Leslie A. Moriyama
About Leslie A. Moriyama
Chief Financial Officer of Dorchester Minerals, L.P. since May 2015; age 46; Chartered Accountant with dual degrees (B.Comm Accounting and B.A. Economics) from the University of Calgary; prior roles at PwC (Capital Markets & Accounting Advisory) and Encana (financial reporting/BU accounting) . In 2024, DMLP delivered $92.4M net income and paid $146.5M in distributions; activity was driven by Permian/Bakken drilling and unit-funded mineral acquisitions, with lower realized gas prices as a headwind . Revenues and EBITDA trended modestly lower over 2022–2024 (see table; S&P Global data). Pay structure is largely discretionary with time-based equity (notional units) introduced to strengthen retention and alignment; no formulaic performance metrics are used .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PricewaterhouseCoopers LLC | Director, Capital Markets & Accounting Advisory Services | 2014–2015 | Capital markets and complex accounting advisory before joining DMLP as CFO . |
| Encana Oil & Gas (USA) Inc. | Manager – Financial Reporting; Director – Accounting, Mid-Continent BU | 2008–2014 | Led reporting and BU accounting for a major E&P, building industry finance depth . |
Fixed Compensation
| Year | Base Salary ($) | Cash Bonus ($) | All Other Comp (SEP-IRA) ($) | Notes |
|---|---|---|---|---|
| 2024 | 380,000 | 340,000 | 69,000 | CFO base/bonus; discretionary bonus; SEP-IRA employer contribution . |
| 2023 | 350,000 | 275,000 | 66,000 | |
| 2022 | 242,167 | 200,000 | 61,000 | Partial-year salary level reflected |
| 2025 (effective 1/1) | 410,000 | — | — | Base salary increase effective Jan 1, 2025 . |
Performance Compensation
Compensation structure and policy
- No formulaic bonus plan; bonuses are discretionary (subjective assessments of impact, leadership, collaboration); Board does not benchmark NEO pay; equity awards granted to enhance retention and alignment .
- 2024 equity grants comprised of common units and time-vested notional units (3 equal annual tranches), with continued-employment vesting; no performance metrics/targets or PSU-type awards disclosed .
Grants in 2024
| Grant Date | Instrument | Units | Grant-Date Fair Value ($) |
|---|---|---|---|
| 12/3/2024 | Common Units | 12,050 | 414,641 |
| 12/3/2024 | Notional Units (time-vested) | 12,050 | 414,641 |
Vesting schedule (outstanding as of 12/31/2024)
| Vesting Date | Notional Units to Vest |
|---|---|
| 12/3/2025 | 4,017 |
| 12/15/2025 | 4,351 |
| 12/3/2026 | 4,017 |
| 12/15/2026 | 4,350 |
| 12/3/2027 | 4,016 |
Units vested during 2024
| Metric | Value |
|---|---|
| Units Acquired on Vesting (2024) | 16,401 |
| Value Realized on Vesting (2024) | $557,441 |
Pay vs performance (program design)
- Company discloses it “does not use any financial or non-financial performance measures” to link CAP to performance; no company-selected measure provided for PVP .
Equity Ownership & Alignment
| Holding/Policy | Detail |
|---|---|
| Beneficial Ownership | 80,632 common units (held individually/jointly/IRA/Keogh) . |
| Ownership as % of SO | ~0.17% of 47,339,756 units outstanding as of record date (beneficial units / SO) . |
| Unvested Notional Units (12/31/2024) | 20,751 notional units; aggregate market value $691,631 . |
| Notional Units excluded from BO table | 8,701 notional units not scheduled to vest within 60 days are excluded from beneficial ownership . |
| Upcoming Vesting Overhang (next 12 mo) | 8,368 notional units scheduled in 2025 (4,017 on 12/3/2025; 4,351 on 12/15/2025) . |
| Hedging/Pledging | Insider trading policy prohibits short sales and trading in options/derivatives; no explicit pledging disclosure noted . |
| Ownership Guidelines | Not disclosed. |
Employment Terms
| Topic | Disclosure |
|---|---|
| Employment Agreement | None; company has not entered into employment agreements with NEOs . |
| Severance | No contractual severance obligations . |
| Change-in-Control | No contractual payments/accelerated vesting obligations disclosed; no CoC severance . |
| Clawback | Not disclosed. |
| Start Date / Tenure | CFO since May 2015 (≈10 years through 2025 proxy) . |
| Say-on-Pay | 92% approval at 2023 annual meeting; next say-on-pay in 2026 . |
| Insider Reporting | One late Form 4 in 2024 for a grant of notional units (company-wide Section 16(a) disclosure) . |
| Insider Trading Policy | Prohibits short sales and publicly traded options on DMLP units . |
Performance Context
Company performance (selected metrics)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($) | 130,607,000 | 114,117,000 | 92,449,000 |
Revenues and EBITDA trend (S&P Global data)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 163,548,000* | 155,761,000* | 152,751,000* |
| EBITDA ($) | 149,690,000* | 140,424,000* | 135,037,000* |
| Values retrieved from S&P Global.* |
Qualitative 2024 operating context (company disclosure)
- Primary drivers: higher royalty property sales volumes from Permian/Bakken drilling and 2023–2024 acquisition contributions; offsets included lower realized natural gas prices and reduced NPI volumes/leasing .
Compensation Structure Analysis
- Mix shift toward time-vested equity: Notional units added in 2023–2024 to improve retention and market competitiveness; awards vest over three years based on continued employment (no performance hurdles), indicating lower risk-taking incentives vs PSUs/options .
- Cash pay remains discretionary: No formulaic bonus plan or benchmarking; Board emphasizes subjective assessment (value creation, leadership, teamwork) .
- Increased fixed pay: 2025 base salary raised to $410,000 (from $380,000 in 2024), modestly increasing the fixed component .
- Governance safeguards: Prohibitions on short sales/derivatives; no employment, severance, or CoC contracts; reduces shareholder-unfriendly parachute risk but may elevate retention risk if market tightens .
External Roles
- Not disclosed in the 2025 DEF 14A for Ms. Moriyama (no public company directorships noted) .
Risk Indicators & Red Flags
- Late Section 16 filing (one Form 4 for 2024 grant) noted in aggregate disclosure .
- No clawback policy disclosure and absence of performance-conditioned equity reduce explicit pay-for-performance alignment .
- No employment/severance/CoC protections; retention relies on time-based vesting and annual discretion .
Compensation Peer Group and Shareholder Feedback
- No compensation benchmarking; Board states it does not benchmark NEO pay .
- Pay-versus-performance TSR peer set used for disclosure: Black Stone Minerals, Viper Energy, Sitio Royalties, Kimbell Royalty Partners .
- Say-on-Pay support: 92% approval in 2023; Board responded by adding equity-based compensation (notional units) to enhance alignment/retention; next vote in 2026 .
Investment Implications
- Alignment: Time-based equity and meaningful unit ownership (80.6K units; ~0.17% of SO) provide some alignment, though lack of performance metrics and no clawback dampen pay-for-performance rigor .
- Retention/selling pressure: Scheduled vesting of ~8.4K notional units in 2025 and a further ~8.4K in 2026 is modest relative to float; could create limited periodic selling pressure around vest dates .
- Risk posture: Absence of severance/CoC protections reduces parachute risk to unitholders; however, reliance on discretionary bonuses/time-based equity may weaken incentives tied to specific financial/TSR outcomes .
- Execution track record context: 2024 saw significant distributions and acquisitive growth despite commodity headwinds; finance leadership continuity (CFO since 2015) supports execution, but revenue/EBITDA trends reflect macro pricing and mix effects (see tables) .