Emiliano Kargieman
About Emiliano Kargieman
Emiliano Kargieman is Satellogic’s Chief Executive Officer, co-founder, and a Class III director; age 50, director since 2021, and serves on the Board’s Finance Committee. He has a formal background in Number Theory and Philosophy and previously co-founded Core Security Technologies, Aconcagua Ventures, and GarageLab, and served as an independent consultant and member of the World Bank Special Projects Group . He is not an independent director and sits on a Finance Committee that includes non-independent members; the Board maintains a majority of independent directors with regular executive sessions of independent directors .
Company performance context (recent quarters):
| Metric | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|
| Revenues (USD) | $3,387,000 | $4,440,000 | $3,633,000 |
| EBITDA (USD) | -$6,828,000* | -$4,437,000* | -$6,580,000* |
| Net Income (USD) | -$32,581,000 | -$6,652,000 | $3,967,000 |
Values with asterisks were retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Core Security Technologies | Co-founder | Not disclosed | Developed first automated penetration testing software for clients incl. Apple, Cisco, DHS, NSA, NASA, Lockheed, DARPA |
| Aconcagua Ventures | Co-founder | Not disclosed | Invested in high-tech startups across LatAm, scaling to global businesses |
| GarageLab | Co-founder | Not disclosed | Multidisciplinary problem-solving across science, tech, art, business |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| World Bank | Independent consultant; Special Projects Group member | Not disclosed | Advisory/consulting contributions on special projects |
Fixed Compensation
| Year | Base Salary (USD) | Notes |
|---|---|---|
| 2023 | $479,712 | No bonus disclosed |
| 2024 | $477,841 | No bonus disclosed |
| 2025 (set in June 2025) | $470,000 | Target bonus $225,000 |
Performance Compensation
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value (USD) | Vesting | Performance Metrics | Payout |
|---|---|---|---|---|---|---|
| RSUs | 2025 (approved June 2025) | 423,729 | $1,500,000 | Equal quarterly from 9/20/2025 to 6/20/2029 | Not specified for CEO grant; plan permits performance awards | Not disclosed |
| Annual Incentive | 2025 target | — | — | — | Target bonus $225,000; metrics not disclosed | Not disclosed |
Change-in-control and acceleration terms (for NEO RSU award agreements): accelerated vesting upon death or disability; upon change in control if RSUs are not assumed; or upon termination without cause within 12 months after a change in control; “cause” defined in award agreement .
Equity Ownership & Alignment
| Security Class | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Class A Common | 1,323,483 | 1.36% | Beneficial ownership as of Oct 15, 2025 |
| Class B Common | 10,582,641 | 100% | Beneficial ownership as of Oct 15, 2025 |
- Anti-hedging and anti-pledging: Directors and certain senior officers are prohibited from pledging company securities or engaging in hedging (short sales, puts, calls, or derivatives) under the Insider Trading Compliance Policy .
- Clawback policy: Company-wide clawback adopted March 26, 2025; equity awards subject to cancellation/recoupment under the Clawback Policy and applicable law .
Employment Terms
| Item | Detail |
|---|---|
| CEO appointment | Appointed CEO of Nettar effective Nov 13, 2013 |
| Most recent employment agreement | October 5, 2021 |
| Base salary under agreement | 442,130 euros (approx. $461,755 at 12/31/2024) |
| Covenants | NDA and non-solicitation restrictive covenants post-termination |
| Severance/change-in-control cash | Not disclosed for CEO; RSU acceleration per award agreement |
Board Governance
- Board service: Class III director; director since 2021; member of Finance Committee .
- Committee composition and independence: Finance Committee includes non-independent directors (Mnuchin Chair; Kargieman member; Kennedy member), with Board concluding its composition does not materially adversely affect operations . Majority of Board is independent; independent directors hold regular executive sessions .
- Attendance: Each Board member attended at least 75% of Board and committee meetings in 2024; Finance Committee held 10 meetings in 2024 .
- Director compensation: Independent non-employee director compensation disclosed (cash retainer, audit chair fee, RSUs); directors employed by Satellogic and directors affiliated with certain related parties did not receive director compensation in 2024 for board service .
Related Party Transactions and Governance Context
- CF&Co (affiliated with >10% stockholder Cantor Fitzgerald L.P.) acted as advisor/agent on financing transactions; fees and commissions disclosed (e.g., $0.9M fee on Secured Convertible Notes; 3.0% ATM commission; 4.0% registered direct placement) .
- Board changes: Marcos Galperin resigned June 6, 2025; board size reduced from eight to seven; termination of side letter that previously gave nomination rights tied to ownership thresholds, with Gutiérrez continuing as an independent director .
Compensation Plan Capacity and Dilution
- Share pool increase proposed and approved by Board (subject to stockholder vote): add 4,264,986 shares to reach 12,740,587 total authorized under the Amended and Restated 2021 Incentive Compensation Plan; Form S-8 intended post-approval .
- As of Oct 15, 2025: 1,464,098 shares remained available for grant (1.35% of outstanding/voting power); overhang 5.99%, would be 9.37% post-increase .
Investment Implications
- Pay mix and alignment: 2025 CEO compensation adds significant time-vested RSUs ($1.5M grant; 423,729 units) vesting over ~4 years, which improves retention but reduces direct pay-for-performance sensitivity unless future grants include PSU metrics; target cash bonus introduced ($225,000) but performance goals not disclosed .
- Ownership and control: CEO’s beneficial ownership includes 100% of Class B shares and 1.36% of Class A, indicating material influence; anti-hedging/anti-pledging and clawback frameworks mitigate misalignment risk .
- Governance risk: Dual role as CEO and Finance Committee member alongside non-independent directors may raise oversight concerns; Board maintains majority independence and independent executive sessions as a counterbalance .
- Dilution and hiring/retention: Share pool expansion and historical burn rate reflect ongoing reliance on equity to attract/retain talent; investors should monitor grant practices and overhang trends .
- Performance backdrop: Revenues were $3.39M/$4.44M/$3.63M in Q1–Q3 2025, with negative EBITDA each quarter and volatile net income (notably positive in Q3); equity awards’ time-based vesting amid mixed financials suggests scrutiny on future metric-linked awards and bonus outcomes . Values with asterisks were retrieved from S&P Global.