Adarsh Parekh
About Adarsh Parekh
Adarsh Parekh, age 45, is Chief Financial Officer of Sidus Space, appointed January 14, 2025 with effectiveness January 27, 2025 . He brings 20+ years in financial services with $3B in M&A/capital markets/investing, previously CFO of Terran Orbital (leading finance; credited with playing a key role in its sale to Lockheed Martin), CFO roles at Alio and Woodspur Farms, and senior roles at RRG Capital, OneWest Bank, Libra Securities; began his career in Lehman Brothers’ Investment Banking Division; B.S. in Economics (Finance and Management) from Wharton . Company-level TSR, revenue, and EBITDA growth metrics tied to his tenure are not disclosed in company documents.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Terran Orbital Corporation | Chief Financial Officer | - | Played key role in sale to Lockheed Martin; directed all finance and accounting functions |
| Alio, Inc. | Chief Financial Officer | - | Finance leadership; profitability focus (press release summary) |
| Woodspur Farms, LLC | Chief Financial Officer | - | Finance leadership; scaling organizations |
| RRG Capital Management LLC (Renewable Resources Group) | Principal | - | Private equity; managed >$2B in assets |
| OneWest Bank FSB | Senior position | - | Financial services experience |
| Libra Securities, LLC | Senior position | - | Financial services experience |
| Lehman Brothers, Inc. | Investment Banking Division | - | Worked with Fortune 500 on transformational transactions |
External Roles
No public company directorships or committee roles are disclosed for Mr. Parekh in SIDU filings or press releases .
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $325,000 per year, paid monthly (California employment) |
| Target Bonus | Up to 40% of Base Salary; annual discretionary bonus based on Company and individual performance targets set by Compensation Committee; paid no later than 75 days after period end if earned and executive remains employed/in good standing |
| Benefits | Participation in company benefit plans; D&O insurance coverage during employment and six years post-termination |
| Leave | 160 hours vacation annually (accrual/carryover capped at 240 hours), 40 hours paid sick leave, 10 paid holidays |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus | Company and individual performance targets established by Compensation Committee | Not disclosed | Up to 40% of Base Salary | Not disclosed | N/A |
| RSUs | Time-based (no performance condition disclosed) | N/A | 25,000 RSUs granted during the fiscal quarter immediately following hire | Not disclosed | 3-year cliff vest for all 25,000 shares |
No PSUs or option awards are disclosed for Mr. Parekh. RSUs are time-vested with a full cliff at three years; performance metric details and bonus outcomes are not disclosed .
Equity Ownership & Alignment
| Item | Amount/Status |
|---|---|
| Total Beneficial Ownership (as of Record Date April 28, 2025) | 0 shares of Class A and 0 of Class B; 0% ownership |
| RSUs Unvested | 25,000 unvested RSUs; 3-year cliff vest; grant during fiscal quarter immediately following hire |
| Options | None disclosed for Mr. Parekh |
| Pledging/Hedging | Not disclosed; Company references Insider Trading Policy filed with 2024 10-K, but no explicit pledging prohibition is stated in the proxy |
| Ownership Guidelines | Not disclosed |
As of the 2025 proxy record date, Mr. Parekh had no reported beneficial ownership; unvested RSUs are not counted as beneficial ownership due to vesting >60 days post-record date .
Employment Terms
| Term | Detail |
|---|---|
| Start Date | Appointed January 14, 2025; effective January 27, 2025 |
| Title/Reporting | Chief Financial Officer; reports to CEO |
| Location | Remote from El Segundo, California; California employee |
| Contract Term | Initial one-year term from January 13, 2025; auto-renews for successive one-year terms unless either party gives 60 days’ notice of non-renewal |
| Non-Compete | Applies only during employment; prohibits participation in “Competitive Business” (satellite/space hardware manufacturing) |
| Non-Solicit | Applies only during employment (same Restriction Period); limited carve-outs for general solicitations/references |
| Confidentiality | Continues post-employment; Defend Trade Secrets Act protections acknowledged |
| Severance (No CoC) | If terminated without Cause, for Good Reason, or non-renewal by Company: cash severance equal to 0.5x Base Salary paid over 6 months; taxable COBRA premium payments for up to 6 months; accrued prior-year bonus; pro-rata accrued current-year bonus; acceleration of any outstanding time-vesting equity awards that would have vested within 1 year post-termination, subject to restrictive covenant compliance |
| Severance (Death/Disability) | Acceleration and vesting in full of any outstanding time-vesting equity; accrued salary; prior-year earned bonus; pro-rata accrued current-year bonus |
| Change-in-Control (within 12 months) | Acceleration and full vesting of time-vesting equity; cash severance equal to 0.5×(Base Salary + Target Bonus) paid over 6 months; COBRA payments up to 6 months; plus accrued/prior-year and pro-rata current-year bonus and accrued benefits |
| Release Requirement | Severance contingent on executing non-revoked general release within 55 days; compliance with restrictive covenants required |
| Cooperation Clause | Up to six years post-employment; compensated for “Excess Time” beyond 10 hours per quarter at pro-rata former rate; expense reimbursement |
| Indemnification | Company to indemnify per separate Indemnification Agreement; D&O coverage during employment and 6 years post-termination |
Compensation Committee Analysis
- Compensation Committee: Members independent under Nasdaq rules; as of December 31, 2024 the committee comprised Jeffrey Shuman (Chair), Cole Oliver, Leonardo Riera, and Lavanson Coffey . It oversees executive pay philosophy, plans, and disclosure; has authority to retain compensation consultants and other advisors .
Related Party Transactions and Governance Context
- Insider Trading Policy referenced (Exhibit 19.1 to 2024 10-K); equity awards only at/above market price on grant date; no option grants to NEOs during blackout windows in 2024 . No specific clawback policy or pledging prohibition is disclosed in the proxy .
- Governance structure: CEO also Chair; Lead Independent Director role formalized (Jeffrey Shuman since Feb 2025) .
Investment Implications
- Pay-for-performance alignment: Cash bonus tied to Committee-set targets but specifics are undisclosed; equity consists of time-based RSUs with a 3-year cliff and no performance conditions, reducing direct linkage to operational KPIs/TSR versus PSUs; performance alignment appears modest based on disclosed structures .
- Retention and selling pressure: RSUs cliff in year 3; if still employed, a single sizable vest in 2028 could create selling pressure, though change-in-control and certain termination scenarios accelerate vesting earlier; non-compete/non-solicit apply only during employment, implying limited post-exit restrictions .
- Equity alignment: Zero beneficial ownership at the 2025 record date and only unvested RSUs suggest limited near-term “skin in the game” until vest; no ownership guideline disclosure to enforce minimum holdings .
- Change-of-control economics: Severance equal to 0.5×(Base + Target) over six months plus full time-vested equity acceleration is moderate relative to market, with standard release and covenant conditions—manageable shareholder dilution/expense risk .
- Track record: Prior CFO roles across aerospace and other sectors with $3B transaction experience and capital markets background may be additive for financing and strategic transactions as SIDU scales; execution impact should be monitored through subsequent filings and performance disclosures .