Aaron Futch
About Aaron Futch
Aaron Futch is Executive Vice President, General Counsel and Secretary at Redwire Corporation (RDW). He joined Redwire in May 2024 and is 52 years old; his background spans legal and aerospace roles at Virgin Galactic, Intelsat General, and the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP; he holds a BA from the University of South Florida and a JD from Duke University School of Law . Company performance in his tenure window shows revenues increased from $243.8M (FY 2023) to $304.1M (FY 2024), while EBITDA moved from -$4.8M to -$21.4M; this indicates top-line growth with margin pressure [*] .
Company Performance (context for pay-for-performance)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $243,800,000 | $304,101,000 |
| EBITDA ($USD) | -$4,811,000* | -$21,403,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Virgin Galactic | Various legal/aerospace roles (not individually disclosed) | Not disclosed | Strengthened aerospace regulatory and corporate governance experience |
| Intelsat General | Various legal/aerospace roles (not individually disclosed) | Not disclosed | Satellite/aerospace industry exposure supporting mission contracts |
| Paul, Weiss, Rifkind, Wharton & Garrison LLP (Washington, DC) | Legal roles (not individually disclosed) | Not disclosed | Complex corporate/legal practice experience |
External Roles
No public company directorships or external board roles are disclosed for Futch .
Fixed Compensation
Redwire’s proxy disclosures identify Named Executive Officers (CEO, CFO, CAO) for detailed compensation reporting; Futch is not a Named Executive Officer for FY 2024, so his base salary/bonus and grant specifics are not disclosed . The company uses WTW for compensation benchmarking and plan design and maintains standard executive benefits like 401(k) match; specifics for Futch are not disclosed .
Performance Compensation
Redwire’s equity programs materially influence executive incentives and potential selling pressure. While award counts specific to Futch are not disclosed, the plan terms below apply broadly to officers and employees.
LTIP Design (RSUs, PSUs, Options)
| Award Type | Metric | Target / Payout Curve | Vesting | Valuation/Terms |
|---|---|---|---|---|
| Time-based RSUs | Service | N/A | 33.33% on 1st anniversary, 33.33% on 2nd, 33.34% on 3rd (service-based) | Grant-date fair value, straight-line expense recognition; forfeitures recognized as they occur |
| Stock Options | Service | N/A | Same 3-year 33.3/33.3/33.4 schedule; 10-year contractual term | Black-Scholes valuation; forfeiture upon termination; straight-line expense recognition |
| 2025 PSU Cycle | Market-based | 0% at $3.00; 100% at $5.00; 200% at ≥$7.00; straight-line interpolation | Vests Dec 31, 2025 (3-year performance period) | Monte Carlo valuation; market condition; target-to-max conversion based on closing price |
| 2026 PSU Cycle | Market-based | 0% at $3.00; 100% at $5.00; 200% at ≥$7.00; straight-line interpolation | Vests Dec 31, 2026 (3-year performance period) | Monte Carlo valuation; market condition; target-to-max conversion based on closing price |
| 2025-2027 PSU Cohort | Relative TSR | RDW share performance vs Russell 2000 Total Return (Jan 1, 2025–Dec 31, 2027) | 3-year performance period | Monte Carlo valuation; grant-date fair value $26.02; expected vol 88.8%; rfr 3.83% |
Current Equity Overhang and Vesting Supply
| Category | Q3 2025 status | Details |
|---|---|---|
| Options Outstanding | 1,729,272 | All vested and exercisable; Wtg-avg exercise price $6.99; remaining term 6.29 years |
| RSUs Unvested | 2,079,512 | Wtg-avg grant-date FV $10.56; remaining term 1.4 years; unrecognized comp $19.8M to be recognized over 2.0 years |
| PSUs Outstanding | 1,806,202 | Wtg-avg grant-date FV $11.84; remaining term 1.1 years; unrecognized comp $13.7M to be recognized over 1.1 years |
| Equity Comp Expense | Q3 2025 | Total equity-based comp $11.993M in Q3; $47.591M for 9M 2025 (includes ESPP, RSUs, PSUs, options, Edge incentive units) |
ESPP (Potential incremental supply)
- Eligible employees and officers can enroll for five-month offering periods; purchase price equals 85% of FMV at beginning or end of period, whichever is lower; payroll deductions up to 15% compensation subject to limits .
- As of Sep 30, 2025, 339,835 shares purchased; 3,011,188 available; three completed offerings and one active .
Equity Ownership & Alignment
- Hedging and pledging prohibited for directors, officers, and employees, including margin accounts—enhances alignment and reduces risk of forced sales .
- Company-wide clawback policy applies to erroneously awarded compensation upon accounting restatements; equity awards subject to clawback .
- Executive beneficial ownership is disclosed for directors and Named Executive Officers; Futch’s personal holdings are not broken out in the public table (group totals include “all directors and executive officers”) .
Employment Terms
- 2021 Omnibus Incentive Plan acceleration: upon death or disability, 100% of unvested options and RSUs vest; if terminated without Cause within 24 months after Change in Control, 100% of unvested options and RSUs vest; if awards are not assumed in a Change in Control, full vesting occurs .
- Definitions of “Cause” and “Change in Control” under the plan are standard and encompass criminal conduct, misconduct, policy violations, and transaction-based control changes .
- Company adopted an officer exculpation amendment to limit certain personal monetary liability for designated officers under DGCL §102(b)(7) (e.g., chief legal officer); this is intended to aid attraction/retention and reduce frivolous suits; subject to shareholder approval and preferred holder consent .
- Redwire uses employment agreements with severance and restrictive covenants for certain officers (e.g., CFO/CAO agreements include non-compete/non-solicit and specified severance multiples); Futch’s specific agreement is not disclosed .
Investment Implications
- Alignment: Prohibition on hedging/pledging and broad clawback coverage are positive governance signals for compensation alignment and risk control .
- Vesting supply/trading pressure: Large unrecognized RSU/PSU expense and significant outstanding RSUs/PSUs imply meaningful scheduled vesting over the next 1–2 years, potentially increasing insider-related supply; monitor vest events and any Form 4 activity around year-end and mid-year cycles .
- Incentive mix: Shift toward PSUs with market-based conditions (absolute stock price hurdles and a Russell 2000 TR relative metric) increases sensitivity to TSR outcomes, aligning executives’ pay with investors but also amplifying volatility exposure .
- Change-in-control terms: Broad-based equity acceleration on CIC termination incentivizes retention through transactions but can concentrate payouts at deal close; overall, governance mechanics appear typical for small-cap aerospace .
- Data gaps: Futch is not a 2024 Named Executive Officer; his individual salary, target bonus, grant sizes, ownership, and any pledging/hedging elections are not disclosed. Monitoring future proxies (DEF 14A) and any Item 5.02 filings is essential for updated personal terms .