Michael Wright
About Michael Wright
Michael Wright is Vice President, Projects at Perpetua Resources (PPTA). He joined Perpetua in August 2023 and is 46 years old . Wright has over 20 years of global mining project leadership experience across Europe, Africa, Central Asia, South America, North America, the Middle East and Russia; prior roles include Project Director at Teck (Apr–Aug 2023), Project Manager/Director at Ma’aden (2020–2022), and Program/Study Manager at Newmont (2017–2020), where he commissioned the carbon pre-flotation and pyrite leach circuits at Peñasquito. He holds a B.S. (University of Idaho) and an M.S. in Construction Management (University of Washington) . His incentive design includes market-based PSUs with a three-year performance period and a STIP linked to company-wide permitting, safety, stakeholder, DoD grant, and treasury objectives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teck Resources Limited | Project Director | Apr 2023–Aug 2023 | Senior project leadership at a major Canadian miner |
| Ma’aden Gold and Base Metals Company | Project Manager / Project Director | 2020–2022 | Led largest gold mine projects in Saudi Arabia |
| Newmont | Program and Study Manager | 2017–2020 | Commissioned carbon pre-flotation and pyrite leach circuits; processing plant expansion at Peñasquito (Mexico) |
External Roles
No current public company directorships or external board roles disclosed for Michael Wright. (Skip if not disclosed.)
Fixed Compensation
| Item | 2024 Value (USD) |
|---|---|
| Base Salary (entitled per agreement) | $306,000 |
| Base Salary (paid) | $304,500 |
| STIP Target (% of Salary) | 35% |
| Non-Equity Incentive (Actual Bonus Paid) | $115,229 |
| All Other Compensation | $13,628 (Company 401(k) contributions included) |
| Total Compensation | $931,287 |
Performance Compensation
Short-Term Incentive Program (STIP) Mechanics
| Metric Category | Weighting | Target Definition | Payout Mechanics | Governance |
|---|---|---|---|---|
| Corporate Objectives (e.g., permitting progress, ASAOC Phase 1, construction readiness, DoD grant deliverables, stakeholder license, safety/sustainability, treasury) | 80% | Board-approved measurable objectives across seven areas (e.g., FEIS/ROD support, preconstruction planning, safety: zero lost-time incidents; sufficient treasury) | Board uses performance factor scale (25%, 50%, 75%, 100%, 120%) to determine net score; CEO recommends payouts (excl. CEO), Compensation Committee reviews/approves; may adjust based on funding | Scaled SRC/EGC disclosure; NEOs under employment agreements; STIP = Annual Incentive Plan |
| Individual Objectives | 20% | Role-aligned goals; performance reviewed annually | Discretionary adjustments for exceptional contributions | Committee oversight as above |
2024 actual STIP payout for Wright: $115,229 .
Equity Awards (RSUs and PSUs)
| Award Type | Grant Date | Units Granted/Outstanding | Grant Date Fair Value | Vesting / Performance |
|---|---|---|---|---|
| RSUs | Aug 25, 2023 | 10,000 RSUs outstanding as of 12/31/2024; market value $106,700 at $10.67/share | n/a (included in stock awards totals elsewhere) | Time-based vesting per award terms |
| RSUs | Feb 16, 2024 | 62,086 RSUs outstanding as of 12/31/2024; market value $662,458 at $10.67/share | Included in 2024 stock awards total of $497,930 (RSUs + PSUs) | Time-based RSUs vest 1/3 annually: 2/16/2025 (20,695), 2/16/2026 (20,696), 2/16/2027 (20,695) |
| PSUs (market-based) | Feb 16, 2024 | 62,086 target PSUs outstanding as of 12/31/2024; market/payout value $662,458 at $10.67/share | Included in 2024 stock awards total of $497,930 (RSUs + PSUs) | 3-year performance period; scheduled to vest 2/16/2027 subject to market-based performance under Omnibus Equity Incentive Plan |
RSU Vesting Schedule
| Vest Date | RSUs to Vest |
|---|---|
| Feb 16, 2025 | 20,695 |
| Feb 16, 2026 | 20,696 |
| Feb 16, 2027 | 20,695 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 20,695 shares as of Mar 21, 2025 |
| Shares Outstanding (for % calc) | 71,262,344 as of Mar 21, 2025 |
| Ownership as % of Shares Outstanding | ~0.029% (calculated from 20,695 / 71,262,344) |
| Unvested RSUs | 62,086 as of 12/31/2024 |
| Unvested PSUs (target) | 62,086 as of 12/31/2024 |
| Options (Exercisable/Unexercisable) | None disclosed for Wright (dashes in Outstanding Equity Awards table) |
| Stock Ownership Guidelines | Executives must hold equity equal to 2x annual base salary within 5 years; must hold ≥50% of shares received until compliant; calculation uses average prior-year closing price |
| Hedging / Pledging | Hedging of company securities restricted and requires prior approval; anti-hedging policy in equity plan; no pledging disclosure provided |
Employment Terms
| Provision | Terms (Wright) |
|---|---|
| Employment Agreement Effective Date | August 14, 2023 |
| Severance – Termination Without Cause or upon Change of Control by Company | 12 months’ notice or severance in lieu of notice, plus amount equal to previous year’s bonus; lump sum within 60 days |
| Good Reason (within 12 months of CoC) | 12 months’ severance plus amount equal to target bonus under Annual Incentive Plan |
| Disability | Employment terminates automatically per agreement; prior-year bonus payable |
| RSUs – Termination Without Cause | Pro-rata vesting through termination date; settlement within 90 days (subject to certain U.S. tax rules) |
| RSUs – Death/Disability | Full vesting; target PSUs vest; options exercisability per plan terms |
| RSUs – Change-in-Control | Double trigger: unvested RSUs vest in full if terminated without cause within 12 months after a Change in Control |
| Options – 2011 Evergreen Plan (legacy) | Single trigger: all unvested options immediately vest upon CoC; 30-day post-termination exercise window if terminated without cause |
| Clawback Policy | Adopted Nov 8, 2023; recoup incentive-based compensation received after Oct 2, 2023 in event of financial restatement, per SEC/Nasdaq requirements |
| Insider Trading/Hedging Policy | Hedging transactions restricted; prior approval required; policy posted on investor site |
Investment Implications
- Pay-for-performance alignment: Wright’s equity is primarily RSUs and market-based PSUs with a 3-year performance period; STIP emphasizes permitting, safety, stakeholder license, DoD grant deliverables, and treasury discipline—key drivers for value creation at Perpetua’s stage .
- Vesting calendar and potential selling pressure: RSUs tranche at ~20.7K shares annually (2025–2027); however, executives must hold at least 50% of shares received until meeting 2x salary ownership guidelines, likely moderating near-term selling pressure .
- Retention and change-of-control economics: Severance of 1x salary plus prior-year bonus (or target bonus on Good Reason post-CoC) is moderate; RSUs accelerate on a double trigger post-CoC, supporting retention while protecting the executive in strategic transactions .
- Governance and risk controls: Clawback policy, anti-hedging restrictions, and no current option grants reduce misalignment and risk of opportunistic behavior; plan prohibits option repricing without shareholder approval, mitigating pay inflation/optics risk .
- Execution risk: Wright’s remit centers on progressing Stibnite permitting, construction readiness, and DoD grant objectives; bonus outcomes hinge on these milestones, which concentrate risk in regulatory and stakeholder processes rather than near-term financial metrics .