Steve T. Laflin
About Steve T. Laflin
Steve T. Laflin, age 68, is a long-tenured director of International Isotopes Inc. (INIS), serving on the Board since June 2001; he previously served as President and Chief Executive Officer from August 2001 to September 2023. He holds a B.S. in Physics from Idaho State University and has held senior engineering and management roles in the nuclear industry since 1992, bringing deep operational and industry expertise to the Board . He is currently classified as a non-independent director under Nasdaq rules due to his executive role within the last three years .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| International Isotopes Inc. | President & CEO | Aug 2001 – Sep 2023 | Long-tenured executive; institutional knowledge; nuclear operations management |
| International Isotopes Inc. | Director | Jun 2001 – Present | Board member; not currently serving on Audit or Compensation committees |
| International Isotopes Idaho Inc. (subsidiary) | President & GM | 1996 – 2001 | Led subsidiary operations; nuclear industry management experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| RadQual, LLC | Member | Until Jul 2021 (sold to INIS) | Industry exposure; historical affiliation with entity later sold to INIS |
Board Governance
- Independence: The Board determined Laflin is not “independent” under Nasdaq rules due to his prior executive officer role within the last three years .
- Committee assignments: Audit and Compensation Committees are composed of Christopher Grosso (Chair) and Dr. Robert Atcher; Laflin is not a member of these standing committees .
- Attendance: In 2024, the Board met four times and each director attended at least 75% of aggregate Board and committee meetings for which they served; all directors attended the 2024 Annual Meeting .
- Nominating: No standing nominating committee; full Board (including independent directors) oversees nominations .
- Leadership: Separate Chair (Grosso) and CEO (Bagerdjian) roles; structure intended to balance strategic oversight and operational management .
Fixed Compensation
| Component (Director, 2024) | Amount (USD) |
|---|---|
| Annual retainer (cash) | $0 |
| Committee membership fees | $0 |
| Committee chair fees | $0 |
| Meeting fees | $0 |
| Stock awards | $0 |
| Option awards | $0 |
| All other compensation | $0 |
- Compensation policy: INIS generally does not pay retainer or other cash fees to non-employee directors; equity may be granted periodically. Atcher has an hourly arrangement ($250/hour). Laflin had a consulting agreement effective through end of 2024, paid at an hourly rate for Board-requested services; specific rate not disclosed .
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance-based director pay | Not disclosed for directors (no performance metrics or PSU framework reported) |
| Compensation consultants | None used; Compensation Committee does not use consultants |
| Approval mechanics | Non-employee directors approve CEO compensation; entire Board (including CEO) approves CFO compensation; unanimous approval required for director compensation actions |
Other Directorships & Interlocks
| Company | Role | Public/Private | Notes |
|---|---|---|---|
| None disclosed | — | — | Proxy biography lists industry roles (RadQual LLC; INIS) but no other public company boards for Laflin |
Expertise & Qualifications
- Nuclear industry operations and engineering leadership since 1992; former CEO with extensive institutional knowledge .
- Physics degree (B.S., Idaho State University); senior management experience in regulated nuclear operations, safety, and licensing environments .
Equity Ownership
| Item | Detail |
|---|---|
| Shares beneficially owned | 18,786,700 |
| Ownership % of outstanding | 3.5% (base: 526,385,637 shares) |
| Options exercisable within 60 days | 6,000,000 included in beneficial ownership |
| RSUs/Unvested equity | Not disclosed for Laflin in director section (aggregate outstanding options shown) |
| Anti-hedging/pledging policy | Company discourages hedging and pledging; no formal prohibition disclosed |
Insider Filings and Trades
| Item | Detail |
|---|---|
| Section 16(a) delinquent filings (2024) | None reported for Laflin; delinquencies noted for Bagerdjian and Grosso only |
Governance Assessment
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Effectiveness and independence: Laflin’s deep operating expertise is valuable; however, his non-independent status and recent consulting relationship (through end of 2024) reduce perceived independence, which is mitigated by his non-membership on the Audit and Compensation Committees .
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Committee structure: Concentration of oversight in two-person Audit and Compensation Committees (Grosso as Chair on both) places heightened responsibility on those independent directors and limits broader committee participation, with nominations handled by the full Board without a dedicated chartered committee .
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Attendance and engagement: 2024 attendance met minimum thresholds; all directors attended the 2024 Annual Meeting, indicating baseline engagement .
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Ownership alignment: Laflin’s 3.5% stake and 6,000,000 currently exercisable options suggest material equity alignment, alongside significant ownership by Kennerman Associates (42.2%) and Grosso personally (12.2%)—a structure supportive of alignment but indicative of concentrated control dynamics .
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Conflicts and related-party exposure: Historical roles (CEO; RadQual membership prior to sale to INIS) and a 2024 consulting arrangement represent potential conflict vectors; the company’s related-party financing via promissory notes with insiders (CEO/Chairman among lenders) underscores ongoing related party exposure subject to full-Board review under policy .
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Policies and signals: Anti-hedging/pledging policy is discouraging rather than prohibitive; the Compensation Committee does not use external consultants, relies on unanimous approvals for director compensation, and recorded strong say-on-pay support in 2022 (≈98%), signaling shareholder tolerance of the compensation approach despite structural constraints .
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RED FLAGS:
- Non-independence due to recent executive role; recent consulting relationship through 2024 .
- No standing nominating committee and concentrated committee leadership .
- Ongoing related-party financing history involving insiders (promissory notes), elevating conflict-of-interest risk profiles .
- Anti-pledging is discouraging rather than a strict prohibition; potential alignment risk if pledging were to occur (not disclosed) .