David Thomas
About David B. Thomas
Senior Vice President and General Manager of the Hycroft Mine; hired effective December 28, 2020, with responsibility for site operations. He is the brother of CEO Diane Garrett but does not report to her, and is treated under the company’s related‑party procedures . To frame pay-for-performance context, HYMC’s cumulative TSR on a fixed $100 investment fell from $86.64 in 2022 to $39.90 in 2023 and $35.99 in 2024, while net losses were $60.8M (2022), $55.0M (2023) and $60.9M (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hycroft Mining Holding Corporation | Senior Vice President & General Manager | 2020–present | Oversees Hycroft Mine operations |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $271,250 | $293,750 (raised to $300,000 on Apr 1, 2024) |
| Actual Bonus Paid ($) | $149,188 | $200,000 |
| Stock Awards – Grant Date Fair Value ($) | $115,207 | $133,600 |
| All Other Compensation ($) | $22,189 | $24,583 |
| Total Reported Compensation ($) | $557,834 | $651,933 |
Performance Compensation
- Annual cash incentives for NEOs were tied to operational and ESG objectives set each year, including health & safety, environmental compliance, technical advancement, exploration, balance sheet resilience, and stakeholder engagement; individual weightings and targets for Mr. Thomas were not disclosed .
- Long-term incentives were time-based RSUs with double-trigger change-in-control acceleration; performance share programs for NEOs were not disclosed for 2024 .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Health & Safety | Not disclosed | Not disclosed | Not disclosed | Paid via annual bonus (see above) | N/A |
| Environmental Compliance | Not disclosed | Not disclosed | Not disclosed | Paid via annual bonus (see above) | N/A |
| Technical Advancement/Exploration | Not disclosed | Not disclosed | Not disclosed | Paid via annual bonus (see above) | N/A |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Oct 15, 2025) | 116,070 shares; less than 1% of outstanding |
| Unvested RSUs (12/31/2024) | 6,181 units ($13,660 MV); 15,334 units ($33,888 MV); 40,000 units ($88,400 MV) |
| 2025 RSUs to Convert (as disclosed) | 40,000 shares to be converted from RSUs; vesting 33% on June 30, 2026; 33% on June 30, 2027; 34% on June 30, 2028, subject to continued employment |
| Options | No options disclosed; weighted avg exercise price N/A |
| Hedging/Pledging | Prohibited for insiders; no short sales, derivatives, margin or pledges absent CFO approval; pledging by insiders is banned |
Equity Awards – Vesting Schedules
| Grant/Balance (Mr. Thomas) | Grant Date | Vesting Schedule |
|---|---|---|
| 40,000 RSUs (to convert) | Not explicitly stated (vesting dates set) | 33% on 6/30/2026; 33% on 6/30/2027; 34% on 6/30/2028 |
| Outstanding RSUs (6,181; 15,334; 40,000) | Various | Time-based installments per award agreements; specific tranche dates not individually disclosed for Mr. Thomas in 2024 table |
Employment Terms
| Term | Detail |
|---|---|
| Start Date | December 28, 2020 |
| Role | Senior Vice President, General Manager (Hycroft Mine) |
| Salary Progression | $240,000 on hire; $260,000 (Apr 1, 2022); $275,000 (Apr 1, 2023); $300,000 (Apr 1, 2024) |
| Severance / Change-in-Control | Not disclosed for Mr. Thomas; detailed severance and CIC terms were disclosed for the CEO and CFO only |
Related Party & Governance Controls
- Related party: Mr. Thomas is the CEO’s brother; he does not report to the CEO. Compensation in 2024: ~$0.6M cash (incl. ~$0.2M STI/other) and ~$0.1M RSU grant-date value. In 2023: ~$0.6M cash (incl. ~$0.1M STI/other) and ~$0.1M RSU grant-date value .
- HYMC maintains a formal Related Party Policy via the Audit Committee and requires D&O questionnaires; related-party transactions are reviewed for independence/conflicts .
Company Performance Context
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of fixed $100 TSR | $86.64 | $39.90 | $35.99 |
| Net Income (Loss, $000s) | $(60,828) | $(55,024) | $(60,896) |
Investment Implications
- Pay mix tilts toward cash and time-based RSUs; absence of disclosed individual performance weights/targets reduces transparency on pay-for-performance alignment for Mr. Thomas .
- Unvested RSUs and scheduled conversions through 2028 indicate ongoing retention hooks; hedging/pledging bans mitigate alignment risks tied to collateralized selling pressure .
- Governance mitigants include Audit Committee oversight of related‑party matters and formal policies (clawback, insider trading); however, lack of disclosed severance/CIC terms for Mr. Thomas leaves uncertainty around termination economics in downside scenarios .