Eric West
Aqua MetalsAbout Eric West
Eric West is Chief Financial Officer of Aqua Metals (AQMS), appointed May 7, 2025 and effective May 19, 2025. He previously held finance roles at Aqua Metals from 2019–Nov 2024 (most recently VP Finance), spent Nov 2024–May 2025 as VP of Finance & Accounting at a private company, began his career at Grant Thornton, and holds a Master of Accountancy from the University of Nevada, Reno; he is a licensed CPA. He is 34 years old. Company compensation practices emphasize “SMART” annual objectives (STIP) and three‑year RSU‑based LTIP; company TSR declined 39% in 2023 and 59% in 2024, contextualizing a challenging backdrop prior to his appointment .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Aqua Metals, Inc. | Chief Financial Officer | Appointed May 7, 2025; effective May 19, 2025 | Finance leadership, public company CFO responsibilities |
| Aqua Metals, Inc. | VP Finance; other finance roles | 2019 – Nov 2024 | Progressively senior finance roles; internal continuity |
| Private company (undisclosed) | VP Finance & Accounting | Nov 2024 – May 2025 | External finance leadership role |
| Grant Thornton, LLP | Early career | Not disclosed | Public accounting foundation; licensed CPA |
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $300,000 annual rate under CFO employment agreement (May 2025) |
| Benefits | “Reasonable and customary” health and other benefits at company expense |
Performance Compensation
Short-Term Incentive Plan (STIP)
| Item | Details |
|---|---|
| Target opportunity | Up to 75% of base salary |
| Metrics framework | Board-approved annual “SMART” objectives; objective, measurable, rigorous |
| Payout formula | Year-end rating (1–5) × target bonus |
| Payout form | Cash or RSUs at Compensation Committee discretion |
Long-Term Incentive Plan (LTIP) and Equity Awards
| Item | Details |
|---|---|
| Target opportunity | Up to 125% of base salary; LTIP payable in RSUs |
| 2019 Stock Incentive Plan | Governs options/RSUs/PSUs; contains broad performance criteria including EBITDA, TSR, stock price, revenue, etc. |
| Initial CFO equity grant | RSUs for 100,000 shares, vesting over three years from grant date |
| Valuation context | RSU package disclosed at $98,000 fair value and 100,000 units (approved subject to plan amendment) |
| Share reserve and overhang | 2019 Plan share increase of 2,600,000 (to 4,000,000); ~28% of 9,446,105 shares outstanding as of June 5, 2025; closing price $0.73 on June 5, 2025 |
| Shareholder approval status | Plan share increase approved July 22, 2025 |
Notes:
- For other NEOs, the company has used TSR- and stock‑price‑hurdle PSUs; West’s disclosed LTIP is RSU‑based (time vesting) with no PSUs specifically disclosed for him .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial ownership (June 5, 2025) | 1,250 shares; less than 1% of outstanding |
| Unvested awards | 100,000 RSUs (3‑year vesting); subject to and now within amended 2019 Plan capacity |
| Hedging/pledging | Insider Trading Policy prohibits short sales, publicly traded options, hedging, margin and pledged securities |
| Clawback | Executive Officer Clawback Policy adopted to comply with SEC Rule 10D‑1/Nasdaq 5608; 3‑year lookback on erroneously awarded incentive compensation |
| Ownership guidelines | Proxy discloses director stock ownership guideline (3× cash board fee); no separate officer ownership guideline described in this filing |
Employment Terms
| Term | Details |
|---|---|
| Appointment/effective date | Appointed CFO May 7, 2025; effective May 19, 2025 |
| Base salary | $300,000 |
| STIP target | Up to 75% of base salary; cash or RSUs |
| LTIP target | Up to 125% of base salary; payable in RSUs |
| Severance (no cause/good reason) | 12 months’ base salary plus pro‑rata STIP and LTIP for year of termination (assuming full performance achievement) |
| Change‑of‑control terms | No enhanced CoC multiple/acceleration disclosed for West in the 8‑K |
| IP/confidentiality | Customary assignment and confidentiality provisions |
Compensation Structure Analysis
- Mix and leverage: West’s pay design skews heavily to at‑risk compensation via a 75% STIP and 125% LTIP, aligning outcomes with annual objectives and multi‑year equity value but primarily through time‑vested RSUs (lower risk than PSUs) .
- Plan capacity and dilution: The 2019 Plan share pool increase (2.6M shares, ~28% of outstanding) was sought to fund RSU grants including West’s 100,000 units; shareholders approved the increase on July 22, 2025, mitigating issuance risk but elevating dilution overhang .
- Governance: Compensation Committee engaged Pay Governance LLC in 2024 to review executive compensation, severance, and STIP/LTIP structure; company maintains a clawback and prohibits hedging/pledging, supporting governance quality .
Say-on-Pay & Shareholder Feedback
- 2025 say‑on‑pay approved: For 1,629,971; Against 569,042; Abstain 101,034 (broker non‑votes 2,684,708) .
- 2019 Plan amendment (share increase) approved the same meeting, enabling outstanding RSU approvals to proceed .
Performance & Track Record (Context)
- Company “compensation actually paid” trended down alongside TSR declines: CEO CAP fell to $869,740 in 2024 from $1,447,590 in 2023; TSR decreased 39% (2022→2023) and 59% (2023→2024); net loss increased 55% (2022→2023) and 2% (2023→2024), framing a challenging environment preceding West’s appointment .
Investment Implications
- Alignment vs. pressure: West’s initial 100,000 RSUs (3‑year vesting) create long‑term alignment but also a known vesting cadence that can add incremental supply over time; hedging/pledging prohibitions and a clawback policy are positives for alignment and downside governance risk .
- Retention and cost on exit: Severance of 12 months’ salary plus pro‑rata STIP/LTIP is moderate for a small‑cap, balancing retention with cost discipline; no disclosed change‑of‑control uplift reduces parachute risk but may modestly increase retention risk in M&A scenarios .
- Pay‑for‑performance signal: Heavy at‑risk targets (75% STIP/125% LTIP) and board‑approved “SMART” goals emphasize execution; the company’s recent TSR/net loss trends set a low base for improvement but also heighten execution risk in the near term .
- Dilution overhang: The 2019 Plan expansion (2.6M shares) supports talent retention and equity‑based pay but increases dilution; investors should monitor grant pacing and vesting outcomes, including West’s RSUs, against value creation milestones .