Charles Crimmel
About Charles Crimmel
Charles P. Crimmel is Chief Financial Officer (CFO) and Corporate Secretary of Energy Services of America (ESOA); he has served as CFO since November 1, 2013, after joining ESOA as Controller in 2008 and holds a B.S. in Business Administration and Accounting from West Virginia University (1995) . He was 51 years old as of September 30, 2024, per the proxy biographical table . Company performance during FY2024 showed revenue growth to $351.9M (from $304.1M) and adjusted EBITDA of $28.8M (from $20.8M), while net income of $25.1M included ~$11.4M from a legal judgment; backlog ended FY2024 at $243.2M . ESOA’s Pay vs. Performance disclosure indicates cumulative TSR (value of initial $100) of $172 (FY2022), $244 (FY2023), and $572 (FY2024) over the 9/30/2021–9/30/2024 window, contextualizing incentive value creation .
Past Roles
| Organization | Role | Years |
|---|---|---|
| Energy Services of America | Chief Financial Officer | 2013-11-01 to Present |
| Energy Services of America | Controller | 2008–2013 |
| Nitro Electric Company | Controller | 2005–2008 |
| Williams Union Boiler / Williams Service Group | Staff Accountant and Controller | 1996–2005 |
| Union Boiler Company | Field Clerk and Staff Accountant | 1995–1996 |
External Roles
No external public company directorships or committee roles are listed in Mr. Crimmel’s biographical disclosures in the 2024 and 2025 proxies .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 135,000 | 150,389 | 160,000 |
| Cash Bonus ($) | 0 | 25,000 | 80,000 |
| All Other Compensation ($) | 6,075 (401k match) | 7,893 (401k match) | 10,800 (401k match) |
| Total Reported Compensation ($) | 141,075 | 183,282 | 270,800 |
Performance Compensation
| Incentive Type | Metric/Structure | Weighting | Target | Actual/Payout | Grant/Period | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (FY2024) | Discretionary; committee considers profitability, scope, experience, and surveys; no strict numeric formula disclosed | Not disclosed | Not disclosed | $80,000 | FY2024 | N/A |
| Restricted Stock Award (RSA) – 2024 Grant | Time-based restricted stock | N/A | N/A | Grant-date fair value $20,000; 3,663 shares at $5.46; grant 1/17/2024 | 1/17/2024 | 33% annually over 3 years, starting 1/17/2025 |
| Outstanding Unvested RSAs at 9/30/2024 | Unvested restricted stock for NEOs | N/A | N/A | 3,663 shares; market value $34,799 at $9.50 close | As of 9/30/2024 | Vests ~33% at 1st/2nd/3rd anniversaries |
Note: The 2025 proxy’s beneficial ownership footnote lists 2,442 unvested RSAs in Mr. Crimmel’s count as of record date; the Outstanding Equity Awards table shows 3,663 unvested as of 9/30/2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (most recent) | 3,924 shares; 0.0% of common stock, as of record date/biographical table |
| Composition detail (from footnote) | Includes 261 shares from 401(k) match and 2,442 unvested restricted stock awards |
| Unvested RSAs per Outstanding Awards table | 3,663 shares; $34,799 market value at $9.50 (9/30/2024 close) |
| Pledging | Company states none of the shares beneficially owned by directors or executive officers have been pledged as security |
| Anti-Hedging | Policy prohibits short sales and transactions in publicly traded options/derivatives on company stock |
Employment Terms
| Provision | Summary |
|---|---|
| CFO Appointment | Appointed CFO on November 1, 2013 (previously Controller 2008–2013) |
| Severance/Employment Agreement | Compensation committee establishes terms of employment and severance arrangements for executive officers if applicable (no specific CFO agreement terms disclosed) |
| Change-in-Control (CIC) Treatment | Under 2022 Equity Plan, vesting may be accelerated upon involuntary termination following a change in control (also death or disability) |
| Minimum Vesting | At least 95% of awards under the 2022 plan have a minimum one-year vesting period |
| Clawback | No clawback policy disclosure located in the proxy; Insider Trading Policy and anti-hedging provisions are noted |
Say-on-Pay & Shareholder Feedback
- FY2025 Annual Meeting vote outcomes: Say-on-pay advisory “For” 8,605,502; “Against” 218,968; “Abstain” 25,049; broker non-votes 3,719,583 .
- Frequency vote favored annual say-on-pay: “One year” 8,452,634; “Two years” 31,761; “Three years” 334,605; “Abstain” 30,519; broker non-votes 3,719,583; Board adopted annual frequency .
Performance & Track Record Context
| Indicator | FY2023 | FY2024 |
|---|---|---|
| Revenue ($) | 304.1M | 351.9M |
| Adjusted EBITDA ($) | 20.8M | 28.8M |
| Net Income ($) | 7.4M | 25.1M (includes ~$11.4M legal judgment proceeds) |
| Backlog at FY-end ($) | 229.8M | 243.2M |
| TSR – Value of $100 (9/30/21 base) | $244 (FY2023) | $572 (FY2024) |
Compensation Structure Analysis
- Shift toward equity and increased bonuses with discretion: FY2024 bonus rose to $80,000 from $25,000 (FY2023); a 2024 RSA grant of 3,663 shares (FV $20,000) vests ratably over three years; committee uses qualitative, non-formulaic considerations rather than explicit metric weightings .
- No stock option overhang: ESOA states it has not historically granted options and granted none in FY2024, reducing repricing and leverage risk typical of options-heavy plans .
- Time-based vesting with CIC protections: Minimum one-year vesting across ≥95% of plan awards; potential accelerated vesting upon involuntary termination following a change in control .
Risk Indicators & Governance Notes
- Anti-hedging policy in place; short sales and derivative hedging prohibited; no pledged insider shares reported; no delinquent Section 16(a) filings in FY2024 .
- Related-party transactions disclosed for the company overall, but no specific related-party transactions attributed to Mr. Crimmel were identified in the proxy .
Investment Implications
- Alignment positives: Strong say-on-pay support and annual frequency adoption; anti-hedging/no-pledging stance; limited use of options lowers repricing risk; scheduled vesting of RSAs provides transparent equity realization timeline .
- Watchouts: Pay decisions are highly discretionary with limited explicit performance metric disclosure; ownership stake is small (0.0% reported), limiting direct “skin-in-the-game” alignment; outstanding award counts show minor inconsistencies across tables, warranting monitoring of future disclosures .
- Performance tailwinds: FY2024 revenue and adjusted EBITDA growth and increased backlog underpin bonus/equity outcomes, though net income was boosted by a one-time legal judgment; continuity of underlying margin and cash generation will better validate incentive payouts over time .