Jordan Neeser
About Jordan Neeser
Jordan Neeser, age 42, is Chief Financial Officer (principal financial officer) of Ivanhoe Electric (IE) since November 21, 2022. He is a CPA and holds a Bachelor of Commerce from the University of British Columbia; prior roles include CFO at Gold Standard Ventures (Mar 2021–Aug 2022), CFO at Conifex Timber (Dec 2018–Mar 2021), and senior finance positions at First Quantum Minerals, after starting his career at KPMG . IE’s pay-versus-performance disclosure shows total shareholder return (TSR) value of a $100 initial investment at $86.78 in 2024, $115.86 in 2023, and $139.66 in 2022 (stock began trading June 30, 2022), contextualizing shareholder outcomes during Neeser’s tenure . IE’s nine-month 2025 revenue from software licensing/data processing (CGI) grew 50% year-over-year to $2.348 million, with gross profit up 46% to $1.495 million, indicating increased activity in data services while mining projects remain pre-revenue .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gold Standard Ventures (TSX) | Chief Financial Officer & Corporate Secretary | Mar 2021–Aug 2022 | Supported company through sale to Orla Mining; led finance and reporting . |
| Conifex Timber (TSX) | Chief Financial Officer | Dec 2018–Mar 2021 | Led finance for a public forestry company; improved reporting processes . |
| First Quantum Minerals (TSX) | Group Controller; Director, Business Development | ~8 years (prior to 2018) | Contributed to finance and BD at a global copper producer . |
| KPMG | Chartered Public Accountant (CPA/CA) | Early career | Foundation in audit/accounting; professional accreditation . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cordoba Minerals Corp. (TSX) | Director | Since Jun 2024 | IE affiliate exposure through board role; mining sector oversight . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $26,305 | $309,279 | $295,960 |
| Target Short-Term Bonus (% of salary) | 100% (per employment agreement) | 100% | 100% |
| Actual Short-Term Bonus ($) | — | $277,540 | $262,600 |
| All Other Compensation ($) | — | — | $15,071 |
| Total Cash ($) | $26,305 | $586,819 | $1,173,575 |
Notes:
- CFO Employment Agreement: base salary $300,000; STIP target 100% of base; LTIP target 200% of base .
- 2024 “All Other Compensation” includes life insurance, disability premiums, medical insurance, 401(k), and parking amounts itemized in the proxy .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Short-Term Incentive (Cash) | HSE; Operational performance (drilling/execution); Corporate development | Not disclosed | 100% of salary | 2024 payout: $262,600 | N/A (cash) |
| Options (2024 LTIP) | Time-based retention | N/A | 173,561 options @ $13.50 strike; grant date Mar 11, 2024; fair value $599,944 | Grant made; no cash payout | Vests 1/3 on Mar 11, 2025; Mar 11, 2026; Mar 11, 2027; 7-year term |
| PSU Program (approved 2024; granted 2025) | Relative TSR vs Base Metals Index | rTSR scale | 1.0x at 50th percentile; 2.0x at ≥75th; 0x at <25th; linear interpolation | Performance-dependent; payout 0–2.0x | Cliff vests Dec 31, 2027; target 714,822 PSUs; grant date Mar 6, 2025; per-unit FV $7.07; volatility 63.4% |
| RSUs (granted Mar 6, 2025) | Service-based retention | N/A | 776,557 RSUs; total FV $4.5m, grant-date price $5.84 | Grant made; no cash payout | Vests in three equal tranches beginning one year from grant date (Mar 6, 2026; 2027; 2028) |
Notes:
- 2024 equity awards for Neeser were stock options; RSUs/PSUs were not awarded for 2024 compensation, but PSUs/RSUs became part of the 2025 LTIP for “certain officers and employees” with company-wide design tied to rTSR .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 441,186 shares (less than 1% of common) as of Mar 11, 2025 |
| Breakdown | 50,000 common shares; 391,186 shares issuable upon exercise of options vested within 60 days after Mar 11, 2025 |
| Ownership Guidelines | CFO must hold 2× annual base salary in IE stock; compliance required within 36 months of Jan 1, 2024 (i.e., by end-2026) |
| Hedging/Pledging | Hedging transactions, short sales, and pledging/margin accounts are prohibited under Insider Trading Compliance Policy |
| Trading Controls | Pre-clearance required; quarterly blackout periods and additional restricted periods possible |
Implications:
- Material vested options (391,186) provide immediate exercisability; additional time-based option and RSU vesting dates (Mar 11, 2025/26/27; Mar 6, 2026/27/28) can create episodic supply overhang as tranches vest, subject to pre-clearance and blackout windows .
Employment Terms
- Appointment and Agreement: CFO effective Nov 21, 2022; Employment Agreement dated Nov 17, 2022 with indefinite term until resignation/termination .
- Compensation Targets: Base salary $300,000; STIP target 100% of base; LTIP target 200% of base; initial grant of 500,000 stock options at $11.75 per share (vesting per applicable plans/agreements) .
- Covenants: Confidentiality; 12-month non-solicitation post-separation; non-compete not disclosed .
- Severance Economics:
- Without Cause (no Change in Control): 1.5× base salary ($450,000) + 1.5× target bonus ($450,000); pro-rata vesting of options .
- Change in Control + termination within 12 months (or Good Reason): cash equal to 18 months base salary plus 1 month per full year after year 3 up to 24 months total, plus 150% of STIP target ($450,000 bonus); 100% of options vest .
- Death/Disability: 100% of options vest; lump-sum bonus $450,000 per 2024 modeled table .
- Clawback: Adopted Mar 14, 2023; recovery of erroneously awarded incentive compensation for three fiscal years preceding a required accounting restatement; no indemnification allowed .
Multi-Year Compensation (Summary)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $26,305 | $309,279 | $295,960 |
| Bonus ($) | — | $277,540 | $262,600 |
| Stock Awards ($) | — | — | — |
| Option Awards ($) | $2,541,667 | — | $599,944 |
| All Other ($) | — | — | $15,071 |
| Total ($) | $2,567,972 | $586,819 | $1,173,575 |
Vesting Schedules and Insider Selling Pressure
- 2024 LTIP Options (173,561 at $13.50): Vests 1/3 on Mar 11, 2025; 1/3 on Mar 11, 2026; 1/3 on Mar 11, 2027; 7-year term .
- 2025 RSUs (company-wide grants): Tranches vest on Mar 6, 2026; Mar 6, 2027; Mar 6, 2028 .
- 2025 PSUs (company-wide grants): Cliff vest Dec 31, 2027; payout 0–2x based on rTSR vs Base Metals Index; grant-date assumptions include 63.4% volatility and $7.07 FV per unit .
- Trading governance (pre-clearance/blackouts) reduces opportunistic sales, while anti-hedging/anti-pledging policies mitigate misalignment risk .
Governance, Say-on-Pay, and Shareholder Feedback
- 2025 Say-on-Pay vote: For 108,475,648; Against 5,488,810; Abstain 38,427; Broker non-votes 8,465,696 .
- Beneficial Ownership (as of Mar 11, 2025): CFO 441,186; group ownership (directors/executives) 16,544,986 (12.06%); major holders include FMR LLC (14.1%), Century Vision Holdings (11.4%), Saudi Arabian Mining Company (Ma’aden) (9.8%) .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; short sales and margin accounts banned; trades require pre-clearance; quarterly blackouts enforced .
- Clawback policy aligned with NYSE and SEC rules; covers three prior fiscal years in restatement scenarios .
- No disclosed related-party transactions involving Neeser; a general related-party framework exists in filings .
Compensation Structure Analysis
- Mix shift: 2024 compensation primarily cash plus new option grant; PSUs introduced for 2025 tied to rTSR, increasing performance-based equity and market alignment .
- Option design: 3-year ratable vesting and 7-year term; 2024 grant size for CFO 173,561 at $13.50 aligns to retention and long-term alignment .
- STIP design: Focused on HSE, operational execution, and corporate development; targets at 100% of salary reinforce at-risk pay tied to annual priorities .
Equity Ownership & Alignment Table
| Category | Detail |
|---|---|
| Shares Owned Directly | 50,000 common shares |
| Vested/Exercisable Options | 391,186 shares issuable upon exercise within 60 days of Mar 11, 2025 |
| Ownership % of Common | Less than 1% |
| Ownership Guideline | 2× base salary; compliance within 36 months from Jan 1, 2024 |
| Hedging/Pledging Status | Prohibited by policy |
Employment Economics (Severance and CoC)
| Scenario | Cash Multiple | Bonus Multiple | Equity Treatment | Modeled 12/31/2024 Amounts |
|---|---|---|---|---|
| Without Cause (no CoC) | 1.5× base salary | 1.5× target bonus | Pro-rata vesting of options | Base $450,000; Bonus $450,000; Total $900,000 |
| CoC + termination/Good Reason (≤12 months) | 18 months base + 1 month/year after year 3 up to 24 months | 150% of STIP target | 100% of options vest | Base $450,000; Bonus $450,000; Total $900,000 (modeled; base escalator by tenure not reflected) |
| Death/Disability | N/A | Lump-sum bonus | 100% of options vest | Bonus $450,000 |
Investment Implications
- Alignment: Ownership guideline (2× salary), anti-hedging/anti-pledging, and clawback provisions indicate strong governance and alignment; vested options and scheduled RSU/option vesting create potential periodic selling pressure, moderated by pre-clearance and blackout rules .
- Incentives: Introduction of PSUs tied to rTSR vs Base Metals Index materially links long-term payouts to stock performance, a positive for pay-for-performance; STIP emphasizes operational execution and HSE, consistent with project development stage .
- Retention Risk: Severance and CoC protections (cash multiples and equity acceleration) lower retention risk and potential disruption during strategic events; non-solicit applies, but no non-compete disclosed .
- Performance Context: TSR declined in 2024 (value $86.78) after 2023 gains, reflecting market conditions and pre-revenue mining profile; modest revenue growth in data services underscores limited near-term financial levers, increasing importance of execution at Santa Cruz and other projects for future value creation .