Corey Riley
About Corey Riley
Corey Riley, 46, is Riley Permian’s Chief Information Officer and Chief Compliance Officer, appointed in April 2024 after serving as Executive Vice President – Business Intelligence since April 2019; he holds a B.S. in Biology (University of Central Oklahoma) and an MBA focused on Technology (Oklahoma Christian University) . Company performance in 2024 included +22% total equivalent production YoY, +10% operating cash flow (before working capital), and +67% Total Free Cash Flow; pay-versus-performance disclosure notes Total Shareholder Return nearly doubled from December 31, 2021 to year-end 2024 . He adopted a Rule 10b5-1 trading plan on July 12, 2025 to sell up to 14,000 shares, expiring November 30, 2026, indicating programmed potential selling through that window . A familial relationship exists between Corey (son) and CEO Bobby Riley (father), which the company discloses alongside policies and oversight; management indicates no adverse legal proceedings involving executive officers in the prior ten years .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| REP LLC | Executive Vice President – Business Intelligence | Apr 2019 onward | Led strategies/technologies for collecting, integrating, and analyzing business information to support strategic decisions . |
| REG (predecessor to REP LLC) | Chief Financial Officer; later President | CFO: 2012–mid-2015; President: mid-2015–2019 | Finance and operating leadership for growth-stage energy platform; progression from CFO to President underscores operational execution . |
| REX (predecessor to REG) | Co‑founder | 2007 onward (until 2012 involvement) | Early-stage founding leadership and company building in energy platform evolution . |
External Roles
No public company board roles or committee positions are disclosed for Corey Riley; the proxy enumerates executive officers and director nominees without listing Corey as a director .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $407,408 | $421,000 |
| Annual Bonus ($) | $483,452 | $749,500 |
| Equity Awards ($) | $1,327,374 | $430,448 |
| All Other Compensation ($) | $41,823 | $41,908 |
| Total ($) | $2,260,057 | $1,642,856 |
- Annual base salary levels remained unchanged for 2024 at $421,000, consistent with the committee’s decision not to adjust NEO base rates relative to peer positioning and industry conditions; the base salary schedule shows Corey at $421,000 as of December 31, 2023 and December 31, 2024 .
- Target annual incentive bonus for NEOs was 50% of base salary in 2024 under the employment agreements then in effect .
- The Compensation Committee separately disclosed the approved annual incentive award for Corey’s 2024 performance as $539,000, while the Summary Compensation Table’s Annual Bonus column reports $749,500; the proxy provides no additional reconciliation detail beyond these disclosures .
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|---|
| Annual Incentive (2024) | Free cash flow generation | Not disclosed | Not disclosed | Not disclosed | $539,000 cash award for Corey | Paid post‑year end for 2024 |
| Annual Incentive (2024) | Production | Not disclosed | Not disclosed | Not disclosed | Included in above | Paid post‑year end |
| Annual Incentive (2024) | Operating costs (LOE, G&A) | Not disclosed | Not disclosed | Not disclosed | Included in above | Paid post‑year end |
| Annual Incentive (2024) | Safety & environmental performance | Not disclosed | Not disclosed | Not disclosed | Included in above | Paid post‑year end |
| Annual Incentive (2025) | Scorecard (70% quantitative) | 70% quantitative | Objective metrics (not itemized) | Not disclosed | Not disclosed | 2025 program year |
| Long-Term Incentive (2024) | Time‑based restricted stock | 100% of 2024 LTI | Not applicable | Not applicable | N/A; retention value via vesting | Vests 1/3 per year over 3 years from grant date |
| Long-Term Incentive (2025) | Performance‑based restricted stock (Relative TSR) | 30% of 2025 LTI | 3‑year Relative TSR vs peer group | Not disclosed | 0–200% of target | Cliff‑vest after 3‑year performance period |
- Restricted stock grants to Corey: 14,552 shares on April 11, 2024 (grant date fair value $430,448); 45,677 shares on October 9, 2023 (grant date fair value $1,327,374); each vests in three equal annual installments beginning on the first anniversary of grant .
- The company introduced performance‑based restricted stock in March 2025 for executives, 30% of total executive award value, with payout range 0%–200% based on three‑year Relative TSR; cliff vesting after three years to strengthen alignment .
Equity Ownership & Alignment
| Ownership Item | Value |
|---|---|
| Beneficial ownership (Corey Riley) | 183,700 shares; 0.8% of outstanding |
| Unvested restricted stock included | 114,601 shares (subject to forfeiture) |
| Outstanding unvested (Year‑end 2024) | 60,189 shares; $1,921,233 market value at $31.92/share |
| Options outstanding | None reported; SCT Option Awards column shows “$ -” |
| Rule 10b5‑1 plan | Adopted July 12, 2025 to sell up to 14,000 shares; expires Nov 30, 2026 |
| Anti‑hedging policy | Hedging transactions prohibited for executives/directors/employees |
| Pledging policy | Pledging permitted only for fully vested shares; pledging of restricted shares prohibited |
| Pledging disclosure (Corey) | No pledging disclosed for Corey in the ownership table footnotes; Bobby Riley has pledged shares; Corey's footnote lists only unvested shares |
| Stock ownership guidelines | Adopted for executive officers and directors in 2025 (multiples not disclosed) |
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreement | Amended and restated agreements effective April 8, 2025; initial 3‑year term with automatic annual renewals thereafter |
| Severance framework | Double‑trigger change‑of‑control; confidentiality; non‑compete and non‑solicit restrictions; subject to Rule 10D‑1 Clawback Policy |
| Clawback | Company adopted SEC Rule 10D‑1 compliant clawback effective Dec 1, 2023 |
| Estimated payments (assuming event at last business day of 2024) | See table below |
| Scenario (Corey Riley) | Base Salary ($) | Annual Bonus ($) | Stock Award ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| Termination without Cause / Resignation for Good Reason | $421,000 | $421,000 | $1,921,233 | $13,468 (6 months COBRA) | $2,776,701 |
| Change in Control without Termination | — | — | $1,921,233 | — | $1,921,233 |
| Change in Control with Qualifying Termination | $842,000 | $842,000 | $1,921,233 | $13,468 | $3,618,701 |
| Death or Disability | — | — | $1,921,233 | — | $1,921,233 |
Performance & Track Record
- 2024 operational achievements: +22% total equivalent production YoY, +10% operating cash flow (before working capital), +67% Total Free Cash Flow; executed New Mexico asset acquisition (13,900 net acres), commenced power JV operations (and announced second ERCOT project) .
- Pay-versus-performance: TSR nearly doubled from the beginning of the measurement period through year-end 2024; CAP fluctuated with stock performance while net income declined due to impairments, with committee considering a mix of performance measures to align pay with performance .
Governance, Shareholder Votes, and Related Policies
- 2024 Say-on-Pay: advisory approval of NEO compensation passed; vote counts: For 13,852,274; Against 587,337; Abstain 190,142 .
- 2025 Say-on-Frequency: shareholders advised “Every Year” for Say-on-Pay frequency; counts: Every Year 10,999,422; Every Two Years 101,800; Every Three Years 374,813; Abstentions 101,800; Broker non-votes 5,910,397 .
- Insider trading procedures require pre-clearance, Form 144 submission at order time, and timely Form 4 filings by insiders; policy updated Jan 1, 2024 .
Compensation Structure Analysis
- Shift to performance-based equity: In 2025, the company added performance-based restricted stock (Relative TSR) at a 30% weighting with 0%–200% payout and three-year cliff vesting, strengthening pay-for-performance alignment and longer-term retention .
- 2024 equity awards emphasized time-based RS through 3-year ratable vesting, balancing retention and alignment with shareholder value .
- Annual incentive program enhancements: 2025 scorecard with 70% quantitative weighting; 2024 awards were discretion-based across FCF, production, cost, safety/environment metrics .
Risk Indicators & Red Flags
- Pledging: Company permits pledging of fully vested LTIP shares but prohibits pledging of restricted shares; footnotes indicate Bobby Riley pledged shares, while Corey’s footnote lists unvested shares only; management states executives pledging fully vested shares are compliant with policy, mitigating forced sale risks via restricted-share prohibition .
- Anti-hedging and clawback: Hedging prohibited; SEC Rule 10D‑1 clawback adopted, reducing misalignment and restatement risk .
- Trading plan: Corey’s 10b5‑1 plan for up to 14,000 shares (expires Nov 30, 2026) indicates programmed selling potential but within SEC affirmative defense framework .
- Legal proceedings: Management reports no adverse proceedings involving executive officers in last ten years .
Equity Grants and Vesting Detail
| Grant Date | Shares | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|
| Apr 11, 2024 | 14,552 | $430,448 | 1/3 annually over 3 years, starting first anniversary |
| Oct 9, 2023 | 45,677 | $1,327,374 | 1/3 annually over 3 years, starting first anniversary |
Investment Implications
- Alignment improving: 2025 introduction of performance-based restricted stock tied to three-year Relative TSR (30% of LTI), plus a 70% quantitative annual scorecard, elevates performance linkage and reduces reliance on time-based equity alone—positive for pay-for-performance investors .
- Selling pressure watch: A 10b5‑1 plan (up to 14,000 shares through Nov 30, 2026) modestly elevates near-term insider supply risk; monitor Form 4 filings to assess execution pacing and any additional plan adoptions .
- Retention and change‑of‑control economics: Double‑trigger CIC protections with immediate vesting of unvested equity produce significant value in a sale scenario; estimated Corey outcomes range up to ~$3.62 million under CIC with qualifying termination, supporting retention but creating potential acquisition‑related payout optics .
- Skin-in-the-game: Corey’s 183,700 shares (0.8%), including 114,601 unvested, reflects meaningful exposure; absence of options reduces leverage risk while time- and performance-based RS emphasizes retention and TSR alignment .