John Gustavsen
About John Gustavsen
John “Gus” Gustavsen is President of U.S. Antimony’s Antimony Division. He joined USAC in November 2011, served as CEO from June 2020 to March 2024, and has been President of the Antimony Division since March 2024. He holds a BS in Chemistry from Rutgers (1970) and completed engineering coursework at Drexel (1976–1980) with additional studies in accounting, finance, and languages at the University of Pennsylvania; he is regarded as a Subject Matter Expert in antimony processing with 50+ years of experience, including scaling an antimony trioxide furnace to >20 million lbs/year at Amspec. Age: 77 (as of June 6, 2025) .
Company performance context: USAC reported ~$14.9M revenue in 2024; Pay-versus-Performance disclosures show a TSR (value of $100) of $340.38 in 2024 (from $48.08 in 2023) and net loss narrowing to $(1.73)M in 2024 from $(6.35)M in 2023 (2022 net income $0.43M) .
Company performance metrics reference (from Pay vs Performance disclosures):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of $100 Investment (TSR) | $94.23 | $48.08 | $340.38 |
| Net Income (Loss) ($) | $428,661 | $(6,348,287) | $(1,730,404) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Antimony Corporation | CEO | 2020–Mar 2024 | Led the company through market trough and positioned for U.S. DLA sole-source award; long-tenured antimony SME guiding operations |
| U.S. Antimony Corporation | President, Antimony Division | Mar 2024–Present | Oversees antimony strategy/operations; SME for metallurgy and production scale-up |
| Amspec Chemical Corporation (acquirer of Harshaw Gloucester City plant) | President & Treasurer | 1983–1990 | Expanded leadership and global operations; deepened finance and international capabilities |
| Amspec Chemical Corporation | CEO | 1990–(subsequent years) | Designed/implemented production furnace scaled to >20M lbs/year of antimony trioxide; major process innovation |
| Harshaw Chemical Company (Gloucester City, NJ) | Early career | 1970s | Built foundational antimony trioxide technical expertise |
External Roles
No current public-company directorships disclosed for Gustavsen in 2024–2025 company filings; he previously served on USAC’s Board from Aug 2022 to Aug 2023 (internal) .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 140,994 | 171,538 |
| Target Bonus (%) | Not disclosed | Not disclosed |
| Actual Bonus Paid ($) | — | 100,000 |
| All Other Compensation ($) | 10,642 (health insurance) | 11,105 (health insurance) |
Notes: USAC is a smaller reporting company; NEO compensation components consist of salary, bonus, and equity awards set by the Compensation Committee with input from an independent compensation consultant and peer data .
Performance Compensation
Cash incentive (annual bonus)
| Year | Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| 2024 | Company/individual performance (not itemized) | Not disclosed | Not disclosed | Not disclosed | 100,000 | Cash (N/A) |
Equity awards (grants and outstanding as of 12/31/2024)
| Type | Grant/Status | Amount/Units | Key Terms |
|---|---|---|---|
| Stock Awards (RSUs or equivalent) | 2024 grant (fair value) | $66,000 | Grant-date fair value per proxy |
| Option Awards | 2024 grant (fair value) | $80,000 | Grant-date fair value per proxy |
| Unvested Stock Units Outstanding | As of 12/31/2024 | 200,000 units; value $354,000 | Value reported by company; vesting schedule not itemized |
| Unexercisable Options Outstanding | As of 12/31/2024 | 500,000 options | Exercise price $0.22; expiration 03/01/2027 |
Equity award governance
- Equity awards typically granted at start of employment and around year-end; the Board/Compensation Committee avoid timing grants near the disclosure of material nonpublic information .
Equity Ownership & Alignment
Beneficial ownership (common stock)
| As-of Date | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| May 30, 2024 | 136,200 | 0.1% |
| June 6, 2025 | 236,200 | 0.2% |
Outstanding awards and alignment levers
| Item | Detail |
|---|---|
| Unvested RSUs | 200,000 units outstanding as of 12/31/2024; reported value $354,000 |
| Options | 500,000 unexercisable options outstanding; strike $0.22; expiration 03/01/2027 |
| Ownership Guidelines | Not disclosed in filings reviewed (no explicit stock ownership guideline section) |
| Hedging/Pledging | Company states it does not have practices or policies regarding hedging or offsetting decreases in market value of company equity securities |
| Insider Trading Policy | Adopted; included in 2024 10-K/A and on company website |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreements | None for NEOs (no employment contracts) |
| Severance agreements | None (no separation or severance agreements) |
| Change-in-control | None (no CIC agreements) |
| Equity acceleration | Not specified (no CIC agreements; plan terms not itemized for individual acceleration) |
| Clawback policy | Adopted for performance-based cash and equity upon a material restatement; board may recoup excess comp |
| Insider trading | Policy in place; codified in filings |
| Non-compete / non-solicit | Not disclosed |
Performance & Track Record
| Area | Evidence |
|---|---|
| Government supply contracts | USAC won a sole-sourced U.S. Government DLA contract totaling ~ $245M over five years; management credits Gustavsen’s antimony expertise as a key reason for sole-source award |
| Commercial contracting | 11/1/2025 antimony trioxide Purchasing & Supply Agreement includes operational contacts naming John “Gus” Gustavsen as President – Antimony Division |
| Execution momentum | On the DLA program, management cited an initial $10M order and anticipated $50M follow-on near term (aggregate ~$60M) as of November 2025 |
| Technical leadership | Designed/implemented antimony trioxide production furnace scaled >20M lbs/year at Amspec; recognized SME with five decades of domain experience |
| Corporate performance context | 2024 revenue ~$14.9M (management disclosure); Pay vs Performance shows dramatic TSR improvement in 2024 and materially improved net loss vs 2023 |
Say-on-Pay & Shareholder Feedback
| Item | Result |
|---|---|
| 2025 Advisory Vote on Executive Compensation (Say-on-Pay) | For: 30,545,667; Against: 1,715,986; Abstain: 239,943; approved at 2025 Annual Meeting |
| Equity Plan (Amended & Restated 2023 Plan) | For: 25,710,026; Against: 4,561,139; Abstain: 2,230,431 (share pool increased to ~23.7M shares if approved) |
| Related-party transactions | None reported since beginning of 2024 (and none since beginning of 2023 per prior proxy) |
| Section 16 compliance | Company noted two other insiders with late Form 3 filings; no issue noted for Gustavsen |
Compensation Committee & Governance
- The Compensation Committee uses an independent compensation consultant and peer group data; full Board approves recommended compensation; NEO pay consists of salary, bonus, and equity awards .
- No compensation committee or board interlocks disclosed .
- Company adopted a clawback policy covering performance-based pay and equity upon restatement .
Compensation Structure Analysis
| Observation | Evidence/Implication |
|---|---|
| Shift to equity and cash bonus in 2024 | Gustavsen received $100k cash bonus, $66k stock awards, and $80k options in 2024 vs no equity/bonus in 2023, raising at-risk pay linkage to performance |
| Outstanding equity creates alignment | 200k unvested stock units and 500k unexercisable options (strike $0.22, exp. 3/1/2027) align interests with TSR and operational milestones |
| No CIC/severance protections | Absence of employment, severance, and CIC agreements reduces guaranteed downside protection, potentially elevating retention risk but curbing pay-for-failure concerns |
| Clawback present | Recoupment on restatement supports pay accountability |
| Dilution backdrop | Shareholders approved expanding the 2023 Equity Plan to ~23.7M shares available, increasing the company’s ability to use equity for incentives/retention |
Equity Ownership & Alignment (Detail)
| Date | Common Shares | % of Class | Notes |
|---|---|---|---|
| 5/30/2024 | 136,200 | 0.1% | As disclosed in 2024 DEF 14A security ownership table |
| 6/6/2025 | 236,200 | 0.2% | As disclosed in 2025 DEF 14A security ownership table |
Outstanding awards (as of 12/31/2024)
- Unvested stock units: 200,000 (reported value $354,000) .
- Options: 500,000 unexercisable; $0.22 strike; expire 03/01/2027 .
- Pledging: No pledging by Gustavsen disclosed; company states it does not have hedging/offsetting policies .
Employment Terms
| Provision | Gustavsen/NEO Coverage |
|---|---|
| Employment contract | None |
| Severance | None |
| Change-in-control | None |
| Clawback | Yes – performance-based cash and equity upon restatement |
| Insider trading policy | Yes (codified) |
Investment Implications
- Pay-for-performance alignment has increased: 2024 introduced a cash bonus alongside meaningful equity grants (RSUs/options), while outstanding unvested units and 2027 options tie Gustavsen’s upside to TSR and execution on DLA/commercial contracts .
- Retention risk appears elevated versus peers due to absence of employment, severance, or change-of-control protections; however, the expanded equity plan and outstanding awards may partially offset via vesting-based retention .
- Governance features are mixed: presence of a clawback policy is positive; however, the company discloses it does not have hedging/offsetting policies, which some investors may view as a governance gap .
- Shareholder support for compensation was strong in 2025 (say-on-pay passed with 30.5M “For” vs 1.7M “Against”), signaling broad acceptance of the current compensation design amid improving TSR and strategic contract wins .