Dan Locklear
About Dan Locklear
Dan Locklear, age 73, is an independent director of New Concept Energy, Inc. (GBR) serving since December 2003. He is Chief Financial Officer of Sunridge Management Group, has been a certified public accountant since 1981, and a licensed Texas real estate broker since 1978; the Board has designated him an Audit Committee “financial expert” based on his accounting and financial management expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnstown Management Company, Inc. | Former employee | Not disclosed | Not disclosed |
| Trammell Crow Company | Former employee | Not disclosed | Not disclosed |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sunridge Management Group (real estate management) | Chief Financial Officer | More than five years | Finance and operations leadership |
Board Governance
- Committee assignments:
- Audit Committee: Former Chair (2024) and current member (2025); designated Audit Committee “financial expert” .
- Compensation Committee: Member in 2024; not listed in 2025 .
- Governance & Nominating Committee: Member; Committee Chair is Cecelia Maynard .
- Presiding Director: Served as Presiding Director designated by independent directors in 2024; role designated to Richard W. Humphrey in 2025 .
- Independence: Board annually affirmed Locklear’s independence under Corporate Governance Guidelines .
- Attendance and engagement: Board met five times in 2023 and 2024; each director attended at least 75% of Board and committee meetings; independent directors met in executive session four times in 2023 and 2024 .
Committee meeting cadence:
| Committee | 2023 Meetings | 2024 Meetings |
|---|---|---|
| Audit | 4 | 4 |
| Compensation | 2 | 2 |
| Governance & Nominating | 2 | 2 |
Stockholder support (Dec 31, 2024 Annual Meeting):
| Director | Votes For | Votes Withheld |
|---|---|---|
| Dan Locklear | 2,078,441 | 197,130 |
Fixed Compensation
| Year | Fees Earned or Paid in Cash | Stock Awards | Option Awards | All Other Compensation | Total |
|---|---|---|---|---|---|
| 2023 | $10,500 | — | — | — | $10,500 |
| 2024 | $10,500 | — | — | — | $10,500 |
Director pay structure: $2,500 annual retainer plus $2,000 per Board meeting; expense reimbursement; no additional compensation for employee-directors .
Performance Compensation
| Component | Detail |
|---|---|
| Performance-linked director pay | No performance-linked director compensation disclosed; director compensation is cash-only (retainer + meeting fees) |
| Equity awards (RSUs/PSUs/options) | None disclosed for directors in compensation tables |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for Locklear |
| Compensation Committee interlocks | None; committee comprised of nonemployee directors with no officer service; no reciprocal board ties by executives |
Expertise & Qualifications
- Certified Public Accountant since 1981; licensed Texas real estate broker since 1978 .
- CFO experience at Sunridge Management Group; prior real estate and management roles at Johnstown Management and Trammell Crow .
- Board-designated Audit Committee “financial expert”; meets NYSE American independence and experience requirements .
Equity Ownership
| As-of Date | Shares Beneficially Owned | Approx. % of Class |
|---|---|---|
| Oct 28, 2024 | — (0%) | 0% |
| Oct 10, 2025 | — (0%) | 0% |
Section 16(a) compliance: Company reports all directors and officers satisfied filing requirements; relied on written representations and filed reports .
Governance Assessment
-
Strengths
- Deep finance/accounting expertise; Audit Committee financial expert and former Audit Chair supports effective oversight of reporting, controls, and auditor independence .
- Documented independence and consistent committee engagement; regular audit, compensation, and governance committee activity; executive sessions held quarterly .
- High stockholder support at the 2024 Annual Meeting (≈40.5% of votes cast for Locklear; plurality voting standard) .
-
Alignment and Engagement Signals
- Director compensation is modest and cash-only; no equity grants to directors; Locklear held no GBR shares as of 2024–2025, limiting direct ownership alignment with shareholders .
- Presiding Director rotation from Locklear (2024) to Humphrey (2025) indicates active engagement by independent directors and refresh of leadership in executive sessions .
-
Potential Conflicts / Related-Party Exposure (Company-level oversight implications)
- Advisory Agreement with Pillar Income Asset Management (affiliate of Realty Advisors, Inc.), including fees tied to gross asset value and “Adjusted Net Income”; requires oversight and annual renewal by independent directors .
- RAI beneficial ownership reported at 22.31% (Oct 28, 2024) vs 7.79% (Oct 10, 2025); changes in reported ownership of an affiliate warrant monitoring for influence dynamics and related-party transactions .
- Policy requires independent director approval of any transactions between the Company and officers/directors or their affiliates; Audit Committee pre-approval policy for audit/non-audit services in place .
RED FLAGS
- No director equity ownership or equity-based compensation disclosed for Locklear; alignment risk if cash-only compensation persists without ownership guidelines compliance .
- Significant related-party relationship with Pillar/RAI and fee structures tied to asset values and adjusted income; demands strong independent oversight on performance fees and renewals .
Insider Trades
| Period | Form 4 Transactions Disclosed | Notes |
|---|---|---|
| FY2023–FY2024, through proxy dates | None disclosed for Locklear; Company states Section 16 filings satisfied |
Implications for investors
- Governance quality appears supported by Locklear’s audit expertise and independence, but alignment is constrained by zero ownership and lack of equity compensation; consider engaging on director ownership guidelines and equity mix for board compensation .
- Maintain focus on independent director oversight of the Pillar Advisory Agreement and any related-party transactions given affiliate influence and shifting reported ownership; review committee minutes and renewal decisions for rigor .