Nichole Milz
About Nichole Milz
GEG’s Chief Operating Officer since September 6, 2022; age 51. Background includes 16 years at Magnetar as Deputy COO and ESG Officer in its Energy & Infrastructure group (management committee), four years at Citadel Investment Group as head of Capital Structure Analysis, and earlier Ernst & Young audit roles. Education: Master of Professional Accountancy and BBA with honors, McCombs School of Business, University of Texas at Austin (1997) .
Company performance context during her tenure:
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Total Shareholder Return — $100 initial value | $95 | $84 | $96 |
| Net Income (Loss) ($000s) | $27,680 | $(926) | $15,550 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Magnetar | Deputy COO & ESG Officer, Energy & Infrastructure Group; management committee member | 16 years | Led operations/ESG for energy/infrastructure investing; governance oversight |
| Citadel Investment Group | Head, Capital Structure Analysis (Global Credit support) | 4 years | Built modeling and fundamental credit analysis capability for Global Credit |
| Ernst & Young | Audit Manager; Firm Educator; National Accounting Research Program nominee | N/A (not disclosed) | Audit leadership and technical training; national research involvement |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Star Peak Energy Transition Corp (SPAC) | Treasurer | N/A (not disclosed) | Alternative energy-focused capital markets vehicle |
| Star Peak Corp II (SPAC) | Treasurer | N/A (not disclosed) | Alternative energy-focused capital markets vehicle |
Fixed Compensation
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $226,349 | $300,091 | $325,000 |
| Target Bonus | Minimum $225,000 (FY2024) | Minimum $225,000 (FY2024) | Minimum $225,000 (FY2025) |
Other fixed benefits: 401(k) match $13,800 in FY 2025 (included in All Other Compensation) .
Performance Compensation
Annual Incentive — Cash
| Metric/Plan | FY 2023 Cash Bonus ($) | FY 2024 Cash Bonus ($) | FY 2025 Cash Bonus ($) |
|---|---|---|---|
| GECM Bonus Plan (discretionary, qualitative/quantitative metrics) | $125,000 | $212,500 | $200,000 |
Plan features: payouts determined at Board discretion based on qualitative and quantitative performance; FY 2025 awards paid partially in cash and partially in GEG and GECC restricted stock granted early FY 2026; GEG/GECC RS vest 25% on grant, 25% annually thereafter .
Equity delivered as part of incentive payouts (grant-date fair value)
| Metric/Plan | FY 2023 Stock Awards ($) | FY 2024 Stock Awards ($) | FY 2025 Stock Awards ($) |
|---|---|---|---|
| GECM Bonus Plan — equity portion (GEG RS) | $106,311 | $150,000 | $106,251 |
Equity Award Detail — Grants and Vesting
| Grant Date | Shares Granted | Vesting Schedule | Notes |
|---|---|---|---|
| Sep 20, 2022 | 48,544 | Equal one-third on 1st, 2nd, 3rd anniversaries (time-based) | New hire award aligned to COO appointment |
| Sep 25, 2023 | 72,464 | 25% on grant; 25% on each anniversary through Sep 25, 2026 (time-based) | Represents portion of FY 2023 bonus paid in shares |
| Sep 20, 2024 | 55,339 | 25% on grant; 25% on each anniversary through Sep 20, 2027 (time-based) | Represents portion of FY 2024 bonus paid in shares |
Additional equity: FY 2025 “All Other Compensation” includes GECC restricted stock valued at $100,000 granted in FY 2025 as part of FY 2024 performance payout; vesting per GECM Bonus Plan structure (25% grant; 25% annually) .
Equity Ownership & Alignment
| Ownership Measure | Value |
|---|---|
| Total Beneficial Ownership (shares) | 194,884; less than 1% of outstanding |
| Vested Restricted Stock (indicative footnote) | 139,752 shares (per proxy footnote) |
| Unvested Restricted Stock Outstanding (by award) | 16,181 (2021 RS remaining) ; 36,232 (2023 RS remaining) ; 41,504 (2024 RS remaining) |
| Stock Options — Exercisable/Unexercisable | None disclosed for Milz (no options listed in outstanding awards) |
- Hedging/shorting prohibited for directors, officers, employees; monetization transactions (e.g., collars/forward sales) not permitted under insider trading policy .
- Pledging: Restricted stock may not be pledged/assigned until restrictions lapse under the 2025 Plan .
- Ownership guidelines: formal stock ownership guidelines disclosed for directors, not executives; no executive guideline disclosures for Milz .
Employment Terms
- Employment letter (GECM) dated August 30, 2022: base salary $325,000 in FY 2025; eligible for GECM Bonus Plan with minimum targeted bonus of $225,000 (FY 2025); initial RS grant of 48,544 shares with 3-year time-based vesting .
- Termination provisions: If terminated without cause or for good reason, equity awards continue to vest for the length of any applicable severance period; following a change in control, all outstanding equity awards vest in full upon qualifying termination .
- Clawback: Company’s 2025 Long-Term Incentive Compensation Plan allows clawback/cancellation/reimbursement of awards in line with applicable law, exchange rules, and Company policies .
Investment Implications
- Alignment: Compensation features a meaningful equity component via time-vested RS tied to annual incentive payouts, with ongoing unvested tranches through 2027; hedging/shorting prohibited, and restricted stock cannot be pledged pre-vesting, supporting alignment with shareholders .
- Vesting calendar and potential supply: Time-based RS vest annually on Sep 20 and Sep 25; upcoming vest dates (2026–2027) may introduce incremental selling pressure if liquidity is needed, though no Form 4-driven selling data is disclosed here .
- Pay-for-performance risk: The GECM Bonus Plan is discretionary with qualitative/quantitative metrics not specified in detail, increasing subjectivity; investors should monitor future proxy disclosures for metric rigor and payout calibration .
- Retention/COC economics: Continued vesting during severance and full acceleration on qualifying change-in-control terminations reduce forfeiture risk and may aid retention, but can elevate change-in-control cost if a transaction occurs .
- Performance backdrop: Company TSR dipped in FY 2024 and partly recovered in FY 2025; net income turned positive in FY 2025. Observing whether incentive outcomes track these inflections will be key to assessing pay-for-performance alignment .
No related-party transactions or pledging specific to Milz are disclosed; “All Other Compensation” includes GECC equity components as part of bonus payouts alongside standard benefits .