Patrick Farrell
About Patrick Farrell
Patrick J. Farrell (age 50) is an independent director of Energy Services of America (ESOA), appointed April 20, 2022, with his current term expiring at the 2025 annual meeting. He is founder and president of Savage Grant (since 2013), co‑founder of Mountain Point and Central App Technologies, and president of Service Pump and Supply; he serves on the Marshall University Board of Governors (member since 2017, Chairman since 2020). He is a graduate of the United States Air Force Academy and holds an MBA from Duke University’s Fuqua School of Business .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Savage Grant | Founder & President | Since 2013 | Holding company investing in energy, infrastructure, technology in Appalachia |
| Mountain Point | Co‑Founder | Not disclosed | Cloud technology consulting firm |
| Central App Technologies | Co‑Founder | Not disclosed | Insourcing software development in central Appalachia |
| Service Pump and Supply | President (acquired by Farrell) | Not disclosed | Industrial products/services—clean water, wastewater, stormwater solutions |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Marshall University Board of Governors | Member; Chairman | Member since 2017; Chairman since 2020 | Non‑profit/academic governance role |
Board Governance
- Independence: The Board determined Farrell is independent under Nasdaq corporate governance standards .
- Committees: Audit Committee member (Prince—Chair & financial expert; Lucente; Farrell); Audit Committee met 7 times in FY 2024; all Audit members are independent under SEC Rule 10A‑3 and Nasdaq .
- Nominating: Duties performed by independent directors acting as nominating committee (no written charter); met once in FY 2024 .
- Compensation Committee: Members are Williams, Lucente, and Prince; Farrell is not on the Compensation Committee .
- Board activity/attendance: Board held 12 regular and 1 special meeting in FY 2024; only one director (Amy Abraham) was <75% attendance. All directors attended the 2024 Annual Meeting .
Fixed Compensation
| Component | FY 2024 Amount | Structure/Notes |
|---|---|---|
| Annual cash retainer | $23,000 | Retainer moved to $2,000/month beginning Nov 2023; $1,000 paid for Oct 2023; no additional fees for committee participation |
| Committee membership fees | $0 | No committee fees paid |
| Meeting fees | Not disclosed | Not explicitly used; total director fees reflect monthly retainer |
| Equity grants (director) | $0 | No stock awards to directors in FY 2024 |
Performance Compensation
| Metric/Instrument | Status | Terms |
|---|---|---|
| Equity awards to non‑employee directors | Not eligible | 2022 Equity Incentive Plan excludes non‑employee directors from receiving grants |
| Non‑equity incentive (director) | None disclosed | No non‑equity incentive plan awards to directors in FY 2024 |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed for Farrell |
| Private company roles | Savage Grant (founder/president); Mountain Point (co‑founder); Central App Technologies (co‑founder); Service Pump and Supply (president) |
| Non‑profit/academic | Marshall University Board of Governors—Member since 2017; Chairman since 2020 |
| Disclosed related‑party transactions | Company disclosed specific related‑party items for FY 2024 (e.g., Corns Enterprises note/lease; CSS equipment rentals). No transactions mention Farrell or his entities |
Expertise & Qualifications
- Strategic/operator experience across energy, infrastructure, and technology in Appalachia; president/operator of an industrial water/wastewater/stormwater services firm .
- Audit Committee member; not designated the Audit Committee financial expert (Prince holds that designation) .
- Education: United States Air Force Academy (undergraduate); MBA, Duke University Fuqua School of Business .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Pledged as Collateral | Notes |
|---|---|---|---|---|
| Patrick J. Farrell | 10,687 | 0.1% | None disclosed; company indicates no director/officer shares pledged | Shares outstanding: 16,705,457 as of Jan 6, 2025 |
| Anti‑hedging/derivatives policy | Prohibits short sales, public options, hedging/monetization transactions for directors/NEOs | Insider Trading Policy on file; anti‑hedging covered therein | ||
| Director ownership guidelines | Not disclosed | Non‑employee directors are not eligible for equity grants under 2022 Plan |
Governance Assessment
- Board effectiveness: Farrell strengthens independent oversight via Audit Committee membership; Audit met 7 times in FY 2024 and issued its report; Board is majority independent with separate Chair/CEO roles .
- Alignment: Farrell’s ownership is modest (0.1%); directors receive cash retainers only and are ineligible for equity grants under the 2022 Equity Plan, which may limit equity alignment relative to peers that grant director stock/RSUs .
- Independence and conflicts: Farrell is formally independent; FY 2024 related‑party disclosures do not include him or his entities; company maintains anti‑hedging restrictions for directors .
- Shareholder sentiment: 2025 say‑on‑pay received strong support (For: 8,605,502; Against: 218,968; Abstain: 25,049; Broker non‑votes: 3,719,583). Shareholders favored annual say‑on‑pay frequency; Board adopted an annual cadence—signals constructive governance posture .
RED FLAGS
- Low equity alignment for directors: no director equity grants and modest personal ownership (0.1%) may weaken pay‑for‑performance signaling at the board level .
- Nominating committee lacks a written charter; independent directors act as nominating committee—acceptable but less formalized governance structure .
Watch items
- Audit committee oversight continuity following auditor changes (Baker Tilly dismissal; engagement of Urish Popeck)—no disagreements reported, but continued monitoring of audit quality is prudent .
- Potential private‑company interlocks: Farrell’s operating roles (e.g., Service Pump and Supply) are in adjacent industrial domains; no related‑party transactions were disclosed involving him, but ongoing review of supplier/customer relationships remains advisable .
Appendix: Voting & Meetings Reference
| Topic | FY | Detail |
|---|---|---|
| Board meetings | 2024 | 12 regular, 1 special; all directors attended 2024 Annual Meeting; only one director (Abraham) under 75% attendance |
| Audit committee meetings | 2024 | 7 meetings; members Prince (Chair, financial expert), Lucente, Farrell; all independent |
| 2025 shareholder votes | 2025 | Say‑on‑pay For 8,605,502; Against 218,968; Abstain 25,049; Frequency: One year 8,452,634 (Board adopting annual) |