Brad Meyers
About Brad Meyers
Brad I. Meyers is Chief Operating Officer of 374Water Inc. (NASDAQ: SCWO), appointed effective November 16, 2023; he is 55 and has served since 2023 . His background spans industrial automation and wastewater systems, including COO of New Rubber Technologies Holdings (2012–2018) and Director of Engineering Services at NRTC Automation (2022–2023) . Company performance context during his tenure shows cumulative TSR falling to $24 from a $100 baseline by FY2024 , with revenue down and losses widening in FY2024 versus FY2023 (see table; values from S&P Global).*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NRTC Automation / NRTC Equipment Sales | Director of Engineering Services | 2022–2023 | Led engineering services for industrial automation systems . |
| Various private companies | Engineering/design/construction services | 2015–2023 | Delivered ECOAT systems, industrial wastewater systems, and robotics projects . |
| New Rubber Technologies Holdings (NRTH) | Chief Operating Officer | 2012–2018 | Built and operated first at-scale commercial rubber devulcanization plant in North America; commercialized specialized processes . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base salary level ($) | $200,000 (per Nov 6, 2023 agreement) | $300,000 (per May 16, 2024 agreement) |
| Base salary paid ($) | $70,437 | $262,500 |
| Target bonus (%) | 50% of base | 50% of base |
| Actual bonus paid ($) | $6,061 | $97,125 |
Performance Compensation
| Award Type | Metric | Weighting | Target/Condition | Actual (FY2024) | Payout Mechanism | Vesting Detail |
|---|---|---|---|---|---|---|
| RSUs (2024 grant: 231,000) | Operating Profit (as defined) | 50% | Achieve operating profit | Reported at target under SEC rules through FY2024 | RSUs vest as performance condition is met | 28,875 on May 16, 2025; 86,625 time-based monthly over 36 months; 115,500 performance-based with Jan 31 annual vesting through 2029 once revenue triggers achieved . |
| RSUs (2024 grant: 231,000) | Revenue | 50% | Revenue begins vesting at $15m; proportionate to $100m by FY2028; vests annually on Jan 31, 2026–2029 | Reported at threshold under SEC rules through FY2024 | Pro-rata vesting based on annual revenue vs $100m target | As above . |
| Options (2024 grant: 231,000 @ $1.30, exp. 5/16/2034) | Operating Profit (as defined) | 50% | Achieve operating profit | Reported at target through FY2024 | Options vest as performance condition is met | 28,875 on May 16, 2025; 86,625 time-based monthly over 36 months; 115,500 performance-based with Jan 31 schedule through 2029 . |
| Options (2024 grant: 231,000) | Revenue | 50% | Same $15m start, $100m by FY2028; Jan 31 annual vesting | Reported at threshold through FY2024 | As above | As above . |
| Options (2023 grant: 400,000 @ $1.42, exp. 11/06/2033) | Time-based | — | 25% vested Nov 6, 2023; remainder monthly over 36 months | Vests per schedule | Time-based option vesting | 25% initial; monthly vest thereafter . |
| Options (2025 grant: 500,000 @ $0.60, exp. 10/09/2035) | Time-based | — | 50% vests at 1 year; 50% at 2 years | N/A | Time-based option vesting; immediate vest on termination unless voluntary or for cause | 250,000 on Oct 9, 2026; 250,000 on Oct 9, 2027; immediate vesting on certain terminations . |
Equity Ownership & Alignment
| Metric | Mar 31, 2025 | Oct 21, 2025 |
|---|---|---|
| Beneficial ownership (shares) | 307,750 | 454,730 |
| Shares owned | Not disclosed | 111,417 |
| Options exercisable or within 60 days | 278,875 | 343,313 |
| RSUs vesting within 60 days | 28,875 | 25,646 |
| Ownership % of outstanding | <1% (*) | <1% (*) |
- Hedging and monetization transactions (e.g., zero-cost collars) are prohibited for all employees, officers, and directors .
- A clawback policy (Nasdaq-compliant) requires recovery of erroneously awarded incentive compensation to Section 16 officers following certain restatements; recovery period covers the prior three completed fiscal years .
- Company announced a “Minimum Equity Ownership Policy” in October 2025 to further align interests; details (multiples/thresholds) were not specified in the press release .
Employment Terms
| Term | Details |
|---|---|
| Position | Chief Operating Officer (effective Nov 16, 2023) |
| Employment agreements | Nov 6, 2023: $200,000 base, 400,000 options @ $1.42 (25% immediate, then monthly over 36 months) ; May 16, 2024: $300,000 base, target bonus 50%, 231,000 RSUs and 231,000 options (split between time-based and performance-based) . |
| Severance | If terminated without Cause or for Good Reason: 6 months base salary, 6 months medical/health/vision, and pro-rated bonus/accelerated vesting as described (post first anniversary) . |
| 2025 option grant | 500,000 options @ $0.60 (50% at 1 year; 50% at 2 years); immediate vest upon termination unless voluntary or for cause . |
| Change-of-control | Plan-level discretion to accelerate vesting/performance satisfaction or cash-out awards upon change-in-control . |
| Clawbacks/Hedging | Nasdaq clawback policy (see above); hedging prohibited (see above) . |
Vesting Schedules and Potential Selling Pressure Windows
| Date | Shares/Units | Instrument | Notes |
|---|---|---|---|
| Nov 6, 2023 | 100,000 | Options @ $1.42 | 25% of 400,000 vested immediately; remainder monthly over 36 months . |
| May 16, 2025 | 28,875 | RSUs | Time-based tranche from 2024 RSU grant . |
| May 16, 2025 | 28,875 | Options @ $1.30 | Time-based tranche from 2024 option grant . |
| Monthly (Jun 2025–May 2028) | 86,625 (each set over 36 months) | RSUs and Options | Ongoing monthly vesting from 2024 time-based awards . |
| Jan 31 (2026–2029) | Up to 115,500 RSUs and 115,500 options (pro-rata) | RSUs & Options | Annual vesting contingent on revenue trajectory toward $100m by FY2028; begins after $15m revenue year . |
| Oct 9, 2026 | 250,000 | Options @ $0.60 | 1-year cliff for 2025 grant . |
| Oct 9, 2027 | 250,000 | Options @ $0.60 | 2-year cliff for 2025 grant . |
- Note: If the reverse stock split is effected, the number of shares subject to options/RSUs and option exercise prices will be proportionately adjusted across awards and plan reserves .
Company Performance Context (for pay-for-performance assessment)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | $743,952* | $445,445* |
| EBITDA ($) | $(8,557,060)* | $(12,599,522)* |
| Net Income ($) | $(8,103,522)* | $(12,434,114)* |
Values retrieved from S&P Global.*
Investment Implications
- Pay-for-performance structure: 50% of 2024 RSUs/options hinge on operating profit and 50% on revenue scaling to $100m by FY2028, with vesting starting only after a $15m revenue year—this sets a high bar and provides alignment if growth materializes .
- Ownership alignment: Brad’s beneficial stake is <1% (454,730 shares, including near-term exercisables) which is modest; the company’s announced minimum equity ownership policy is a positive alignment signal but lacks disclosed thresholds for executives .
- Retention and supply dynamics: Time-based monthly vesting plus large cliff vesting from the 2025 option grant (250k each in Oct 2026 and Oct 2027) creates identifiable windows for potential selling pressure; immediate vesting of the 2025 options on certain terminations could amplify near-term supply if turnover occurs .
- Governance safeguards: Hedging is prohibited and a Nasdaq-compliant clawback policy is in place, which reduces misalignment and recoups pay on restatements .
- Risk markers: Company TSR deterioration and continuing net losses through FY2024 underscore execution risk against aggressive performance targets; reverse split adjustments will ripple through all awards, but do not change economic alignment, only share counts/prices .