Matt Craddock
About Matt Craddock
Matt Craddock, 54, has served as an independent director of Venu Holding Corporation since March 2023. He is CEO of Craddock Commercial Real Estate, LLC and President of Craddock Development Company, overseeing a $125 million portfolio across Colorado and New Mexico; he is a licensed broker with EMS and CCIM designations and holds a B.A. in Humanities from Pepperdine University. On VENU’s board, he is classified as independent under NYSE American rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Craddock Commercial Real Estate, LLC | Chief Executive Officer | — | Directs portfolio strategy and operations ($125M) |
| Craddock Development Company, Inc. | President | — | Full‑service development; strategic oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Junior Achievement | Board member | — | Non‑profit governance |
| Boys and Girls Club | Board member | — | Community engagement |
| Discover Goodwill | Board member | — | Non‑profit governance |
Board Governance
| Item | Detail |
|---|---|
| Independence | Independent director under NYSE American rules |
| Board committees | Compensation Committee member; Nominating & Corporate Governance Committee member |
| Audit Committee | Not a member (Audit comprises Dave Lavigne and Steve Cominsky) |
| Board meeting attendance | All directors attended at least 75% of Board and applicable committee meetings in 2024 (Board held 2; each committee held 1; Board has held 1 meeting YTD 2025) |
| Lead Independent Director | None designated |
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option/Warrant Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 2,500 | — | 56,880 | — | 59,380 |
| Notes | Per‑meeting fee of $2,500 for in‑person attendance (policy) | Warrant fair value per ASC 718; valuation in Footnote 11 to 2024 financials |
Performance Compensation
| Grant Year | Instrument | Shares/Units | Exercise Price/Type | Vesting Schedule | Performance Metrics |
|---|---|---|---|---|---|
| 2024 | Compensatory warrant (director annual grant) | 20,000 per director | $10.00 per share | Vests ratably over 2 years beginning Feb 28, 2025 | None disclosed for director awards (time‑based vesting only) |
| As of 9/3/2025 (ownership inclusion) | Warrants included in beneficial ownership within 60 days | 10,000 (portion) | — | — | — |
No director performance scorecards (e.g., revenue growth, EBITDA, TSR, ESG) are disclosed for director compensation; awards are time‑based warrants with no stated performance conditions. Clawback provisions, tax gross‑ups, change‑of‑control terms, and severance for directors are not disclosed in the proxy.
Other Directorships & Interlocks
| Entity | Role/Interest | Financial Tie to VENU | Terms/Amounts | Notes |
|---|---|---|---|---|
| Old Mill, LLC | Manager and minority member (~19% direct/indirect) | Land sale to VENU (Centennial, CO) | Purchase price $13,000,000 (Apr 7, 2025 agreement) | Craddock has indirect right to portion of proceeds; related‑party transaction |
| GA HIA property TIC interests (Old Mill 30%; trust 5%) | Manager/beneficiary/trustee | Landlord to BBST GA and BBP GA | Annual base rent: BBST GA $641,410; BBP GA $191,590; 10% escalation every 5 years | Craddock has indirect right to a portion of net rents through these interests; related‑party transaction |
Expertise & Qualifications
- 28+ years in commercial real estate finance, development, and operations; licensed Broker (Colorado), EMS and CCIM designations; CEO/President roles overseeing $125M portfolio; Pepperdine University B.A. .
- Non‑profit governance experience (Junior Achievement, Boys & Girls Club, Discover Goodwill), supporting stakeholder engagement and community ties .
Equity Ownership
| As of Date | Shares Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| September 3, 2025 | 85,000 | <1% | Includes 10,000 warrants vested or vesting within 60 days |
Governance Assessment
- Committee influence with conflicts risk: Craddock serves on the Compensation and Nominating & Corporate Governance Committees while holding interests tied to VENU real estate transactions (Old Mill land sale; GA HIA rent TIC interests), creating potential perceived conflicts despite independence classification. Enhanced recusal and robust related‑party review processes are advisable.
- Related‑party disclosure is present but no formal written policy: Board reviews related‑party deals case‑by‑case and considers fairness vs third‑party terms; lack of a codified approval policy is a governance gap.
- Board leadership/controls: No lead independent director; combined Chair/CEO; mitigated by majority‑independent board and independent composition of key committees, but concentration of power is a structural risk.
- Attendance: At least 75% attendance across directors, with limited formal meeting frequency disclosed (Board 2, committees 1 each in 2024), supporting baseline engagement.
- Director pay structure: Minimal cash fees; equity warrants with time‑based vesting (no performance conditions) tilt incentives away from explicit pay‑for‑performance; however, equity can align interests via ownership over time.
- Section 16 compliance: Initial Form 3 filings for insiders (including directors) were late relative to IPO effectiveness (filed Dec 5, 2024 vs expected Nov 12, 2024), a minor compliance red flag requiring tighter controls.
RED FLAGS: Related‑party exposure (Old Mill sale; GA HIA rent interests); absence of a formal related‑party policy; no lead independent director; late Section 16 initial filings.
Positive Signals: Independent status; committee service on comp and governance; baseline meeting attendance; equity alignment via warrants.