Patricia Barron
About Patricia Barron
Patricia Barron (age 64) is Chief Operations Officer at SKYX, serving since June 2007. She previously founded and led LTG Services, Inc. (safety consulting for UL/CSA/CE compliance) from 1989 and worked at Underwriters Laboratories (UL) as an engineering assistant in the ceiling fan category from 1977–1984; she holds an MBA from Georgia State University . Company performance context: SKYX’s disclosed pay-versus-performance shows TSR values of $21.27 (2022), $11.43 (2023), and $8.29 (2024) for an initial $100 investment, alongside GAAP net losses of $(27.0)M (2022), $(39.7)M (2023), and $(35.8)M (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Underwriters Laboratories (UL) | Engineering Assistant – Ceiling Fan Category | 1977–1984 | Technical compliance experience with electrical product safety approvals |
| LTG Services, Inc. | President & Owner (Safety Consulting: UL/CSA/CE) | 1989–present | Built regulatory compliance expertise for electrical products |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LTG Services, Inc. | President & Owner | 1989–present | External leadership in safety and approvals consulting |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|---|
| 2023 | 150,000 | — | — | 11,633 | NEO per SCT |
| 2024 | 150,000 | — | 13,500 | 30,260 | Includes health insurance, 401(k), and vacation cash-in per footnote |
Performance Compensation
Plan Structure and Metrics
| Component | Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|---|
| Prior Non-Equity Incentive | 0.25% of Company net revenue | N/A | N/A | Terminated Mar-2024; no further payments on prior periods not previously paid | N/A | Incentive provision ended via commission termination agreement |
| 2024 Bonus | Not disclosed | N/A | Not disclosed | Not disclosed | 13,500 | Paid in 2024 per SCT |
| Stock Options (Grant 12/15/2024) | Service-based | N/A | N/A | N/A | Grant: 100,000 options | Vest in three equal annual installments on Jan 1, 2025/2026/2027; 5-year term; $1.09 strike; expires 12/15/2029 |
Outstanding Equity Awards and Vesting Detail
| Award Type | Shares | Exercise Price ($) | Expiration | Status (12/31/2024) | Vesting Details |
|---|---|---|---|---|---|
| Option | 200,000 | 0.60 | 11/15/2025 | Exercisable | Legacy award schedule not disclosed beyond status |
| Option | 150,000 | 1.20 | 11/15/2025 | Exercisable | Legacy award schedule not disclosed beyond status |
| Option | 150,000 | 1.80 | 11/15/2025 | Exercisable | Legacy award schedule not disclosed beyond status |
| Option | 50,000 | 3.00 | 4/19/2027 | Exercisable | Legacy award schedule not disclosed beyond status |
| Option | 50,000 | 4.00 | 4/19/2027 | Exercisable | Legacy award schedule not disclosed beyond status |
| Option | 50,000 | 2.08 | 8/4/2028 | Exercisable | Paired with RSUs; see below |
| Option | 50,000 | 2.08 | 8/4/2028 | Not exercisable | Vests in two equal annual installments on Aug 4, 2025 and 2026 |
| RSU | 50,000 | — | — | Unvested | Vests in two equal annual installments on Aug 4, 2025 and 2026 |
| Option (Grant 12/15/2024) | 100,000 | 1.09 | 12/15/2029 | Not exercisable | Vests in three equal annual installments on Jan 1, 2025/2026/2027 |
Equity award valuation in SCT: Option Awards fair value $67,900 for 2024; RSU awards none for Barron in 2024 .
Equity Ownership & Alignment
| Ownership Measure | Amount | Percent of Class | Notes |
|---|---|---|---|
| Total Beneficial Ownership (Common) | 812,389 shares | <1% (*) | As of record date (May 13, 2025); includes exercisable options within 60 days |
| Common Shares Held | 129,056 | — | Direct common shares |
| Options Exercisable within 60 Days | 683,333 | — | Options deemed outstanding for beneficial ownership test |
- Pledging/Hedging: Company insider trading policy prohibits hedging, short selling, and pledging without prior approval; covered persons are subject to blackout periods and pre-clearance requirements .
- Stock ownership guidelines: Not disclosed for executives in the proxy .
Employment Terms
| Term | Key Provision |
|---|---|
| Start Date & Role | COO since June 2007 |
| Agreement Term | Executive Employment Agreement effective Sept 1, 2019; initial one-year term; renewable by mutual agreement |
| Base Salary | $150,000 per year; board discretion to adjust annually |
| Prior Incentive | Cash incentive equal to 0.25% of Company net revenue; terminated via commission termination agreement in March 2024; no amounts paid for prior unpaid periods |
| Severance | Upon termination by Board after initial term: one month of base salary for every year of employment, plus any unpaid incentive compensation |
| Change-in-Control | Agreement survives; Company to bind transferee; all shares granted vest immediately upon such events |
| Cause Definition | Fraud, embezzlement, theft, or neglect/refusal to substantially perform duties; material agreement violation not cured in 30 days; death/disability/incapacity |
| Expenses | Reimbursement for reasonable travel/entertainment expenses |
| Clawback | Company Compensation Recovery Policy adopted in 2023; recovery of erroneously awarded incentive-based compensation upon required restatement for preceding three fiscal years |
Compensation Mix (SCT Summary)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2023 | 150,000 | — | 73,429 | 23,617 | 11,633 | 258,679 |
| 2024 | 150,000 | 13,500 | — | 67,900 | 30,260 | 261,660 |
Related Party & Risk Indicators
- Insider policy restricts hedging/derivatives and pledging without approval; short selling prohibited .
- Company-wide non-GAAP and GAAP losses; nine months ended Sept 30, 2025 net loss of $(25.5)M; operating cash outflow $(11.3)M; financing inflows included preferred stock and convertibles .
- No disclosure of Ms. Barron pledging or hedging her shares; beneficial ownership below 1% of common .
Investment Implications
- Alignment: Barron’s equity exposure (812,389 shares beneficially owned including options) and scheduled vesting through 2027 align her interests with long-term equity value, though the termination of her revenue-linked commission in March 2024 reduces explicit pay-for-performance linkage .
- Retention risk: Severance scales with tenure (one month per year), and immediate vesting on change-in-control adds event-driven alignment; base salary is modest, with equity a key retention lever .
- Trading signals: Upcoming vesting dates (Aug 4, 2025/2026 RSUs/options; Jan 1, 2025/2026/2027 options) may create periodic selling pressure subject to blackout/pre-clearance rules; monitor Form 4 activity around these dates .
- Governance and clawback: Presence of a clawback policy and prohibition on hedging/pledging are shareholder-friendly; no executive stock ownership guidelines disclosed, reducing formal ownership requirements .