UNITED STATES ANTIMONY CORP
For the period ended Dec 31, 2023. Filed Apr 12, 2024.
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FY2023 · Filed Apr 12, 2024
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ITEM 11. EXECUTIVE COMPENSATION
This section discusses the material components of the executive compensation program for our executive officers who are named in the “Summary Compensation Table” below. We comply with the executive compensation disclosure rules applicable to “smaller reporting companies,” as such term is defined in the rules promulgated under the Securities Act, which require compensation disclosure for our principal executive officer during the year ended December 31, 2023, the two most highly compensated executive officers other than our principal executive officer who were serving as executive officers as of December 31, 2023 and whose total compensation for 2023 exceeded $100,000, and up to two additional individuals for whom disclosure would have been provided but for the fact that the individual was not serving as an executive officer as of December 31, 2023. These officers are referred to as our named executive officers.
In 2023, our “named executive officers” and their positions were as follows:
| · | John C. Gustavsen, President of Antimony Division (PEO during the year ended December 31, 2023); and |
| · | Richard R. Isaak, SVP, Chief Financial Officer |
| · | Kelly Stopher, former Chief Financial Officer |
Summary Compensation Table
The following table provides summary information concerning compensation paid or accrued by us to or on behalf of our named executive officers:
| Other · Stock | |||||||
|---|---|---|---|---|---|---|---|
| Name and Principal Position · Year · Salary · Compensation (1) · Awards · Total | |||||||
| John C. Gustavsen, President of Antimony Division | 2023 | $140,994 | $10,642 | $ | - | $151,636 | |
| 2022 | $111,250 | $11,405 | $ | - | $122,655 | ||
| 2021 | $100,000 | $10,667 | $ | - | $110,667 | ||
| Richard R. Isaak, SVP, Chief Financial Officer | 2023 | $107,692 | $1,958 | $ | - | $109,650 | |
| Kelly J. Stopher, Chief Financial Officer (2) | 2023 | $115,080 | $ | - | $ | - | $115,080 |
| 2022 | $72,000 | $ | - | $ | - | $72,000 | |
| 2021 | $6,000 | $ | - | $ | - | $6,000 | |
| (1) | Other compensation represents health insurance costs paid by the Company. |
| (2) | Mr. Stopher resigned as CFO of the Company effective July 31, 2023. |
Compensation for all executive officers, except for the CEO position, is recommended to the compensation committee of the Board by the CEO. The compensation committee makes a recommendation for the compensation of the CEO. The compensation committee has identified a peer group of mining companies to aid in reviewing the CEO’s compensation recommendations for executives, and for reviewing the compensation of the CEO. The full Board approves the compensation amounts recommended by the compensation committee. Currently, the executive managements’ compensation only includes base salary and health insurance. For the year ended December 31, 2023, the Company did not have annual performance-based salary increases, long term performance-based cash incentives, deferred compensation, retirement benefits, or disability benefits. However, the Company has started annual performance-based salary increases and equity incentive awards in 2024.
No equity awards or plan based awards to officers or directors were outstanding as of December 31, 2023.
Director Compensation
Following is a summary of all compensation earned by or paid to directors (excluding named executive officers) during the year ended December 31, 2023:
| Name and Principal Position · Fees Earned paid in Cash · Fees Earned paid in Stock · Total Fees, Awards and Other Compensation | ||||
|---|---|---|---|---|
| Gary C. Evans, Co-CEO and Chairman | $150,612 | $ | - | $150,612 |
| Lloyd Joseph Bardswich, Co-CEO and Director | $95,460 | $ | - | $95,460 |
| Dr. Blaise Aguirre, Director | $91,877 | $ | - | $91,877 |
| Michael A. McManus, Director | $54,067 | $ | - | $54,067 |
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