Pablo Cortegoso
About Pablo Cortegoso
Pablo Cortegoso is Chief Technical Officer and Co‑Founder of Stardust Power (appointed February 2024), with 13+ years of civil/mining experience focused on lithium brine projects across the Americas, Europe, and Africa; he holds an MS in Civil Engineering (Trine University) and a BS in Civil Engineering (Universidad Nacional de Cuyo, Argentina) and is age 42 . He is a Registered Member of SME, a Qualified Person under NI 43‑101 (Canada), and a Competent Person under the JORC Code (Australia) . In press releases tied to strategic supply LOIs (Utah and Saskatchewan), he is quoted in his role as CTO/Co‑Founder, underscoring his operational and sourcing leadership for feedstock strategy .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Aurora Lithium (Galp/Northvolt), Lisbon | Vice President, Sourcing | Apr 2022 – Mar 2023 | Led sourcing in lithium value chain; supported feedstock procurement initiatives |
| SRK Consulting (U.S.), Inc. | Senior Consultant | Jan 2018 – Feb 2022 | Hydrogeological programs; lithium brine deposits; technical due diligence |
| SRK Consulting (U.S.), Inc. | Consultant | Sep 2010 – Dec 2017 | Field program design, aquifer testing, brine sampling/protocols |
| Trine University | Graduate Researcher & Teaching Assistant | Aug 2009 – May 2010 | Academic research and instruction in civil engineering |
| José Cartellone Construcciones Civiles (Buenos Aires) | Management & Budget Control Analyst | 2007 | Project/financial analyses for civil construction projects |
| Freelance industry consultant | Consultant | Pre‑2024 | Lithium technical due diligence, fatal flaw/risk analyses |
External Roles
| Organization/Standard | Role/Designation | Notes |
|---|---|---|
| Society for Mining, Metallurgy & Exploration (SME) | Registered Member | Professional affiliation |
| NI 43‑101 (Canada) | Qualified Person | Technical reporting qualification |
| JORC Code (Australia) | Competent Person | Technical reporting qualification |
Fixed Compensation
| Item | FY 2024 | Terms |
|---|---|---|
| Contract base salary | — | $500,000 annual base salary per Employment Agreement dated Feb 15, 2024 |
| Sign‑on bonus | $50,000 | One‑time sign‑on bonus per Employment Agreement |
| Salary paid (reported) | $442,033 | As disclosed in Summary Compensation Table |
| Target annual bonus % | — | 70% of base salary under Executive Short‑Term Incentive Bonus Plan |
Performance Compensation
| Incentive type | Metric | Weighting | Target | Actual/Payout | Vesting/Conditions |
|---|---|---|---|---|---|
| Annual cash bonus (Non‑Equity Incentive Plan Compensation) | KPI: Deliver potential feedstock options; explore partnerships with Direct Lithium Extraction (DLE) providers | Not disclosed | 70% of $500,000 = $350,000 (derived from plan terms and base salary) | $306,967 paid for 2024 | Cash; paid following FY assessment of KPI achievement |
| Time‑based RSUs (granted Sep 16, 2024) | Service‑based | N/A | Grant size not fully enumerated for Pablo in S‑1 narrative; unvested at FY‑end: 75,597 units | Market value at FY‑end: $270,637 | Vests quarterly over 3 years from grant date; continuous employment required |
| Performance Stock Units (PSUs) (granted Sep 16, 2024) | Stock price hurdle: $12.00 VWAP for 20 trading days within any 30‑day period during 3‑year window | N/A | Each PSU converts 1:1 upon conditions | Unearned at FY‑end: 82,469 units; payout value: $295,239 | Requires continued employment to 3rd anniversary; performance trigger as stated |
Equity Ownership & Alignment
| Item | Value | As‑of Date/Notes |
|---|---|---|
| Beneficial ownership (shares) | 4,610,631 | As of Apr 29, 2025; % of class 7.66% (out of 60,160,824 shares outstanding) |
| Beneficial ownership (%) | 7.66% | As of Apr 29, 2025 |
| Unvested RSUs | 75,597 | FY 2024 year‑end |
| Unearned PSUs | 82,469 | FY 2024 year‑end |
| 10b5‑1 plan adoption | Up to 164,938 shares; adopted Dec 13, 2024; expires Dec 13, 2025 | Potential structured selling program |
| Hedging/monetization policy | Prohibited for officers/directors/employees | Insider Trading Policy bans hedging/monetization transactions |
Notes:
- No pledging by Cortegoso is disclosed; company pledge arrangements reported involved shares owned by the CEO in related‑party financing facilities (Endurance and DRE Chicago), not Cortegoso .
Employment Terms
| Term | Detail |
|---|---|
| Agreement date | Employment Agreement executed Feb 15, 2024 |
| Base salary | $500,000 per year |
| Sign‑on bonus | $50,000 |
| Benefits | Eligible for customary senior executive retirement and welfare benefit plans, subject to eligibility |
| Non‑compete | Included (customary) |
| Non‑solicit | One‑year post‑termination |
| Confidentiality/Conflicts | Customary confidentiality and conflict‑of‑interest provisions |
| Severance | Not disclosed |
| Change‑of‑control | Not disclosed; company earn‑out/change‑of‑control equity provisions exist at corporate level (not executive‑specific) |
| Clawback | Company‑wide Clawback Policy covering executive officers under Exchange Act Section 10D and Nasdaq standards |
| Indemnification/D&O insurance | Customary indemnification agreements and D&O insurance maintained |
Performance & Track Record
- Secured/advanced long‑term feedstock LOIs: 6,000 tpa LCE lithium chloride from Prairie Lithium (initial deliveries as early as 2027; scalable to 18‑year term), with Cortegoso emphasizing supply reliability and multi‑chloride refinery flexibility .
- Mandrake Resources LOI for 7,500 tpa LCE lithium chloride from Utah Paradox Basin, supporting Muskogee, OK refinery; Cortegoso highlighted regulatory stability and domestic supply chain integration .
- FY 2024 KPI attainment tied to feedstock options and DLE partnerships, supporting bonus determination .
Compensation Structure Analysis
- 2024 mix shows meaningful equity emphasis: $1.51M stock awards vs $442k salary and $306,967 annual bonus, indicating alignment with equity value creation .
- Shift to RSUs/PSUs with three‑year schedules and price hurdles ($12 VWAP) reduces near‑term guaranteed pay and ties upside to performance/retention .
- Target bonus set at 70% of salary (contract base $500k), actual 2024 payout $306,967, below target, signaling KPI‑based discretion by the Compensation Committee .
Risk Indicators & Red Flags
- 10b5‑1 trading plan adopted (Dec 13, 2024) for up to 164,938 shares through Dec 13, 2025—monitor for insider selling pressure around vest dates and liquidity events .
- Hedging/monetization explicitly prohibited—positive alignment signal; pledging not disclosed for Cortegoso (CEO pledges occurred for company financing) .
- EGC status implies reduced disclosure; say‑on‑pay advisory votes not required—less direct shareholder feedback on compensation .
Compensation & Ownership Summary (FY 2024)
| Metric | FY 2024 |
|---|---|
| Salary ($) | $442,033 |
| Sign‑on bonus ($) | $50,000 |
| Stock awards ($) | $1,513,504 |
| Annual cash bonus ($) | $306,967 |
| Total compensation ($) | $2,312,625 |
| Unvested RSUs (units) | 75,597 |
| Unearned PSUs (units) | 82,469 |
Investment Implications
- Strong equity alignment with material ownership (4.61M shares; ~7.66%) and multi‑year RSU/PSU structures suggests retention incentives are robust, though PSU realization depends on sustained price performance ($12 VWAP hurdle) .
- The 10b5‑1 plan introduces potential selling cadence up to 164,938 shares over 2025; combine with quarterly RSU vesting to assess technical selling pressure windows .
- KPI‑linked cash bonuses and sourcing achievements (Prairie/Mandrake LOIs) indicate operational execution in feedstock strategy; ongoing progress toward Muskogee refinery commissioning is key to value creation and PSU outcomes .
- Governance protections (clawback, hedging ban, indemnification) are in place; absence of disclosed severance/CoC economics for Cortegoso reduces certainty on termination/change‑of‑control costs and could influence retention risk assessment amid strategic transitions .