Amanda Coussens
About Amanda Coussens
Amanda Coussens, age 44, is Executive Vice President and Chief Financial Officer of P10, Inc. (PX), serving as CFO since January 2021; she is a licensed CPA in Texas and currently Audit Committee Chair and Independent Board Director at Granite Ridge Resources, Inc. (NYSE: GRNT), with additional board and industry roles in the Dallas Private Equity CFO Association and New Friends, New Life . Under her financial leadership, PX’s revenues increased from $196.5 million in FY 2022 to $290.2 million in FY 2024, and FY 2024 EBITDA was $123.6 million, demonstrating scaling of the fee-based alternatives platform .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PetroCap LLC | Chief Financial Officer & Chief Compliance Officer | Oct 2017 – Dec 2020 | Finance, compliance, and fund operations oversight |
| Aduro Advisors LLC | Contract Chief Financial Officer | Mar 2016 – Nov 2017 | Fund administration CFO support |
| White Deer Energy LLC | Chief Financial Officer | Jun 2014 – Mar 2016 | Energy PE CFO responsibilities |
| The Edelman Financial Group | SEC Reporting Director | Not disclosed | Public company reporting and controls |
| Large Family Office | Director of Accounting | Not disclosed | Family office accounting leadership |
| Tudor, Pickering, Holt & Co. | Controller | Not disclosed | Brokerage/energy investment accounting |
| Grant Thornton | Audit Manager | Early career (not disclosed) | Audit leadership for public companies |
External Roles
| Organization | Role | Years |
|---|---|---|
| Granite Ridge Resources, Inc. (NYSE: GRNT) | Audit Committee Chair and Independent Board Director | Not disclosed |
| Dallas Private Equity CFO Association | Board Member | Not disclosed |
| New Friends, New Life | Auxiliary Board Member | Not disclosed |
Fixed Compensation
Employment Agreement Terms (current)
| Component | Terms |
|---|---|
| Base Salary | $500,000 |
| Target Annual Bonus | $300,000 (cash; metrics determined by Compensation Committee) |
| Annual Equity Award Target | $600,000 |
| Annual Carried Interest Award Target | $1,000,000 |
| 2024 Approved Compensation | $500,000 bonus ($400,000 cash + $100,000 paid in RSUs), $600,000 RSUs, $100,000 options, carried interest targeted future value $1,500,000 |
| Term & Auto-Renewal | Through April 3, 2026; auto-renews for successive one-year periods unless notice ≥90 days prior |
| Restrictive Covenants | Confidentiality; non-solicit clients/employees for 1 year; non-compete for 6 months |
Historical Cash Compensation (Summary Compensation Table)
| Year | Salary | Bonus | Stock Awards (Grant-Date FV) | Option Awards (Grant-Date FV) | All Other Compensation | Total |
|---|---|---|---|---|---|---|
| 2024 | $500,000 | $500,000 | $515,006 (includes RSUs granted in lieu of $100k cash bonus at 1.15x) | $61,484 | $225,814 (includes carried interest distributions, RSU dividends, premiums, 401k) | $1,802,304 |
| 2023 | $400,000 | $167,492 | $320,526 | $236,040 | $86,968 (includes carried interest distributions, premiums, 401k) | $1,211,026 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Bonus (2024) | Not disclosed | $300,000 (current agreement) ; prior target $400,000 (2024 agreement) | Not disclosed | $500,000 total; $400,000 cash + $100,000 in RSUs at 1.15x value | Cash immediate; RSUs vest on first anniversary |
| Annual Equity Award (2024) | Not disclosed | $600,000 | Not disclosed | $600,000 RSUs granted | First-anniversary vest (2024 grants) |
| Annual Options (2024) | Not disclosed | $100,000 | Not disclosed | $100,000 options granted | Ratably on 2nd–5th anniversaries |
| Annual Carried Interest (2024) | Not disclosed | $1,000,000 target; approved estimated targeted future value $1,500,000 | Not disclosed | Carried interest awards allocated and cash distributions recorded in All Other Compensation | Fund waterfall; distributions when realized |
Performance metrics and weightings are determined by the Compensation Committee and not disclosed in the proxy .
Equity Ownership & Alignment
Beneficial Ownership
| Record Date | Shares Beneficially Owned (Class A) | % of Class A | Notes |
|---|---|---|---|
| April 14, 2025 | 83,405 | <1% | No Class B reported |
| April 18, 2024 | 22,174 | <1% | — |
Vested vs Unvested and Option Status (as of 12/31/2024; PX closing price $12.61)
| Award | Quantity | Exercise Price | Expiration | Status/Notes |
|---|---|---|---|---|
| RSUs (granted 3/4/2024; in-lieu bonus) | 14,393 | — | — | Vested on first anniversary (3/4/2025) |
| RSUs (granted 3/4/2024) | 62,579 | — | — | Vested on first anniversary (3/4/2025) |
| Options (3/4/2024) | 20,000 | $7.99 | 3/4/2034 | Vest 25% on 2nd–5th anniversaries |
| Options (3/9/2023) | 55,325 | $9.93 | 3/9/2033 | Vest on 5th anniversary |
| Options (3/2/2022) | 39,713 | $12.30 | 3/2/2032 | Vest on 5th anniversary |
| Options (2/2/2021) | 6,650 (exercisable) + 63,350 (unexercisable) | $8.07 | 3/2/2031 | 6,650 vested at IPO; balance vests on 5th anniversary |
| RSUs (2/14/2025) | 47,582 | — | — | Vest on first anniversary (2/14/2026) |
| Options (2/14/2025) | 17,953 | $12.61 | Not disclosed | Vest 25% on 2nd–5th anniversaries |
- Insider Trading Policy prohibits hedging, margining, pledging, options trading, and imposes trading windows, pre-clearance, and blackout periods—mitigating sell pressure and alignment risk .
- Equity compensation plan outstanding options weighted average exercise price $8.58; 12,965,897 securities to be issued upon exercise; 10,532,611 shares remain available under plans—implying ongoing equity-based alignment capacity .
Stock Ownership Guidelines
- Not disclosed; 2021 Plan includes transfer restrictions, change-in-control vesting rules, forfeiture, and clawbacks (Dodd-Frank) .
Employment Terms
| Provision | Details |
|---|---|
| Effective Dates | Agreement effective 2/27/2024; amended & restated 4/3/2025 |
| Role | Executive Vice President & Chief Financial Officer |
| Term | Through 4/3/2026; auto-renews 1-year unless notice ≥90 days prior |
| Termination Triggers | For Cause, Voluntary Resignation, non-renewal notice, Without Cause, Good Reason, death/disability |
| Severance (Coussens/Souder) | Without Cause or Good Reason: lump sum equal to 12 months’ salary + target bonus; COBRA up to 12 months; immediate vesting of equity |
| Change-in-Control | If within 18 months post-CIC: severance increases to 18 months’ salary; COBRA up to 18 months; immediate vesting confirmed |
| Restrictive Covenants | Confidentiality; non-solicit of clients/employees for 1 year; non-compete 6 months |
| Clawback | Awards subject to clawback; forfeiture if based on materially inaccurate financials or detrimental activity |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $196,546,000 | $238,729,000 | $290,218,000 |
| EBITDA (USD) | $96,166,000* | $88,776,000* | $123,558,000 |
- Values marked with * were retrieved from S&P Global.
- Revenue growth reflects scaling across management and advisory fees and related-party advisory agreements disclosed in filings (context provided in Enhanced Advisory Agreement) .
Compensation Structure Analysis
- Mix of cash and equity shifted in 2024 with RSUs granted in lieu of $100k cash bonus at a 1.15x multiple—indicative of equity alignment and deferral of immediate cash compensation .
- Introduction and continuation of significant option grants with multi-year cliff/graded vesting increases retention hooks (5-year vesting for 2021–2023 options; 2nd–5th anniversary for 2024–2025 grants) .
- Carried interest awards form a material at-risk incentive component, with cash distributions reflected in “All Other Compensation,” aligning executive pay with fund performance realization .
Say-on-Pay & Compensation Committee
- Compensation Committee members (2025): Tracey Benford (Chair), Travis Barnes, Stephen Blewitt, Robert Stewart, Jr.; independent oversight framework with processes for executive compensation approval .
- No interlocks or insider participation reported beyond standard disclosures—committee independence affirmed; 8 meetings in 2024 .
Risk Indicators & Red Flags
- Late Section 16(a) Form 4 filing by Amanda Coussens in March 2023 (vesting of RSUs)—procedural compliance lapse noted among several insiders, but subsequently addressed .
- Corporate policy prohibits hedging, pledging, short sales, and margining, reducing alignment risks and forced sales due to collateral calls .
- Blackout periods and pre-clearance requirements constrain opportunistic trading and mitigate MNPI risk .
Equity Award Detail (Grants and Vesting)
| Date | Instrument | Shares | Grant-Date Fair Value | Key Terms |
|---|---|---|---|---|
| 3/9/2023 | Options | 55,325 | Not disclosed | Strike $9.93; vest on 5th anniversary |
| 3/9/2023 | RSUs | 12,137 | Not disclosed | Vested on first anniversary |
| 10/23/2023 | RSUs | 21,506 | Not disclosed | Vested on first anniversary |
| 3/4/2024 | Options | 20,000 | Not disclosed | Strike $7.99; vest 25% on 2nd–5th anniversaries |
| 3/4/2024 | RSUs (bonus in-lieu) | 14,393 | $115,000 | Vested on first anniversary |
| 3/4/2024 | RSUs | 76,972 (incl. above 14,393) | Not disclosed | Vested on first anniversary |
| 2/14/2025 | Options | 17,953 | Not disclosed | Strike $12.61; vest 25% on 2nd–5th anniversaries |
| 2/14/2025 | RSUs | 47,582 | Not disclosed | Vest on first anniversary |
Equity Ownership Controls
- Transferability limits under the 2021 Plan; CIC treatment converts performance awards and accelerates under specified conditions; clawbacks tied to inaccurate financials and misconduct .
- Award agreements prohibit pledging/transfer pre-vesting; RSU agreements emphasize service-based vesting and non-transferability until issuance .
Employment Contracts & Transition Mechanics
- Current Coussens Employment Agreement content and term mechanics provided above; termination categories include non-renewal, Without Cause, Good Reason, death/disability .
- Severance economics: salary multiple and target bonus plus COBRA and equity vesting; increased multiples upon CIC within 18 months .
Investment Implications
- Strong alignment via multi-year vesting of options (2nd–5th anniversary) and first-anniversary RSUs likely reduces near-term insider sell pressure; policy prohibitions on hedging/pledging further limit adverse alignment risks .
- Compensation mix includes meaningful carried interest exposure—ties executive rewards to realized fund performance and cash distributions; watch for carried interest timing and magnitude in “All Other Compensation” as a leading indicator of realized performance .
- Beneficial ownership increased from 22,174 to 83,405 shares YoY, indicating rising skin-in-the-game; still <1% stake suggests alignment primarily via incentive design rather than outright ownership percentage .
- Procedural risk noted (late Form 4 in 2023), but governance structures (independent Compensation Committee, clawbacks, pre-clearance/blackouts) mitigate broader compliance risk; monitor 10b5-1 plan disclosures for any selling programs .
Note: EBITDA values for FY 2022 and FY 2023 marked with * were retrieved from S&P Global.