Thomas R. Craddick
About Thomas R. Craddick
Thomas R. Craddick, age 81, has served on Mexco Energy Corporation’s Board since March 1998, bringing over five decades of oil and gas experience and a long public-service career in the Texas House of Representatives (Speaker for six years) . He is owner of Craddick Properties and owner/president of Craddick, Inc., which invest in oil and gas properties and real estate . The Board notes his expertise in locating, acquiring, and divesting properties .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Texas House of Representatives | State Representative; Speaker of the House (six years) | 1968–present | Served on various committees and conferences |
| Craddick Properties | Owner | Not disclosed | Invests in oil and gas properties and real estate |
| Craddick, Inc. | Owner and President | Not disclosed | Invests in oil and gas properties and real estate |
| Craddick Partners, Ltd. | General Partner | Not disclosed (disclosed in 2024 proxy) | Oil and gas and real estate investments |
External Roles
| Category | Detail |
|---|---|
| Other public company boards | None disclosed in MXC 2025/2024 proxy biographies |
| Non-profit/academic boards | Not disclosed in MXC 2025/2024 proxy biographies for Craddick |
Board Governance
- Independence status: The Board identified four independent directors (Banschbach, Clayton, Decker, Schroeder); Craddick is not listed among independents .
- Board leadership: Combined CEO/Chairman; no Lead Independent Director .
- Attendance: Board met four times in FY 2025; all directors attended all four meetings (100%) .
- Committee structure: Audit, Compensation, and Nominating Committees are entirely independent directors .
| Governance Element | Detail |
|---|---|
| Committee assignments (FY 2025) | Craddick: none (not a member of Audit, Compensation, or Nominating) |
| Committee chair roles | None for Craddick |
| Years on Board | Director since March 1998 |
| FY 2025 Board meetings attended | 4/4 (100%) |
| FY 2025 Committee meetings (for reference) | Audit 4; Compensation 1; Nominating 1 |
| Election results (2025 Annual Meeting) | Votes For: 1,629,498; Withheld: 112; Broker Non-Votes: 27,755 |
| Election results (2024 Annual Meeting) | Votes For: 1,493,143; Withheld: 1,290; Broker Non-Votes: 256,704 |
Fixed Compensation
| Component | FY 2024 | FY 2025 |
|---|---|---|
| Fees Paid in Cash | $6,000 | $6,000 |
| Stock/Option Awards (grant-date fair value) | $0 | $0 |
| All Other Compensation | $0 | $0 |
| Total | $6,000 | $6,000 |
| Cash retainer frequency | $1,500 per quarter | $1,500 per quarter |
Performance Compensation
| Item | FY 2024 | FY 2025 |
|---|---|---|
| Equity grants to directors | None granted to directors | None granted to directors |
| Companywide options granted (context) | Options granted to executives only; directors: none | No options granted during FY 2025 |
| Performance metrics tied to director pay | None disclosed | |
| Clawback/COC provisions (plan-level) | Stock Plan permits accelerated vesting upon change in control/termination (no employment or COC agreements) | Stock Plan permits accelerated vesting upon change in control/termination (no employment or COC agreements) |
Other Directorships & Interlocks
| Topic | Detail |
|---|---|
| Current/past public company directorships (Craddick) | None disclosed in 2025/2024 MXC proxies |
| Compensation Committee interlocks | None; no officer-director cross-interlocks disclosed |
Expertise & Qualifications
- Over 55 years in oil and gas production and services; Board cites expertise in location, acquisition, and divestiture of properties .
- Long-tenured public service (Texas House Representative since 1968; former Speaker) providing policy and stakeholder navigation experience .
Equity Ownership
| As-of Date | Shares Beneficially Owned | Percent of Class | Options Exercisable within 60 Days | Options (Unexercisable) | Pledged Shares |
|---|---|---|---|---|---|
| July 22, 2024 | 10,000 | <1% | 0 (not listed in options footnote) | 0 (director options table shows none) | Not disclosed |
| July 23, 2025 | 10,000 | <1% | 0 (not listed in options footnote) | 0 (director options table shows none) | Not disclosed |
Governance Assessment
- Independence and committee influence
- Craddick is not classified as independent and holds no committee seats; all key committees are fully independent, which limits potential non-independent influence in audit, pay, and nominations oversight .
- Engagement and shareholder support
- 100% attendance in FY 2025 and very high re-election support (2025 votes for: 1,629,498; withheld: 112), signaling strong shareholder confidence and engagement .
- Alignment and incentives
- Director pay is minimal and all-cash ($6,000 annually) with no recent director equity grants; while modest, lack of equity may reduce alignment versus best practice director equity retainers .
- Related-party/conflict checks
- No related-party transactions disclosed for Craddick; the only related-party item disclosed involves the CEO sharing office expenditures with the company .
- Say-on-pay and investor feedback (context)
- Say-on-pay support was robust: 2024 For 1,492,675 vs Against 1,463; 2025 For 1,602,588 vs Against 819—positive governance signal on pay oversight .
- RED FLAGS
- Not independent and no director equity program could be viewed as weaker independence/alignment relative to governance best practices; however, committee independence and strong meeting attendance partially mitigate these concerns .
Overall: Long-tenured director with deep industry acquisition/divestiture expertise and strong shareholder support; key risk considerations are non-independence status and the absence of equity-based director compensation, though committee structures and attendance mitigate governance risk .