Idaho Strategic Resources Inc
For the period ended Dec 31, 2023. Filed Mar 25, 2024.
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FY2023 · Filed Mar 25, 2024
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ITEM 11. EXECUTIVE COMPENSATION
Compensation of Officers
A summary of cash and other compensation for John Swallow, the Company’s President, CEO and Chairman of the Board, Grant Brackebusch, the Company’s CFO and Vice President, and Robert Morgan, the Company’s Vice President (together the “Named Executive Officers”), for the two most recent years is as follows:
Executive Officer Summary Compensation Table
| Name & Principal Position | Year | Salary1 ($) | Bonus ($) | Stock Awards($) | Option Awards2($) | Nonequity Incentive Plan Compensation($) | Nonqualified Deferred Compensation Earnings ($) | All Other Compensation($) | Total($) |
|---|---|---|---|---|---|---|---|---|---|
| John Swallow | 2023 | 167,042 | - | - | - | - | - | - | 167,042 |
| President, CEO, & Chairman | 2022 | 125,000 | 4,728 | - | 9,190 | - | - | - | 138,918 |
| Grant Brackebusch | 2023 | 175,375 | - | - | - | - | - | - | 175,375 |
| CFO & Vice President | 2022 | 150,000 | 4,728 | - | 9,190 | - | - | - | 163,918 |
| Robert Morgan | 2023 | 140,625 | - | - | - | - | - | - | 140,625 |
| Vice President | 2022 | 123,958 | - | - | 9,190 | - | - | - | 133,148 |
| (1) | Salary includes fees earned as Directors. |
| (2) | Stock Awards and Options Awards include fees earned as Directors. The Company has valued all Stock Awards granted at fair value as computed in accordance with FASB Accounting Standards Codification Topic 718. The compensation of the Named Executive Officers has been set by disinterested members of the Board of Directors to a level competitive with other mining companies of similar size with similar types of operations. The executive stock compensation is for services as directors. |
The Company does not have a retirement plan for its executive officers and there is no agreement, plan or arrangement that provides for payments to executive officers in connection with resignation, retirement, termination, or a change in control of the Company.
Outstanding Equity Awards at Fiscal Year-end
As of December 31, 2023, 69,858 Stock Options were vested and outstanding to directors Grant Brackebusch, John Swallow, Kevin Shiell, Richard Beaven, and Carolyn Turner.
Director Compensation
Director Summary Compensation Table
| Name & Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards($) | Option Awards1($) | Nonequity Incentive Plan Compensation($) | Nonqualified Deferred Compensation Earnings ($) | All Other Compensation($) | Total($) |
|---|---|---|---|---|---|---|---|---|---|
| Kevin Shiell | 2023 | 9,000 | - | - | - | - | - | - | 9,000 |
| Director | 2022 | - | - | - | 30,089 | - | - | - | 30,089 |
| Richard Beaven | 2023 | 9,000 | - | - | - | - | - | - | 9,000 |
| Director | 2022 | - | - | - | 30,089 | - | - | - | 30,089 |
| Carolyn Turner | 2023 | 5,000 | - | - | - | - | - | - | 5,000 |
| Director | 2022 | - | - | - | - | - | - | - | - |
No additional fees are paid for attendance at Board of Directors’ meetings, committee membership or committee chairmanship. On occasion, Directors are retained for consulting services unrelated to their duties as Directors. These consulting services are either paid in cash or with unregistered Common Stock according to the Company’s policy for share-based payment of services.
The Company does not have a retirement plan for its Directors and there is no agreement, plan or arrangement that provides for payments to Directors in connection with resignation, retirement, termination or a change in control of the Company.
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