Sidus Space Names Adarsh Parekh as Chief Financial Officer

On January 14, 2025, Sidus Space, Inc. (NASDAQ: SIDU) appointed Adarsh Parekh as its new Chief Financial Officer. The appointment is set to take effect on January 27, 2025. Mr. Parekh has entered into an employment agreement with the company for a one-year term, automatically renewable for successive one-year terms unless non-renewal is communicated by either party.

As per the terms of the agreement, Mr. Parekh is entitled to an annual base salary of $325,000 along with an annual performance bonus of up to 40% of his base salary based on the Board’s assessment of his and the company’s goal achievements. Additionally, Mr. Parekh will receive 25,000 shares of the company’s Class A common stock, subject to a three-year vesting schedule. The agreement also includes provisions related to non-competition and non-solicitation.

In the event of termination without cause, non-renewal by the company, resignation for “good reason,” or termination not long after a change in control, Mr. Parekh is entitled to certain payments and benefits as outlined in the agreement. This includes cash payments, bonus amounts, and accelerated vesting of equity awards under specific conditions.

It is highlighted that there are no undisclosed arrangements or relationships between Mr. Parekh and any other party that influenced his appointment as the company’s Chief Financial Officer. A detailed description of the employment agreement can be found in Exhibit 10.1 of the company’s Form 8-K filing, and a press release regarding this appointment is attached as Exhibit 99.1.

The addition of Adarsh Parekh to the leadership team at Sidus Space is expected to bring a wealth of financial experience to the company. Mr. Parekh, with over two decades in financial roles including recent positions at Terran Orbital Corporation, Alio, Inc., and Woodspur Farms, LLC, is poised to lead the company’s financial operations effectively.

Sidus Space’s CEO, Carol Craig, expressed confidence in Mr. Parekh’s ability to drive the company’s financial strategy forward, emphasizing the significance of his expertise as the company navigates through a period of growth and expansion in the space industry.

Sidus Space’s continuous efforts to fortify its leadership team align with its mission of advancing in the dynamic space economy. The company focuses on innovation and financial milestones while striving for operational excellence in delivering solutions across various sectors including government, defense, intelligence, and commercial enterprises.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sidus Space’s 8K filing here.

Sidus Space Company Profile

Sidus Space, Inc, a space-as-a-service company, engages in the design, manufacture, launch, and data collection of commercial satellite worldwide. Its space services include satellite/space hardware manufacturing; Low Earth Orbit (LEO) launch and deployment services; and space-based geospatial intel, imagery, and data analytics.