Dane Neumann
Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary at CVR PARTNERS
Executive
About Dane Neumann
Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary of CVR GP, LLC (general partner of CVR Partners, LP) since October 2021; previously Interim CFO (Aug–Oct 2021), and VP – Finance & Treasurer (Jun 2020–Oct 2021). Age 40, with a B.S. in Finance and Political Science, MBA from the University of Minnesota, and CPA; 15 years’ refining and petrochemicals experience (Andeavor/Tesoro, Western Refining, Northern Tier Energy) spanning finance, accounting, business development, planning, and analytics . Company operating context in 2024: ammonia utilization rate 96% and cumulative cash distributions $6.76 per common unit; margins above mid-cycle ranges .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CVR GP, LLC / CVR Partners | EVP, CFO, Treasurer, Assistant Secretary | Oct 2021–present | Principal financial officer; leads finance, accounting, planning and analytics |
| CVR GP, LLC / CVR Partners | Interim Chief Financial Officer | Aug 2021–Oct 2021 | Transitioned finance leadership; maintained financial controls |
| CVR GP, LLC / CVR Partners | VP – Finance & Treasurer | Jun 2020–Oct 2021 | Oversaw finance and treasury functions; capital planning |
| CVR Partners / CVR Energy | VP FP&A; Director of Projects & Controls | Jun 2018–Jun 2020 | Led planning, analytics and project controls |
| Andeavor (Tesoro); Western Refining; Northern Tier Energy | Various finance roles | Pre-2018 | Progressive finance/accounting roles in refining and marketing |
External Roles
No public company directorships disclosed in CVR Partners’ 2024 Form 10-K executive officer bios .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary (USD) | $450,000 | $522,500 | $546,013 |
| Target Bonus % (CVI Plan) | 120% (per plan design continuity from 2021–2023) | 120% | 120% |
| Discretionary Bonus (USD) | $0 | $150,000 | $0 |
| Performance Bonus Paid (USD) | $650,200 | $699,000 | $746,000 |
Notes:
- Target bonus percentages for Neumann are explicitly disclosed for 2023 and 2024 at 120% (CVI Plan); 2021 plan used 120% as well .
Performance Compensation
Annual Incentive (CVI Plan – Neumann)
| Year | Plan | Target (% of Base) | Actual Payout (USD) | Plan Structure |
|---|---|---|---|---|
| 2022 | CVR Energy Performance-Based Bonus | 120% | $650,200 | Measures substantially similar to UAN plan (EH&S and financial metrics with Adjusted EBITDA threshold) |
| 2023 | CVR Energy Performance-Based Bonus | 120% | $699,000 | Measures substantially similar to UAN plan (EH&S and financial metrics with Adjusted EBITDA threshold) |
| 2024 | CVR Energy Performance-Based Bonus | 120% | $746,000 | Measures substantially similar to UAN plan (EH&S and financial metrics with Adjusted EBITDA threshold) |
Long-Term Incentives (CVI LTIP – cash-settled incentive units)
| Grant Date | Instrument | Units Granted | Grant-Date Fair Value (USD) | Vesting |
|---|---|---|---|---|
| 12/13/2023 | Incentive Units (CVI LTIP) | 19,822 | $604,967 | One-third each December following grant, per CVI LTIP awards |
| 12/11/2024 | Incentive Units (CVI LTIP) | 34,473 | $685,323 | One-third each December following grant, per CVI LTIP awards |
UAN 2024 Plan Reference (company metrics and payout context)
| Metric | Weighting | Target | 2024 Actual | Payout vs Target |
|---|---|---|---|---|
| EH&S – TRIR | 8.33% (of total) | 3% decrease (target level) | Decrease of 36% | 150% |
| EH&S – PSIR | 8.33% | 3% decrease | No change | 150% |
| EH&S – Environmental Events | 8.33% | 3% decrease | <20 events | 150% |
| Reliability | 25% | 5.50% (Target % ratio) | 2.6% | 150% |
| Equipment Utilization | 25% | 100% | 102.0% | 119% |
| Operating Expenses | 25% | 100% | 101.0% | 88% |
| ROCE vs Peer Group | 25% | Fourth (100%) | Second | 125% |
Payouts contingent on exceeding an Adjusted EBITDA Threshold before metric evaluation .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| UAN Beneficial Ownership | 0 units; less than 1% as of April 8, 2025 |
| Ownership Guidelines (UAN) | None established for executive officers; awards historically cash-settled to avoid dilution |
| Outstanding UAN Equity Awards (12/31/2024) | None held by named executive officers or directors |
| Pledging/Hedging | Insider Trading Policy adopted (details not disclosed in filing excerpt) |
Employment Terms
| Provision | Neumann (CVI Severance Plan) |
|---|---|
| Employment Agreement | None; covered by CVI Severance Plan |
| Change-in-Control (CIC) Window | 120 days before to 24 months after CIC |
| Cash Severance on CIC | Lump sum equal to 12 months base pay + average of bonuses actually paid over prior 3 years |
| Equity/Unit Award Vesting Acceleration | 100% of unvested incentive awards; cash-settled based on average closing price plus accrued dividends/distributions per award terms |
| Estimated CIC Total (12/31/2024 scenario) | $2,256,000 (accelerated vesting + cash severance) |
| Conditions | General release; non-solicit and non-compete for 12 months; perpetual non-disclosure/non-disparagement |
| Clawback | Subject to Partnership’s clawback/recoupment policies; the 2025 LTIP contains explicit clawback provisions |
Investment Implications
- Alignment: Neumann holds no UAN units and UAN historically used cash-settled awards; this reduces direct insider selling pressure but also lowers “skin-in-the-game” alignment at the partnership level .
- Incentive mix: Compensation is driven by CVI performance bonuses (target 120% of base) and CVI LTIP incentive units vesting over three years, linking pay to operational/financial metrics similar to UAN’s EH&S and reliability/ROCE framework .
- Retention/CIC risk: The CVI Severance Plan provides meaningful CIC protections (12 months’ pay + bonus average, plus full vesting acceleration), which can support retention through strategic change but may create event-driven payout optionality .
- Governance: New UAN 2025 LTIP introduces minimum one-year vesting, prohibits option/UAR repricing and discounted grants, and embeds clawbacks—tightening alignment if future UAN equity-based awards are made to executives .