Scott Melbye - Executive Vice President | URANIUM ENERGY (UEC) Executive Profile & Compensation

About Scott Melbye

Scott Melbye (age 62) is Executive Vice President at Uranium Energy Corp (UEC), serving since September 2014, and a 41-year veteran of the nuclear fuel industry. He leads uranium marketing and sales, contributes to strategic growth, and currently serves as CEO, President, and director at Uranium Royalty Corp (URC) with deep commercial roles across Cameco, Uranium One, and Sprott Physical Uranium Trust/UPC . He is President of the Uranium Producers of America, a past Chair of the World Nuclear Fuel Market Board of Governors, and holds a B.S. in Business Administration (International Business) from Arizona State University (1984) . UEC’s shareholder returns materially outperformed its peer group in recent years (e.g., fixed $100 TSR value 612.41 vs peer 524.59 in FY2024), and UEC reported $66.84M revenue from physical uranium sales in the nine months ended April 30, 2025 as it advances ISR operations, underscoring improving strategic execution under senior leadership including Melbye .

Past Roles

Organization	Role	Years	Strategic Impact
Uranium Energy Corp (UEC)	Executive Vice President	2014–present	Leads uranium marketing/sales; key contributor to strategic growth and restart/ramp initiatives .
Uranium Royalty Corp (URC)	CEO, President, Director	Current (dates not disclosed)	Sector’s only royalty platform leadership; capital-light exposure to uranium .
Uranium Participation Corp / Sprott Physical Uranium Trust	Vice President, Commercial	2014–2018	Managed commercial uranium exposure; concurrently advised Kazatomprom on marketing & sales transformation .
Kazatomprom (Advisor to Chairman)	Advisor (marketing & sales strategy)	2014–2018	Guided marketing strategy during business transformation of the world’s leading producer .
Uranium One	EVP, Marketing	Through June 2014	Expanded forward book (UAE/China) and supported CEO IR for TSX-listed period .
Cameco Group	President, Cameco Inc. (marketing/trading subsidiary)	22 years	Managed global uranium marketing/trading; achieved >30M lbs U3O8 annual sales .
Nukem Inc.	Uranium brokerage/trading	Not disclosed	Commercial market expertise (trading) .
Palo Verde Nuclear Generating Station	Nuclear fuel procurement	Not disclosed	Utility-side procurement perspective .

External Roles

Organization	Role	Years	Strategic Impact
Uranium Producers of America (UPA)	President	Current	Advocacy for U.S. uranium policy, national energy/security interests .
World Nuclear Fuel Market	Past Chair, Board of Governors	Not disclosed	Industry governance and commercial market development .
U.S. House Oversight; Senate Energy & Natural Resources; U.S. ITC	Expert/Testimony	Not disclosed	Policy testimony on DOE inventories, nuclear leadership, and uranium import issues .
International conferences & trade missions	Speaker/Delegate	Not disclosed	Advocacy and commercial engagement across major nuclear markets .

Fixed Compensation

Multi-year summary compensation (FY ended July 31):

Item	FY2022	FY2023	FY2024
Salary/Fees ($)	263,862	277,644	301,153
Bonus ($)	12,500	–	–
Stock Awards ($)	264,893	344,894	554,345
Option Awards ($)	–	40,939	–
Non-Equity Incentive (STIP) ($)	150,000	170,000	284,200
Total ($)	691,255	833,477	1,139,699

FY2024 base compensation, target bonus, and payout:

Executive	Base Compensation ($)	Target Bonus %	Target Award ($)	FY2024 STIP Payout ($)	% of Target
Scott Melbye	290,000	70%	203,000	284,200	140%

Performance Compensation

Annual STIP scorecard (FY2024):

Metric	Weight	Threshold	Target	Breakthrough	Result	Payout
Operational Objectives (WY restart; TX Burke Hollow resource; SK Roughrider drilling)	30%	1 of 3	2 of 3	3 of 3	3/3 completed	200%
Balance Sheet Liquidity	50%	$50M	$60M	$70M	~$329.5M liquid assets as of 7/31/24	200%
ESG Rating Improvement (ISS/Sustainalytics/MSCI)	10%	Maintain	Overall improvement	Letter/category improvement	Letter/category improvement	200%
Injury & Illness Incidence Rate (IIR)	10%	<4.8	<3.2	<1.6 & no fatalities	Zero	200%

Long-term incentives (LTIP) – PRSUs:

Grant	Instrument	Metric	Measurement Period	Vesting	Performance Schedule	Cap
FY2024	PRSUs	3-yr Relative TSR vs Global X Uranium ETF	36 months	Cliff vest at end of period	-2,500 bps=50%; 0 bps=100%; +2,500 bps=200%	If absolute TSR negative, max 100%
FY2021 (payout in FY2024)	PRSUs	3-yr Relative TSR	7/21/21–7/21/24	Settled FY2024	Outperformed >2,500 bps; 200% payout; Melbye 89,498 shares	N/A (absolute TSR positive)

FY2024 grants to Melbye:

Type	Grant Date	Units/Options	Grant Date Fair Value
RSU	7/26/2024	60,410	$331,651
PRSU (Target)	7/26/2024	41,189	$222,694

Vesting schedules:

RSUs: FY2022 grants vest equally on 7/29/2023, 7/29/2024, 7/29/2025; FY2023 grants on 7/31/2024, 7/31/2025, 7/31/2026; FY2024 grants on 7/26/2025, 7/26/2026, 7/26/2027 .
PRSUs: FY2022 cliff vest 7/29/2025; FY2023 cliff vest 7/31/2026; FY2024 cliff vest 7/26/2027 (performance-dependent) .

Equity Ownership & Alignment

Beneficial ownership (as of May 28, 2025):

Component	Amount
Common shares held directly	988,031
Options exercisable or vesting within 60 days	481,520
RSUs vesting within 60 days	20,136
Total beneficial ownership	1,489,687
% of shares outstanding	<1% (444,349,147 shares outstanding)

Option inventory and status (as of 7/31/2024):

Grant	Exercisable (#)	Unexercisable (#)	Exercise Price ($)	Expiration
Option (7/30/2019)	125,000	–	0.9421	7/30/2029
Option (7/16/2020)	125,000	–	0.91	7/16/2030
PSO (7/16/2020)	225,000	–	1.10	7/16/2030
PSO (7/31/2023)	6,520	13,040	3.98	7/31/2033

Vesting cadence:

2019/2020 options: staged vesting across 3–24 months; 2020 PSOs vest 2021–2023; 2023 PSOs vest 2024–2026 .
FY2024 stock awards vested value realized (Melbye): RSUs/PRSUs 147,628 shares; $862,722; options exercised: none .

Alignment mechanisms:

Stock ownership guideline: 1x base compensation; Melbye holds 988,031 shares valued at $5.06M (60-day avg price $5.12) meeting guideline ($335,000 requirement) .
Anti-hedging and anti-pledging policy: prohibits hedging and pledging; violations treated as serious offenses .
Clawback policy: Section 10D-compliant, effective Nov 20, 2023; three-year lookback, applies regardless of misconduct .
Changes-in-control disclosures: no pledges or arrangements expected to result in change of control .

Employment Terms

Melbye Executive Services Agreement:

Scenario	Cash Severance	Equity Treatment	Benefits	Notes
Non-renewal by Company	Outstanding fees/bonuses, expenses, pro rata unused vacation (paid within 14 days)	Immediate vesting; 90-day post-termination exercise window	90-day extension	Auto-renews month-to-month unless 30-day notice
Termination without cause (or Melbye terminates for just cause)	Outstanding amounts plus fees through end of term; expenses; vacation	Immediate vesting; 90-day exercise	90-day extension	No explicit multiple; pay-through-term construct
Resignation (other than just cause)	Outstanding fees/bonuses; expenses; vacation	Vested awards exercisable 90 days	Not specified beyond standard
Termination for just cause	Outstanding fees; expenses; vacation	No special vesting; standard terms	Not specified beyond standard
Death/Disability	Outstanding fees/bonuses; expenses; vacation	Vested awards exercisable for one year	Not specified beyond standard

Compensation structure and governance:

Monthly fee increased to $27,916.67 effective Aug 1, 2024 .
Stock awards timing controlled to avoid MNPI conflicts; awards typically in last fiscal quarter; no dividend timing .

Compensation Committee & Peer Benchmarking

Compensation Committee: Independent directors Vincent Della Volpe (Chair), David Kong, Gloria Ballesta; retained Global Governance Advisors for executive/director benchmarking and incentive design (fees: $44,398 FY2024; $70,461 FY2023) .
Peer group (FY2024): Black Stone Minerals, Cameco, Comstock Resources, Denison Mines, Energy Fuels, Filo (acquired), Fission Uranium (acquired), Gulfport Energy, Magnolia Oil & Gas, NexGen Energy, NGEx Minerals, Northern Oil and Gas, Vital Energy .
UEC targets median peer positioning; exec at-risk pay predominates (Melbye FY2024 at-risk 74%) .

Say-on-Pay & Shareholder Feedback

Year	Approval
2024	97.13% approved
2025	95% approved

Risk Indicators & Red Flags

No tax gross-ups; no executive perquisites; clawback in place; caps on STIP payouts; anti-hedging/anti-pledging enforced .
Compliance with Section 16(a) reporting; no material legal proceedings disclosed for executives .
Related-party transactions limited and immaterial; oversight via Audit Committee policy .

Trading Signal Considerations (Vesting & Potential Selling Pressure)

Upcoming RSU vest dates: 7/26/2025, 7/31/2025, 7/29/2025; then annually per grant streams .
Upcoming PRSU cliffs: 7/29/2025 (FY2022 grant), 7/31/2026 (FY2023), 7/26/2027 (FY2024); payouts depend on relative TSR vs Global X Uranium ETF and absolute TSR cap .
FY2024 realized equity: 147,628 shares on vest; $862,722; zero option exercises—limited immediate selling pressure from option exercise in FY2024 .

Investment Implications

Pay-for-performance alignment: Melbye’s incentives are tied to operational milestones (WY restart, TX resource growth), liquidity strength, ESG improvement, and safety; LTIP PRSUs link outcomes to relative TSR with an absolute TSR cap to avoid windfalls in down markets—constructive alignment with shareholder value .
Retention risk: Month-to-month auto-renewal and pay-through-term severance (without large fixed multiples) suggest moderate contractual protection; equity-based vesting cadence (RSUs annually; PRSU cliffs) supports retention through 2027 .
Ownership alignment: Meaningful share ownership (988k shares) and deep in-the-money legacy options; strict anti-hedging/pledging, ownership guidelines met—reduces misalignment risk .
Near-term supply/demand execution: With ISR operations ramp and physical portfolio monetization evidenced by revenues/gross profit, Melbye’s commercial leadership and industry network are positives for contracting strategy and price realization .
Shareholder support: Strong say-on-pay approvals (95–97%) and independent compensation processes including external advisors reduce governance overhang and pay inflation risk .