Jørn Husemoen
About Jørn Husemoen
Jørn Skule Husemoen serves as Chief Financial Officer of Crown LNG Holdings Limited (CGBS) and has also served as a director, receiving director fees in 2023; current governance documents indicate he is part of “executive officers and directors” of PubCo and has been designated a proxyholder alongside the CEO for special meetings . Background details such as age and education are not disclosed in available filings. Company-level performance metrics: Crown is pre-revenue with net losses and substantial going-concern uncertainty; no revenue has been recognized to date and 2023 net loss was $4.17 million under IFRS .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Crown LNG Holdings Limited | Chief Financial Officer (NEO) | 2022–2023 (disclosed periods) | Finance leadership during business combination; oversaw funding arrangements and cost controls amid pre-revenue stage |
| Crown LNG Holdings Limited | Director | 2023 | Governance participation; earned director cash fees in 2023 |
External Roles
No external directorships or roles for Mr. Husemoen are disclosed in the reviewed filings. (Skip if not disclosed.)
Fixed Compensation
Multi-year compensation (NEO – CFO):
| Metric (USD) | FY 2022 | FY 2023 |
|---|---|---|
| Base Salary | $162,000 | $155,000 |
| Bonus | — | — |
| All Other Compensation | $325,000 | $308,000 |
| Total Compensation | $487,000 | $463,000 |
Notes:
- Executives had no outstanding stock options or equity awards as of December 31, 2023 .
- In addition to NEO pay, Husemoen received director fees of $135,000 in 2023 .
Performance Compensation
No equity awards (RSUs, PSUs, options) or disclosed annual incentive metrics (revenue/EBITDA/TSR) for Mr. Husemoen are provided for 2022–2023; outstanding equity awards for Crown NEOs were nil at year-end 2023 . PubCo indicates that future compensation may include annual cash bonuses and long-term stock-based awards set by the compensation committee, but specific metrics and weightings are not disclosed .
Equity Ownership & Alignment
Beneficial ownership snapshots (via Black Kite AS):
| Snapshot Date | Shares Beneficially Owned | % of Shares Outstanding | Source/Notes |
|---|---|---|---|
| July 15, 2024 (Closing Date reference) | 1,377,815 | 1.5% | Held via Wealins S.A. as Nominee for Black Kite AS; no shares pledged |
| Jan 30, 2025 (Record Date) | 18,457,880 | 4.00% | Held via Black Kite AS; address disclosed |
| Jun 5, 2025 (Record Date) | 18,457,880 | 3.77% | Shares unchanged; denominator increased |
Additional alignment indicators:
- No pledging: “no PubCo Ordinary Shares beneficially owned by any executive officer, director or director nominee have been pledged as security” .
- Stock ownership guidelines: Not disclosed in CGBS filings reviewed.
- Hedging/Section 16 reporting: As a foreign private issuer, officers and directors are exempt from Section 16 (Form 4) reporting; insider transaction transparency may be limited .
Employment Terms
Black Kite AS management consultancy arrangement (Mr. Husemoen’s management company):
- Monthly fee: NOK 400,000 (approx. $37,452) covering services and performance-related expenses; includes various wage components, taxes, insurance, pensions, travel, overhead, and “risk and profit” fees .
- Covenants: Confidentiality, non-solicitation, and non-disclosure undertakings; non-compete and severance provisions are not disclosed .
- Contract specifics such as term, renewal, change-of-control, and clawbacks: Not disclosed in available filings.
Board Governance
Board service history and compensation:
- Role: Director (Crown – pre-PubCo) with fees earned in cash; 2023 director compensation for Husemoen was $135,000; no stock awards .
- Committee memberships, chair roles, attendance rate, independence status: Not disclosed. Dual role as CFO and director implies non-independence if still serving in both capacities .
- Proxyholder designation: Named as designated proxyholder alongside CEO for special meetings (Feb 28, 2025 and July 1, 2025) .
Dual-role implications:
- Combining CFO and director roles can reduce board independence and oversight separation; investors should monitor subsequent proxies for confirmation of current board composition and committee assignments .
Director Compensation
2023 Director fees (Crown – pre-PubCo):
| Element | FY 2023 |
|---|---|
| Fees Earned or Paid in Cash | $135,000 |
| Stock Awards | — |
| Total | $135,000 |
Compensation Structure Analysis
- Mix shift: NEO pay largely cash-based in 2022–2023; no disclosed equity awards outstanding as of year-end 2023 .
- Future intent: PubCo anticipates adding annual cash bonuses and stock-based awards post-combination; specific performance metrics, weightings, and vesting terms are not disclosed .
- Discretionary elements: Not disclosed; no evidence of bonus payouts in 2022–2023 for CFO .
- Repricing/modification: No executive option programs disclosed; company-level warrants and convertible notes are separate capital structure instruments .
Risk Indicators & Red Flags
- Going concern: Management and auditors disclosed substantial doubt about ability to continue as a going concern absent additional financing; pre-revenue, expects revenues only after projects reach FID and become operational (earliest 2027–2029) .
- Dilution risk: Significant convertible notes with reset provisions and low minimum conversion prices could lead to large share issuance and pressure on share price; 20-F explains potential issuance >40 million shares from facility notes .
- Listing deficiencies: Nasdaq minimum bid price and filing deficiencies prompted reverse split proposals in Feb and June 2025 to regain compliance .
- Related party/complex financing: Multiple vendor notes, PIPE, securities lending, and promissory notes; monitor for investor-friendly terms and dilution .
- Insider reporting transparency: FPI exemption from Section 16 limits Form 4 visibility .
Say-on-Pay & Shareholder Feedback
Not disclosed in DEF 14A special meeting materials (focused on reverse share split); no say-on-pay results provided in the reviewed filings – –.
Expertise & Qualifications
Specific education, certifications, prior employers, and industry recognitions for Mr. Husemoen are not disclosed in the reviewed filings. (Skip if not disclosed.)
Performance & Track Record
- Company operating profile: Pre-revenue development-stage; 2023 operating loss of $11.6 million, net loss of $4.17 million; finance income driven by fair value adjustments, not operations .
- Project timeline: Grangemouth earliest 2027, Kakinada earliest 2029 for revenues if FID achieved and EPCIC executed .
- Stock TSR: Not disclosed in filings; investors should assess market performance independently given listing events and corporate actions .
Employment & Contracts (Retention risk)
- Engagement through management company (Black Kite AS) rather than traditional employment contract may affect severance/change-of-control economics; no explicit severance, change-of-control triggers, non-compete duration, or clawback terms are disclosed .
- Indemnification agreements exist for directors and officers (generic PubCo indemnification) .
Equity Ownership & Alignment (detail)
- Significant personal stake via Black Kite AS indicates skin-in-the-game; percentage declined as shares outstanding expanded, not necessarily due to selling .
- No pledging and FPI status reduce some alignment concerns but also reduce insider trade transparency .
Investment Implications
- Alignment: Material ownership via Black Kite AS (3.8–4.0% in early/mid-2025) supports long-term alignment; no pledging disclosed .
- Incentives: Current disclosed pay heavily cash-based with no equity vesting pressure; near-term insider selling pressure from NEO awards appears minimal; dilution risk stems from corporate financing instruments, not executive equity grants .
- Governance: Dual CFO/director role can impair independence; lack of disclosed committee roles warrants monitoring of future proxies for governance robustness .
- Risk: Significant going-concern and dilution risks; reverse split actions reflect listing pressure. These macro company risks outweigh executive-specific retention signals and should anchor trading decisions .