Josephine Man
URANIUM ENERGYAbout Josephine Man
Josephine Man is UEC’s Secretary, Treasurer, Chief Financial Officer, and Principal Accounting Officer, appointed effective October 1, 2024; she is 51 years old and brings 28+ years in financial reporting, corporate finance, M&A, and risk management, including prior senior roles at Uranium Royalty Corp., Gold Royalty Corp., and EY . She holds a BBA (Simon Fraser University) and an MBA (University of British Columbia) and is a CPA (Canada), CPA (Washington), and CPA (Hong Kong) . Company performance context: UEC generated $66.84M revenue from sales of 810,000 lbs U3O8 at $82.52/lb with $24.48M gross profit in the nine months ended April 30, 2025, and since Fiscal 2021, UEC delivered a 173% total shareholder return, exceeding the peer group average by 20.4% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Uranium Energy Corp. | Secretary, Treasurer, Chief Financial Officer | Oct 1, 2024 – Present | Leads finance and risk management; CFO and Corporate Secretary responsibilities aligned to scaling U.S. ISR and Athabasca assets . |
| Uranium Royalty Corp. | Chief Financial Officer & Corporate Secretary | Aug 2018 – Present | Leads finance and risk management at URC; enhances capital markets positioning . |
| Gold Royalty Corp. | Chief Financial Officer | Jul 2020 – Dec 2022 | Central to IPO and acquisitions of three Canadian-listed companies, building a precious metals royalty platform . |
| Ernst & Young LLP (Vancouver) | Audit Partner | 2010 – 2013 | Audit leadership; deep technical and reporting expertise . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Uranium Royalty Corp. (TSX: URC; NASDAQ: UROY) | CFO & Corporate Secretary | Aug 2018 – Present | Public company finance leadership concurrent with UEC CFO role . |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $200,000 per year (gross monthly $16,666.67) . |
| Annual Cash Bonus (Target) | Up to 50% of annual base salary, contingent on performance goals . |
| Short-Term Incentive Plan (STIP) Target | 0% to up to 50% of annual base salary, based on Board/Comp Committee factors; she did not participate for Fiscal 2024 due to start date . |
| Long-Term Incentive (LTIP) Opportunity | 0% to up to 50% of annual base salary, determined by Board/Comp Committee . |
| Benefits & Vacation | Participates in company health/benefit plans at company cost; four weeks accrued vacation per year . |
| Perquisites | Company states “NO perquisites for executives” . |
| Tax Gross-ups | None (company policy “NO tax gross ups”) . |
| Pension/Deferred Comp | No pension plans; no nonqualified deferred compensation . |
Performance Compensation
Equity Awards and Vesting Design
| Award Type | Grant Design | Vesting |
|---|---|---|
| Initial Stock Options | Aggregate grant sized to $100,000 value | Time-based vesting over 24 months from grant date . |
| Initial RSUs | Aggregate grant sized to $100,000 value | Time-based vesting equally over three years from grant date . |
| PRSUs (program design) | Performance RSUs based on 3-year relative TSR vs. Global X Uranium ETF | Cliff vest at 36 months; payout 0–200% of target; capped at 100% if absolute TSR negative . |
Company Performance Metric Example (FY2024 STIP scorecard for executives)
| Metric | Weight | Threshold | Target | Breakthrough | Result | Payout Level |
|---|---|---|---|---|---|---|
| Operational Objectives (Wyoming restart; Burke Hollow resource; Roughrider drilling) | 30% | 1 of 3 objectives | 2 of 3 objectives | 3 of 3 objectives | Achieved all three | 200% (Breakthrough) . |
| Balance Sheet Liquidity (cash + U3O8 + equities) | 50% | $50M | $60M | $70M | ~$329.5M liquid assets as of July 31, 2024 | 200% (Breakthrough) . |
| ESG Rating Improvement (ISS, Sustainalytics, MSCI) | 10% | Maintain ratings | Overall improvement | Letter grade/category improvement | Letter grade/category improvement (awaiting MSCI update) | 200% (Breakthrough) . |
| OSHA Total Recordable Injury/Illness Rate (IIR) | 10% | <4.8 | <3.2 | <1.6 and no fatalities | 0; no recordables or fatalities | 200% (Breakthrough) . |
Note: Ms. Man did not participate in the FY2024 STIP due to her October 1, 2024 appointment; the scorecard illustrates the pay-for-performance framework she is subject to going forward .
PRSU Performance Outcome (Program Reference)
| Grant Cohort | Metric | Relative TSR Outcome | Absolute TSR | Payout |
|---|---|---|---|---|
| Fiscal 2021 PRSU cohort (company-wide) | 3-year relative TSR vs Global X Uranium ETF | > +2,500 bps | Positive | 200% of target units vested . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Stock Ownership (shares) | 38,827 shares as of May 28, 2025 . |
| Total Value of Stock Owned | $198,794 based on 60-day avg closing price of $5.12 . |
| Shares Outstanding (reference) | 444,349,147 shares outstanding as of May 28, 2025 . |
| Ownership as % of Shares Outstanding | ~0.009% (38,827 / 444,349,147), derived from cited figures . |
| Stock Ownership Guidelines | Requirement: 1x base comp ($200,000); timeline to comply by Oct 1, 2029; executives considered “in compliance” with guidelines timelines . |
| Hedging / Pledging | Prohibited under the Anti-Hedging and Anti-Pledging Policy . |
| Clawback Policy | Mandatory recovery of erroneously awarded incentive-based compensation under SEC Rule 10D-1; effective Nov 20, 2023 . |
| Insider Trading Policy | Updated Insider Trading, Reporting and Blackout Policy adopted Nov 20, 2023 . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment Date | October 1, 2024 (Secretary, Treasurer, CFO) . |
| Agreement Term | Initial term Oct 1, 2024 to Oct 1, 2026; auto-renews on 90-day cycles unless notice 90 days prior . |
| Base Salary | $200,000 per year . |
| Annual Cash Bonus | Up to 50% of base, performance-determined . |
| STIP | 0–50% of base, Board/Comp Committee-determined; she did not participate for FY2024 . |
| LTIP | 0–50% of base; structure includes RSUs and PRSUs . |
| Initial Equity | Options valued at $100,000 (24-month vest); RSUs valued at $100,000 (equal 3-year vest) . |
| Non-Renewal Severance | Outstanding earned amounts to termination date; salary through end of term; benefits extended 3 months; option exercise window 3 months . |
| Without Cause / Good Reason / Change-of-Control | Outstanding earned amounts; salary through end of term; benefits extended; option exercise window 1 year (indicative of double-trigger via “good reason as a result of a change of control”) . |
| Death/Disability | Outstanding earned amounts; benefits extension (disability only); vested options exercisable for 1 year . |
Investment Implications
- Pay-for-performance framework: CFO compensation is tied to STIP scorecards and multi-year PRSUs measuring relative TSR, aligning upside with operational milestones and shareholder returns; recent scorecards paid out at breakthrough levels and PRSU cohorts achieved 200% on strong TSR .
- Alignment and retention: Stock ownership guidelines require 1x base comp ($200k) by Oct 1, 2029; Ms. Man is near the threshold ($198,794) and considered compliant given the timeframe, reducing misalignment risk .
- Selling pressure and vesting overhang: Initial RSUs vest evenly over three years and options over 24 months, creating predictable potential supply; mitigants include anti-hedging/pledging and blackout policies .
- Change-of-control economics: Severance provides salary through end of term and extended option exercise windows, with enhanced treatment on “good reason” tied to change-of-control—a moderate, double-trigger structure that discourages entrenchment while protecting continuity .
- Governance and risk controls: Robust clawback policy under Rule 10D-1, anti-hedging/pledging, and updated insider trading policy provide shareholder-friendly guardrails; no tax gross-ups, pensions, or nonqualified deferrals .
- Execution context: UEC’s recent revenue generation from physical uranium sales, Wyoming restart, and Athabasca advancement provide cash flow and strategic momentum during her tenure, supporting alignment of finance priorities with growth and TSR objectives .