Chris Mundy
About Chris Mundy
Senior Vice President, Reserves and Evaluations at HighPeak Energy (appointed November 4, 2025), previously Vice President, Reserves and Evaluations since August 2020; earlier roles at Pure Acquisition Corp (2018–2020), Petro Harvester (2013–2018), Quicksilver Resources (2004–2006 Canada; 2008–2013 US), and EnCana. He holds a Bachelor of Applied Science in Civil Engineering from the University of Waterloo and oversees reserve estimation, development planning, and corporate modeling; HighPeak’s proved reserves rose from 154,162 MBoe at YE2023 to 198,998 MBoe at YE2024 under his supervision .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| HighPeak Energy | Senior Vice President, Reserves & Evaluations | 2025–present | Leads reservoir management, reserves estimation, development planning, production optimization, corporate modeling |
| HighPeak Energy | Vice President, Reserves & Evaluations | 2020–2025 | Supervised reserve estimation process; prepared and approved reserve estimates with CG&A; drove reserves growth |
| Pure Acquisition Corp (PACQ) | VP, Reserves & Evaluations | 2018–2020 | Oversaw engineering and reserves for SPAC predecessor to HighPeak |
| Petro Harvester | VP, Reserves & Planning | 2013–2018 | Directed corporate strategy and reserves management on executive team |
| Quicksilver Resources | Chief Reservoir Engineer and prior roles | 2004–2006 (Canada); 2008–2013 (US) | Led Barnett Shale development, Horn River Basin strategy, completions engineering, forecasting |
| EnCana | Engineering roles | Early career | Production/reservoir engineering; venture evaluation |
Fixed Compensation
- Not disclosed for Mundy in proxies; HighPeak uses discretionary annual cash incentive awards without a formal plan and determines bonuses based on individual and company performance .
Performance Compensation
- Annual cash bonus: discretionary; no formal metric weights, targets, or payout formula disclosed .
- Equity awards: stock options across multiple grant dates; special exercisability window for 2023 grant tied to change of control or date-certain.
Option Grants and Vesting
| Grant Date | Instrument | Number Granted | Exercise Price | Exercisability Window | Expiration | Vesting Notes |
|---|---|---|---|---|---|---|
| Aug 24, 2020 | Stock Options | Included in aggregate 249,000 | $10.00 | Normal | Aug 23, 2030 | Time-based vesting: 1/3 grant date, 1/3 first anniversary, 1/3 second anniversary |
| Nov 4, 2021 | Stock Options | Included in aggregate 249,000 | $14.36 | Normal | Nov 3, 2031 | Same vesting cadence as above |
| May 4, 2022 | Stock Options | Included in aggregate 249,000 | $29.67 | Normal | May 3, 2032 | Fully vested (grant-level) |
| Aug 15, 2022 | Stock Options | Included in aggregate 249,000 | $19.98 | Normal | Aug 14, 2032 | Fully vested (grant-level) |
| Jul 21, 2023 | Stock Options | Included in aggregate 249,000 | Not stated in Form 3 | 90-day period after earlier of change in control, death/disability, or Aug 1, 2026 | Not stated in Form 3 | Exercisability contingent window; otherwise fully vested |
Aggregate derivative holdings: 249,000 options (across grants above) . The 2023 grant’s 90-day window could concentrate exercise (and potential sales) in Aug–Oct 2026 if in-the-money .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Common shares owned (direct) | 2,614 |
| Derivatives held | 249,000 stock options (aggregate across grants) |
| Ownership as % of shares outstanding | 0.0021% (2,614 / 126,067,436 ) |
| Hedging | Prohibited by Insider Trading Policy |
| Pledging | Company removed prohibition against pledging in 2022; no pledge disclosed for Mundy |
| Stock ownership guidelines | Other Section 16 officers: 2× annual salary requirement; 5-year compliance window (first measurement date Dec 31, 2021) |
| Compliance status | Not disclosed for Mundy (Form 3 filed Nov 2025 upon becoming Section 16 officer) |
Employment Terms
| Topic | Key Terms |
|---|---|
| Appointment | Promoted to SVP, Reserves & Evaluations effective Nov 4, 2025 |
| Change-in-Control (CIC) Plan | Adopted Sept 9, 2025; discretionary severance plan for designated Participants via Participation Letter |
| CIC triggers | Pre-CIC Qualifying Termination (within 90 days prior to closing) without Cause or due to death/disability; Post-CIC termination without Cause, death/disability, or resignation for Good Reason; or single-trigger payment event at six months post-closing if continuously employed |
| Maximum payout formula | Up to 3× (highest base salary in look-back/partial year + highest single cash bonus in look-back/partial year, annualized) |
| Payment timing | Within 30 days of Closing Date (Pre-CIC termination) or within 30 days of termination/post-CIC payment event |
| Conditions | Requires release of claims; may require Non-Competition, Non-Solicitation, and Confidentiality Agreement; wholly discretionary and may be $0 |
| 280G/4999 | Cut-back or pay-full to maximize after-tax position; potential excise tax considerations |
| Clawback | Subject to Company clawback policy and applicable law |
| Definitions | Cause/Good Reason/Disability/CIC events defined within plan |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Proved reserves – Developed (MBoe) | 61,258 | 79,593 | 108,119 |
| Proved reserves – Undeveloped (MBoe) | 61,700 | 74,569 | 90,879 |
| Total proved reserves (MBoe) | 122,958 | 154,162 | 198,998 |
- Q3 2025: Net loss of $18.3 million vs net income $49.9 million in Q3 2024, driven by lower commodity prices/volumes, debt extinguishment loss, derivative changes, and CEO retirement-related costs; partially offset by lower DD&A and other cost reductions .
Compensation Structure Analysis
- Shift toward options with limited exercisability windows: 2023 options are fully vested but not exercisable until a change in control or Aug 1, 2026, creating timed optionality rather than annual RSU cadence .
- Bonuses remain discretionary with no disclosed metric weights or targets, reducing pay-for-performance transparency at the non-NEO level .
- CIC plan introduces potential single-trigger payout (six months post-closing) if designated—less stringent than pure double-trigger constructs and can influence retention calculus around strategic alternatives .
Risk Indicators & Red Flags
- Hedging prohibited; pledging permitted by policy since 2022. No pledging disclosed for Mundy, but allowance at the company level raises alignment concerns broadly (CEO has pledged shares; not applicable to Mundy based on filings) .
- Concentrated exercise window for 2023 options (90 days post-CIC or Aug 1, 2026) could create localized selling pressure if options are in-the-money .
- CIC benefits are discretionary and subject to release/restrictive covenants; plan can pay up to 3× salary+bonus, potentially increasing severance overhang if strategic transaction occurs .
Investment Implications
- Alignment: Mundy’s direct equity stake is small, but 249,000 options tie his upside to share performance and reserve execution; the 2023 grant’s exercisability window could produce a narrow selling window in late 2026 if in-the-money .
- Retention risk: CIC plan provides robust potential severance (up to 3× cash comp) for designated participants and includes a single-trigger event; this likely lowers departure risk through a strategic process but introduces severance overhang if a transaction closes .
- Execution signal: Proved reserves grew materially in 2024 under his technical leadership, supporting confidence in reserves management; near-term company earnings volatility (Q3 2025 loss) reflects macro and capital structure factors more than reservoir performance .