Lawrence A. Kobrin
About Lawrence A. Kobrin
Lawrence A. Kobrin, 91, is an attorney with over fifty years of legal practice, formerly affiliated with Cahill Gordon & Reindel LLP until his retirement in 2021 . He has served as a legal advisor to North European Oil Royalty Trust since its formation in 1975, joined the Board as a Trustee in 2006, and currently serves as Clerk to the Trustees . His background includes deep familiarity with the Trust’s organizational model, royalty rights enforcement, and its German professional representatives and consultants .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cahill Gordon & Reindel LLP | Partner; Senior Counsel | Partner from 1984; Senior Counsel from 2007; Retired 2021 | Advised NRT since 1975; firm served as counsel to NRT (historically) |
| North European Oil Royalty Trust (NRT) | Legal Advisor to the Trust | Since 1975 | Longstanding advisor on organizational model and royalty rights enforcement |
| Unitarian Universalist Congregation at Shelter Rock (UUCSR) | Special Counsel | Various years (historical) | Parallel royalty owner; legal support linked to NRT context |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| None disclosed in NRT proxies | — | — | No current public company directorships disclosed for Kobrin |
Board Governance
- Independence: The Trustees determined all current Trustees are independent under NYSE rules .
- Committee assignments (FY context):
- Audit Committee member (Chair: Ahron H. Haspel) in FY2024 disclosures; Kobrin included alongside Nancy J. Floyd Prue and Richard P. Howard; Andrew S. Borodach excluded .
- Compensation Committee member (Chair: Ahron H. Haspel) with Andrew S. Borodach and Nancy J. Floyd Prue .
- In prior year (FY2023), Kobrin was not on Audit Committee; he was on Compensation Committee; Audit Committee included Haspel, Floyd Prue, and Willard B. Taylor .
- Clerk to the Trustees: Kobrin serves as Clerk (role-based responsibilities; eligible for role-based fee) .
- Meetings and attendance: Trustees met 6 times (FY2022), 7 times (FY2023), and 8 times (FY2024); Kobrin attended 100% of Trustee, Audit (if member), and Compensation meetings during his tenure each year (exception in FY2023 was Willard B. Taylor, not Kobrin) .
- Executive sessions: Trustees, presided over by the Managing Trustee, met in executive session without the Managing Director during FY2022–FY2024 .
- Anti-hedging policy: Prohibits short sales, margin, pledging, or hedging; options trading requires advance approval .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Trustee Fee (0.2% of gross royalties & interest) | $24,406 | $58,334 | $10,356 |
| Role-Based Additional Fee (Clerk set annual rate) | $13,000 | $20,000 | $20,000 |
| Total Compensation Paid to Kobrin | $37,406 | $74,834 | $30,356 |
| Reimbursed Out-of-Pocket Expenses (All Trustees) | $0 (FY2022 total) | $2,394 (FY2023 total) | $1,314 (FY2024 total) |
| Equity/Retirement/Perquisites | None (cash-only; no securities, retirement or personal benefits) | None | None |
Notes:
- The Compensation Committee sets additional role fees (Managing Trustee $40,000; Audit Chair $20,000; Clerk $20,000 for FY2023–FY2024) .
- FY2023 total disclosure for Kobrin reflects reported figures; base fee and set role fee rates are as disclosed (table totals may reflect proration/committee decisions) .
Performance Compensation
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Performance-based Cash Bonus | None disclosed | None disclosed | None disclosed |
| Equity Awards (RSUs/PSUs/Options) | Not provided to Trustees | Not provided to Trustees | Not provided to Trustees |
| Meeting Fees | None disclosed (Trustees compensated via formula and role fees; expenses reimbursed only) | None disclosed | None disclosed |
| Compensation Consultants | Not retained historically; none currently | Not retained | Not retained |
| Pay-for-Performance Metrics | Not applicable to Trustees; structure is formula-based and role-based cash only | Not applicable | Not applicable |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for Kobrin |
| Committee interlocks/insider participation | None |
| Shared directorships with competitors/suppliers/customers | None disclosed |
Expertise & Qualifications
- Legal expertise: Law degree; over fifty years practicing law with focus on corporate, real property, and non-profit matters .
- NRT-specific institutional knowledge: Served as legal advisor since 1975; deep experience with royalty rights enforcement and German professional representatives .
- Governance roles: Long-tenured Trustee since 2006; Clerk to the Trustees; member of Compensation Committee; in FY2024 included on Audit Committee .
Equity Ownership
| Metric | As of Nov 30, 2022 | As of Oct 31, 2023 | As of Oct 31, 2024 |
|---|---|---|---|
| Units Beneficially Owned | 1,900 | 1,900 | 1,900 |
| % of Outstanding Units | <1% | <1% | <1% |
| Indirect/Family Holdings (disclaimed) | Includes 500 units owned by spouse (disclaimed) | Includes 500 units owned by spouse (disclaimed) | Includes 500 units owned by spouse (disclaimed) |
| Ownership Guidelines | No formal unit ownership requirements/guidelines disclosed for executives; Trustees receive no equity |
Shareholder Voting Signals (Director Election and Say‑on‑Pay)
| Item | 2024 Annual Meeting (Feb 21, 2024) | 2025 Annual Meeting (Feb 26, 2025) |
|---|---|---|
| Kobrin – Votes For | 1,461,135 | 1,402,894 |
| Kobrin – Votes Withheld | 522,970 | 412,270 |
| Say‑on‑Pay – For | 1,592,884 | 1,457,103 |
| Say‑on‑Pay – Against | 298,444 | 293,090 |
| Say‑on‑Pay – Abstain | 92,777 | 64,971 |
Notes:
- In 2025, Kobrin received the lowest “For” votes among the slate (relative counts: Prue 1,607,795; Borodach 1,557,415; Haspel 1,674,277; Howard 1,693,062; Kobrin 1,402,894), indicating relatively lower support versus peers .
- Say‑on‑pay approvals were strong in both meetings, signaling broad investor support for the Trust’s compensation approach for the Managing Director .
Governance Assessment
- Committee effectiveness and independence: Kobrin serves on both Audit and Compensation Committees in FY2024 with all Trustees deemed independent under NYSE rules; Audit Committee includes designated financial experts, and maintains an active charter with standard PCAOB communications and pre‑approval policies .
- Attendance/engagement: Consistent full attendance across FY2022–FY2024 with robust meeting cadence (6–8 Trustee meetings annually) and executive sessions; indicates high engagement .
- Compensation alignment: Director pay is formula-driven for trustees and augmented by fixed role fees; no equity grants, options, or performance-based pay to Trustees, which limits pay-for-performance alignment but reduces risk of short-term incentives; expenses reimbursed only .
- Ownership alignment: Kobrin’s stake is small (<1%); includes 500 units owned by spouse and disclaimed; anti-hedging policy reduces misalignment risk from hedging/pledging .
- Potential conflicts/red flags:
- Historic affiliation with NRT’s prior outside counsel (Cahill Gordon & Reindel LLP) and long-running advisory role may be perceived as a related-party exposure; however, Kobrin retired in 2021 and the Board asserts independence under NYSE rules .
- Committee composition change: Kobrin excluded from Audit Committee in FY2023 but included in FY2024; while not explained, investors may monitor rationale and ongoing independence safeguards .
- Lower relative support in 2025 trustee election (lowest “For” among nominees) is a signal to track for governance sentiment and potential engagement needs .