Comstock Inc 8-K, filed Jul 8, 2022
Comstock Inc. (LODE)
8-K
2022-07-08
For: 2022-07-01
View Original
Added on
April 10, 2026
About this 8-K
Comstock Inc filed this 8-K on July 8, 2022, reporting on events of July 1, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 1, 2022
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 1, 2022, the Board of Directors (the “Board”) of Comstock Inc. (the “Company”), reviewed and ratified companywide compensation programs, including new compensation for the named executive officers and independent directors of the Company, which were recommended by the Compensation Committee of the Board. The Board also modified the roles of certain named executives and appointed directors for all Board chair roles.
The Company operates systemically, and its philosophy is to align total compensation of its employees, including the named executive officers, with performance-based incentives that are fully with the Company’s goals for delivering value for the Company’s shareholders. These companywide programs include market-based salaries, profit sharing and stock-based compensation. The adoption and implementation of compensation programs are intended to support that philosophy and the interest of the Company and its shareholders by providing appropriate forms of performance-based cash and stock-based compensation alternatives that strengthen the ability of the Company to attract and retain employees and others who focus their efforts and abilities on realizing the Company’s specific objectives, at a time when the Company is implementing aggressive development and growth plans.
The Board approved executive officer base salaries of $495,000 with the opportunity for up to 100% performance bonuses. The roles of the Company’s named executive officers were also modified as follows:
Corrado De Gasperis – Chief Executive Officer*
Rahul Bobbili – Chief Engineer;
Kevin Kreisler – Chief Technology Officer;
William McCarthy – Chief Operating Officer; and
David Winsness – President Comstock Fuels.
The following chair responsibilities were also assigned for the standing committees of the Board, as follows.
William J. Nance - Executive Committee & Strategic Planning;
Judd Merrill, CPA – Audit Committee;
Leo Drozdoff – Compensation & Organization Committee;
Walter “Del” Marting – Risk Management Committee;
William J. Nance – Nominating & Governance Committee; and
Leo Drozdoff – Environmental, Social & Governance Committee.
The Board approved annual independent director compensation including cash-based compensation of $60,000 plus an additional $20,000 for the committee chair positions, and targeted stock-based compensation of $100,000.
*Mr. De Gasperis is also the Company’s acting Principal Financial and Accounting Officer.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| COMSTOCK INC. | ||||||||||||||
| Date: July 8, 2022 | By: | /s/ Corrado De Gasperis | ||||||||||||
Name: Corrado De Gasperis Title: Executive Chairman and Chief Executive Officer | ||||||||||||||