Nuvve Holding Corp. signs employment agreement with Ted Smith as NNM LLC CEO

Nuvve Holding Corp. (NASDAQ:NVVE) announced that its subsidiary, Nuvve New Mexico, LLC, entered into an employment agreement with Ted Smith, the company’s President, Chief Operating Officer, and board member, effective March 18, 2025. Under the agreement, Smith will serve as chief executive officer of Nuvve New Mexico, LLC.

The agreement, disclosed Thursday in a filing with the Securities and Exchange Commission, has an initial term through March 18, 2028, and will automatically renew for one-year periods unless either party provides notice of non-renewal. The agreement supersedes all previous compensation arrangements between Smith and the company as of the effective date. This leadership transition comes as the company faces challenges, with InvestingPro analysis revealing rapid cash burn and revenue of $5.44 million in the last twelve months. Get access to 12+ additional ProTips and comprehensive analysis with an InvestingPro subscription.

According to the filing, Smith will receive an initial annual base salary of $250,000. The salary may increase by $50,000 increments on a pro rata basis upon achieving specified revenue milestones. Smith is also eligible for an annual bonus based on company and individual performance criteria, with a target equal to 100% of his base salary. Additionally, he may receive a discretionary annual bonus of up to $75,000, as determined by the subsidiary’s compensation committee. One-time cash bonuses of $50,000 are available based on certain capital raising milestones.

Smith received a one-time grant of Class A Units and Class B Units of Nuvve New Mexico, LLC, each representing 2.5% of the total issued and outstanding units in their respective classes.

The agreement includes reimbursement for Smith’s automobile lease, up to $1,500 per month, and mobile phone expenses.

If Smith is terminated without cause, he will continue to receive his base salary and health insurance benefits for 12 months, subject to certain conditions. If he is terminated without cause or resigns for good reason within 12 months following a change in control, he is entitled to a lump sum severance payment equal to three times his then-current base salary, also subject to specified conditions.

This information is based on a press release statement included in the company’s SEC filing.

In other recent news, Nuvve Holding Corp reported its financial results for Q1 2025, showing a 12.5% increase in revenue to $900,000 from $800,000 in the same period last year. The company also improved its gross margins to 39.9% from 34.7%, while its net loss narrowed slightly to $6.9 million. Nuvve has been expanding its market presence, highlighted by strategic acquisitions such as Fermata Energy assets, which have bolstered its relationships with vehicle manufacturers. Additionally, Nuvve appointed Laura Huang and Brian Johnson to its Board of Directors, bringing expertise in organizational transformation and strategic finance to support the company’s growth initiatives.

The company has also entered into consulting agreements with Goldeneye Services AG, Carson Zabel Rorai, and Rafael Recavarren, issuing warrants exercisable at prices ranging from $1.00 to $1.50 per share. These agreements involve services like crypto portfolio management and strategic planning, reflecting Nuvve’s efforts to diversify its financial strategies. Furthermore, the company is focusing on expanding its EV charging infrastructure and entering new markets, including Japan and New Mexico. Analysts from firms such as Barclays (LON:BARC) have noted the company’s strategic moves, including the issuance of warrants, as significant financial obligations that align with its growth strategy. These developments indicate Nuvve’s ongoing efforts to enhance its operational efficiency and market reach.

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