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PEDEVCO Corp. (NYSE American: PED), a Houston-based energy company specializing in crude petroleum and natural gas, has disclosed the issuance of restricted stock awards and cash bonuses to its top officers following the company's 2024 annual compensation review.
According to InvestingPro data, the company maintains a healthy financial position with a "Good" overall health score and has achieved revenue growth of 19% over the last twelve months. The information, based on a recent SEC filing, indicates that the awards were granted on January 23, 2025, and include both stock and cash components.
The company's Chief Accounting Officer, Paul Pinkston, received 190,000 shares, while the Executive Chairman, Dr. Simon G. Kukes, was awarded 350,000 shares. J. Douglas Schick, the President and CEO, was granted 500,000 shares, and the Executive Vice President, General Counsel and Secretary, Clark R. Moore, received 350,000 shares. Additionally, the Chief Commercial Officer, Jody Crook, was given 294,118 shares.
The restricted shares are subject to a vesting schedule with one-third vesting on the 10-month anniversary of the grant date, another third on the 22nd month, and the final third on the 34th month, contingent upon continued service to the company. The stock awards come at a time when PED shares have experienced a significant 21% decline over the past week, though analysts maintain price targets ranging from $1.50 to $2.15, suggesting potential upside from the current $0.85 trading price.
Furthermore, the company awarded five-year options to purchase 464,000 shares of restricted company common stock at an exercise price of $0.85 per share to certain non-executive employees. These options are also subject to the same vesting terms as the restricted shares.
In terms of cash bonuses, the Board of Directors approved payments following the 2024 compensation review. Paul Pinkston will receive $50,000, J. Douglas Schick is set to receive $130,000, Clark R. Moore will get $120,000, and Jody Crook will be awarded $100,000.
The equity awards and cash bonuses are part of the company's 2021 Equity Incentive Plan, which is designed to compensate and incentivize employees for their contributions to the company's success. The specifics of these awards and the related agreements can be referenced in the exhibits attached to the SEC filing.
PEDEVCO's actions reflect its commitment to aligning the interests of its leadership with company performance and shareholder value. The details of these transactions were outlined in the company's Form 8-K filed with the SEC, providing transparency to investors and the public. With EBITDA of $18.68 million and a strong current ratio of 2.1, InvestingPro analysis reveals 7 additional key insights about PEDEVCO's financial health and growth prospects, available to subscribers.
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