Griffin Perry
About Griffin Perry
Griffin Perry (age 41) serves as Director and Co‑Chairman of the Board at Granite Ridge Resources, Inc. (GRNT) since 2022. He is a co‑founder of Grey Rock Investment Partners and became Senior Advisor at Grey Rock in May 2024 after serving as Managing Partner (2013–May 2024), focusing on deal origination, business development, portfolio management, and divestitures. He holds a B.A. in economics and history from Vanderbilt University. Perry is not independent under NYSE rules and is a party to the company’s Voting Agreement; John McCartney serves as Lead Independent Director given the Co‑Chairmen’s non‑independent status .
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Grey Rock Investment Partners | Managing Partner; Investment Committee & Valuation Committee member; Co‑Founder | 2013–May 2024 | Deal origination, portfolio management, divestitures; risk management and investor relations |
| Caddis Energy | President | 2012–2013 | Raised capital; developed operated/non‑operated oil & gas pipeline |
| UBS; Deutsche Bank | Financial Advisor | 2007–2012 | Grew AUM from $300M to $500M |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Grey Rock Investment Partners | Senior Advisor | May 2024–present | Ongoing advisory role following Managing Partner tenure |
| Cotton Bowl Board | Member | Not disclosed | Non‑profit/affiliation disclosed in biography |
| Public company boards | None disclosed | — | No other public company directorships listed in proxy |
Board Governance
- Role: Director & Co‑Chairman of the Board; Chair of ESG Committee .
- Independence: Not independent; Lead Independent Director is John McCartney due to non‑independent Co‑Chairmen .
- Committee assignments 2024: ESG Committee (Chair); not on Audit, Compensation, or Conflicts Committees; compensation committee includes a non‑voting member (Coussens) .
- Attendance: 2024 Board held 4 regular and 2 special meetings; all incumbent directors attended 100% of Board and committee meetings. Independent directors met in executive session at all 4 regular meetings, presided by Lead Independent Director .
- Committee meeting counts 2024: Audit 5; Compensation 4; Conflicts 1; ESG 2 .
- Controlled company: Voting Agreement parties (including Perry) collectively control ~50% of outstanding shares; GRNT avails itself of NYSE controlled company exemptions (majority independent board, fully independent nominating and compensation committee not required) .
Fixed Compensation
Director compensation (annual retainer and standard equity), 2024 and 2023:
| Component | 2023 | 2024 |
|---|---|---|
| Board cash retainer (annual) | $75,000 | $75,000 |
| Audit Chair additional cash retainer | $15,000 (not applicable to Perry) | $15,000 (not applicable to Perry) |
| Annual equity grant (grant‑date value) | $75,000 | $75,000 |
| One‑time initial equity grant for independent directors | $100,000 (not applicable to Perry) | N/A |
| Perry total director compensation | $150,000 (Fees $75k; Stock $75k) | $150,000 (Fees $75k; Stock $75k) |
Notes:
- 2024 equity grant: 12,275 restricted shares per director (vested Jan 2, 2025) .
- Standard policy allows election of cash fees in stock; only Audit Chair receives additional cash retainer; no disclosed additional retainer for ESG Chair .
Performance Compensation
Directors receive time‑based restricted stock; no performance‑conditioned director equity disclosed.
| Equity Award | Grant Date | Shares / Value | Vesting | Notes |
|---|---|---|---|---|
| Annual director restricted stock (2024) | Jan 2, 2024 | 12,275 shares (grant‑date value $75,000) | Vests in full on first anniversary (Jan 2, 2025) | Only restricted stock outstanding as of Dec 31, 2024 |
| Annual director restricted stock (2023) | Jan 3, 2023 | 8,813 shares (part of annual $75,000) | Vested Jan 3, 2024 | Independent directors also received one‑time 11,751 shares ($100k); Perry did not |
Other Directorships & Interlocks
- Voting Agreement: GREP GP III holds irrevocable voting proxy over shares owned/controlled by Perry and other Grey Rock parties; Voting Agreement parties collectively ~50% in 2025, conferring controlled status .
- Auditor relationship: Forvis Mazars (FORVIS) has audited Grey Rock funds since 2015 and serves as GRNT auditor (since 2022). Audit Committee reappointed Forvis Mazars for 2025; fees totaled $1.2M in 2024 . Potential familiarity/interlock risk mitigated by Audit Committee oversight and independence affirmations .
- Management Services Agreement (MSA): Grey Rock Administration LLC (Manager), indirectly owned/controlled by Perry and other directors, provides services to GRNT for a $10M annual fee; termination provisions include up to $10M fee; GRNT paid ~$10.4M in 2024 under MSA and divested partial interests to a Manager affiliate for $7.5M—approved under Conflicts policy .
Expertise & Qualifications
- Energy investment, portfolio management, risk management, investor relations; leadership and business acumen .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Notes |
|---|---|---|---|
| Griffin Perry | 1,036,599 | <1% | As of Mar 25, 2025 |
| Distributions to Perry | 24,318 (Apr 9, 2024); 442,418 (Dec 12, 2024) | — | Fund III and Fund II distributions of GRNT shares |
| Hedging/short sales | Prohibited by Insider Trading Policy | — | Company policy bans short sales and hedging/monetization transactions |
Unvested director equity: Perry held 12,275 restricted shares outstanding as of Dec 31, 2024 that vested Jan 2, 2025 .
Governance Assessment
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Strengths:
- Clear disclosure of controlled company status and robust Conflicts Committee composed entirely of independent directors to review related‑party transactions .
- Full attendance and executive sessions with a Lead Independent Director, providing independent oversight cadence .
- Transparent director compensation structure with modest cash/equity mix and standard vesting .
-
Concerns / RED FLAGS:
- Controlled Company: Voting Agreement centralized voting control (~50%), reducing minority shareholder influence on board composition and governance .
- Related‑Party Transactions: Ongoing $10M MSA with Manager controlled by directors (including Perry), plus 2024 $7.5M asset divestiture to a Manager affiliate; while overseen by Conflicts Committee, this presents persistent conflict risk and fee dependence .
- Auditor Familiarity: Forvis Mazars’ long‑standing service to Grey Rock funds and GRNT may raise perceived independence questions despite Audit Committee oversight and independence affirmations .
- Non‑Independence: Perry is not independent and serves as Co‑Chairman while also affiliated with Grey Rock; alignment and oversight rely on Lead Independent structures and Conflicts Committee functioning .
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Signals affecting investor confidence:
- ESG Committee chaired by Perry (non‑independent), responsible for nominations and CEO succession; independence of nominations relies on committee composition and board policies .
- No say‑on‑pay votes due to Emerging Growth Company status (through FY2024), reducing direct shareholder feedback on compensation governance .
Overall, board effectiveness hinges on the independence and rigor of the Conflicts Committee and Lead Independent Director in mitigating structurally embedded conflicts tied to Grey Rock relationships and centralized voting control .