Paul Pinkston
PEDEVCOAbout Paul Pinkston
Paul A. Pinkston (age 57) is Chief Accounting Officer at PEDEVCO, appointed December 1, 2018, with 20+ years of accounting, compliance, and financial reporting experience in the U.S. oil and gas sector . He holds a BBA in Finance & Marketing (University of Texas), an MBA in Accounting (University of Houston), and is a Texas-registered CPA . Company performance during his tenure shows net income of $17,789 thousand in 2024 versus $1,699 thousand in 2023 and $2,844 thousand in 2022 ; cumulative TSR (value of a $100 investment) measured $103.77 in 2022, $72.65 in 2023, and $73.40 in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trecora Resources (NYSE: TREC) | Corporate Controller & Secretary | Aug 2017–Feb 2018 | Managed petrochemical financial reporting and corporate compliance . |
| Camber Energy (NYSE American: CEI) | Chief Accounting Officer, Secretary & Treasurer; Director of Financial Reporting | Aug 2016–Jun 2017; May 2013–Aug 2016 | Led public-company reporting and internal controls for E&P operations . |
| Sirius Solutions LLLP | Senior Consultant | Jan 2006–May 2013 | Delivered accounting, audit, and finance consulting across clients . |
| Baker Hughes, Inc. | Corporate Auditor | Jan 2002–Nov 2005 | Performed internal audits for global oilfield services operations . |
| Arthur Andersen LLP | Senior Auditor | Sep 1998–Nov 2001 | Conducted public and private audits . |
External Roles
No public-company directorships or board committee roles disclosed for Pinkston .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $160,000 | $167,333 |
| Target Bonus (%) | Up to 30% of salary | Up to 30% of salary |
| Actual Bonus Paid ($) | $37,000 (paid Jan 2024 for 2023 performance) | $50,000 (approved Jan 23, 2025 for 2024 performance) |
| Perquisites ($) | $11,820 (401k match) | $12,140 (401k match) |
| Pay Structure Notes | Discretionary bonuses without specific individual performance objectives | Discretionary bonuses without specific individual performance objectives |
Performance Compensation
Annual Bonus Design
| Incentive Type | Metric | Weighting | Target | Actual | Payout Timing | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (2023) | Board discretion without specific individual performance objectives | N/A | Up to 30% of salary | $37,000 | January 2024 | N/A |
| Annual Cash Bonus (2024) | Board discretion without specific individual performance objectives | N/A | Up to 30% of salary | $50,000 | January 2025 | N/A |
Equity Awards (Time-Based RS Grants)
| Grant Date | Type | Shares | Grant Price ($/sh) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| Jan 23, 2023 | Restricted Stock | 200,000 | $1.09 | $218,000 | 1/3 on Jan 23, 2024 (vested), 1/3 on Jan 23, 2025 (vested), 1/3 on Jan 23, 2026 (service requirement) |
| Jan 26, 2024 | Restricted Stock | 250,000 | $0.6675 | $166,875 | 1/3 on Jan 26, 2025 (vested), 1/3 on Jan 26, 2026, 1/3 on Jan 26, 2027 (service requirement) |
Outstanding Equity Awards (12/31/2024)
| Metric | Value |
|---|---|
| Unvested RS shares (Dec 31, 2024) | 66,667; 133,334; 250,000 |
| Market value of unvested shares (Dec 31, 2024, at $0.778/sh) | $51,867; $103,734; $194,500 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total beneficial ownership | 816,700 shares; less than 1% of common stock |
| Vested vs. unvested | 393,366 vested; 423,334 unvested |
| Voting on unvested shares | Voting control retained over unvested shares |
| Options (exercisable/unexercisable) | None disclosed for Pinkston |
| Pledging | Company permits pledging; no specific pledges disclosed for Pinkston |
| Ownership guidelines | No formal equity ownership policy |
Detailed Vesting Schedule (Service-Based)
| Vest Date | Shares |
|---|---|
| Nov 23, 2025 | 63,333 |
| Jan 23, 2026 | 66,667 |
| Jan 26, 2026 | 83,333 |
| Nov 23, 2026 | 63,333 |
| Jan 26, 2027 | 83,334 |
| Nov 23, 2027 | 63,334 |
Employment Terms
| Term | Detail |
|---|---|
| Start date | Appointed Chief Accounting Officer December 1, 2018 |
| Base salary | $11,666.67/month initially; increased to $14,000/month effective Feb 1, 2024 |
| Target bonus | Up to 30% of current salary; discretionary board determination (cash/equity/option mix) |
| Termination | At-will; 30 days' prior written notice by either party |
| Restrictive covenants | Confidentiality; non-solicitation during employment and 1 year post-termination |
| Non-compete | Not disclosed/applicable in Pinkston’s offer letter |
| Severance | Not disclosed in Pinkston’s offer letter |
| Change-of-control | Not disclosed for Pinkston (Moore’s agreement defines CoC; Pinkston’s does not) |
| Clawback policy | Adopted Nov 8, 2023 (effective Oct 2, 2023) per SEC Rule 10D-1 and NYSE standards |
| Restatement outcome | 2024 10-K included restated 2022–2023 depletion accounting; no incentive recoupment required |
| Insider trading | Pre-clearance required; trading windows and 10b5-1 plans encouraged; anti-hedging/short sale prohibitions |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income ($ thousands) | $2,844 | $1,699 | $17,789 |
| Cumulative TSR – $100 initial investment (value at year-end) | $103.77 | $72.65 | $73.40 |
Compensation Structure Analysis
- Pay mix skews toward time-based restricted stock with annual discretionary cash bonuses; no non-equity incentive plan metrics disclosed for Pinkston .
- 2024 stock grant used lower grant price than 2023 ($0.6675 vs $1.09), increasing share count while maintaining time-based vesting, indicating retention-focused equity .
- Company permits pledging and lacks ownership guidelines—potential misalignment risk relative to best-practice governance norms .
Related Party & Risk Indicators
- Clawback policy in place under SEC and NYSE rules; 2025 restatement of depletion accounting increased net income and did not trigger recoupment .
- Pledging allowed under policy; anti-hedging enforced; trades constrained to windows or 10b5-1 plans with pre-clearance .
- No related-party transactions involving Pinkston disclosed for the period since Jan 1, 2023 .
Investment Implications
- Strong alignment via material unvested equity (423,334 shares) and scheduled vesting into 2026–2027 suggests retention focus but may create periodic supply overhang around vest dates (if sales occur), requiring monitoring of 10b5-1 plans and Form 4 filings .
- Governance risk flags include permissive pledging and absence of ownership guidelines; while anti-hedging and clawback policies mitigate some risks, investors should evaluate any future pledging disclosures for insiders .
- Discretionary bonus structure without explicit operating metrics (e.g., revenue/EBITDA/TSR hurdles) reduces pay-for-performance transparency; consider engagement on adopting measurable incentives tied to capital efficiency and profitability given the swing in net income in 2024 .