Colin Yee
Riot PlatformsAbout Colin Yee
Colin Yee is EVP, Chief Financial Officer of Riot Platforms; he became CFO in September 2022 and was promoted to EVP, CFO in July 2023. He is a Chartered Professional Accountant with a BSc in Cellular Biology and a BComm in Accounting from the University of Calgary; his biography notes prior CFO/operating roles in private equity and asset management . Age disclosed: 48 in 2024; he has served as an executive since 2022 . During his tenure, Riot reported record revenue, net income, and adjusted EBITDA in 2024, and framed 2024–2025 strategy around AI/HPC opportunities ; in 2023, Bitcoin mining revenue was ~$189.0 million with 6,626 Bitcoin mined (+19.3% YoY) . As CFO, Yee highlights operational efficiency, capex discipline, and in-house engineering leverage (ESS Metron savings of $18.5 million to date) , with strong liquidity (~19,000 Bitcoin and $330 million cash, ~$2.4 billion total liquidity at Q2 2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Riot Platforms | EVP, Chief Financial Officer | Jul 2023–present | Oversees finance and capital allocation; advanced LTIP design (TSR-based) and operational efficiency initiatives; highlighted capex savings and backlog in engineering unit . |
| Riot Platforms | Chief Financial Officer; Head of Corporate & Financial Operations | Apr 2022–Sep 2022 (Head); Sep 2022–Jul 2023 (CFO) | Transitioned finance leadership; professional services engagement structure . |
| Forum Equity Partners | Chief Financial Officer | 2016–2021 | CFO at private equity firm focused on real estate, renewable energy, infrastructure . |
| Avebury Partners | Chief Operating Financial Officer | Mar 2021–Mar 2022 | Operating finance leadership in asset management across real estate/geothermal/construction . |
| Clear Capital Management Corp. | Founder | 2007–present | Founded and operates a services corporation through which Riot engages Yee’s CFO services . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Clear Capital Management Corp. | Founder | 2007–present | Personal services corporation engaged by Riot under professional services agreements . |
Fixed Compensation
| Year | Base Salary Paid ($) | Base Salary Rate (as-set) | Target Bonus % | Actual AIP Paid ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 475,000 | Increased from $450,000 to $500,000 effective July 1, 2024 | 100% of base salary | 863,750 | AIP payout % certified at 165% for 2024 . |
| 2023 | 400,000 | $450,000 (effective July 1, 2023) | 100% of base salary | 600,000 | 2023 AIP payout revised from 150% to 170% (ASU 2023-08 impact) . |
| 2022 | 228,910 | $350,000 fee under 2-year services agreement (partial year) | 100% of base salary target set | 200,933 | Joined April 2022; payout reflects partial-year eligibility . |
Performance Compensation
Annual Incentive Plan (AIP)
| Year | Metric | Weight | Target Definition | Actual Performance | Payout Contribution |
|---|---|---|---|---|---|
| 2024 | Adjusted EBITDA | 30% | Above peer median; quartile ranking vs AIP peer group | 1st quartile | 60% |
| 2024 | Bitcoin Production | 25% | Above peer median | 1st quartile | 45% |
| 2024 | Direct Cost per Bitcoin | 25% | Lower cost (above peer median; lower is better) | 2nd quartile low cost | 25% |
| 2024 | Discretionary Strategic | 20% | Liquidity, controls remediation, financial efficiency | Achieved | 30% |
| 2024 | Total AIP Payout | — | — | Certified | 165% of target |
| 2023 | Bitcoin Production | 20% | Above peer median | 1st quartile | 40% |
| 2023 | Direct Cost per Bitcoin | 20% | Above peer median | 1st quartile low cost | 40% |
| 2023 | Operating Cash Flow | 20% | Above peer median | 2nd quartile | 20% |
| 2023 | Adjusted EPS | 20% | Above peer median | 2nd quartile | 20% |
| 2023 | Discretionary Strategic | 20% | Liquidity/controls/efficiency | Achieved | 30% |
| 2023 | Total AIP Payout | — | — | Amended | 170% of target (initially 150%) |
Long-Term Incentive Program (LTIP) – Equity
| Year | Award Type | Shares (Target) | Shares (Max) | Measure | Vesting |
|---|---|---|---|---|---|
| 2024 | Performance RSAs/PSUs (PRSAs/PSUs) | 251,256 | 502,512 | Relative TSR vs Russell 3000; payout tiers 0–200% | Cliff at end of 3-year performance period (Committee certification) . |
| 2024 | Service-based RSAs/RSUs | N/A | N/A | Time-based | 3 approximately equal annual tranches over 3 years . |
| 2023 | Mix | 50% RSAs/RSUs; 50% PRSAs/PSUs | — | TSR and time-based | LTIP adopted July 2023; TSR measured over 3 years . |
| 2022 | Grants (illustrative) | RSAs: 75,423 (Apr 12); PRSAs: 242,000 (Jul 13); RSAs: 74,294 (Sep 27) | — | Service/performance | RSAs vest quarterly or per award agreement; PRSAs vest per plan on performance certification . |
Relative TSR vesting schedule (selected tiers): 0% hurdle → 100% target payout; 10–20% → 140%; 25%+ → 200% (no interpolation between hurdles) .
Stock awards grant-date fair values for Yee: $3,310,534 (2022), $7,327,477 (2023), $19,755,371 (2024) .
Equity Ownership & Alignment
Beneficial Ownership
| Record Date | Shares Beneficially Owned | % of Shares Outstanding | Breakdown |
|---|---|---|---|
| Oct 16, 2023 | 354,006 | <1% (198,681,632 outstanding) | 85,719 direct; 206,000 unvested PRSAs; 62,287 unvested RSAs . |
| Apr 23, 2024 | 162,006 | <1% (288,784,946 outstanding) | 124,859 direct; 37,147 unvested RSAs vesting within 60 days . |
| Apr 7, 2025 (Record Date) | 203,077 | <1% (350,287,550 outstanding) | Aggregate total; individual breakdown not specified in table . |
- No directors or NEOs have pledged shares; Riot permits pledging only if the maximum aggregate loan/investment collateralized does not exceed 25% of the total value of pledged Riot securities .
- Insider trading policy requires pre-clearance for executive trades; short sales, margin accounts, and options trading restricted; hedging strongly discouraged .
- Section 16(a) filings: all reportable 2024 transactions were timely filed, per management’s review .
Ownership Guidelines
| NEO | Role | Ownership Date | Salary Multiple | Guideline Met |
|---|---|---|---|---|
| Colin Yee | Chief Financial Officer | September 27, 2027 | 3x base salary | Met (as of April 7, 2025) . |
Employment Terms
| Agreement | Effective Date | Term Length | Auto-Renewal | Base Fee/Salary | Incentive Eligibility | Notes |
|---|---|---|---|---|---|---|
| Professional Services Agreement (initial) | Apr 12, 2022 | 2 years | Extendable by mutual consent | $350,000 fee | AIP (cash), equity under 2019 Plan | CFO services via Clear Capital Management Corp. . |
| Promotion Adjustment | Jul 1, 2023 | — | — | Fee increased to $450,000 | AIP eligibility maintained | EVP, CFO title . |
| Amended & Restated Services Agreement | Apr 12, 2025 | 36 months | Auto-renew for successive 12-month terms | $500,000 base; AIP target 100% of base | Equity under 2019 Plan | Establishes severance procedures, timing, and settlement mechanics; Yee remains independent contractor, not entitled to employee benefits . |
Severance & Change-of-Control economics:
- Company-wide policy: double-trigger required; no automatic severance or acceleration without qualifying separation; acceleration of unvested RSAs at change-in-control upon qualifying separation within specified period (generally 6–12 months) .
- EVP severance matrix (2024 proxy): 12 months base salary for termination without cause/for good reason; 3 months for death/disability; double-trigger includes 12 months + salary through end of agreement term .
- Updated severance matrix (2025 proxy): Lesser of 12 months or remainder of employment term for termination without cause/for good reason; 6 months for death/disability; double-trigger includes 12 months + salary through end of employment term .
- Under the consulting arrangement, as of December 31, 2024, Yee was not eligible for potential post-employment benefits; amended 2025 agreement sets mechanics for severance payouts and accelerated vesting settlements where applicable .
Clawback: Adopted October 2, 2023; compliant with SEC/Nasdaq rules; Company has not sought recoupment to date .
Perquisites: No separate executive benefits beyond severance and wellness program; business use of leased corporate aircraft permitted for company purposes, with personal element fully reimbursed by executive .
Investment Implications
- Pay-for-performance alignment: Yee’s AIP is formulaic, peer-relative, and heavily quantitative (80% of target in 2024), with certified payouts above target (165% in 2024; 170% amended for 2023). This design links cash incentives to operational leadership in Bitcoin production, cost efficiency, and adjusted EBITDA, reducing discretion risk .
- Long-term equity and TSR focus: Large LTIP performance grants (251,256 target PRSAs/PSUs in 2024; 200% cap) tied to relative TSR vs Russell 3000 create strong alignment with shareholders and market outperformance, but also expose realized compensation to stock volatility; service-based grants vest over three years, potentially concentrating vest-driven liquidity windows .
- Ownership and pledging safeguards: CFO meets 3x salary ownership guideline, with hedging restrictions and limited pledging (no current pledges). This mitigates misalignment and reduces forced selling risk due to margin calls .
- Retention risk: The 2025 amended agreement extends term to 36 months and adds severance mechanics and equity settlement timing, strengthening retention. Prior consulting structure lacked severance eligibility; the updated terms improve clarity on separation economics, lowering transition uncertainty .
- Trading signals: Elevated stock-based compensation in 2024 may normalize from mid-2026 per management commentary, which could reduce GAAP/non-GAAP deltas and signal improving operating leverage; vesting schedules over three years suggest periodic supply from settlement, but insider trading constraints and ownership guidelines temper selling pressure .