Brent Berg

About Brent Berg

Brent Berg is Senior Vice President, U.S. Operations at Uranium Energy Corp (UEC), appointed March 21, 2024, age 53, and a Professional Engineer with 28+ years in mining and 22+ years in uranium operations across the U.S. and Canada . He previously led Cameco’s U.S. ISR operations (Wyoming/Nebraska), including the successful start-up of North Butte; U.S. production reached over 2.6M lbs under his management before curtailment due to market conditions, and he later served as President & CEO of Rare Element Resources Ltd. . Education: B.A.Sc. in Regional Environmental Systems Engineering and MBA (University of Regina), and a Master of Legal Studies, Magna Cum Laude, with focus on mining law and policy (University of Arizona, 2023) . Context on company performance: UEC reported $66.84M revenue from physical uranium sales and $24.48M gross profit for the nine months ended April 30, 2025, and delivered strong TSR since FY2021 (company total shareholder return of 173% over four years; CAGR 28%) .

Past Roles

External Roles

Fixed Compensation

Performance Compensation

• FY2024 Short-Term Incentive Plan (STIP): Berg did not participate due to March 21, 2024 start . Company STIP scorecard and payouts were formulaic based on corporate metrics (operations, liquidity, ESG, safety) .

• Long-Term Incentives (LTIP):
  • RSUs (time-vest): Granted July 26, 2024; vest in equal installments on July 26, 2025/2026/2027 .
  • PRSUs (performance vest): Three-year cliff vest based on UEC’s relative TSR vs Global X Uranium ETF; payout 0–200%; capped at 100% if absolute TSR is negative over period . FY2021 PRSUs for other NEOs paid at 200% based on 3-year outperformance; Berg’s PRSUs were granted July 26, 2024 and are in-flight .

Equity Ownership & Alignment

Upcoming vesting and potential selling pressure:

• RSUs: 4,007 vest within 60 days of May 28, 2025 ; remaining RSUs vest Jul 26, 2025/2026/2027 .
• PRSUs: potential vesting Jul 26, 2027 subject to TSR performance .
• Options: expirations Mar 21, 2034; partial exercisability already commenced .
• Company policy restricts hedging and pledging; insider trading windows governed by policy updated Nov 20, 2023 .

Employment Terms

Investment Implications

• Alignment: Pay mix is equity-heavy (RSUs/PRSUs) with PRSUs tied to relative TSR vs a sector ETF and a cap when absolute TSR is negative, reinforcing downside discipline; RSUs time-vest ensure retention through 2027 . STIP metrics emphasize operational milestones (WY restart, TX resource growth, SK drilling), liquidity, ESG and safety—key drivers for value realization in U.S. ISR and Athabasca development .
• Retention risk: The employment agreement provides salary-to-term severance on non-renewal/without cause and short post-termination option exercise windows (3 months), which are retention friendly but create limited near-term liquidity pressure from options; multi-year RSU/PRSU vesting cadence also supports retention through 2027 .
• Ownership: Current personal shareholdings are modest (<1%); however, stock ownership guidelines require 1x base salary by 2029, with explicit anti-hedging/pledging policy—constructive for alignment but implies incremental purchases or vesting accumulation over time .
• Execution track record: Berg’s ISR leadership experience (North Butte start-up; 2.6M+ lbs U.S. production at Cameco) directly maps to UEC’s current restart/ramp efforts in Wyoming and build-out in Texas/Saskatchewan, aiding operational execution and risk management in ISR operations . Recent company milestones (Christensen Ranch restart, Burke Hollow construction, Roughrider PEA) reinforce the operational trajectory during/after his appointment window .

Overall, Berg’s incentive structure and employment terms are tuned to operational execution and multi-year TSR, with policies mitigating misalignment risks (clawback, anti-hedging/pledging, ownership guidelines). Near-term vesting schedules should be monitored for potential incremental supply, though Company trading/blackout policies apply .