance costs, convertible notes/warrants accounting, and disclosure issues) |
Note: “Potential payments” table uses closing price $1.38 and salary then in effect to estimate values as of 3/31/2025 .
Performance & Track Record
Company Pay vs Performance Reference (context for incentives)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Value of $100 investment (TSR) | $81.08 | $33.28 | $46.45 | $23.31 |
| Net Income (loss) from Continuing Operations | $11,386,419 | $517,607 | $(8,472,225) | $(68,326,499) |
| Adjusted EBITDA | $45,180,796 | $31,127,571 | $23,966,553 | $15,252,865 |
Company Fundamentals (S&P Global reference)
| Metric (USD) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenues ($) | $53,359,776* | $47,786,552* | $44,429,095* |
| EBITDA ($) | $15,067,696* | $9,267,787* | $(42,825,181)* |
Values retrieved from S&P Global.*
Additional Governance/Transactions
- Kasowski is named as a designated proxy for the 2025 Annual Meeting in the DEF 14A .
- CFO executed a promissory note as Borrower signatory (Outdoor Holding Company) with GDI AIR III LLC (Holder), signed by Steve F. Urvan; illustrates CFO’s role in capital/financing transactions .
Investment Implications
- Compensation alignment: Kasowski’s pay mix balances fixed salary ($325k set) and at-risk incentives (up to 100% bonus, quarterly equity), with MBO weightings anchored on EBITDA and personal goals, aligning cash payouts to profitability/operational execution .
- Vesting cadence and selling pressure: Quarterly vesting of 25,000 shares (100,000 annual grant) creates regular potential supply; FY2025 saw 90,000 shares vest with 25,000 remaining unvested at year-end, suggesting ongoing vesting flow into FY2026 .
- Ownership alignment: Beneficial ownership is modest (81,808 shares; <1%), but pledging and hedging are prohibited, reducing misalignment risk; executive stock ownership guidelines are not disclosed (director-only guidelines) .
- Retention risk: Single-trigger severance equals 12 months’ salary with accelerated vesting for unvested equity, plus auto-renewal term and standard restrictive covenants, offering baseline retention but not rich change-in-control economics; FY2025 estimated severance under no-cause/good reason was $309,500 at period assumptions .
- Governance overhang: Ongoing clawback recovery analysis stemming from restatements introduces governance risk; incentive-based compensation could be subject to recoupment if materially impacted by restated periods .
- Execution track record: Prior roles emphasize financial discipline and transformation outcomes (reporting professionalization and margin improvements), consistent with CFO mandate during a period of financial and governance remediation .