Brian Aquilino
AMRKAbout Brian Aquilino
Brian Aquilino, age 53, is Chief Operating Officer of A‑Mark Precious Metals (AMRK), appointed March 9, 2020. He joined A‑Mark in 2001, previously serving as Director of Operations and then VP of Operations since 2011; earlier roles include operations positions at AT&T and Covad Communications. He holds a BA from the University of Denver and has over 25 years of operations experience . Company performance context during his tenure: fiscal 2025 pre‑tax profit was $21.3 million, with one‑year TSR of −29.7% and five‑year TSR of +200% as of June 30, 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| A‑Mark Precious Metals | Director of Operations | — | Operations leadership supporting scaling of logistics and trading |
| A‑Mark Precious Metals | VP of Operations | 2011–2020 | Led operations ahead of promotion to COO |
| A‑Mark Precious Metals | Chief Operating Officer | 2020–present | Oversees logistics automation and expansion initiatives |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AT&T | Operations roles | — | Telecom operations experience |
| Covad Communications | Operations roles | — | Broadband operations experience |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | 297,784 | 325,000 | 350,000 |
| Target Bonus (% of Salary) | 50% | 50% | 50% |
| Actual Annual Incentive Paid ($) | — | 100,000 | 75,000 |
| Discretionary Bonus ($) | 300,000 | — | — |
| All Other Compensation ($) | 18,750 | 24,728 | 30,017 |
| Total Compensation ($) | 782,142 | 449,728 | 649,321 |
Forward salary schedule under new agreement: $375,000 in FY 2026, increasing by $25,000 in each of FY 2027 and FY 2028 .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| FY 2025 Pre‑Tax Profit (Company) | 50% | $55.9M | $21.3M | 0 (below threshold/target) | N/A |
| FY 2025 Operational Goals (logistics automation; storage capacity; new customers/Asia) | 50% | Qualitative targets | Achieved at satisfactory levels | $75,000 | N/A |
| FY 2024 Pre‑Tax Profit (Company) | 50% | $125M | $82.8M | Below target portion paid | N/A |
| FY 2024 Operational Goals (automation; storage; services/customers) | 50% | Qualitative targets | Satisfactory achievement | $100,000 | N/A |
Notes: Annual incentives for COO are split 50% on company pre‑tax profit and 50% on other operational goals set by the Compensation Committee; payouts were made solely based on operational goals in FY2025 due to profit shortfall .
Equity Ownership & Alignment
| Metric | As of Sep 19, 2024 | As of Sep 18, 2025 |
|---|---|---|
| Total Beneficial Ownership (shares) | 5,000 | 10,000 |
| Ownership % of Outstanding | <1% | <1% |
| Options Exercisable | 5,000 @ $39.69 (exp. 02/01/2033) | 10,000 @ $39.69 (exp. 02/01/2033) |
| Options Unexercisable | 5,000 @ $39.69 (vest 06/30/2025) | 20,000 @ $23.84 (vest 1/3 on 06/30/2026, 06/30/2027, 06/30/2028) |
| RSUs (unvested) | — | — |
Additional details:
- 10,000‑share option granted Feb 1, 2023 at $39.69; vested 50% on 06/30/2024 and 50% on 06/30/2025; expires 02/01/2033 .
- 20,000‑share option granted Apr 16, 2025 at $23.84; 10‑year term; vests 33.3% per completed fiscal year 2026–2028 .
- FY2025 year‑end share price $22.18; both option strikes were above this level, implying out‑of‑the‑money status at FY2025 year‑end .
Insider transactions: Exercised 60,000 options in FY2024 (value realized $2,005,536); no stock awards vested in FY2024 or FY2025 for Aquilino .
Policies affecting alignment:
- Anti‑hedging policy prohibits short sales and exchange‑traded options by officers/directors .
- Clawback policy requires recovery of incentive comp upon material restatement; applies even absent misconduct .
- No tax gross‑ups for change‑in‑control, severance, or benefits .
Employment Terms
| Term | Details |
|---|---|
| Current Agreement Term | July 1, 2025 – June 30, 2028 |
| Base Salary Schedule | $375,000 (FY2026), +$25,000 in FY2027 and FY2028 |
| Annual Incentive Opportunity | Target bonus equal to 50% of salary; goals set annually by Compensation Committee |
| Equity Awards under New Agreement | 20,000 stock options granted Apr 16, 2025; vest 33.3% per fiscal year (2026–2028); 10‑year term |
| Prior Equity Awards | 10,000‑share option granted Feb 1, 2023; vested 50% on 06/30/2024 and 50% on 06/30/2025 |
| Severance/COC | Equity awards accelerate upon change in control; no gross‑ups; broader severance specifics for COO not enumerated in FY2025 proxy; change‑in‑control does not enhance cash severance under exec agreements |
| Post‑termination Protections | Employment agreements include confidentiality, non‑disparagement, and non‑solicitation of employees (to extent permitted by law) |
Compensation Structure vs Performance Metrics
- The COO’s pay design ties 50% of the annual incentive to company pre‑tax profits and 50% to operational goals (logistics automation, capacity, and customer/Asia expansion), reinforcing pay‑for‑performance even in lower‑profit years .
- In FY2025, pre‑tax profit shortfall ($21.3M vs $55.9M target) eliminated the profit‑linked payout, with a $75,000 award solely for operational achievements; FY2024 paid $100,000 below target with similar goal structure .
Compensation Peer Group and Say‑on‑Pay
- Peer group used in pay‑versus‑performance disclosure spans Alternative Brokerage (e.g., StoneX, Oppenheimer), Alternative Financial Services (e.g., Enova, FirstCash), and E‑Commerce (e.g., Carvana, Liquidity Services) .
- Say‑on‑pay support: 77.9% approval at the 2024 Annual Meeting; prior approvals were 98.6% (2023) and 97.3% (2022) .
Investment Implications
- Retention and incentives: A fresh three‑year contract with options vesting through FY2028 strengthens retention and aligns incentives with operational execution and future profitability .
- Selling pressure monitoring: Past monetization via 60,000 option exercises in FY2024 suggests willingness to realize value; near‑term pressure is lower with both options out‑of‑the‑money at FY2025 year‑end ($22.18 vs strikes $23.84 and $39.69). Watch vest dates (FY2026–FY2028) for potential Form 4 activity as market conditions change .
- Alignment safeguards: Anti‑hedging and robust clawback policies, and absence of tax gross‑ups, are shareholder‑friendly governance features reducing misalignment risk .
- Ownership: Direct beneficial stake is small (<1%), with most exposure via options; acceleration upon change‑in‑control can concentrate equity outcomes under strategic events .