William J. Nance
ComstockAbout William J. Nance
William J. Nance, age 81, has served on Comstock Inc.’s Board since October 2005. He is an independent director, currently Chair of the Nominating & Governance Committee and the Executive & Strategic Planning Committee, and serves on the Audit & Finance (designated audit committee financial expert) and Compensation Committees. He is President & CEO of Century Plaza Printers, a retired CPA (Kenneth Leventhal & Co., 1970–1976; REITs/M&A/real estate focus), and holds a BBA from California State University, Los Angeles; he is also a U.S. Air Force veteran (1962–1966) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Century Plaza Printers, Inc. | President & CEO; founder | 1979–present | Operates printing business; real estate consulting expertise |
| Kenneth Leventhal & Co. | CPA (REITs, restructurings, M&A, real estate finance) | 1970–1976 | Deep financial/real estate transaction experience |
| Real estate consulting | Consultant in acquisition/disposition of commercial real estate | Not disclosed | Transaction advisory |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| InterGroup Corporation | Director | Since 1984 | Current public directorship |
| Santa Fe Financial Corporation | Director | Since May 1996 | Current public directorship |
| Portsmouth Square, Inc. | Director | Since May 1996 | Current public directorship |
No Comstock-related party transactions disclosed involving these entities in 2023–2024 .
Board Governance
- Independence: The Board determined Mr. Nance is “independent” under NYSE American standards and SEC Rule 10A‑3 .
- Committee assignments:
- Audit & Finance Committee (member; designated “audit committee financial expert”) .
- Compensation Committee (member) .
- Nominating & Governance Committee (Chair; members Nance, Marting, Salinas) .
- Executive & Strategic Planning Committee (Chair; members Nance, Marting, Drozdoff) .
- Attendance: In 2024, the Board and committees held 13 meetings; directors attended 100% of Board and committee meetings, and all directors attended the 2024 Annual Meeting .
- Board structure context: CEO also serves as Executive Chairman; the Board views the combined role as appropriate at this time and reviews governance structure periodically .
Fixed Compensation
Director compensation structure and Mr. Nance’s 2024 compensation:
| Item | Amount | Notes |
|---|---|---|
| Annual independent director fees (program terms) | $160,000 | Payable in cash or shares; plus chair/committee meeting fees; each independent director also receives an additional annual cash payment of $60,000; Committee Chairs receive an additional $20,000 annually |
| Fees earned or paid in cash – Nance (2024) | $200,000 | Includes $40,000 in committee chair fees |
| Stock awards – Nance (2024) | $47,700 | Recognized from prior grant vesting (see Performance Compensation) |
| Total – Nance (2024) | $247,700 | Sum of cash and stock awards |
Performance Compensation
Time-vested equity granted to independent directors (2020 Equity Incentive Plan):
| Grant | Shares | Grant Value | Vesting |
|---|---|---|---|
| Director equity (12/2020) | 13,500 | $143,100 (total) | 4,500 shares vesting on 1/1/2022, 1/1/2023, and 1/1/2024 |
- Structure: The 2020 director grant was time-based (no performance metrics disclosed for director awards). As of 2024, no new director grants were outstanding; 2024 recognized expense reflects prior grants vesting .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict |
|---|---|---|
| InterGroup Corporation | Director | No related-party transactions with Comstock disclosed in 2023–2024 |
| Santa Fe Financial Corporation | Director | No related-party transactions with Comstock disclosed in 2023–2024 |
| Portsmouth Square, Inc. | Director | No related-party transactions with Comstock disclosed in 2023–2024 |
Expertise & Qualifications
- Retired CPA with REITs/restructurings/M&A/real estate finance background (Kenneth Leventhal & Co.) .
- Designated Audit Committee Financial Expert (SEC definition) .
- Extensive public company board experience (since 1984 across several issuers) .
- Education: BBA, California State University, Los Angeles; U.S. Air Force veteran .
Equity Ownership
Beneficial ownership as of March 25, 2025:
| Holder | Shares | % of Outstanding | As-of Date |
|---|---|---|---|
| William J. Nance | 23,200 | 0.1% | March 25, 2025 |
- Company policy prohibits directors, officers, and employees from hedging or short selling Comstock securities, supporting alignment with shareholders .
Governance Assessment
- Strengths:
- Multi-committee leadership (Chair: Nominating & Governance; Executive & Strategic Planning) and Audit & Finance membership with “audit committee financial expert” designation enhance oversight capability .
- Independence affirmed; perfect attendance for Board/committees in 2024; attendance at the annual meeting .
- No related-party transactions disclosed involving Mr. Nance in 2023–2024 .
- Considerations:
- Long tenure (director since 2005) can raise perceptions about independence/refreshment even though the Board deems him independent .
- Combined CEO/Chair structure may concentrate authority; while the Board asserts this is appropriate now, investors often prefer robust independent counterweights—Nance’s committee chair roles partially address this .
RED FLAGS: None disclosed specific to Mr. Nance (no related-party transactions, no Section 16(a) delinquencies attributed; full meeting attendance) .
