Allen D. Lassiter
About Allen D. Lassiter
Allen D. Lassiter (age 76) has served as a manager and Advisory Committee member of Dorchester Minerals Management GP LLC since November 2017. He is an experienced energy investment banker, having led Raymond James’ Energy Group (Managing Director and Group Head, 1994–2016; Vice Chairman–Investment Banking, 2016–2017), and previously held senior roles at Kemper Securities (Managing Director and Group Head, Southwest Investment Banking, 1992–1994) and Smith Barney (1973–1992). He holds a BA from the University of North Carolina and an MBA from The Wharton School, and is deemed independent under NASDAQ and SEC audit committee rules; the Board considers Advisory Committee members “audit committee financial experts.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Raymond James & Associates, Inc. | Managing Director & Energy Group Head | 1994–2016 | Led energy investment banking coverage and transactions for O&G companies |
| Raymond James & Associates, Inc. | Vice Chairman – Investment Banking | 2016–2017 | Senior coverage and strategic advisory leadership |
| Kemper Securities, Inc. | Managing Director & Group Head, Southwest Investment Banking | 1992–1994 | Regional leadership for investment banking |
| Smith Barney, Inc. | Various positions incl. Managing Director & Energy IB Co-Head | 1973–1992 | Co-led energy investment banking; broad capital markets experience |
Board Governance
- Independence: The Board affirmatively determined Lassiter is independent under NASDAQ rules and meets SEC audit committee independence criteria.
- Committees: Member of the Advisory Committee, which functions as both Audit Committee and Compensation Committee; also addresses conflicts and the Business Opportunities Agreement.
- Audit Committee: Charter reviewed on February 20, 2025; members are financially literate and “audit committee financial experts,” and none participated in preparation of financials in the past three years.
- Attendance and Engagement:
- Board held 9 meetings in FY2024; each manager attended at least 75% of Board and applicable committee meetings; 7 of 9 managers attended the 2024 Annual Meeting.
- Advisory Committee acted by unanimous written consent once in FY2024; no special meetings held.
- Nominating: No nominating committee or diversity policy; nominations are handled by members of the general partner of the general partner.
Fixed Compensation
| Component | 2024 | 2025 Plan |
|---|---|---|
| Annual retainer (Advisory Committee) | $35,000 | $35,000 |
| Special committee meeting fees | $0 (no special committee meetings held in 2024) | $1,500 per special meeting if held |
| Equity grants | $0 (no director stock awards in 2024) | Not disclosed |
DIRECTOR COMPENSATION (2024) — Lassiter: Fees Earned $35,000; Stock Awards $0; Total $35,000.
Performance Compensation
| Metric | Status | Notes |
|---|---|---|
| Performance cash bonus | None disclosed for directors | Director compensation consists of cash retainer; no performance bonus reported. |
| Equity awards (RSUs/PSUs/Options) | None in 2024 | Director stock awards column shows “$ –” for Lassiter in 2024. |
| Performance metrics tied to director pay | Not used/disclosed | No performance linkage disclosed for director compensation. |
Other Directorships & Interlocks
- The proxy bio for Mr. Lassiter discloses extensive investment banking roles and education; it does not list current public company directorships or committee roles at other issuers.
Expertise & Qualifications
- Education: BA, University of North Carolina; MBA, The Wharton School of Finance (University of Pennsylvania).
- Technical/industry: 40+ years in energy investment banking with leadership roles at top firms; qualifies as “audit committee financial expert” per Board determination for Advisory Committee members.
- Independence: Meets NASDAQ and SEC audit committee independence standards.
Equity Ownership
| Item | Value |
|---|---|
| Beneficial ownership (common units) | 18,767 units, held individually |
| Ownership % of outstanding | Less than 1% (out of 47,339,756 units outstanding as of record date) |
| Business address | 25 Highland Park Village, Suite 100-780, Dallas, TX 75205 |
| Pledged/hedged shares | Hedging policy prohibits short sales and transactions in publicly traded options; no pledging disclosure for Lassiter in proxy. |
Governance Assessment
- Independent director with deep energy finance experience; sits on key oversight committees (Audit and Compensation via Advisory Committee), supporting board effectiveness and financial oversight.
- Cash-only director pay ($35,000 retainer; no equity grants in 2024) reduces pay complexity; personal unit ownership (18,767) provides some alignment with unitholders.
- Attendance signals are adequate at board level (each ≥75%); Advisory Committee met via unanimous written consent once and held no special meetings in 2024.
- Conflicts oversight: Advisory Committee addresses conflicts and Business Opportunities Agreement; related-party payments are limited to reimbursements per governing agreements, with no management fees paid to related parties outside Item 402 compensation.
- Compliance signals: Delinquent Section 16(a) reports noted for other insiders (Ehrman, Moriyama, McManemin), but Lassiter not listed among late filers.
- Structural considerations: No nominating committee or compensation committee charter; Compensation Committee does not use external consultants, with Board reserving direct approval rights—points to concentrated governance processes requiring close investor monitoring.
RED FLAGS
- Absence of a nominating committee and formal diversity policy; nominations controlled by members of the general partner of the general partner.
- Compensation Committee does not operate under a charter and does not use independent compensation consultants; Board may directly approve compensation decisions.
Appendix: Committee Evidence and Reports
- Compensation Committee Report signed by Russell, Lassiter, Trout (March 6, 2025).
- Audit Committee Report signed by Lassiter, Russell, Trout (February 20, 2025).