Mallorie Burak
EnergousAbout Mallorie Burak
Mallorie Burak, age 53, is Chief Executive Officer and Chief Financial Officer of Energous Wireless Power Solutions (WATT) and has served as a director since October 16, 2024; she joined as CFO on January 16, 2024 and served as interim principal executive officer beginning March 24, 2024 before being appointed permanent CEO on October 16, 2024 . She holds a BS in Business Administration and an MBA from San Jose State University . Under her leadership in 2025, Energous reported three consecutive quarters of revenue growth with Q3 2025 revenue of approximately $1.3 million, a 30% increase versus Q2, and the lowest quarterly GAAP net loss in over a decade; management also regained compliance with Nasdaq’s minimum bid price rule in August 2025 . As of April 16, 2025, Burak beneficially owned 19,250 shares, representing less than 1% of outstanding common stock .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Knightscope, Inc. | President and Chief Financial Officer | Oct 2020–Jan 2024 | Advanced public safety technology; turnaround and execution experience |
| ThinFilm Electronics ASA | Chief Financial Officer | Jul 2019–Jun 2020 | Solid-state lithium battery start-up |
| Alta Devices, Inc. | Chief Financial Officer | Feb 2016–Jul 2019 | GaAs thin-film solar technology start-up |
| FriendFinder Networks Inc. | President and Chief Financial Officer | Not disclosed | Executive finance and operating leadership |
| Rainmaker Systems, Inc. | Chief Financial Officer | Not disclosed | Executive finance leadership |
| FoodLink | Chief Financial Officer | Not disclosed | Executive finance leadership |
| Southwall Technologies | VP of Finance and Acting CFO | Not disclosed | Executive finance leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Locale | Advisor and Board Member | Jul 2020–Sep 2021 | Board service at private company |
| SSG Capital Advisors LLC | Financial Advisor | Jan 2020–Oct 2020 | Advisory experience |
| SIM-X Tactical Solutions, Inc. | Financial Advisor | Sep 2015–Jan 2020 | Advisory experience |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base salary (paid) | $379,849 | Reported in Summary Compensation Table for 2024 |
| Base salary rate | $395,000 | Per offer letter dated Nov 29, 2023 |
| Guaranteed bonus | $150,000 | Contingent on continued employment through Dec 31, 2024 |
| Sign-on bonus | $50,000 | One-time at commencement |
| Special one-time bonus (interim PEO) | $75,000 | Granted upon appointment as interim principal executive officer |
| Discretionary bonus | $59,250 | For additional efforts in 2024 |
| Total cash bonus paid | $334,250 | Sum of bonus components; reported total |
| Director fees | $0 | Employee directors are not compensated; Burak received no director compensation in 2024 |
Performance Compensation
| Incentive type | Metric(s) | Weight | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Corporate Bonus Plan (2024 discretionary) | Qualitative and quantitative performance standards | Not disclosed | Not disclosed | $59,250 paid | N/A |
| RSUs (time-based) | Service-based vesting only; no performance metrics | N/A | N/A | Grants detailed below | Quarterly/annual tranches as specified below |
2024 RSU grants and vesting schedule:
| Grant date | RSUs granted | Vesting installment dates | Per-tranche shares | Market value as of 12/31/2024 (at $1.01/share) |
|---|---|---|---|---|
| Jan 15, 2024 | 52,000 | Jan 15, 2025; Jan 15, 2026; Jan 15, 2027; Jan 15, 2028 | 13,000 each | $52,520 total |
| Jun 27, 2024 | 25,000 | Jun 27, 2025; Jun 27, 2026; Jun 27, 2027; Jun 27, 2028 | 6,250 each | $25,250 total |
| Oct 16, 2024 | 35,000 | Oct 16, 2025; Oct 16, 2026; Oct 16, 2027; Oct 16, 2028 | 8,750 each | $35,350 total |
Plan-level equity grant cadence (2024 Plan): RSUs were the only award type granted in 2024; total RSUs to Burak under 2024 Plan through Apr 16, 2025 = 60,000 (the Jun 27 and Oct 16 awards), consistent with the plan disclosure .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Apr 16, 2025) | 19,250 shares; less than 1% of 32,604,717 outstanding |
| Unvested RSUs outstanding (12/31/2024) | 52,000 (1/15/2024); 25,000 (6/27/2024); 35,000 (10/16/2024); market values $52,520; $25,250; $35,350 respectively at $1.01/share |
| Upcoming vesting (2025) | 13,000 on Jan 15, 2025; 6,250 on Jun 27, 2025; 8,750 on Oct 16, 2025 |
| Hedging/pledging | Prohibited for employees, officers, directors, and consultants; includes bans on derivatives, short sales, and pledging/margin use |
| Ownership guidelines | Not disclosed in proxy; no specific multiple of salary cited |
Employment Terms
| Term | Economics / Provision |
|---|---|
| Offer letter terms | Annual base salary $395,000; guaranteed $150,000 bonus for 2024; one-time sign-on bonus $50,000; eligible in 2025 for discretionary annual bonus up to $200,000 based on Company and individual objectives |
| Severance (non–change-in-control) | One-time lump sum equal to 12 months of monthly base salary plus 100% of target bonus; accelerated vesting of 50% of unvested equity awards (excluding performance-vesting awards); Company-paid COBRA premiums for 12 months upon timely election |
| Change-in-control (equity plan) | Committee may accelerate, assume/continue/substitute, or cash-out awards; unvested awards may be canceled for no consideration if not otherwise provided; detailed CIC definitions and payment conditions included in Plan (Section 15) |
| Clawback | All awards subject to Company clawback policy and applicable law; forfeiture upon for-cause termination; no tax gross-ups in plan |
| Anti-repricing | No option/SAR repricing without stockholder approval (except capitalization adjustments) |
| Start dates | CFO effective Jan 16, 2024; interim principal executive officer effective Mar 24, 2024; permanent CEO and director effective Oct 16, 2024 |
| Related party transactions (appointment) | None required to be reported for Burak’s appointment |
Board Governance
- Dual roles: Burak serves as CEO and CFO; she is not independent under Nasdaq standards . The Board has an independent Chairman (David Roberson) and a separate Chair role; the Office of the Chair comprises Roberson and Burak .
- Committee composition (Burak is not listed on committees):
- Audit: Dodson (Chair), Roberson, Patel
- Compensation: Patel (Chair), Dodson, Roberson
- Corporate Governance & Nominating: Roberson (Chair), Dodson, Patel
- Attendance: In 2024, all directors attended at least 75% of Board and committee meetings .
Director Compensation
| Component | Amount |
|---|---|
| Annual retainer (non-employee directors) | $25,000 |
| Chair of the Board (additional) | $25,000 |
| Lead Independent Director (additional) | $25,000 (if applicable) |
| Audit Chair / Member | $20,000 / $10,000 |
| Compensation Chair / Member | $15,000 / $5,000 |
| Corporate Governance & Nominating Chair / Member | $10,000 / $5,000 |
| Equity grants (non-employee directors) | Initial RSUs equal to $100,000 FMV (3-year vest); annual refresh equal to $50,000 FMV (1-year vest), capped at 1,250 shares; after Apr 2025, annual RSUs of 15,000 shares capped at $50,000; Chair receives additional RSUs (1,000; increasing to 2,500 after Apr 2025); unvested director equity accelerates upon change of control |
| Non-employee director annual limits | Chair: $500,000; other directors: $300,000 (cash + equity) |
| Burak director pay | $0 in 2024 due to employee status |
Performance & Track Record
| Period | Highlights |
|---|---|
| Q3 2025 | Revenue ≈$1.3M; 30% increase vs Q2; GAAP net loss improved 38% YoY; lowest quarterly GAAP net loss in over a decade; gross margin 36%; third consecutive quarter of growth; highest quarterly revenue since 2015 |
| Oct 2025 (prelim) | Confirmed preliminary Q3 2025 revenue ≈$1.3M; order backlog ≈$4.2M; operational losses lowest since 2014; shipments to multiple Fortune 10 customers |
| Aug 2025 | Regained compliance with Nasdaq minimum bid price rule (closed matter) |
| Pay vs Performance context | CAP table shows 2024 CAP $827,219 for Burak; company TSR value of initial $100 investment = $4.04 for 2024; net loss $(18.398)M for 2024 |
Compensation Committee Analysis
- Composition: Patel (Chair), Dodson, Roberson; all independent/non-employee directors .
- Consultants: Compensation Committee did not engage a compensation consultant in 2024 .
- Risk oversight: Board and committees oversee compensation-related risk; program deemed not to encourage excessive risk-taking .
Equity Award Capacity and Limits (Plan Guardrails)
- Individual award limits: up to 75,000 shares for options/SARs and 75,000 shares for other share-based awards per calendar year; cash-based performance awards capped at $1.0M per category per year .
- Best-practice features: no evergreen; no discounted options; no repricing without shareholder approval; clawback; no transferability (except limited family transfers) .
Investment Implications
- Alignment and retention: Burak’s 2024 compensation tilted toward guaranteed and one-time cash (sign-on, guaranteed, special interim bonus) plus time-based RSUs, with no disclosed objective performance metrics for 2024 bonuses; retention is reinforced via multi-year vesting across three RSU grants through 2028 and severance protections (12 months salary plus 100% target bonus), suggesting stability but modest direct pay-for-performance linkage in disclosed 2024 components .
- Insider selling pressure: The vesting cadence creates predictable supply events (13,000 shares on Jan 15 each year 2025–2028; 6,250 on Jun 27; 8,750 on Oct 16), which could coincide with 10b5-1 trading plans; however, hedging and pledging are prohibited, and director equity accelerates only upon change of control .
- Governance and independence: Dual CEO/CFO role concentrates authority; mitigated by independent Board Chair and fully independent Audit/Compensation/Nominating committees; Burak receives no director compensation as an employee director .
- Change-in-control economics: Equity plan allows acceleration/cash-out at Committee discretion and defines CIC broadly; Burak’s standalone CIC agreement terms beyond non-CIC severance are not detailed in proxy, but plan mechanics support award treatment flexibility in strategic transactions .
- Performance trajectory: 2025 operating improvements (revenue growth, margin expansion, order backlog, lowest losses in years) under Burak’s leadership may indicate execution progress; continued monitoring of backlog conversion, gross margin sustainability, and capital structure moves is warranted for trading signals .