RARE ELEMENT RESOURCES LTD
For the period ended Aug 20, 2024. Filed Jul 8, 2024.
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Aug 20, 2024 · Filed Jul 8, 2024
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Contents
Pay Versus Performance Table
| Year | SCT Total for PEO (Scott) | SCT Total for PEO (Berg) | CAP to PEO (Scott) | CAP to PEO (Berg) | SCT Total for Non-PEO NEOs | CAP to Non-PEO NEOs | Value of Initial Fixed $100 Investment Based on Total Shareholder Return | Net Loss (dollars in thousands) |
|---|---|---|---|---|---|---|---|---|
| (a) | (b) | (b) | (c) | (c) | (d) | (e) | (f) | (g) |
| 2023 | $— | $357,320 | $— | $330,106 | $348,791 | $331,787 | $66.79 | $(8,996) |
| 2022 | $1,138,805 | $219,486 | $416,253 | $202,569 | $356,743 | $258,872 | $30.71 | $(9,426) |
| 2021 | $861,795 | $— | $646,501 | $— | $— | $— | $116.28 | $(5,402) |
| 1. | Randall J. Scott was the Company’s PEO through November 1, 2022. Mr. Berg was appointed the PEO on November 1, 2022. The following table contains a reconciliation of the amounts reflected in the SCT for each of Messrs. Scott and Berg for each year covered in the PvP Table (as reported in column (b) above) as compared to the CAP to each of Messrs. Scott and Berg for each such covered year (as reported in column (c) above). |
| Mr. Scott · Mr. Berg | ||||
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2023 | |
| SCT totals for PEOs for the covered year | $1,138,805 | $861,795 | $219,486 | $357,320 |
| Less: Stock awards as reported in the SCT for the covered year | $(682,490) | $(556,795) | $(107,725) | $— |
| Plus: Fair value of stock awards granted during the covered fiscal year - valued at year-end | $179,119 | $291,579 | $90,808 | $— |
| Plus (Minus): Change in fair value of stock awards granted in a prior fiscal year that vested during the covered year | $(219,182) | $34,486 | $— | $(6,343) |
| Plus (Minus): Change in fair value of stock awards granted in a prior fiscal year that were unvested at the end of covered year | $— | $15,455 | $— | $(20,871) |
| Compensation Actually Paid to the PEOs for the covered year | $416,253 | $646,501 | $202,569 | $330,106 |
| 2. | The following table contains a reconciliation of the amounts reflected in the SCT for the Company’s non-PEO NEO for each year covered in the PvP Table above (as reported in column (d) above) as compared to the CAP to the non-PEO NEO for each such covered year (as reported in column (e) above). The Company did not have a non-PEO NEO in fiscal year 2021. The Company’s non-PEO NEO whose compensation is used to calculate the amounts in the PvP Table above for fiscal years 2022 and 2023 is Mr. Rich. |
| 2022 | 2023 | |
|---|---|---|
| SCT total for non-PEO NEO for the covered year | $356,743 | $348,791 |
| Less: Stock awards as reported in the SCT for the covered year | $(142,315) | $(43,791) |
| Plus: Fair value of stock awards granted during the fiscal year that were unvested at the end of the fiscal year | $44,315 | $12,423 |
| Plus: Fair value of stock awards granted during the fiscal year that vested in the fiscal year | $— | $32,663 |
| Plus (Minus): Change in fair value of stock awards granted in a prior fiscal year that vested during the covered year | $— | $(5,320) |
| Plus (Minus): Change in fair value of stock awards granted in a prior fiscal year that were unvested at the end of covered year | $— | $(12,979) |
| Compensation Actually Paid to the non-PEO NEO for the covered year | $258,872 | $331,787 |
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