Robert B. Stewart Jr.
About Robert B. Stewart Jr.
Independent director since 2021; age 59. Background spans intellectual property and patent licensing with capital markets experience; former President of Acacia Research Corporation for over two decades, and currently Chairman of the Board at PopID. Holds a B.S. from the University of Colorado at Boulder. Committees: Audit (Chair), Compensation, and Nominating & Corporate Governance .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Acacia Research Corporation | President | Over two decades | Led patent licensing initiatives delivering “hundreds of millions of dollars” of value to patent partners |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| PopID | Chairman of the Board | Not disclosed | Company provides facial recognition identity verification solutions |
Board Governance
- Independence: Determined independent under NYSE rules; also designated “audit committee financial expert” .
- Board leadership and structure: PX is a “controlled company” but states it does not intend to rely on governance exemptions; board revisits leadership annually .
- Board and committee activity: Board met 10 times in 2024; all directors serving in 2024 attended ≥75% of Board and applicable committee meetings, except Travis Barnes (70%). Audit Committee held 8 meetings; Compensation 8; Nominating & Corporate Governance 4 (Stewart served on all three) .
- Audit Committee responsibilities: Oversees external auditor (KPMG), financial reporting, internal controls, compliance, and related-party transaction approvals; 2025 audit firm ratification recommended .
| Committee | Role | 2024 Meetings | Independence / Financial Expert |
|---|---|---|---|
| Audit | Chair | 8 | Independent; qualifies as audit committee financial expert |
| Compensation | Member | 8 | Independent |
| Nominating & Corporate Governance | Member | 4 | Independent |
Fixed Compensation
| Item | 2024 | 2025 Structure |
|---|---|---|
| Annual non-employee director fee | $175,000 (payable entirely in restricted stock) | $185,000 (cash) |
| Committee chair fee | N/A | +$15,000 (per chair) |
| Lead independent director fee | +$50,000 (program level) | +$50,000 |
| Reimbursement | Reasonable costs for meeting attendance | Same |
| Director (2024) | Fees Earned (Cash) | Stock Awards ($) | Total |
|---|---|---|---|
| Robert B. Stewart Jr. | $0 | $175,000 (restricted stock granted 6/14/2024) | $175,000 |
- 2024 equity vesting: Restricted stock granted June 14, 2024 vests on the first anniversary, subject to continued service .
Performance Compensation
| Metric | Structure | Notes |
|---|---|---|
| Performance-based equity (PSUs) | None disclosed for directors | Director equity awards in 2024 were time-based restricted stock (one-year vest); no performance conditions referenced |
| Options | None disclosed for directors | Not in director compensation table; options shown for executives only |
| Cash bonus | None for directors | Policy is annual retainer; employees (not directors) receive bonuses |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards | Not disclosed for Stewart in the proxy |
| Compensation Committee interlocks | None requiring Item 404 disclosure; no reciprocal executive-board interlocks with other companies in 2024 |
| Controlled Company Agreement | Certain holders retain board designation rights; amended December 19, 2024 to remove 210/P10 Acquisition Partners LLC nomination rights |
Expertise & Qualifications
- Intellectual property and patent licensing leadership; extensive public markets exposure from Acacia Research .
- Financial oversight credentials: Audit Committee Chair; designated audit committee financial expert by Board .
- Education: B.S., University of Colorado Boulder .
Equity Ownership
Record date: April 14, 2025.
| Holder | Class A Shares | Class B Shares | Combined Voting Power (votes) | % Class A | % Class B | % Combined Votes |
|---|---|---|---|---|---|---|
| Robert B. Stewart Jr. | 108,983 | 13,291 | 241,893 | * (<1%) | * (<1%) | * (<1%) |
- Hedging/pledging: Company insider trading policy prohibits hedging and pledging; no pledging by Stewart disclosed .
- Director stock ownership guidelines: Not disclosed in proxy; governance guidelines referenced online .
Governance Assessment
-
Strengths:
- Independent director and Audit Committee Chair with “financial expert” designation; robust audit oversight including auditor independence review and recommendation to include audited financials in 10‑K .
- Engagement: Served on three key committees; Board and committees met frequently in 2024; Stewart met ≥75% attendance threshold based on Board disclosure .
- Alignment: 2024 director compensation entirely in restricted stock vesting over one year; equity-based pay supports alignment with shareholders .
- Policies: Prohibition on hedging/pledging; clawback policy adopted in 2023 per NYSE/SEC requirements .
-
Potential risks and monitoring points:
- Controlled company status can reduce minority shareholder influence; PX states it does not intend to use available exemptions—monitor adherence in practice .
- Related-party ecosystem (RCP/TrueBridge holders) governed by a Controlled Company Agreement; Audit Committee (chaired by Stewart) oversees related-party transaction approvals, which mitigates risk but merits ongoing scrutiny .
RED FLAGS
- Controlled Company Agreement concentrated rights for certain holder groups—governance risk if exemptions were used; company discloses intent not to rely on them .
Compliance and Insider Filings
| Item | 2024 Status |
|---|---|
| Section 16(a) compliance (Stewart) | Timely—no late Form 4/5 filings listed for Stewart in 2024 |
Related Party Transactions (Director-Specific)
- No Stewart-specific related-party transactions disclosed in the proxy; Audit Committee (chaired by Stewart) is responsible for review/approval of related-person transactions ≥$120,000 .
Overall signal: Stewart’s independence, audit chair role, and equity-based director pay bolster investor confidence; controlled company structure and significant holder rights require continued governance vigilance, though mitigating disclosures (non-reliance on exemptions, active audit oversight) are positive .