Joseph Nalepa
Rekor SystemsAbout Joseph Nalepa
Joseph Nalepa was appointed Chief Financial Officer of Rekor Systems effective November 17, 2025 (age 36). He joined Rekor in 2019, serving as Financial Reporting Manager (2019–2020) and Corporate Controller (Feb 2020–Nov 2025). Nalepa led SEC reporting, budgeting/forecasting, ERP implementation, acquisition integrations, and internal control development. He holds B.S. degrees in Accounting and Information Systems from Salisbury University (2012) and an MBA from the University of Maryland (2022); he is a CPA .
Company performance context (USD):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $19,920,000* | $34,933,000* | $46,028,000* |
| EBITDA ($) | $(45,758,000)* | $(34,407,000)* | $(34,068,000)* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rekor Systems | Chief Financial Officer | 2025–present | CFO continuity; expected to formalize employment agreement . |
| Rekor Systems | Corporate Controller | 2020–2025 | Built finance org; led SEC filings, budgeting/forecasting; ERP rollout; M&A integration; internal controls . |
| Rekor Systems | Financial Reporting Manager | 2019–2020 | Strengthened external reporting processes . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KPMG LLP (Baltimore) | Audit Manager (progressed from staff) | 2013–2019 | Public company audit, controls, and reporting rigor . |
Fixed Compensation
- As of appointment, Rekor stated no material compensatory arrangement or contract had been entered into with Nalepa; terms will be disclosed upon finalization, including in the 2026 proxy .
Performance Compensation
- No Nalepa-specific incentive metrics disclosed to date; Rekor’s executive bonus framework permits objective targets across earnings, EBITDA, free cash flow, cash from operations, revenue, net income, ROA/ROE, stockholder return/value, EPS, stock price, working capital, cost control, strategic initiatives, liquidity, integration, and operational efficiencies, among others .
Equity Ownership & Alignment
- Beneficial ownership for Nalepa not yet disclosed; the 8-K confirms no related-party transactions and no family relationships .
- RSUs vesting practice: Rekor’s RSUs are service-based; awards commonly feature minimum one-year vesting and installment schedules under the 2017 Equity Award Plan .
- Company equity overhang context (as of Sep 30, 2025): 2,000,350 RSUs outstanding (weighted average unit price $1.12; remaining term 0.65 years); 471,533 stock options outstanding (WAE $1.14; 3.0-year remaining term). These are company-level balances and indicate potential supply dynamics as awards vest/exercise .
| Company Equity Instruments | Outstanding | Pricing/Term | Notes |
|---|---|---|---|
| RSUs | 2,000,350 | $1.12 avg unit price; 0.65 yrs avg remaining | All RSUs service-based . |
| Stock Options | 471,533 | $1.14 WAE; 3.0 yrs remaining | No unrecognized comp expense remaining for options . |
Employment Terms
- Forthcoming employment agreement for Nalepa will be disclosed when finalized (expected in 2026 proxy). No severance, change-of-control, bonus targets, or equity grant specifics for Nalepa disclosed yet .
- Rekor policies relevant to executives:
- Clawback: board may recover incentive pay tied to financial results later restated .
- 2017 Equity Award Plan governance: no discounted awards; no repricing without shareholder approval; double-trigger change-in-control vesting (awards do not automatically vest solely due to CoC if assumed); no tax gross-ups; minimum 1-year vesting; robust performance-award framework .
Investment Implications
- Alignment and retention: Internal promotion with deep operational finance background suggests continuity; compensation terms pending, but Rekor’s plan architecture (double-trigger, clawback, no gross-ups) supports shareholder alignment once Nalepa’s package is finalized .
- Near-term disclosures: Monitor upcoming filings for Nalepa’s initial and ongoing beneficial ownership and any grant activity; the 8-K states compensation arrangements were not yet executed at appointment, implying forthcoming detail that can influence incentives and retention .
- Trading signals: Company-level RSU and option overhang indicates potential periodic supply as awards vest; absence of Nalepa-specific insider activity to date limits conclusions on personal selling/buying pressure .