Paul Weibel
About Paul Weibel
Paul Weibel, CPA, serves as Chief Executive Officer of 5E Advanced Materials (FEAM). He was appointed CEO on June 3, 2024 and is age 41 as of the 2025 Form 10-K reference date; he previously served as CFO and Treasurer from November 2021 to June 2024 and as Corporate Secretary from June 2023 to October 2024 . He holds a Bachelor of Science in Finance and Accounting from Lehigh University College of Business and previously oversaw accounting and financial reporting for Fort Cady (California) Corporation before joining FEAM; prior roles include Financial Controller at Genlith, Inc. and Finance Director at Schooner Investment Group LLC . No specific TSR, revenue growth, or EBITDA growth metrics tied to his tenure are disclosed in the filings reviewed.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| 5E Advanced Materials, Inc. | Chief Executive Officer | Jun 2024–present | Leads company post-CEO transition; principal executive officer certification responsibilities |
| 5E Advanced Materials, Inc. | Chief Financial Officer, Treasurer | Nov 2021–Jun 2024 | Oversaw finance; corporate secretary duties in 2023–2024 |
| Fort Cady (California) Corporation | Chief Financial Officer | May 2021–Jun 2022 | Oversaw accounting and financial reporting departments |
| 5E Boron Americas, LLC | Manager | Jul 2022– | Leadership following conversion of Fort Cady to DE LLC |
| Fort Cady (California) Corporation | Corporate Secretary; Treasurer | Aug 2021–Apr 2022; Apr 2022–Jun 2022 | Corporate governance and treasury roles |
| 5E Advanced Materials, Inc. Board of Directors | Director (resigned) | Resigned Mar 5, 2025 | Resigned from Board; continues as CEO |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Genlith, Inc. | Financial Controller | Jan 2017–May 2021 | Led financial control functions |
| Schooner Investment Group LLC | Finance Director | Jul 2014–Dec 2017 | Finance leadership, investment group operations |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary Earned ($) | $297,033 | $300,000 | $346,154 |
| Target Bonus % (of base) | — | 40% | 60% |
| Bonus Paid ($) | — | $437,500 (comprised of $50,000 performance bonus, $287,500 retention, $100,000 relocation) | $151,200 |
- Base salary increased from $300,000 to $360,000 beginning September 2024 under his employment agreement .
Performance Compensation
Annual Bonus Structure
| Year | Target % | Corporate Goals | Actual Payout | Payment Timing |
|---|---|---|---|---|
| FY 2024 | 40% of base salary | Operational progress, liquidity, organizational health & culture | $50,000 performance bonus within total $437,500 paid (with retention and relocation) | Typically paid Q3 following fiscal year-end; FY2024 paid in Q3 2024 |
| FY 2025 | 60% of base salary | Operational progress, liquidity, organizational health & culture | $151,200 | Paid in Q4 2025 per proxy notes |
Equity Incentive Awards (RSUs/PSUs)
| Grant Date | Award Type | Units (target) | Vesting Terms | Performance Metrics Summary |
|---|---|---|---|---|
| Sep 1, 2022 | RSUs | 133 (post 1-for-23 split, unvested as of 6/30/25) | 3 equal annual installments starting 1st anniversary | Time-based; no performance condition |
| Sep 15, 2023 | RSUs | 1,060 (unvested as of 6/30/25) | 3 equal annual installments starting 1st anniversary | Time-based; no performance condition |
| Sep 15, 2023 | PSUs | 1,590 (unearned target units as of 6/30/25) | Vest on 3rd anniversary (performance period 3 years) | Facility construction start by 9/1/2026; budget $342–$418M; approved FID at modeled IRR 20% |
| Sep 15, 2024 | RSUs | 1,150 (unvested as of 6/30/25) | 3 equal annual installments starting 1st anniversary | Time-based |
| Sep 15, 2024 | PSUs | 36,460 (unearned target units as of 6/30/25) | Vest on 3rd anniversary (performance period 3 years) | Facility construction start; FID at IRR 20%; EV >$200M; EV >$300M |
| Plan Benefits (as of Oct 14, 2025) | RSUs | 3,219 | As per individual award terms | — |
| Plan Benefits (as of Oct 14, 2025) | PSUs | 12,294 (target) | As per individual award terms | — |
Stock Options
| Grant Date | Options (#) | Strike Price | Vesting | Expiration/Term | Notes |
|---|---|---|---|---|---|
| Nov 29, 2021 | 8,695 (post-split, exercisable) | $378.35 (post-split) | Vested in three equal annual installments from employment start | Oct 1, 2025 | Legacy grant; likely deep out-of-the-money post-split |
| May 21, 2025 | 146,012 (unexercisable as of 6/30/25) | $6.72 | Cliff vest on 3rd anniversary (May 21, 2028) | 4-year term; expires May 21, 2029 | Pro-rata vest on qualifying termination; full vest if termination within 18 months post-change-in-control |
Equity Ownership & Alignment
| As-of Date | Shares Owned | Options Exercisable within 60 Days | Total Beneficially Owned | % of Outstanding |
|---|---|---|---|---|
| May 1, 2024 | 2,317 | 184,073 | 186,390 | <1% |
| Dec 10, 2024 | 12,605 | 250,000 | 262,605 | <1% |
| Jan 23, 2025 | 12,605 | 250,000 | 262,605 | <1% |
| Oct 14, 2025 | 15,088 | — | 15,088 | <1% |
- Hedging and pledging are prohibited under the Insider Trading and Securities Dealing Policy, strengthening alignment; margin accounts and pledging are forbidden, and hedging via derivatives is barred . Earlier proxy noted pre-clearance procedures for pledging/margin, but updated policy prohibits such activities .
Employment Terms
| Provision | Details |
|---|---|
| Base Salary | FY2024 base $300,000; increased to $360,000 beginning Sept 2024 |
| Annual Bonus Eligibility | Eligible up to 80% of base; on-target historically 40%; FY2025 target 60% |
| Severance (non-cause termination) | Cash severance equal to 6 months of annual base salary (lump sum); COBRA premiums for up to 6 months; accelerated vesting of all unvested equity awards (performance-based awards remain outstanding and eligible to vest per award terms) |
| Change-in-Control Option Acceleration | May 21, 2025 options vest pro-rata on qualifying termination; if termination occurs on or within 18 months after a change-in-control, options vest in full |
| Clawback | Company has a compensation recovery policy compliant with Nasdaq/Dodd-Frank; all awards subject to clawback per Amended Plan |
| Indemnification | Standard indemnification agreements for directors and officers |
Investment Implications
- Alignment and skin-in-the-game: Beneficial ownership is consistently less than 1% of outstanding shares, and while legacy options exist, the material equity exposure is via RSUs/PSUs and 2025 options; hedging and pledging prohibitions reduce misalignment risk .
- Pay-for-performance design: FY2025 increased bonus target to 60% and introduced sizable cliff-vesting options at $6.72 with CIC acceleration, amplifying at-risk compensation and potential sensitivity to milestone execution and market value creation (including EV thresholds in 2024 PSUs) .
- Vesting/selling pressure timeline: RSUs from 2023 and 2024 vest annually over three years; PSUs vest on the third anniversary subject to operational and EV goals; 2025 options cliff vest May 21, 2028. Expect potential sale windows around annual RSU vest dates and a significant 2028 option vest event; 2021 options expire in 2025 and appear deeply out-of-the-money post-split, limiting near-term exercise pressure .
- Retention and severance: Severance economics are moderate (6 months base and COBRA) with broad equity acceleration on involuntary termination; option awards include favorable CIC vesting terms, reducing retention risk through transition scenarios while creating equity overhang if separation occurs .
- Governance safeguards: Clawback policy, ban on repricing/cash buyouts, and prohibition on hedging/pledging support investor-friendly compensation governance and mitigate red flags around incentive manipulation .