Steven Schmidt
About Steven Schmidt
Steven M. Schmidt (age 71) has served as SKYX’s President since June 2021 after consulting to the company since August 2019, and is the sole principal of Schmidt Family Investments LLC formed in May 2017 . His prior leadership includes Office Depot EVP & President, International (2011–2016), EVP Corporate Strategy (2011), and President, North American Business Solutions (2007–2011); CEO of ACNielsen (11 years prior to 2007); and leadership roles at Pillsbury (8 years), PepsiCo, and Procter & Gamble . Company performance during his tenure includes 2024 revenue growth of 47% to $86.3 million and a smaller adjusted EBITDA loss versus 2023; Schmidt also invested $500,000 in SKYX’s 2024 preferred equity round, signaling alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Office Depot | EVP & President, International | Nov 2011–May 2016 | Led international operations and growth initiatives |
| Office Depot | EVP Corporate Strategy & New Business Development | Jul 2011–Nov 2011 | Corporate strategy and new-business development |
| Office Depot | President, North American Business Solutions | Jul 2007–Nov 2011 | Led B2B sales and solutions across North America |
| ACNielsen | President & CEO | ~11 years prior to 2007 | Ran global market research firm as CEO |
| Pillsbury | President, Canadian & Southeast Asian operations | 8 years (dates not specified) | Led regional P&L and expansion |
| PepsiCo; Procter & Gamble | Management roles | Not disclosed | Consumer/CPG operating experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Schmidt Family Investments LLC | Founder & Sole Principal | May 2017–present | Early-stage investing platform |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | — | — |
| Bonus ($) | — | 10,300 |
| Stock Awards ($) | — | 334,750 |
| Option Awards ($) | — | 235,530 |
| Non-Equity Incentive ($) | — | — |
| All Other Compensation ($) | — | — |
| Total Compensation ($) | — | 580,580 |
The 2025 Proxy indicates executive officer base salaries for other NEOs and discretionary bonuses; Schmidt’s 2024 compensation was primarily equity-based and bonus, with base salary not disclosed .
Performance Compensation
Equity Grants and Vesting Schedules
| Award Type | Grant Date | Shares/Options | Strike | Expiration | Vesting |
|---|---|---|---|---|---|
| RSUs | Dec 20, 2024 | 250,000 | n/a | n/a | 10,000 on Dec 20, 2024; remaining 240,000 vest 20,000 quarterly beginning Dec 31, 2024 |
| Stock Options | Sep 15, 2024 | 250,000 | $0.90 | Sep 15, 2029 | 10,000 on Dec 20, 2024; remaining 240,000 vest 20,000 quarterly beginning Dec 31, 2024 |
| RSUs | Dec 15, 2024 | 100,000 | n/a | n/a | Two equal annual installments on Jan 1, 2025 and Jan 1, 2026 |
| Stock Options | Dec 15, 2024 | 100,000 | $1.09 | Dec 15, 2029 | Two equal annual installments beginning Jan 1, 2025 |
| Stock Options | Jun 1, 2021 | 100,000 | $12.00 | Jun 1, 2026 | Four equal annual installments on each of Jun 1, 2021–2024 (signing bonus included) |
| Annual Stock Grants | Jun 1, 2022/2023/2024 | 25,000 each year | n/a | n/a | Annual grants per prior agreement |
Performance Metrics and Payouts
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Sales program goals (stock bonus) | Not disclosed | Achieve specified sales program goals | Not disclosed | 20,000 shares upon goal achievement | Not disclosed |
The company’s compensation program emphasizes revenue and income growth broadly, but Schmidt’s 2024/2025 awards are time-vested RSUs/options without disclosed metric weightings; awards are subject to the company’s clawback policy under the Amended 2021 Plan .
Equity Ownership & Alignment
| Ownership Item | Amount | Notes |
|---|---|---|
| Common stock beneficially owned | 546,276 | “*” denotes <1% of common; record per 2025 Proxy |
| Series A-1 Preferred beneficially owned | 20,000 | 5.3% of Series A-1 class |
| Options – exercisable | 100,000 (at $12.00, exp. 6/1/2026); 30,000 (at $0.90, exp. 9/15/2029) | As of 12/31/2024 |
| Options – unexercisable | 220,000 (at $0.90, exp. 9/15/2029); 100,000 (at $1.09, exp. 12/15/2029) | As of 12/31/2024 |
| Unvested RSUs – market value | $255,200 (220,000 units); $116,000 (100,000 units) | Valued at $1.16 close on 12/31/2024 |
| Insider purchase (preferred round) | $500,000 | 2024 strategic investment round at $2.00 per share equivalent |
Stock ownership guidelines, pledging/hedging policies for Schmidt are not disclosed in available filings; awards under the plan are subject to clawback .
Employment Terms
- Current Employment Agreement: three-year term; effective Dec 20, 2024; term ends Dec 31, 2027; President role; up to four weeks’ vacation and expense reimbursement; additional equity/bonus at company discretion .
- Termination: either party may terminate at any time with 30 days’ written notice; immediate termination for uncured material breach; any unvested award forfeits upon cessation of employment .
- Restrictive covenants: confidentiality, IP assignment, post-employment non-solicitation and non-competition .
- Prior (2019/2021) Agreement: as consultant-turned-president, contained immediate vesting of shares/options upon company termination and immediate vesting upon M&A/change-of-control; annual share grants and multiple option tranches including $12.00 strike; current agreement supersedes with forfeiture on termination, improving alignment and reducing parachute risk .
- Plan-level governance: Amended 2021 Plan prohibits discounted options, repricing without shareholder approval, pays no dividends on unvested awards, and subjects awards to clawback .
Investment Implications
- Pay mix and alignment: Schmidt’s compensation is heavily equity-based with sizable RSU/option schedules and a personal $500k insider investment, aligning him with shareholders; however, lack of disclosed performance metric weighting suggests limited pay-for-performance rigor beyond time-based vesting .
- Vesting cadence and potential selling pressure: 240,000 RSUs and 240,000 options vest in 12 quarterly installments of 20,000 beginning Dec 31, 2024, plus 100,000 RSUs vest on Jan 1, 2025 and Jan 1, 2026—creating predictable vest events that can add supply and insider selling pressure around quarter-ends and early-year dates, subject to trading plans .
- Retention and severance risk: The new agreement’s forfeiture of unvested equity on termination, combined with multi-year vesting through 2027, supports retention and mitigates change-of-control windfall risk compared to the prior agreement’s immediate vesting terms .
- Ownership scale: Schmidt’s beneficial common ownership is <1% of outstanding with 20,000 Series A-1 preferred shares (5.3% of that class), signaling alignment but limited governance influence; vesting-driven accumulation could increase stake over time .
- Execution context: Company delivered 47% revenue growth in 2024 and improved adjusted EBITDA loss vs. 2023, providing a constructive backdrop for equity-linked incentives; monitoring quarterly vest events, any Form 4 activity, and progress toward management’s cash flow targets is prudent for trading signals .