Eric S. Jacobsen
About Eric S. Jacobsen
Eric S. Jacobsen is President — Upstream at BKV, appointed February 3, 2025 after serving as Chief Operating Officer since the company’s formation in May 2020; he previously held senior operating roles at Extraction Oil & Gas, Noble Energy, and BP across US and international upstream operations. He is 54 years old and holds a BS in Environmental Engineering and an MS in Petroleum Engineering from Montana Tech University . BKV’s long-term incentives tie payouts to annualized TSR, relative TSR vs a benchmark group, and average ROCE, with PRSUs granted post-IPO featuring a 30% aTSR, 30% rTSR, and 40% ROCE weighting and cliff vesting in late 2026 or 2027; company PRSUs under the prior plan achieved thresholds for TSR (136%), ROCE (131%), and IPO readiness (200%) for the 2021–2023 period, supporting pay-for-performance linkage .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BKV | Chief Operating Officer | May 2020 – Feb 2025 | Led operational scaling through IPO readiness and upstream development; transitioned to Upstream-focused presidency to align with strategic growth . |
| Kalnin Ventures | Chief Operating Officer | Feb 2020 – May 2020 | Operated pre-BKV formation platform, bridging into BKV’s COO role . |
| Extraction Oil & Gas (NASDAQ: XOG) | Senior Vice President | Oct 2016 – Dec 2019 | Oversaw upstream operations at a Rockies-focused E&P, enhancing development execution . |
| Noble Energy (NASDAQ: NBL) | Director of Planning & Development; Director of Exploration & Production; Well Engineering Manager | Jan 2011 – Oct 2016 | Led large-scale DJ Basin shale development in Colorado; multi-disciplinary leadership in upstream planning and engineering . |
| BP, ARCO, Vastar | Various roles (Operations Manager, OIM, Reservoir Engineer) | Jun 1993 – Jan 2011 | International upstream leadership across US, Algeria, Azerbaijan, Gulf of Mexico; broad operational and reservoir expertise . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BKV-BPP Power Joint Venture | Board of Managers member | Mar 2025 – Present | Governance oversight of 50/50 gas power JV (Temple I), aligning upstream-midstream-power integration for BKV and Banpu affiliates . |
Fixed Compensation
| Year/Agreement | Base Salary ($) | Target Bonus (%) | Actual Annual Bonus ($) | Other Cash ($) | Notes |
|---|---|---|---|---|---|
| 2023 (COO agreement) | 425,000 | 95% of base | 380,052 | 17,731 (401k + life) | Discretionary performance-based; bonus paid post-year-end . |
| 2024 (COO agreement) | 425,000 | 95% of base | 533,596 | 27,060 (401k + life) | Equity awards granted Sept 27, 2024 (see below) . |
| A&R Employment Agreement (effective Feb 3, 2025) | 525,000 | Up to 95% | — | 1,000,000 retention bonus (clawback if departure/breach before Feb 3, 2027) | At-will; annual equity target ~$2,000,000 in 2025, subject to performance and committee approval . |
Performance Compensation
Annual Bonuses (Actuals and Individual Multipliers)
| Year | Company Bonus Paid ($) | Individual Multiplier | Individual Goal Themes |
|---|---|---|---|
| 2023 | 380,052 | 1.08 (CEO recommendation; Board approved) | Leadership, ESG/EHSR, CCUS growth, steering committee project development . |
| 2024 | 533,596 | 1.12 (CEO recommendation; Comp Committee approved) | Leadership, ESG/EHSR, CCUS growth, operational initiatives . |
Equity Awards and Vesting
| Award Type | Grant Date | Quantity (#) | Vesting | Performance Metrics | Notes |
|---|---|---|---|---|---|
| TRSUs (2024 Plan) | Sep 27, 2024 | 35,555 | ~1/3 on Jan 1 of 2025, 2026, 2027; service-based | N/A | Unvested at 12/31/24: 23,704 units valued at $568,681 . |
| PRSUs (2024 Plan) | Sep 27, 2024 | 53,333 target (max 106,666) | 3-year performance period starting Jan 1, 2024; vest based on KPIs | aTSR 30%, rTSR 30%, ROCE 40% | Outstanding target PRSUs at 12/31/24 with payout value $1,268,259 . |
| Company PRSUs (post-IPO grants) | 2025 | Company grants: 663,596 PRSUs; cliff vest Dec 31, 2027 | Cliff vest at Dec 31, 2027; performance period Jan 1, 2025–Dec 31, 2027 | aTSR 30%, rTSR 30%, ROCE 40% | Unrecognized comp expense $15.5M; WA amortization 1.8 years . |
PRSU Valuation Parameters (Company-wide, for context)
- Market-based components (aTSR, rTSR): risk-free 3.7%, volatility 40%, immaterial dividend yield; weighted average grant-date fair values for aTSR $15.78 (Q3) and $14.26 (9M), rTSR $29.30 (Q3) and $23.73 (9M) .
- ROCE component treated as non-market; estimated performance varying by grant cohort; weighted average grant-date fair value ROCE $21.42 (Q3) and $19.75 (9M) .
- Prior plan result: for 2021–2023 PRSU cohort, thresholds met for TSR (136%), ROCE (131%), and IPO readiness (200%), vesting in Feb 2024 .
Equity Treatment on Termination/Change in Control (2024 Grants)
| Scenario | 2024 PRSUs (Jacobsen) | 2024 TRSUs (Jacobsen) |
|---|---|---|
| Death/Disability | Full vesting at target payout | Full vesting . |
| Termination without Cause (not CIC) | If prior to final 6 months: pro-rata vesting at target; if during final 6 months: pro-rata portion remains outstanding and eligible based on actual performance | Forfeit . |
| Termination without Cause or Resignation for Good Reason within 24 months after CIC (awards assumed) | Performance deemed met at greater of target or determinable actual through CIC; such number will vest on termination | Full vesting . |
| CIC where awards not assumed | PRSUs vest based on greater of target or determinable actual through CIC | TRSUs vest . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 255,663 BKV shares; less than 1% of outstanding; address c/o BKV Denver . |
| Pledging/Hedging | Company prohibits hedging/pledging; executives have not pledged shares as of April 21, 2025 . |
| Outstanding equity (12/31/24) | Unvested TRSUs: 23,704 ($568,681); Outstanding PRSUs (target): 53,333 ($1,268,259) . |
| Ownership guidelines | 4x base salary requirement for President — Upstream; three years to comply . |
| Compliance status | Not specifically disclosed for Jacobsen . |
Employment Terms
- Agreement: Amended and Restated Employment Agreement effective Feb 3, 2025; at-will employment; role President — Upstream based in Denver .
- Compensation:
- Base salary: $525,000; annual target bonus up to 95% of base .
- One-time retention bonus: $1,000,000; clawback if departure/breach before Feb 3, 2027 (except Company termination without Cause) .
- Annual equity target: ~$2,000,000 in 2025, subject to plan terms and approvals .
- Severance economics:
- If terminated without Cause or resigns for Good Reason (as defined), severance equals 24 months of base salary plus pro-rated target bonus for year of termination; paid 50% at six months and 50% at twelve months; any unpaid prior-year bonus paid on normal schedule; conditioned on release and covenant compliance .
- Proxy summary: alternatively described as a fixed $2,000,000 plus pro-rated target bonus, paid on first and second anniversaries of termination, with restrictive covenant compliance and release .
- Restrictive covenants:
- Non-compete: 24 months post-termination across PA, CO, TX, LA, and any state where Company Group operates at termination; with broad competitive scope and 1% ownership exception .
- Non-solicit (employees/customers), confidentiality, IP/shop rights, non-disparagement, invention assignment; post-termination information/testimony obligations up to five years .
- Clawback: Dodd-Frank compliant clawback for executives covering prior three fiscal years upon restatement; effective at IPO (Sep 27, 2024) .
- Ownership/compensation practices: No automatic base increases; awards granted post-earnings release; no options historically; independent consultants used; cybersecurity oversight by Audit & Risks Committee .
Investment Implications
- Pay-for-performance alignment: Equity heavily tied to multi-year aTSR/rTSR/ROCE with significant PRSU weighting; TRSUs provide baseline retention and time-based value; change-in-control provisions provide pro-rata protections but maintain service conditions—neutral to slightly shareholder aligned vs full acceleration .
- Retention and mobility: $1,000,000 retention bonus with clawback through Feb 2027 plus 24-month non-compete across core operating states reduces near-term attrition risk; severance of 24 months of base plus pro-rated bonus is sizable, indicating negotiated retention economics but may elevate fixed-cost risk in downturns .
- Insider selling pressure: Scheduled TRSU vestings on Jan 1, 2026 and Jan 1, 2027 and PRSU cliff vesting on Dec 31, 2026/2027 can create supply events; however, anti-pledging/hedging policies and ownership guidelines temper misalignment risk; monitor Form 4 activity and post-vesting dispositions near these dates .
- Execution track record: Deep operational pedigree across shale and global upstream enhances credibility for base production and CCUS initiatives cited in bonus narratives; prior PRSU plan’s achievement of TSR/ROCE/IPO readiness thresholds supports delivery against strategic KPIs, though future ROCE variance assumptions in 2025 grants suggest sensitivity to capital efficiency outcomes .
- Governance context: Concentrated control by BNAC/Banpu, board designation rights, and JV interlocks warrant ongoing scrutiny for related-party dynamics; clawback and ownership policies mitigate some governance red flags .