David R. Tameron
About David R. Tameron
David R. Tameron (age 56) was appointed Chief Financial Officer of BKV effective April 1, 2025, after serving as Vice President, Strategic Finance and Investor Relations since August 2022; he previously was Managing Director in Corporate Banking (2017–2022) and Institutional Equity Research (2006–2017) at Wells Fargo & Company . He holds an MBA from Duke University’s Fuqua School of Business and a BA in Finance from Arizona State University . As of April 21, 2025, he beneficially owned 7,982 BKV shares (including 600 held by his sons), representing less than 1% of shares outstanding, with no pledged shares disclosed . BKV’s pay program emphasizes at‑risk incentives: Tameron’s CFO agreement provides $400,000 base salary, 95% target annual bonus, and an expected 2025 equity award valued at ~$1.6 million, with severance equal to 24 months’ base salary plus pro‑rated target bonus if terminated without Cause or for Good Reason ; company bonus metrics rely on a KPI scorecard across lagging financials (e.g., Adjusted EBITDAX, FCF), leading operational goals, and ESG/CCUS, which produced company multipliers of 0.92 (2023) and 1.18 (2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BKV Corporation | Chief Financial Officer | Appointed Apr 1, 2025 | Elevated to CFO to support growth strategy and capital markets execution |
| BKV Corporation | VP, Strategic Finance & Investor Relations | Aug 2022–Mar 2025 | Led strategic finance and IR ahead of and post IPO |
| Wells Fargo & Company | Managing Director, Corporate Banking (Denver) | Sep 2017–Aug 2022 | Senior corporate banking leadership in Denver market |
| Wells Fargo & Company | Managing Director, Institutional Equity Research | Jul 2006–Aug 2017 | Sell‑side research leadership covering energy |
External Roles
- None disclosed (no public company directorships or external board roles noted) .
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $400,000 per year |
| Target Annual Bonus | Up to 95% of base salary, subject to company and individual performance and Compensation Committee approval |
| 2025 Equity Award (under 2024 Plan) | Target grant value approximately $1,600,000 in 2025, subject to plan terms and performance |
| Benefits | Eligible for company benefits; 401(k) plan with company match (historically up to 6% of base salary for 2024 program) |
Performance Compensation
Annual Performance Bonus Framework (Company Program)
| Element | 2023 | 2024 |
|---|---|---|
| KPI Categories and Weights | Lagging (40%), Leading (30%), ESG (30%) | Lagging (50%), Leading (25%), ESG (25%) |
| Examples of Metrics | Adjusted EBITDAX, Adjusted Free Cash Flow, adjusted net income, break‑even unit costs (lagging); production, year‑end reserves, upstream/midstream capex delivery, people/leadership (leading); EHSR/ESG excellence, CCUS delivery (ESG) | Same category types with “corporate refinancing” added to lagging metrics |
| Company Multiplier Outcome | 0.92 (after Committee discretion) | 1.18 |
| Individual Multiplier Governance | CEO set direct reports’ goals (subject to Board/Committee approval); NEO payouts = target x company multiplier x individual multiplier |
Note: Tameron’s CFO target is 95% of base; specific 2025 goals and payouts will follow the approved KPI scorecard and individual goals for 2025 (not yet disclosed) .
Long-Term Incentive Design (Plan Mechanics)
| Award Type | Vesting/Performance | Key Performance Measures |
|---|---|---|
| TRSUs (time‑based) | 2024 award design: one‑third vests on Jan 1, 2025/2026/2027, subject to continued employment | N/A (service-based) |
| PRSUs (performance‑based) | 3‑year performance period beginning Jan 1, 2024; vesting based on achieved performance | Annualized TSR, relative annualized TSR, average annual ROCE |
Note: Tameron’s 2025 equity award is under the 2024 Plan; specific mix/metrics for his grant not yet disclosed beyond expected value .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 7,982 shares as of Apr 21, 2025; includes 600 held by his sons; <1% ownership |
| Pledged/Hedged Shares | Company discloses no pledging by current directors/executives in the ownership table; policies prohibit hedging and pledging by executives/directors/employees |
| Ownership Guidelines | CFO required holding: 4x base salary; compliance within 3 years of role/salary change; during first 3.5 years post‑IPO, NEOs restricted from selling more than 25% of shares (net of tax/strike) in any 12‑month period |
| 10b5‑1 Trading Plan | Adopted Dec 12, 2024; plan end date July 1, 2025; authorizes sale of up to 9,509 shares |
Employment Terms
| Provision | Terms |
|---|---|
| Effective Date | April 1, 2025 |
| Contract | Employment Agreement dated Feb 3, 2025 (effective Apr 1, 2025) |
| Severance (no Cause / Good Reason) | Severance equal to 24 months of base salary plus pro‑rated target bonus for year of termination; paid 50% at 6‑month and 12‑month anniversaries; subject to release and compliance with covenants |
| Restrictive Covenants | Confidentiality and invention assignment; non‑disparagement, non‑competition, non‑solicitation for 12 months post‑termination |
| Change‑of‑Control (equity treatment under 2024 Plan) | For 2024 awards: if not continued/assumed, TRSUs vest and PRSUs vest at target or determinable actual performance through change‑in‑control; if assumed, performance deemed at ≥target through change‑in‑control with service‑based vesting continuing and termination protections applying (award‑specific) |
| Clawback | Dodd‑Frank compliant 3‑year recovery policy for incentive compensation following an accounting restatement (effective at IPO) |
| Hedging/Pledging | Prohibited for executives, directors, employees |
| Related‑Party Transactions | None required to be disclosed for Tameron; no undertakings with others for selection as officer |
Compensation Structure Analysis
- Mix and risk: Fixed base ($400k) with high at‑risk components (95% target bonus; ~$1.6M equity expected in 2025) supports pay‑for‑performance alignment and retention via multi‑year vesting; no options in program reduces upside convexity vs RSUs/PRSUs .
- Performance rigor: Bonus uses multi‑pillar KPI scorecard across financial, operational, and ESG/CCUS goals; 2024 company multiplier was 1.18 (above target) while 2023 was 0.92 (below target), indicating use of discretion and variability tied to outcomes .
- Governance: Clawback in place; hedging/pledging banned; stock ownership guideline of 4x salary for CFO with 3‑year compliance window and post‑IPO sale limitations enhances alignment and mitigates selling pressure .
Risk Indicators & Red Flags
- Insider selling pressure: Tameron adopted a Rule 10b5‑1 plan (up to 9,509 shares through July 1, 2025); combined with NEO post‑IPO sale limitations (max 25% of shares per 12 months for 3.5 years) should moderate but not eliminate near‑term sales flow .
- Control/float dynamics: Majority ownership by Banpu North America Corporation at 75.41% as of Apr 21, 2025, implies limited float and potential volatility around insider activity and secondary events .
- Legal/other proceedings: No CFO‑specific legal proceedings or related‑party transactions disclosed .
Investment Implications
- Alignment: Strong alignment via 4x salary ownership guideline, multi‑year equity, clawback, and anti‑hedging/pledging policies; bonus metrics include financial (Adjusted EBITDAX/FCF), operational, and ESG/CCUS, which should tie pay to value creation and capital discipline .
- Retention risk: Severance at 2x base plus pro‑rated bonus and 12‑month non‑compete/non‑solicit provide retention hooks; expected $1.6M 2025 equity award underpins medium‑term retention, though initial beneficial ownership is modest (<1%) .
- Trading signals: The CFO’s 10b5‑1 plan through mid‑2025 indicates some programmed liquidity; however, company sale restrictions and low float due to 75% control mitigate outsized discretionary selling but can amplify price impact from any block activity .
- Execution focus: PRSU metrics (absolute/relative TSR and ROCE) emphasize returns and shareholder alignment; watch for 2025 grant disclosures to assess exact weighting and targets for Tameron’s award as a leading indicator of capital allocation and performance priorities .