Casey Nault
Coeur MiningAbout Casey Nault
Casey M. Nault (age 53) is Senior Vice President, General Counsel & Secretary at Coeur Mining (CDE). He joined Coeur in 2012, became VP & General Counsel in April 2012, was appointed Secretary in May 2012, and has served as SVP, General Counsel & Secretary since January 2015; his remit spans legal, compliance, corporate responsibility, internal audit, cybersecurity/IT infrastructure, government affairs, communications, and land management . He holds a B.A. in Philosophy (University of Washington) and a J.D. (USC Law) . Company performance during 2024 included a ~75% share price increase, transition to positive FCF in H2, Rochester expansion ramp-up, and the SilverCrest acquisition (closed Feb 2025); 2024 net income was $58.9m and Adjusted EBITDA was $339.2m . Executive pay programs tied 2024 AIP to production, costs, Adjusted EBITDA, strategic initiatives, and EHS (99% corporate payout), while 2022–2024 PSUs paid 57% (ROIC and Rochester Stage VI below threshold; reserves/resources and GHG goals above target) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Starbucks Corporation | In-house corporate and securities lawyer | Not disclosed | Securities compliance, SEC reporting, governance, M&A, offerings |
| Washington Mutual, Inc. | In-house corporate and securities lawyer | Not disclosed | Governance, compliance, transactions, SEC reporting |
| Gibson, Dunn & Crutcher | Attorney | Not disclosed | M&A, securities offerings, complex litigation oversight |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external public company board roles disclosed in executive biography sections |
Fixed Compensation
| Component (2024) | Detail | Amount/Percent | Notes |
|---|---|---|---|
| Base Salary | 2024 salary (no increase vs 2023) | $425,000 | 0% increase YoY |
| AIP Target | Percent of salary | 100% | NEO AIP targets unchanged in 2024 |
| AIP Weighting | Company vs Individual | 80% / 20% | CEO 100% corporate; others include individual goals |
| AIP Corporate Score | Result | 99% | Discretionary +10% for SilverCrest execution included in corporate score |
| AIP Individual Rating | Nault individual performance factor | 115% | Within 75%–200% plan range |
| AIP Paid (2024) | Cash payout | $434,350 | Based on company and individual weights |
| Perquisites | Select 2024 items | Exec disability $2,264; transit $1,200; excess life insurance $1,242 | Plus 401(k) match $20,700 and deferred comp employer contribution $28,311 |
Performance Compensation
| Program | Metric | Weight | Target | Actual/Result | Payout/Impact | Vesting |
|---|---|---|---|---|---|---|
| AIP (Corporate) | Gold production (oz) | 15% | 334–341k | 342k | 105% → 16% weighted | Annual cash; paid 2024 |
| AIP (Corporate) | Silver production (oz) | 5% | 11.9–12.9m | 11.2m | 0% → 0% weighted | Annual cash |
| AIP (Corporate) | Gold CAS ($/oz) | 15% | $1,274–1,272 | $1,210 (95%) | 180% → 27% weighted | Annual cash |
| AIP (Corporate) | Silver CAS ($/oz) | 5% | $16.28–16.01 | $16.75 (103%) | 76% → 4% weighted | Annual cash |
| AIP (Corporate) | Adjusted EBITDA ($m) | 20% | $362–373 | $339 (94%) | 61% → 12% weighted | Annual cash |
| AIP (Corporate) | Strategic initiatives (Kensington reserves, Rochester metrics) | 20% | See table | Below target | 83% → 9% weighted | Annual cash |
| AIP (Corporate) | EHS scorecard (4 sub-metrics) | 20% | See table | Mixed; strong overall | 110% → 21% weighted | Annual cash |
| AIP (Corporate) | SilverCrest acquisition | +10% | N/A | Achieved | Committee discretion +10% | Annual cash |
| LTIP PSUs (2022–2024) | ROIC | 30% | 26.6% target | 13.8% | 0% | 3-year cliff; paid 2025 |
| LTIP PSUs (2022–2024) | Reserves & resources growth | 30% | 0–60%+ grid | +8.34% weighted | 114% | 3-year cliff |
| LTIP PSUs (2022–2024) | GHG net intensity reduction | 20% | 35% | 38% | 114% | 3-year cliff |
| LTIP PSUs (2022–2024) | Rochester Stage VI AgEq production | 20% | 10.31m (100%) | 4.9m (<85%) | 0% | 3-year cliff |
| LTIP rTSR (modifier) | NYSE Arca Gold Miners Index | ±25% | N/A | Middle quartile | No impact | Applies as modifier |
Nault’s 2024 grants and vesting:
- 2024 restricted stock: 130,546 shares (grant-date fair value $332,892), vests 1/3 on each of Feb 26, 2025/2026/2027 .
- 2024 PSUs: two target tranches of 97,910 and 97,909 shares tied 50% to ROIC and 50% to 3-year growth in inferred resources (with rTSR ±25% modifier); performance period ends Dec 31, 2026; settled in stock if earned .
- 2022–2024 PSU payout (Nault): ROIC 0 shares; Reserves/Resources 34,217 shares; GHG 22,811 shares; Rochester Stage VI 0 shares; total earned 57,028 shares (57% of target) .
Equity Ownership & Alignment
| Item | Detail | Amount |
|---|---|---|
| Beneficial ownership (as of Mar 5, 2025) | Total shares beneficially owned | 706,008; less than 1% of outstanding (638,384,526) |
| Unvested restricted shares (12/31/2024) | Number and market value | 228,350; $1,306,162 (at $5.72) |
| Unearned/unvested PSUs (12/31/2024) | Number and market value | 457,487; $2,616,826 (at $5.72) |
| Options | Outstanding/exercisable | None shown for Nault; options minimal company-wide |
| Ownership guidelines | CFO/COO/GC: 4x base salary; restricted stock counts; PSUs don’t | Executives have either met or are within compliance period |
| Hedging/pledging | Policy | Hedging and pledging prohibited; margin accounts prohibited; 10b5‑1 restrictions in policy |
Employment Terms
| Provision | Detail |
|---|---|
| Employment agreement | None for Nault; covered by Executive Severance Policy (CEO has separate agreement) |
| Severance (no CIC) | 2x (base salary + target AIP), paid in installments; up to 12 months health benefits |
| Change-in-control (CIC) | If terminated without cause or for good reason within 90 days before or 2 years after CIC: lump sum 2x (base + target AIP); 18 months health benefits; double-trigger equity acceleration (PSUs based on actual performance through CIC date) |
| Illustrative amounts (as of 12/31/2024) | Involuntary (no CIC): $1,700,000 cash; $17,179 benefits; no equity acceleration. Termination post-CIC: $1,700,000 cash; $26,249 benefits; $3,424,393 accelerated equity (total $5,150,643) |
| Clawback | Applies to AIP and both time- and performance-based equity; restatement- and misconduct-based recovery |
| Tax gross-ups | None; no excise tax gross-ups on CIC/severance or perquisites |
| Deferred compensation | Eligible; company contribution $28,311 in 2024; aggregate balance $245,221 at FYE 2024 |
| Pension/SERP | None; no defined benefit plan |
Insider Transactions (last 24 months)
| Date | Transaction | Shares | Price | Post-trade holdings | Source |
|---|---|---|---|---|---|
| Aug 7, 2025 | Sale | 100,000 | $10.02 | 670,880 | |
| Aug 22, 2025 | Sale | 102,257 | ~$12.00 | 568,623 |
- Context: These Form 4-reported sales occurred after a strong stock rally in 2025; open-insider logs reflect the Aug 7 trade at ~$10.02 and subsequent filings (ensure to consult original SEC links for full details) .
Investment Implications
- Pay-for-performance alignment is robust: 2024 AIP paid near target (99%) on strong operational/EHS outcomes and strategic execution; PSU outcomes penalized underperformance (57% payout), indicating downside sensitivity to ROIC and project delivery—supportive of shareholder alignment .
- Retention and supply overhang: Significant unvested/equity at risk (228k unvested RSUs; 457k unearned PSUs at 12/31/24) plus double‑trigger CIC terms create retention incentives; 2025 open‑market sales may introduce episodic selling pressure but hedging/pledging are prohibited, and trading plans are policy‑governed .
- Governance quality lowers risk: No tax gross‑ups, no option repricing, strong clawback, and explicit anti‑hedging/pledging; ownership guidelines for GC are 4x salary and the company reports executives have met or are within compliance windows—reducing misalignment risk .
- Termination economics: For Nault, severance is 2x (base + target bonus) with healthcare, and meaningful equity acceleration only on double‑trigger CIC; at 12/31/24, a CIC‑related termination would total ~$5.15m, primarily equity—aligning outcomes with stock performance .
- Company execution backdrop: 2024 inflection (FCF positive H2), Rochester ramp, and SilverCrest integration underpin AIP/PSU metrics (EHS, ROIC, resources growth) and frame future payout trajectory; 2024 net income $58.9m and Adj. EBITDA $339.2m provide tangible performance baselines .
Note: All compensation, ownership, and policy data above are drawn from Coeur Mining’s 2025 DEF 14A and related SEC filings. Where third‑party websites are cited for Form 4s, consult the linked SEC originals for definitive records.