Gene S. Bertcher
Chairman of the Board, President, Chief Executive and Financial Officer at New Concept Energy
CEO
Executive
Board
About Gene S. Bertcher
Gene S. Bertcher is Chairman, President, Chief Executive Officer, and Chief Financial Officer of New Concept Energy, Inc. (GBR). He is age 76, has served as a director since 1989–1996 and since 1999, and was elected President and CFO effective November 1, 2004, Chairman and CEO in December 2006; he relinquished President in September 2008 and was reelected President in April 2009. He has been a certified public accountant since 1973 and previously was a partner at Grant Thornton LLP, chairing its National Real Estate and Construction Committee. TSR, revenue growth, and EBITDA growth metrics are not disclosed in the proxy; the Compensation Committee references company performance qualitatively without specifying targets or payouts. Bertcher reported no beneficial ownership of GBR shares as of October 10, 2025, which has implications for alignment.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New Concept Energy, Inc. (GBR) | Director | 1989–1996; 1999–present | Long-tenured director; continuity of governance at a micro-cap company. |
| New Concept Energy, Inc. (GBR) | President & CFO | Nov 1, 2004–present | Centralized finance leadership; multi-hat executive in lean org. |
| New Concept Energy, Inc. (GBR) | Chairman & CEO | Dec 2006–present; also CEO Jan 3, 2003–Nov 1, 2004 | Dual role consolidates control; necessitates independent board safeguards. |
| Income Opportunity Realty Investors, Inc. (IOR) | EVP (since Feb 2008); CFO Nov 2, 2009–Dec 16, 2021 | Finance leadership across affiliated real estate issuer (NYSE American). | |
| American Realty Investors, Inc. (ARL) | EVP Feb 2008–Jul 2019; CFO May 2008–Jul 2019; Interim CFO Feb–Apr 2008 | Finance leadership at NYSE-listed affiliate; resigned July 2019. | |
| Transcontinental Realty Investors, Inc. (TCI) | EVP Feb 2008–Jul 2019; CFO May 2008–Jul 2019 | Finance leadership at NYSE-listed affiliate; resigned July 2019. | |
| Grant Thornton LLP | Partner; Chair, National Real Estate & Construction Committee | Until Nov 1989 | National practice leadership; deep real estate finance/accounting expertise. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pillar Income Asset Management, Inc. | Director | Since Aug 2020 | Advisor to public and private entities; potential related-party oversight complexity. |
Fixed Compensation
| Metric | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Base Salary ($) | $53,650 | $56,500 | $56,500 | $56,500 | $56,500 | $56,500 | $56,500 | $56,500 | $56,500 |
| Bonus ($) | – | – | – | – | – | – | – | – | – |
Notes:
- The proxy states that the amount shown is one quarter of Bertcher’s total compensation attributable to GBR for recent years due to affiliated service reimbursements; he also received additional compensation from affiliated entities.
Performance Compensation
- No stock awards (RSUs/PSUs), option awards, grants of plan-based awards, non-equity incentive plan compensation, pension benefits, or non-qualified deferred compensation were disclosed for Bertcher across recent years.
- The Compensation Committee references equity compensation philosophy and performance as considerations but no specific performance metrics, weightings, targets, or payouts are disclosed; thus there are no vesting schedules or related performance payouts reported.
Equity Ownership & Alignment
| Item | As of Oct 10, 2025 |
|---|---|
| Shares Beneficially Owned | 0 |
| Ownership % of Common Stock Outstanding | 0% (out of 5,131,934 shares) |
| Shares Pledged as Collateral | None disclosed |
| Options/RSUs/PSUs Outstanding | None disclosed |
| Stock Ownership Guidelines | Board candidate evaluation references willingness to meet any minimum equity holding guideline; no specific guideline or compliance status disclosed. |
Implications:
- Zero ownership suggests limited direct equity alignment; absence of equity incentives reduces potential insider selling pressure but also reduces pay-for-performance linkage.
Employment Terms
- Employment arrangements: Company has few employees and pays compensation to only one executive officer; no payroll or benefit plans are described beyond the disclosed salary. No employment agreement, severance, or change-of-control provisions are disclosed.
- Clawbacks, tax gross-ups, non-compete/non-solicit, deferred compensation, pension/SERP: None disclosed.
- Section 16 compliance: All directors/executives satisfied filing requirements in FY 2024; no failures reported.
Board Service, Committee Roles, and Dual-Role Implications
- Board Service History: Director since 1989–1996 and since 1999; Chairman & CEO since December 2006; President and CFO since November 1, 2004 and April 2009, respectively.
- Current Committee Memberships:
- Audit: Canham (Chair), Locklear (Member), Humphrey (Member)
- Compensation: Humphrey (Chair), Maynard (Member), Canham (Member)
- Governance & Nominating: Maynard (Chair), Locklear (Member), Canham (Member)
- Bertcher is not a member of any Board committee (as an affiliated/management director). A Presiding Director role exists (Humphrey) to lead executive sessions; independent directors met in executive session four times in 2024, and all directors attended at least 75% of meetings. These mechanisms partially mitigate CEO+Chairman concentration.
Director Compensation (Board-level context)
| Director | Annual Retainer + Meeting Fees (2024) |
|---|---|
| Gene S. Bertcher (employee director) | $0 (employee directors receive no additional director compensation) |
| Robert C. Canham II | $10,500 |
| Dan Locklear | $10,500 |
| Cecelia Maynard | $10,500 |
| Richard W. Humphrey | $10,500 |
Policy: Nonemployee directors receive $2,500 annual retainer plus $2,000 per Board meeting; travel expenses reimbursed.
Related Party Transactions and Governance Red Flags
- Advisory Agreement with Pillar (effective Sep 1, 2024): Pillar provides day-to-day management and advisory services; compensation equals 0.0625% per month of average Gross Asset Value (0.75% per annum) plus an incentive fee equal to the greater of $25,000 or 7.5% per annum of Adjusted Net Income; renewed annually and terminable on notice.
- Affiliations: Pillar is wholly owned by Realty Advisors, Inc. (RAI), which owned 7.79% of GBR common stock as of Oct 10, 2025; Bertcher is a director of Pillar, introducing potential conflicts requiring strong independent oversight.
- Committee Independence and Interlocks: Compensation Committee is composed entirely of independent, nonemployee directors; no interlocks or insider participation.
Compensation Committee Analysis
- Composition: Independent directors (Maynard, Canham, Humphrey); charter adopted Oct 2004; met two times in 2024.
- Philosophy: Emphasizes competitive base salary, subjective performance considerations, and equity compensation in principle; however, no actual equity grants or performance metrics/payouts are disclosed for Bertcher in recent years.
Say-on-Pay & Shareholder Feedback
- No say-on-pay results or shareholder proposal voting outcomes are disclosed in the proxy. (Skip—no data)
Performance & Track Record
- Major achievements and initiatives: Not specifically enumerated; company performance is referenced qualitatively within compensation philosophy. (Skip—no data)
- Stock performance during tenure: Not disclosed in proxy. (Skip—no data)
Equity Ownership & Alignment (Detail)
| Component | Vested | Unvested | In-the-Money Value |
|---|---|---|---|
| Common Shares | 0 | — | — |
| Options | — | — | — |
| RSUs/PSUs | — | — | — |
No pledging or hedging arrangements disclosed; no ownership guideline compliance info disclosed for Bertcher.
Investment Implications
- Alignment: Zero beneficial ownership and absence of equity or variable compensation indicate weak pay-for-performance linkage; trading signals from insider selling/vesting are minimal due to no equity grants. Investors should not expect structured insider selling pressure but should note limited equity alignment.
- Governance risk: CEO+Chairman concentration elevates governance risk; mitigants include a Presiding Director, fully independent Audit/Governance/Compensation Committees, executive sessions, and documented independence determinations.
- Related-party exposure: Pillar advisory agreement and Bertcher’s Pillar directorship create potential conflicts; fee structure (0.75% of Gross Asset Value plus an incentive fee) warrants monitoring for cost-to-value alignment and independent oversight rigor.
- Retention/transition: No severance, change-of-control, or contractual protections disclosed; while this reduces parachute risk, it offers limited retention economics if external opportunities arise—reliance is on long-tenured service and role concentration.
- Board effectiveness: Meeting attendance thresholds and independent director executive sessions support oversight; however, the absence of disclosed performance metrics or incentive frameworks limits visibility into management confidence signals.