Wayne Nordberg
About E. Wayne Nordberg
E. Wayne Nordberg (age 86) is an independent director of Riley Exploration Permian, Inc. (REPX) serving since February 2021, with over 50 years of investment research and portfolio management experience focused on energy and utilities . He is Chairman Emeritus of Hollow Brook Wealth Management, having served as Chairman and Chief Investment Officer from 1995 to 2025; prior roles include Senior Director at Ingalls & Snyder LLC (2003–2007) and board service at Lord, Abbett & Co. (1988–1998); he currently serves as an independent director of The Reeves Utility Income Fund (NYSE) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hollow Brook Wealth Management, LLC | Chairman & Chief Investment Officer | 1995–2025 | Led investment firm serving family offices, foundations, charities, and pensions |
| Ingalls & Snyder LLC | Senior Director | 2003–2007 | Senior leadership at registered investment advisor |
| Lord, Abbett & Co. | Director | 1988–1998 | Board service for mutual fund family |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hollow Brook Wealth Management, LLC | Chairman Emeritus | 2025–present | Transitioned to emeritus role after two decades as CIO |
| The Reeves Utility Income Fund (NYSE) | Independent Director | Current | Closed-end investment trust specializing in energy companies |
Board Governance
- Independence: The Board affirmatively determined that E. Wayne Nordberg is independent under NYSE American listing standards; all three key committees are entirely independent .
- Committee assignments and chair roles (2024; intended to continue in 2025): Compensation Committee Co‑Chair; member of Audit and Nominating & Corporate Governance Committees .
- Board/committee activity and attendance: In 2024 the Board met 4 times; Audit 5; Compensation 3; Nominating 1; each director attended at least 75% of aggregate meetings of the Board and their committees; all then‑serving directors attended the 2024 annual meeting .
- Leadership structure: REPX combines the CEO and Chair roles (Bobby Riley); non‑employee directors meet in executive session from time to time .
- Compensation Committee governance: Uses independent consultant Meridian; Committee identified no consultant conflicts; no interlocks or insider participation among members (includes Nordberg) .
Fixed Compensation (Director)
| Year | Cash Retainer ($) | Equity Award ($) | Vesting | Total ($) |
|---|---|---|---|---|
| 2024 | 120,000 | 183,759 | One-year vesting; vests June 2025 | 303,759 |
- Standard non‑employee director terms: $120,000 annual cash retainer and up to $200,000 in restricted stock (time‑based, one‑year vesting); no separate meeting fees disclosed .
Performance Compensation
- No performance‑conditioned director compensation disclosed; director equity grants are time‑based restricted stock only; the company does not currently grant stock options as part of equity programs .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlocks / Notes |
|---|---|---|---|
| The Reeves Utility Income Fund (NYSE) | Independent Director | Not disclosed | Energy‑focused closed‑end trust |
| Lord, Abbett & Co. (prior) | Director (1988–1998) | Not disclosed | Past board service at mutual fund family |
- Compensation Committee interlocks: None among REPX Compensation Committee members (which includes Nordberg) .
Expertise & Qualifications
- Decades of leadership in investment management with deep energy sector exposure; background aligns with REPX’s capital allocation and performance‑based oversight needs .
- Prior and current board service in investment funds and asset management enhances oversight on finance, capital markets, and shareholder alignment .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| E. Wayne Nordberg | 17,027 | 0.1% | No pledge footnote indicated for Nordberg |
- Stock ownership guidelines (adopted April 2025): Non‑employee directors targeted at 5x annual cash retainer; five years to comply; counts include vested/unvested RS/RSUs; must retain 50% of net shares until compliance .
- Policies: Robust clawback effective Dec 1, 2023 per Rule 10D‑1; anti‑hedging policy prohibits hedging; company permits pledging of fully vested shares (restricted shares cannot be pledged); footnotes disclose pledging by CEO, but none for Nordberg .
Governance Assessment
- Strengths: Independent director; Compensation Committee Co‑Chair with long investment and energy experience; serves on all three core committees, supporting board oversight of pay, audit, and nominations .
- Engagement: Met at least the 75% attendance threshold; board and committees met regularly in 2024; directors attend executive sessions .
- Alignment: Director pay mix balanced between cash retainer and time‑based equity; newly adopted 5x retainer ownership guideline for directors improves alignment over a five‑year compliance window .
- Risk indicators and red flags (contextual to REPX): Company permits pledging of fully vested shares (restricted shares excluded), which some investors view as a governance risk; no pledge disclosure for Nordberg in ownership footnotes .
- Related‑party exposure: Proxy details several related‑party arrangements (e.g., Yorktown‑affiliated entities; di Santo Law engagement), but none are attributed to Nordberg .
Appendix: Board/Committee Snapshot (for 2025 slate)
| Committee | Members | Chair |
|---|---|---|
| Audit | Brent Arriaga; E. Wayne Nordberg; Rebecca Bayless | Arriaga |
| Compensation | E. Wayne Nordberg; Rebecca Bayless; Brent Arriaga | Co‑Chairs: Nordberg & Bayless |
| Nominating & Corporate Governance | Rebecca Bayless; E. Wayne Nordberg; Brent Arriaga | Bayless |