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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material under 240.14a-12 |
Golden Minerals Company
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
| Payment of Filing Fee (Check the appropriate box): | |
| ☒ | No fee required. |
| ☐ | Fee paid previously with preliminary materials |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
Golden Minerals Company 2025 Proxy Statement Notice of Annual Meeting of Stockholders May 27, 2025 2:00 pm CT Lakeway Dr., Lakeway, TX 78734
| Notice of 2025 Annual Meeting of Stockholders |
|
| 1. | To elect five directors to hold office until the 2026 annual meeting of stockholders or until their successors are elected; | |
| 2. | To ratify the appointment of Haynie Company as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025; | |
| 3 | To approve the Company’s Amended and Restated 2023 Equity Incentive Plan; and | |
| 4. | To transact such other business as may properly come before the annual meeting or any postponements or adjournments thereof. |
The Board of Directors recommends (i) a vote “FOR” each of the director nominees; and (ii) a vote “FOR” Proposals 2 and 3.
You are entitled to attend and vote at the annual meeting, or any postponement or adjournment of the annual meeting, if you are a holder of our common stock at the close of business on March 31, 2025. This Proxy Statement, proxy card and Annual Report to Stockholders, including financial statements for the fiscal year ended December 31, 2024, are first being sent to stockholders on or around April 17, 2025.
Your vote is important . Whether or not you plan to attend the annual meeting, you are urged to vote as soon as possible to ensure your shares are represented and voted at the annual meeting.
| 1 |
If you are a stockholder of record or “registered stockholder” :
| How You Can Vote | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| We use the “Notice and Access” model permitted by the U.S. Securities and Exchange Commission for distributing our annual meeting materials electronically to certain stockholders. Some stockholders may also automatically receive our annual meeting materials in paper form. You may choose to receive your materials in either format. Please see “ Internet Availability of Proxy Materials ” on page 4 of the Proxy Statement for more information. To make sure that your shares are represented at the annual meeting, please cast your vote by one of the following methods: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Online | Go to www.aalvote.com/AUMN and follow the instructions provided. You will need the Control Number provided on your proxy card. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Telephone | Dial 1-866-804-9616 using a touch-tone telephone and following the menu instructions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Complete, sign and date your proxy card, then fold and return your proxy card using the prepaid envelope provided. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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During the Meeting | You may vote in person by attending the meeting at Lakeway Resort Spa on May27,2025. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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How You Can Access Proxy Materials Online Important Notice Regarding the Availability of Proxy Materials for the 2025 annual meeting: The Proxy Statement, Proxy Card and Annual Report to Stockholders for the year ended December 31, 2024 are available on the Internet at https://web.viewproxy.com/AUMN/2025. |
April 17, 2025
Cordially,
Joe Dwyer
Chief Financial Officer and Corporate Secretary
TO ASSURE YOUR REPRESENTATION AT THE ANNUAL MEETING OF STOCKHOLDERS, PLEASE SIGN, DATE, AND RETURN YOUR PROXY CARD OR SUBMIT YOUR PROXY AND/OR VOTING INSTRUCTIONS BY TELEPHONE OR THROUGH THE INTERNET SO THAT A QUORUM MAY BE REPRESENTED AT THE MEETING. STOCKHOLDERS WHO ATTEND THE MEETING IN PERSON MAY REVOKE THEIR PROXIES AND VOTE IN PERSON ONLINE DURING THE MEETING IF THEY SO DESIRE.
| 2 |
| 3 |
| Proxy Statement |
|
| ABOUT THE MEETING |
You have received these proxy materials because our board of directors is soliciting your proxy to vote your common stock at the annual meeting of stockholders to be held on May 27, 2025. This Proxy Statement describes matters on which we would like you to vote at our annual meeting. It also provides you with information on these matters so that you may make an informed decision.
HOW TO ATTEND THE ANNUAL MEETING
All stockholders (or their duly appointed proxies) as of the close of business on March 31, 2025 (the “record date”) may attend the annual meeting. If you are not a stockholder of record but hold your shares through a broker, bank or other holder of record (i.e., in “street name”) and wish to attend the annual meeting, you will need to provide proof of beneficial ownership on the record date, such as your most recent account statement as of the record date, a copy of the voting instruction card provided by your broker, bank or other holder of record, or other similar evidence of ownership. Registration and seating will begin at approximately 15 minutes prior to the starting time of the annual meeting. Cameras, recording devices and other electronic devices will not be permitted at the annual meeting.
| 4 |
HOW YOU CAN VOTE
We encourage stockholders to submit their votes in advance of the annual meeting. You may elect to vote by one of four methods.
If you are a stockholder of record or “registered stockholder”:
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Online | Go to www.aalvote.com/AUMN and follow the instructions provided. You will need the Control Number provided on your proxy card. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Telephone | Dial 1-866-804-9616 using a touch-tone telephone and following the menu instructions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Complete, sign and date your proxy card, then fold and return your proxy card using the prepaid envelope provided. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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During the Meeting | You may vote in person by attending the meeting at Lakeway Resort Spa on May27,2025. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1. | To elect five directors to hold office until the 2026 annual meeting of stockholders or until their successors are elected; | |
| 2. | To ratify the appointment of Haynie Company as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025; | |
| and | ||
| 3. | To approve the Company’s Amended and Restated 2023 Equity Incentive Plan. |
Stockholders will also vote on such other matters as may properly come before the annual meeting or any postponement or adjournment thereof.
Our board of directors recommends that you vote:
| ● |
“FOR” the election of each of the five nominated directors (see “Proposal 1”); |
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| ● | “FOR” the ratification of the appointment of Haynie Company as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025 (see “Proposal 2”); and | |
| ● | “FOR” the approval of the Company’s Amended and Restated 2023 Equity Incentive Plan (see “Proposal 3”). |
| 5 |
With respect to any other matter that properly comes before the annual meeting, any of the officers named as proxy holder will vote as recommended by the board of directors or, if no recommendation is given, in their own discretion.
SHARES ENTITLED TO VOTE
As of the close of business on the record date, we had 15,053,048 shares of common stock outstanding. This amount includes 666 shares of unvested restricted common stock awarded pursuant to our Amended and Restated 2009 Equity Incentive Plan (the “2009 Equity Incentive Plan”), which are not entitled to vote at the annual meeting.
Therefore, as of the record date, 15,052,382 shares of common stock were outstanding and are entitled to vote at the annual meeting. You can vote all of the shares that you owned as of the close of business on the record date. These shares include: (1) shares held directly in your name as the stockholder of record and (2) shares held for you as the beneficial owner through a stockbroker, bank or other nominee.
Most stockholders hold their shares through a broker or other holder of record rather than directly in their own names. As summarized below, there are some distinctions between shares held of record and those owned beneficially.
Stockholder of Record . If your shares are registered directly in your name with our transfer agent, Computershare Trust Company, N.A., you are considered, with respect to those shares, the stockholder of record, and we have sent the Notice directly to you. As the stockholder of record, you have the right to grant your voting proxy directly to the named proxy holder or to vote in person at the annual meeting. You may vote by proxy via the Internet or telephone by following the instructions provided in the Notice. If you request printed copies of the proxy materials by mail, you may also vote by filling out the proxy card included with the materials or by calling the toll-free number found on the proxy card.
Beneficial Owner . If your shares are held in a brokerage account, or by a bank or other holder of record, you are considered the beneficial owner of shares held in “street name,” and the proxy materials are being forwarded to you by that holder together with a voting instruction card. As the beneficial owner, you have the right to direct your broker, bank or other holder of record how to vote and are also invited to attend the annual meeting.
STOCKHOLDERS ENTITLED TO ATTEND THE MEETING
All stockholders (or their duly appointed proxies) as of the record date may attend the annual meeting.
QUORUM
The presence at the annual meeting, in person or by proxy, of the holders of one-third (at least 33 and 1/3%) of the shares of our common stock outstanding and entitled to vote as of the record date will constitute a quorum. There must be a quorum for any action to be taken at the annual meeting (other than an adjournment or postponement of the annual meeting). If you properly submit a proxy, even if you abstain from voting or cast a “WITHHOLD” vote, then your shares will be counted for purposes of determining the presence of a quorum. If a broker or bank indicates on a proxy that it lacks discretionary authority as to certain shares to vote on a particular matter, commonly referred to as “broker non-votes,” those shares will still be counted for purposes of determining the presence of a quorum at the annual meeting.
| 6 |
HOW YOU MAY VOTE ON EACH PROPOSAL
The voting options for the proposals that we will consider at the annual meeting are:
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Proposal 1 — Election of Directors: In the election of directors, you may vote “FOR” any one or all of the nominees, or you may “WITHHOLD” with respect to any one or all of the nominees. |
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Proposal 2 — Ratification of Appointment of Independent Auditors : For the ratification of the appointment of Haynie Company, you may vote “FOR” or “AGAINST” the proposal or you may indicate that you wish to “ABSTAIN” from voting on the proposal.
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Proposal 3 — Approval of the Amended and Restated 2023 Equity Incentive Plan : For the approval of the Company’s Amended and Restated 2023 Equity Incentive Plan, you may vote “FOR” or “AGAINST” the proposal or you may indicate that you wish to “ABSTAIN” from voting on the proposal. |
VOTES REQUIRED FOR APPROVAL
The voting requirements for the proposals that we will consider at the annual meeting are:
| ● |
Proposal 1 — Election of Directors: Five candidates will be elected by a plurality of affirmative votes of the outstanding shares of common stock present at the annual meeting (either in person or by proxy). That is, the five candidates that receive the highest number of affirmative votes will be elected to serve on our board of directors. Because the candidates that receive the highest number of affirmative votes will be elected to serve on the board, a “WITHHOLD” vote or a broker non-vote will not affect the outcome of the election. |
| ● | Proposal 2 — Ratification of Appointment of Independent Auditors : The affirmative vote of a majority of the outstanding shares of common stock present at the annual meeting (either in person or by proxy) and entitled to vote on this matter will be required for ratification. Abstentions, which are included in the calculation of the number of shares present or represented by proxy and entitled to vote at the annual meeting, will have the effect of a vote “AGAINST” the proposal. |
| ● |
Proposal 3 — Approval of the Amended and Restated 2023 Equity Incentive Plan: The affirmative vote of a majority of the votes cast at the annual meeting (either in person or by proxy), excluding votes cast by insiders eligible to receive awards pursuant to the Amended and Restated Plan, will be required to approve the Amended and Restated 2023 Equity Incentive Plan. Abstentions, which are not considered votes cast, will have no effect on the proposal. |
RIGHTS OF DISSENTERS
No action is proposed at this annual meeting for which the laws of the State of Delaware or our amended and restated bylaws (the “Bylaws”) provide a right of our stockholders to dissent and obtain appraisal of or payment for such stockholders’ common stock.
HOW PROXIES WILL BE TABULATED AND VOTED
Votes will be tabulated by Alliance Advisors. We do not expect any matters to be presented for a vote at the annual meeting other than the matters described in this Proxy Statement. If you grant a proxy, any of the officers named as proxy holder, Pablo Castanos, Joe Dwyer, or their nominee(s) or substitute(s), will have the discretion to vote your shares on any additional matters that are properly presented for a vote at the annual meeting. If a director nominee
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is not available as a candidate for director, any of the officers named as proxy holder will vote your proxy for another candidate nominated by our board of directors.
Proxies submitted properly will be voted in accordance with the instructions contained therein. If you submit a proxy but do not provide voting directions, the proxy will be voted:
| (i) | “FOR” the election of each of the five director nominees listed in Proposal 1 (Election of Directors), |
| (ii) | “FOR” the approval of Proposal 2 (Ratification of Appointment of Independent Auditors), and |
| (iii) | “FOR” the approval of Proposal 3 (Approval of the Amended and Restated 2023 Equity Incentive Plan), |
and in such manner as the proxy holders named on the proxy determine, in their discretion, upon such other business as may properly come before the annual meeting or any adjournment or postponement thereof.
If your shares are held through a broker, bank or other nominee (collectively referred to as “brokers”), the broker will vote your shares according to the specific instructions it receives from you. If the broker does not receive voting instructions from you, the broker may vote only on proposals that are considered “routine” matters. Under applicable NYSE rules, at this year’s annual meeting, your broker may vote without your instructions only on Proposal2 (Ratification of Appointment of Independent Auditors). The broker’s failure to vote on Proposal 1 (Election of Directors) or Proposal 3 (Approval of the Amended and Restated 2023 Equity Incentive Plan), because the broker lacks discretionary authority to do so, is commonly referred to as a “broker non-vote.”
CHANGING YOUR VOTE
After you have submitted your proxy, you may change the votes you cast or revoke your proxy at any time before the votes are cast at the annual meeting by (1) delivering a written notice of your revocation to our Corporate Secretary at our principal executive office located at 1312 17th Street, Unit #2136, Denver, Colorado, 80202]; (2)executing and delivering a later dated proxy card; or (3) by the Internet or telephone by following the voting instructions provided in the Notice. In addition, the powers of the proxy holders to vote your stock will be suspended if you attend the annual meeting and so request, although attendance at the annual meeting will not by itself revoke a previously granted proxy.
SOLICITATION COSTS
The accompanying proxy is solicited on behalf of the Company by its board of directors, and the cost of solicitation will be borne by Golden Minerals. Following the original mailing of the proxies and soliciting materials, directors, officers, and employees of the Company may solicit proxies by mail, telephone, facsimile, email or personal interviews. We will also request banks and brokers to solicit their customers who have a beneficial interest in our common stock registered in the names of nominees, and we will reimburse banks and brokers for their reasonable out-of-pocket expenses in so doing.
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|
ELECTION OF DIRECTORS |
The board of directors unanimously recommends that the Company’s stockholders vote “FOR” the election of each of the five nominees.
The board of directors has nominated for election at the annual meeting Messrs. Clevenger, Castanos, Morano and Watkins and Ms. Friedman to serve until the 2026 annual meeting of stockholders or until their successors are elected. Messrs. Clevenger, Castanos, Morano and Watkins and Ms. Friedman are currently directors of Golden Minerals. Each nominee has consented to being named as a nominee.
The following table sets forth the full name, age and current positions of each nominee:
| Name | Age | Position |
| Jeffrey G. Clevenger (3)(4) | 75 | Director, Chairman of the Board of Directors |
| Pablo Castanos (1) | 53 | Director |
| Deborah J. Friedman (2)(4) | 72 | Director, Chair of the Corporate Governance and Nominating Committee |
| Kevin R. Morano (2)(3) | 71 | Director, Chair of the Audit Committee and the Compensation Committee |
| David H. Watkins (2)(3)(4) | 80 | Director |
| (1) | Mr. Castanos also serves as our President and Chief Executive Officer. |
| (2) | Member of the Audit Committee. |
| (3) | Member of the Compensation Committee. |
| (4) | Member of the Corporate Governance and Nominating Committee. |
The five candidates that receive the highest number of affirmative votes will be elected to serve on our board of directors.
Biographical information regarding each nominee is set forth below, based upon information furnished to us by the nominee.
Nominees for Election
Jeffrey G. Clevenger . Mr. Clevenger has served as Chairman of our board since March 2009. He also served as our President from March 2009 to May 2015 and as our Chief Executive Officer from March 2009 to September 2015. He has 50 years of experience in the mining industry. Mr. Clevenger served as a director and President and Chief Executive Officer of our predecessor, Apex Silver Mines Limited (“Apex Silver”) from October 2004 until March 2009. Mr. Clevenger worked as an independent consultant from 1999 when Cyprus Amax Minerals Company, his previous employer, was sold until he joined Apex Silver in 2004. Mr. Clevenger served as Senior Vice President and Executive Vice President of Cyprus Amax Minerals Company from 1993 to 1998 and 1998 to 1999, respectively, and as President of Cyprus Climax Metals Company and its predecessor, Cyprus Copper Company, a large integrated producer of copper and molybdenum with operations in North and South America, from 1993 to 1999. He was Senior Vice President of Cyprus Copper Company from August 1992 to January 1993. From 1973 to 1992, Mr. Clevenger held various technical, management and executive positions at Phelps Dodge Corporation, including President and General Manager of Phelps Dodge Morenci, Inc. He is a Member of the American Institute of Mining, Metallurgical and Petroleum Engineers and the Metallurgical Society of America. Mr. Clevenger holds a B.S. in Mining Engineering with Honors from the New Mexico Institute of Mining and Technology and is a graduate of the Advanced International Senior Management Program of Harvard University. In determining
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Mr. Clevenger’s qualifications to serve on our board of directors, the board has considered, among other things, his experience and expertise in the mining industry, including the operating, management, and executive positions he has held previously at several other mining companies.
Pablo Castanos . Mr. Castanos has served on our board since June 2025. He joined our Company as Executive Vice President in June 2023 and was appointed President and Chief Executive Officer in June 2025. Since 2017, he has served as Managing Partner of real estate development and construction companies located in Mexico and Texas. Between 2013 and 2016, he worked at Goldcorp Inc. (now Newmont Corporation) in Vancouver, British Columbia, Canada, initially serving as director of environmental compliance and subsequently serving as Vice President of corporate social responsibility. From 2009 to 2013, he worked at Golden Minerals, serving as director of corporate affairs and later as Vice President of corporate affairs. Between 2007 and 2009, he held the role of director of investor relations with Apex Silver Mines, and from 2004 to 2007 he served as Corporate Manager of Minera San Cristbal, the largest silver, zinc and lead mine in Bolivia. Mr. Castanos holds a BA in Economics and an MBA in finance from Gabriela Mistral University in Santiago, Chile. In determining Mr. Castanos’ qualifications to serve on our board of directors, the board has considered among other things, his experience and expertise in the mining industry, his international and strategic leadership expertise, and his experience in strategic planning, finance, compliance, sustainability, government affairs and risk management.
Deborah Friedman . Ms. Friedman has served as a director of our company since 2021 and has over 35 years of experience in the mining industry. Ms. Friedman is a retired partner of Davis Graham and Stubbs, LLP (“Davis Graham”), a law firm based in Denver, Colorado, where her practice focused primarily on corporate finance, securities, corporate governance, and domestic and international mergers and acquisitions matters for both publicly traded and privately held companies, with specific expertise in the mining industry. She previously served as senior vice president, general counsel and corporate secretary for Golden Minerals between 2009 and 2015 under an arrangement whereby she split her time between Golden Minerals and Davis Graham. From 2007 to 2009, Ms. Friedman served as senior vice president, general counsel and corporate secretary of Apex Silver Mines Limited, predecessor to Golden Minerals. Prior to joining Davis Graham in 2000, she spent 16 years working in varied positions including general counsel in the legal departments of Cyprus Amax Minerals Company and AMAX Gold Inc. She has served on the board of directors of Vista Gold (NYSE American: VGZ and TSX: VGZ) since March 2019.
Ms. Friedman has received numerous accolades and recognition for her work, including being featured in the International Who’s Who of Mining Lawyers by Law Business Research Ltd., and The Best Lawyers in America. Ms. Friedman holds a Bachelor of Arts Degree in History from the University of Illinois and a Juris Doctor Degree from the University of Michigan Law School. In determining Ms. Friedman’s qualifications to serve on our board of directors, the board has considered, among other things, her experience and expertise in the US domestic and international mining industry, corporate governance, equity and debt transactions and public company mergers and acquisitions.
Kevin R. Morano . Mr. Morano has served as a director of our Company since March 2009. He has over 45 years of experience in the mining industry. Mr. Morano has been Managing Principal of KEM Capital LLC, a private equity investment company and provider of management advisory services, since March 2007. Prior to forming his own company, Mr. Morano held a number of senior executive positions at major American public companies including a 21-year career at ASARCO Incorporated, a global copper mining company and specialty chemicals and aggregates producer, which was acquired by Grupo Mexico in December 1999. At ASARCO, Mr. Morano served in various senior executive capacities including President and Chief Operating Officer, Executive Vice President and Chief Financial Officer. He currently serves as a director of Bear Creek Mining Company, and he served as a director of Southern Peru Copper Corporation,
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Coeur d’Alene Mines and Apex Silver. From March 2002 to March 2007, Mr. Morano was employed at Lumenis Ltd initially as Chief Financial Officer and subsequently as Senior Vice President for Marketing and Business Development. From May 2000 through October 2001, Mr. Morano served as the Chief Financial Officer of Exide Technologies. Mr. Morano holds a B.Sc. in Finance from Drexel University and an M.B.A. from Rider University. In determining Mr. Morano’s qualifications to serve on our board of directors, the board has considered, among other things, his experience and expertise in the mining industry, public and private finance and management experience at public mining companies.
David H. Watkins
. Mr. Watkins has served
as a director of our Company since March 2009. He has over 50 years of experience in the mining industry, working as a senior executive
with major mining companies and junior exploration and development companies. From 2011 to 2016, Mr. Watkins served as Chairman of Atna
Resources Ltd. (“ATNA”), a company engaged in the exploration, development and production of gold properties. Mr. Watkins
previously served ATNA as Executive Chairman from June 2010 to June 2011 and Chief Executive Officer from March 2000 to June 2010. From
1993 to 1999, Mr. Watkins served as Senior Vice President, Exploration of Cyprus Amax Minerals Company, a producer of commodities including
copper, gold, molybdenum, lithium and coal. Prior to his employment with Cyprus Amax, Mr. Watkins served as President of Minova Inc.,
a producer of precious metals and base metals from mining operations in Canada. Mr. Watkins currently serves on the boards of directors
of a number of companies, including Euro Resources S.A., Enduro Metals Corporation, and Commander Resources Ltd. Mr. Watkins previously
served on the boards of Argonaut Gold Inc., Rio Novo Gold Inc., Camino Minerals Corporation, Valley High Ventures, Maudore Minerals Ltd.,
Canplatts Inc., Bearing Lithium Corporation and Landdrill International Inc. Mr. Watkins holds a B.A. in Geology from Queen’s University
at Kingston, and an M.S. in Geology from Carleton University, Ottawa, and is a graduate of the Executive Business Program of the University
of Western Ontario. Mr. Watkins is a member of the Canadian Institute of Mining and Metallurgy, Geological Association of Canada, Geological
Society of Nevada and Prospectors and Developers Association of Canada. In determining Mr. Watkins’ qualifications to serve on our
board of directors, the board has considered, among other things, his experience and expertise in mineral exploration for base and precious
metals in South America and other regions, and his experience as an executive or director of small public mining companies like our company
and familiarity with the technical exploration, financing, and management issues faced by such companies.
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RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS
The board of directors, pursuant to the recommendation of the Audit Committee of the board of directors, unanimously recommends that the Company’s stockholders vote “FOR” the ratification of the appointment of Haynie Company (“Haynie”) to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2025.
The affirmative vote of the holders of a majority of the common stock entitled to vote and represented in person or by proxy at the annual meeting is required to ratify the selection of our independent registered public accounting firm for the fiscal year 2025. In the event the ratification is not approved by the required number of holders, the Audit Committee may reconsider, but will not necessarily change, its selection of Haynie to serve as our independent registered public accounting firm.
Haynie has been engaged as the Company’s independent registered public accounting firm since July 7, 2023 and audited the Company’s financial statements for the fiscal years ended December31, 2023 and 2024.
The following table sets out the aggregate fees billed for the fiscal years ended December 31, 2024 and 2023 for the categories described.
|
FiscalYearEnded
December31, |
||||||
| 2024 (3) | 2023 (3)(4) | |||||
| Audit Fees (1) | $ | 207,600 | $ | 216,250 | ||
| Audit-Related Fees (2) | $ | 63,593 | $ | 91,778 | ||
| Tax Fees | $ | 0 | $ | 0 | ||
| All Other Fees | $ | 0 | $ | 0 | ||
| Total Fees | $ | 271,193 | $ | 308,028 | ||
| (1) | Audit fees include fees for services rendered for the audit of our annual financial statements and reviews of our quarterly financial statements. |
| (2) | Audit-related fees include fees for consents and comfort letters. |
| (3) | The Company paid its prior auditor, Armanino, LLP, $184,880 for fees to review the Company’s financial statements in 2023, and $117,931 related to consents and comfort letters in 2023 and 2024. |
| (4) | The Company paid its prior auditor, Plante Moran, PLLC, $8,495 related to consents and comfort letters in 2023. |
The Audit Committee Charter includes certain policies and procedures regarding the pre-approval of audit and non-audit services performed by an outside accountant. The Audit Committee is required to pre-approve all engagement letters and fees for all auditing services (including providing comfort letters in connection with securities underwritings) and non-audit services performed by the outside auditors, subject to any exception under Section 10A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and any rules promulgated thereunder. Pre-approval authority may be delegated to a committee member or a subcommittee, and any such member or subcommittee must report any decisions to the full committee at its next scheduled meeting. All of the fees and services of Haynie during 2023 and 2024, of Armanino during 2023 and 2024, and of Plante Moran during 2023 were approved by the Audit Committee pursuant to its pre-approval policy as provided in the Audit Committee Charter.
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APPROVAL OF THE AMENDED AND RESTATED 2023 EQUITY
|
| ● | change the maximum number of shares of common stock that we may issue under the 2023 Plan from a fixed number to a rolling percentage, increasing the number of shares of common stock that we may issue pursuant to awards under the Plan from 1,400,000 authorized shares to 20% of the Company’s total issued and outstanding shares of common stock from time to time; and |
| ● | update the amendment provisions to specifically set out which amendments or modifications to the Plan require stockholder approval. |
Reasons for Amending the 2023 Plan
The remaining shares currently reserved for issuance pursuant to awards under the 2023 Plan will soon be exhausted. We believe that the proposed changes to the 2023 Plan included in the Amended and Restated Plan will address our future equity compensation needs for a meaningful period of time. Basing the number of shares available on a percentage of shares outstanding will provide helpful flexibility as the Company continues its transition from an operations-focused business to an exploration-focused business and works to reduce administrative costs. Accordingly, based on the recommendation of the Compensation Committee, the board of directors unanimously adopted the Amended and Restated Plan, subject to the approval of our stockholders at the annual meeting.
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If our stockholders do not approve the Amended and Restated Plan at the annual meeting, the 2023 Plan will continue in effect in its current form, and we will continue to grant equity awards under the 2023 Plan until the shares of common stock reserved for issuance pursuant to awards thereunder are exhausted. If that happens, we will lose an important compensation tool that is designed to attract, motivate and retain highly qualified talent and more closely align our employees’ interests with our stockholders’ interests.
If the Amended and Restated Plan is approved by our stockholders at the annual meeting, we intend to file, pursuant to theSecurities Act of 1933, as amended (the “Securities Act”), a registration statement on Form S-8 to register the additional shares of common stock available for issuance under the 2023 Plan.
Text of the Amendments
The Amended and Restated Plan increases the maximum number of shares of common stock that we may issue pursuant to awards under the 2023 Plan from 1,400,000 shares to 20% of the Company’s total issued and outstanding shares of common stock from time to time. To reflect such increase, Section 4.1 of the 2023 Planwould be amended and restated in its entirety as follows:
“4.1 Shares of Common Stock Subject to the Plan; Share Limit . Subject to the adjustment as provided in Sections 8.1 and 10.9, the maximum number of shares of Common Stock available for issuance under the Plan will be equal to twenty percent (20%) of the Company’s total issued and outstanding shares of Common Stock from time to time. Notwithstanding the foregoing, the number of shares of Common Stock available to be granted, in the sole discretion of the Administrator, as Incentive Stock Options under this Plan may not exceed 3,010,609, subject to adjustment in accordance with Section 8.1. Every three (3) years after the Effective Date, all unallocated Awards under the Plan shall be submitted for approval to the Board and the stockholders of the Company.
This Plan is considered an “evergreen” plan since the shares of Common Stock covered by Awards which have been exercised or terminated shall be available for subsequent grants under the Plan and the number of Awards available to grant shall increase as the number of issued and outstanding shares of Common Stock increases.”
As part of the change of the 2023 Plan to an “evergreen” plan, the shares of common stock covered by awards which have been exercised or terminated would be available for subsequent grants under the Amended and Restated Plan. To reflect such change, Section 4.2 of the 2023 Plan would be amended and restated in its entirety as follows:
“4.2 Counting of Shares . The Administrator may adopt reasonable counting procedures to ensure appropriate counting and to avoid double counting (as, for example, in the case of tandem or substitute Awards) as it may deem necessary or desirable in its sole discretion. Shares shall be counted against those reserved to the extent shares have been delivered pursuant to an Award and are no longer subject to a substantial risk of forfeiture. Accordingly, to the extent that an Award under the Plan, in whole or in part, is exercised, cancelled, expired, forfeited, settled in cash, or otherwise terminated for any reason prior to the delivery of shares of Common Stock to the Participant, the shares of Common Stock subject to such Awards (or portion(s) thereof) that are retained by or returned to the Company will be added back to the number of shares of Common Stock reserved for issuance under this Plan and will again become available for issuance pursuant to the exercise of Awards granted under this Plan. Notwithstanding the foregoing , shares of Common Stock that are withheld from such an Award or separately surrendered by the Participant in payment of the exercise price or taxes relating to such an Award, and the total number of shares subject to the exercised portion of a stock-settled SAR (regardless of the actual lesser of number shares delivered to the Participant), shall not be considered issued and outstanding for the purposes of determining the number of shares of Common Stock reserved for issuance under the Plan.”
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The Amended and Restated Plan specifically sets out which amendments thereto the administrator may make in its sole discretion, without stockholder approval. To reflect such change, Section 10.5.2 of the 2023 Plan would be amended and restated in its entirety as follows:
“10.5.2 Amendment; Termination. Subject to and except as expressly provided in Section 10.5.3, the Board may, in its sole discretion, at any time, terminate or, from time to time, modify, amend or suspend this Plan, in whole or in part, without stockholder approval, and without limiting the foregoing, the Board may, without obtaining stockholder approval, modify or amend the Plan as follows:
| a. | amend the vesting provisions; |
| b. | amend the termination provisions; |
| c. | amend the definition of “Participant” or the eligibility requirements for Eligible Persons which would not have the potential of broadening or increasing Insider participation; |
| d. | amend the manner in which Participants may elect to participate in the Plan; |
| e. | make any amendment which is intended to provide additional protection to stockholders of the Company (as determined at the discretion of the Board); |
| f. | make amendments in any respect it deems necessary or advisable to provide eligible employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options and/or to bring the Plan and/or Incentive Stock Options granted under it into compliance therewith; |
| g. | make any amendment which is intended to facilitate the administration of the Plan; and |
| h. | make amendments of a housekeeping nature or to comply with or remove any conflicts or other inconsistencies with the requirements of applicable law or the Exchange or any other applicable stock exchange rules; provided that no such amendment or termination shall materially adversely affect any rights or benefits of a Participant as set out in Section 10.5.5. |
No Awards may be granted during any period that the Board suspends this Plan.”
The Amended and Restated Plan also specifically sets out which amendments thereto require stockholder approval. To reflect such change, Section 10.5.3 of the 2023 Plan would be amended and restated in its entirety as follows:
“10.5.3 Stockholder Approval. Only to the extent then required by applicable law or any applicable Exchange or any other applicable stock exchange rule or required to preserve the intended tax consequences of this Plan, this Plan and any amendment to this Plan shall be subject to approval by the stockholders of the Company. For greater certainty, none of the following modifications or amendments to the Plan shall be effective unless and until the Company has obtained the approval of the stockholders of the Company in accordance with the requirements of applicable law or the Exchange or any other applicable stock exchange rules:
| a. | any increase in the maximum number or percentage of shares of Common Stock reserved for issuance under the Plan; |
| b. | any amendments to this Section 10.5.3; |
| c. | any reduction of the exercise price, or cancellation and reissuance of Options so as to in effect reduce the exercise price, other than pursuant to adjustments in accordance with Section 8; |
| d. | any extension of any right of a Participant under the Plan beyond the date on which such right would originally have expired; and |
| e. | any other amendment that would require approval of stockholders pursuant to Exchange or other applicable stock exchange rules.” |
As noted above, the 2023 Plan is the only compensation plan under which we grant equity-based awards to our employees, contractors and outside directors. If the Amended and Restated Plan is approved by the Company’s
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stockholders, we will have the following shares available for issuance pursuant to equity-based awards (all share counts determined as of March 31, 2025):
|
Shares available for issuance under the Amended and Restated Plan, being 20% of shares issued and outstanding |
3,010,609 |
| Shares issued under the 2023 Plan | 300,000 |
| Shares reserved for issuance upon exercise of outstanding awards under the 2023 Plan | 940,000 |
| Total shares available for issuance pursuant to new awards upon approval of the Amended and Restated Plan | 1,770,609 |
Shares of the Company’s common stock that are issuable pursuant to outstanding incentive awards reduce the number of shares remaining available. To the extent an award should be exercised, expire or be forfeited or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an exchange program, the shares that were subject thereto shall, unless the Amended and Restated Plan shall have been terminated, be available under the Amended and Restated Plan for issuance pursuant to future awards.
Outstanding Awards under Existing Plans
As of March 31, 2025, there were 15,053,048 total outstanding shares of the Company’s common stock. Additionally, as of March 31, 2025, there were (i) no stock options outstanding under the 2023 Plan, (ii) 940,000 restricted stock units (“RSUs”) outstanding under the 2023 Plan, representing 6.2% of the issued and outstanding shares of the Company, (iii) no performance stock units (“PSUs”) outstanding under the 2023 Plan, (iv) 133,425 RSUs outstanding under the 2009 Equity Incentive Plan, representing 1.3% of the issued and outstanding shares of the Company and (v) 666 shares of unvested restricted common stock awarded pursuant to the 2009 Equity Incentive Plan, representing less than 0.01% of the issued and outstanding shares of the Company.
Burn Rate
In accordance with the requirements of Section 613 of the TSX Company Manual, our annual burn rate under the 2023 Equity Incentive Plan as of the end of fiscal year December 31, 2024 and 2023 was 0.47% and less than 0.01%, respectively, and our annual burn rate under the 2009 Equity Plan as of the end of the fiscal years December 31, 2024, 2023 and 2022 was zero, 0.57% and 1.46%, respectively. The annual burn rate is calculated by dividing (1) the total number of securities granted under the respective equity incentive plan during the applicable fiscal year by (2) the weighted-average number of outstanding shares during the applicable fiscal year.
DESCRIPTION OF THE AMENDED AND RESTATED PLAN
The following provides a summary of the material features of the Amended and Restated Plan and its operation. This summary does not purport to be a complete description of all of the provisions of the Amended and Restated Plan. The Amended and Restated Plan is set forth in its entirety as Annex A to this proxy statement, and all descriptions of the Amended and Restated Plan contained in this Proposal 3 are qualified by reference to Annex A.
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The Purpose of the Amended and Restated Plan
The purpose of the Amended and Restated Plan is to promote the success of the Company and the interests of its stockholders by providing an additional means for the Company to attract, motivate, retain and reward directors, officers and employees.
Administration
The board of directors or one or more committees consisting of directors appointed by the board of directors will administer the Amended and Restated Plan. The board of directors intends to delegate general administrative authority for the Amended and Restated Plan to the Compensation Committee, which is comprised of directors who qualify as independent under applicable SEC rules and Canadian securities laws. Except where prohibited by applicable law, a committee may delegate some or all of its authority with respect to the Amended and Restated Plan to another committee of directors or to one or more officers of the Company. For purposes of Rule16b-3of theExchange Actand for grants tonon-employeedirectors, the Amended and Restated Plan must be administered by a committee consisting solely of two or more independent directors. The appropriate acting body, be it the board of directors, a committee within its delegated authority, or an officer within his or her delegated authority, is referred to in this proposal as the “Administrator.”
The Administrator has broad authority under the Amended and Restated Plan with respect to award grants including, without limitation, the authority:
| ● | To select participants and determine the type(s) of award(s) that they are to receive; |
| ● | To determine the number of shares that are to be subject to awards and the terms and conditions of awards, including the price (if any) to be paid for the shares or the award; |
| ● | To cancel, modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consents, and subject to the repricing prohibition described below; |
| ● | To accelerate or extend the vesting or exercisability or extend the term of any or all outstanding awards subject to any required consents; |
| ● | Subject to the other provisions of the Amended and Restated Plan, to make certain adjustments to outstanding awards and authorize the conversion, succession or substitution of awards; and |
| ● | To allow the purchase price of awards or shares of the Company’s common stock to be paid in the form of cash, check, or electronic funds transfer, by the delivery of already-owned shares of the Company’s common stock or by a reduction of the number of shares deliverable pursuant to the awards, by services rendered by the recipient of the awards, by notice of third-party payment or by cashless exercise, on such terms as the Administrator may authorize, or any other form permitted by law. |
Eligibility
Persons eligible to receive awards under the Amended and Restated Plan include officers and employees of the Company or any of its subsidiaries, certain individual consultants who render bona fide services to the Company or any of its subsidiaries, andnon-employeedirectors of the Company. As of March 31, 2025, there were approximately four employees, including officers, of the Company and its subsidiaries, two individual consultants and fournon-employeedirectors of the Company who would potentially be eligible to receive awards under the Amended and Restated Plan.
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Authorized Shares
The Amended and Restated Plan provides that the maximum number of shares of common stock issuable upon the exercise of awards shall not exceed 20% of the Company’s total issued and outstanding shares of common stock from time to time. As a result, should the Company issue additional shares of common stock in the future, the number of shares issuable under the Amended and Restated Plan will increase accordingly. The Amended and Restated Plan is considered an “evergreen” plan since the shares of common stock covered by awards which have been exercised or terminated shall be available for subsequent grants under the Amended and Restated Plan and the number of awards available to grant shall increase as the number of issued and outstanding shares of common stock of the Company increases. Notwithstanding the foregoing, the number of shares of the Company’s common stock that may be issued under the Amended and Restated Plan as incentive stock options (“ISOs”) is limited to 3,010,609. The Amended and Restated Plan generally provides that shares issued in connection with awards that are granted by or become obligations of the Company through the assumption of awards (or in substitution for awards) in connection with an acquisition of another company will not count against the shares available for issuance under the Amended and Restated Plan, except as may be required by the plan Administrator or applicable law or Toronto Stock Exchange (“Exchange”) or other applicable stock exchange rules.
Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, exercised, fail to vest, or for any other reason are not paid or delivered under the Amended and Restated Plan, will be available for issuance thereunder. However, the Amended and Restated Plan prohibits liberal share recycling. Accordingly, shares tendered or withheld to satisfy the exercise price of options or tax withholding obligations, and shares covering the portion of exercised stock-settled stock appreciate rights (“SARs”) (regardless of the number of shares actually delivered), shall not be considered issued and outstanding for the purposes of determining the number of shares of Common Stock reserved for issuance under the Amended and Restated Plan.
Awards Under the Amended and Restated Plan
Because awards under the Amended and Restated Plan are granted in the discretion of the board of directors or a committee of the board of directors, the type, number, recipients and other terms of future awards cannot be determined at this time.
Participation Limits
Insider Participation
The Amended and Restated Plan does not limit insider participation. Votes attaching to any shares held by insiders eligible to participate in the Amended and Restated Plan are to be excluded when determining stockholder approval of the Amended and Restated Plan and any amendment(s) thereto requiring stockholder approval. As of the Record Date, an aggregate of 24,522 shares of common stock are held by insiders who are eligible to participate in the Amended and Restated Plan and, accordingly, such shares will be excluded in determining whether stockholder approval is obtained for the Amended and Restated Plan.
Individual Limits
There is no maximum number of shares which may be issued to an individual pursuant to the Amended and Restated Plan and any other share compensation arrangement.
No Repricing
In no event will any adjustment be made to a stock option or stock appreciate right under the Amended and Restated Plan (by amendment, cancellation and regrant, exchange for other awards or cash or other means) that would constitute a repricing of the per share exercise or base price of the award, unless such adjustment is approved by
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the stockholders of the Company. Adjustments made in accordance with the Amended and Restated Plan to reflect a stock split or similar event are not deemed to be a repricing.
Minimum Vesting Schedule
The Amended and Restated Plan requires a minimumone-yearcliff vesting schedule for all equity award types under the Amended and Restated Plan, except as otherwise approved by the board.
Dividends and Dividend Equivalents
Accrued dividends or dividend equivalent amounts shall not be paid unless and until the awards to which they relate become vested.
Financial Assistance
The Company will not provide financial assistance to participants under the Amended and Restated Plan.
Types of Awards
The Amended and Restated Plan authorizes stock options, SARs, restricted stock, RSUs, PSUs, and other forms of awards that may be granted or denominated in or otherwise determined by reference to the Company’s common stock, as well as cash awards. The Amended and Restated Plan provides flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Awards may, in certain cases, be paid or settled in cash.
Stock Options
A stock option is a right to purchase shares of the Company’s common stock at a future date at a specified price per share (the “exercise price”), as determined by the Administrator. The per share exercise price of an option may not be less than the fair market value of a share of the Company’s common stock on the date of grant. The fair market value is the closing price of the common stock on the date immediately preceding the date of grant (converted into US dollars if reported in Canadian dollars) or, if the common stock is not then listed on the Exchange or other market on which it is principally traded on the day immediately preceding the date of grant, the value determined by the compensation committee. On March 31, 2025, the last sale price of the Company’s common stock as quoted on the TSX was $0.30 per share. The maximum term of an option is ten years from the date of grant. An option may be either an ISO or a nonqualified stock option. ISOs are taxed differently than nonqualified stock options and are subject to more restrictive terms under the Internal Revenue Code of 1986, as amended (the “Code”), and the Amended and Restated Plan. ISOs may be granted only to employees of the Company or a subsidiary.
SARs
A SAR is the right to receive payment of an amount equal to (or having a fair market value equal to) the product of (x) the number of SARs being exercised multiplied by (y) the excess of the fair market value of shares of the Company’s common stock on the date of exercise of the SAR over the base price of the SAR. The base price is established by the Administrator at the time of grant of the SAR and may not be less than the fair market value of a share of the Company’s common stock on the date of grant. SARs may be granted in connection with other awards or independently. The maximum term of a SAR is ten years from the date of grant. Stock options granted may not be transformed into a stock appreciation right.
Restricted Stock
Shares of restricted stock are shares of the Company’s common stock that are subject to forfeiture and to certain restrictions on sale, pledge, or other transfer by the recipient during a particular period of employment or service or
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until certain performance vesting conditions are satisfied. Subject to the restrictions provided in the applicable award agreement and the Amended and Restated Plan, a participant receiving restricted stock may have all of the rights of a stockholder as to such shares, including the right to vote and the right to receive dividends; provided, however, that dividends on unvested shares shall be accrued and shall be paid only if the restricted stock to which they relate become vested.
RSUs
A RSU represents the right to receive one share of the Company’s common stock on a specific future vesting or payment date. Subject to the restrictions provided in the applicable award agreement and the Amended and Restated Plan, a participant receiving RSUs has no rights as a stockholder with respect to the RSUs until the shares of common stock are issued to the participant. RSUs may be granted with dividend equivalent rights that are payable only if the underlying RSUs vest. RSUs may be settled in cash, based on the fair market value of a share of the Company’s common stock on the applicable date, if so provided in the applicable award agreement.
PSUs
A PSU is a performance-based award that entitles the recipient to receive shares of the Company’s common stock based on attainment of one or more performance goals. Each PSU shall designate a target number of shares payable under the award, with the actual number of shares earned (if any) based on a formula set forth in the award agreement related to the attainment of one or more performance goals. A participant receiving PSUs has no rights as a stockholder until the shares of common stock are issued to the participant. PSUs may be granted with dividend equivalent rights that are payable only if the underlying PSUs are earned. PSUs may be settled in cash, based on the fair market value of a share of the Company’s common stock on the applicable date, if so provided in the applicable award agreement.
Cash Awards
The Administrator, in its sole discretion, may grant cash awards, including, without limitation, discretionary awards, awards based on objective or subjective performance criteria, and awards subject to other vesting criteria.
Other Awards
The other types of awards that may be granted under the Amended and Restated Plan include, without limitation, stock bonuses, and similar rights to purchase or acquire shares of the Company’s common stock, and similar securities with a value derived from the value of, or related to, the Company’s common stock or returns thereon.
Other Terms
Change of Control
The Amended and Restated Plan provides that, in the event of a change in control (as defined in the Amended and Restated Plan), the Administrator shall have full discretion to take whatever actions it deems necessary or appropriate with respect to outstanding awards, including, but not limited to: (a) to provide for full or partial accelerated vesting of any award or portion thereof, either immediately prior to such change in control or on such terms and conditions following the change in control (such as a termination without cause) as the Administrator determines in its sole and absolute discretion, (b) to provide for the assumption of such awards or portions thereof or the substitution of such awards or portions thereof with similar awards of the surviving or acquiring company or parent thereof, in a manner designed to comply with Section 409A of the Code, (c) to provide for the settlement in cash or property and cancellation of any award or portions thereof immediately prior to such change in control, which settlement may, in a manner designed to comply with Section 409A of the Code, be subject to any escrow,earn-outor other contingent or deferred payment arrangement that is contemplated by such change in control, and (d) take any other actions as the Administrator deems necessary or advisable in connection with such
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change in control transaction; provided, however, that in the event the surviving or acquiring company does not assume the outstanding awards or portions thereof or substitute similar stock awards for those outstanding under the Amended and Restated Plan as of the change in control, then (a) the vesting and exercisability, if applicable, of all awards or portions thereof shall be accelerated in full immediately prior to such change in control, with all performance goals or other vesting criteria applicable to any performance-based awards deemed achieved based on performance measured through the date of the change in control, and (b) such outstanding awards or portions thereof shall terminate and/or be payable upon the occurrence of the change in control. The Administrator may take different actions with respect to different Participants under the Amended and Restated Plan, different awards under the 2023 Plan, and different portions of awards granted under the Amended and Restated Plan.
Transferability of Awards
Awards under the Amended and Restated Plan generally are not transferable by the recipient other than by will or the laws of descent and distribution, or pursuant to domestic relations orders. Awards with exercise features are generally exercisable during the recipient’s lifetime only by the recipient. Any amounts payable or shares issuable pursuant to an award generally will be paid only to the recipient or the recipient’s beneficiary or representative. The Administrator has discretion, however, to establish written conditions and procedures for the transfer of awards to other persons or entities, as long as such transfers comply with applicable federal and state securities laws and provided that any such transfers are not for consideration.
Adjustments
As is customary in plans of this nature, the share limits and the number and kind of shares available under the Amended and Restated Plan and any outstanding awards, as well as the exercise or purchase prices of awards, are subject to adjustment in the event of certain reorganizations, mergers, combinations, recapitalizations, stock splits, stock dividends, or other similar events that change the number or kind of shares outstanding, and extraordinary dividends or distributions of property to the stockholders.
No Limit on Other Authority
The Amended and Restated Plan does not limit the authority of the board of directors or any committee to grant awards or authorize any other compensation, with or without reference to the Company’s common stock, under any other plan or authority.
Restrictive Covenants and Clawback Policy
By accepting awards and as a condition to the exercise of awards and the enjoyment of any benefits of the Amended and Restated Plan, participants agree to be bound by any clawback policy adopted by the Company from time to time. Participants may also be subject to restrictive covenants if so required by the Administrator in any award agreement.
Termination of Entitlement
Unless the applicable award agreement provides otherwise, the exercise period of options or SARs granted pursuant to the Amended and Restated Plan shall expire: (i) three months after the last day that the participant is employed by, or provides services to, the Company or its subsidiaries (provided however, that in the event of the participant’s death during this period, persons entitled to exercise the option or SAR pursuant to the laws of descent and distribution shall have one year following the date of the participant’s death to exercise such option or SAR); (ii) 12 months after the last day that the participant is employed by, or provides services to, the Company or a subsidiary in the case of a participant whose termination of employment or service is due to death or disability; and (iii) immediately upon a participant’s termination for cause.
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Termination of, or Changes to, the Amended and Restated Plan
Subject to the terms of the Amended and Restated Plan, the Administrator may terminate the Amended and Restated Plan at any time and in any manner. Unless terminated earlier by the board, the authority to grant new awards under the Amended and Restated Plan will terminate ten years after the date on which the Amended and Restated Plan was approved by the board. Outstanding awards will generally continue following the expiration or termination of the Amended and Restated Plan.
The Administrator may, without stockholder approval, modify or amend the Amended and Restated Plan as follows:
| ● | amend the vesting provisions; |
| ● | amend the termination provisions; |
| ● | amend the definition of “Participant” or the eligibility requirements for eligible persons which would not have the potential of broadening or increasing insider participation; |
| ● | amend the manner in which participants may elect to participate; |
| ● | make any amendment which is intended to provide additional protection to stockholders of the Company; |
| ● | make any amendments it deems necessary or advisable to provide eligible employees with the maximum benefits provided (or to be provided) under the provisions of the Code and the regulations promulgated thereunder relating to ISOs and/or to bring the Amended and Restated Plan and/or ISOs granted under it into compliance therewith; |
| ● | make any amendment which is intended to facilitate the administration of the Amended and Restated Plan; and |
| ● | make amendments of a housekeeping nature or to comply with or remove any conflicts or other inconsistencies with the requirements of applicable law or the Exchange or any other applicable stock exchange rules; provided that no such amendment or termination shall materially adversely affect any rights or benefits of a participant. |
None of the following amendments should be made to the Amended and Restated Plan without stockholder approval:
| ● | increase the maximum number or percentage of shares of common stock reserved for issuance; |
| ● | modifications to the list of amendments requiring stockholder approval; |
| ● | reduce the exercise price, or cancel and reissue options so as to in effect reduce the exercise price, other than pursuant to adjustments in accordance with the Amended and Restated Plan; |
| ● | extend any right of a participant under the Amended and Restated Plan beyond the date on which such right would originally have expired; and |
| ● | any other amendment that would require approval of stockholders pursuant to Exchange or other applicable stock exchange rules. |
CERTAIN U.S. FEDERAL TAX CONSEQUENCES
The following summary of the federal income tax consequences of awards under the Amended and Restated Plan is based upon U.S. federal income tax laws in effect on the date of this proxy statement. This summary does not purport
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to be complete, and does not discuss state, local ornon-U.S.tax consequences. The tax consequences of individual awards may vary depending upon the particular circumstances applicable to any individual participant.
Nonqualified Stock Options
The grant of a nonqualified stock option under the Amended and Restated Plan will not result in any federal income tax consequences to the participant or to the Company. Upon exercise of a nonqualified stock option, the participant will recognize ordinary compensation income equal to the excess of the fair market value of the shares of common stock at the time of exercise over the option exercise price. If the participant is an employee, this income is subject to withholding for federal income and employment tax purposes. The Company is entitled to an income tax deduction in the amount of the income recognized by the participant, subject to possible limitations imposed by the Code, including Section 162(m) thereof. Any gain or loss on the participant’s subsequent disposition of the shares will be treated as long-term or short-term capital gain or loss, depending on the sales proceeds received and whether the shares are held for more than one year following exercise. The Company does not receive a tax deduction for any subsequent capital gain.
Incentive Stock Options
The grant of an ISO under the Amended and Restated Plan will not result in any federal income tax consequences to the participant or to the Company. A participant recognizes no federal taxable income upon exercising an ISO (subject to the alternative minimum tax rules discussed below), and the Company receives no deduction at the time of exercise. In the event of a disposition of stock acquired upon exercise of an ISO, the tax consequences depend upon how long the participant has held the shares. If the participant does not dispose of the shares within two years after the ISO was granted, nor within one year after the ISO was exercised, the participant will recognize a long-term capital gain (or loss) equal to the difference between the sale price of the shares and the exercise price. The Company is not entitled to any deduction under these circumstances.
If the participant fails to satisfy either of the foregoing holding periods (referred to as a “disqualifying disposition”), he or she will recognize ordinary compensation income in the year of the disposition. The amount of ordinary compensation income generally is the lesser of (i) the difference between the amount realized on the disposition and the exercise price or (ii) the difference between the fair market value of the stock at the time of exercise and the exercise price. Such amount is not subject to withholding for federal income and employment tax purposes, even if the participant is an employee of the Company. Any gain in excess of the amount taxed as ordinary income will generally be treated as a short-term capital gain. The Company, in the year of the disqualifying disposition, is entitled to a deduction equal to the amount of ordinary compensation income recognized by the participant, subject to possible limitations imposed by the Code, including Section 162(m) thereof.
The “spread” under an ISO (i.e., the difference between the fair market value of the shares at exercise and the exercise price) is classified as an item of adjustment in the year of exercise for purposes of the alternative minimum tax. If a participant’s alternative minimum tax liability exceeds such participant’s regular income tax liability, the participant will owe the alternative minimum tax liability.
Restricted Stock
Restricted stock is generally taxable to the participant as ordinary compensation income on the date that the restrictions lapse (i.e., the date that the stock vests), in an amount equal to the excess of the fair market value of the shares on such date over the amount paid for such stock, if any. If the participant is an employee, this income is subject to withholding for federal income and employment tax purposes. The Company is entitled to an income tax deduction in the amount of the ordinary income recognized by the participant, subject to possible limitations imposed by the Code, including Section 162(m) thereof. Any gain or loss on the participant’s subsequent disposition of the shares will be treated as long-term or short-term capital gain or loss depending on the sales price and how
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long the stock has been held since the restrictions lapsed. The Company does not receive a tax deduction for any subsequent gain.
Participants receiving restricted stock awards may make an election under Section 83(b) of the Code (a “Section 83(b) Election”) to recognize as ordinary compensation income in the year that such restricted stock is granted in an amount equal to the excess of the fair market value on the date of the issuance of the stock over the amount paid for such stock. If the participant is an employee, this income is subject to withholding for federal income and employment tax purposes. If such an election is made, the recipient recognizes no further amounts of compensation income upon the lapse of any restrictions and any gain or loss on subsequent disposition will be long-term or short-term capital gain or loss to the recipient. However, if the stock is later forfeited, the participant will not be able to recover the tax previously paid pursuant to the Section 83(b) Election. The Section 83(b) Election must be made within 30 days from the time the restricted stock is issued. The Company is entitled to a deduction equal to the amount of income taken into account as a result of the Section 83(b) Election, subject to possible limitations imposed by the Code, including Section 162(m) thereof.
To the extent dividends are paid while the restrictions on the stock are in effect, any such dividends will be taxable to the participant as ordinary income (and will be treated as additional wages for federal income and employment tax withholding purposes, if the recipient is an employee) and will be deductible by the Company (subject to possible limitations imposed by the Code, including Section 162(m) thereof), unless the participant has made a Section 83(b) Election, in which case the dividends will generally be taxed at dividend rates and will not be deductible by the Company.
Other Awards
Other awards (such as RSUs and PSUs) are generally treated as ordinary compensation income as and when common stock or cash are paid to the participant upon vesting or settlement of such awards. If the participant is an employee, this income is subject to withholding for income and employment tax purposes. The Company is generally entitled to an income tax deduction equal to the amount of ordinary income recognized by the recipient, subject to possible limitations imposed by the Code, including Section 162(m) thereof.
Section 162(m) of the Internal Revenue Code
Under Code Section 162(m), no deduction is generally allowed in any taxable year of the Company for compensation in excess of $1 million paid to any of the Company’s “covered employees.” A “covered employee” is any individual who has served at any time after December 31, 2016 as the Company’s chief executive officer, chief financial officer, or other executive officer whose compensation has been reported in a Company proxy statement, regardless of whether any such individual is still employed by the Company. We may be prohibited under Code Section 162(m) from deducting compensation paid pursuant to the Amended and Restated Plan to our “covered employees.”
Section 409A of the Internal Revenue Code
Section 409A of the Code provides certain requirements for the deferral and payment of deferred compensation arrangements. In the event that any award under the Amended and Restated Plan is deemed to be a deferred compensation arrangement, and if such arrangement does not comply with Section 409A of the Code, the recipient of such award will recognize ordinary income once such award is vested, as opposed to at the time or times set forth above. In addition, the amount taxable will be subject to an additional 20% federal income tax along with other potential taxes and penalties. It is intended, although not guaranteed, that all awards issued under the Amended and Restated Plan will either be exempt from or compliant with the requirements of Section 409A of the Code.
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| THE BOARD AND ITS COMMITTEES |
Meetings and Committees of the Board of Directors
During 2024, our board of directors held 28 meetings. Each director attended more than 75% of the aggregate of meetings of the Board and meetings of the Committees of the Board of which that director is a member.
Audit Committee . We have a standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Audit Committee met five times during 2024. Our Audit Committee is currently comprised of Kevin Morano (Chairperson), Deborah Friedman and David Watkins. Each of the members of the Audit Committee is independent and financially sophisticated, as defined by the NYSE American listing standards. Our board of directors has determined that Mr. Morano qualifies as an “Audit Committee Financial Expert” as that term is defined in Item 407(d)(5) of Regulation S-K. The Audit Committee is responsible for the selection, compensation, retention and oversight of the independent auditor, which reports directly to the Audit Committee. The Audit Committee also assists the board of directors in reviewing and oversight of the quality and integrity of the Company’s accounting, auditing and financial reporting practices. The Audit Committee regularly reviews the Company’s financial statements and reports, earnings press releases, financial reporting process, system of internal controls, and compliance with applicable law.
The board of directors has adopted
a written charter for the Audit Committee that may be viewed on Golden Minerals’ website at:
https://www.goldenminerals.com/_resources/governance/GLDN_Audit_Committee_Charter.pdf?v=0311
Compensation Committee . The Compensation Committee met one time during 2024 and is currently comprised of Kevin Morano (Chairperson), Jeffrey Clevenger and David Watkins. Each member of the Compensation Committee is independent as defined by the NYSE American listing standards. The principal responsibilities of the Compensation Committee are to establish policies and periodically determine matters involving executive compensation, recommend changes in employee benefit programs, grant or recommend the grant of stock options and stock awards under our 2023 Equity Incentive Plan, and provide counsel regarding key personnel selection. The Compensation Committee has authority to retain such compensation consultants, outside counsel and other advisors as the Committee in its sole discretion deems appropriate. The Compensation Committee has not engaged the services of or paid a fee to any compensation consultant or other third party to evaluate or assist with the evaluation of the Company’s compensation arrangements.
The board of directors has adopted
a charter for the Compensation Committee that may be viewed on Golden Minerals’ website at:
https://www.goldenminerals.com/_resources/governance/GLDN_Compensation_Comm_Charter.pdf?v=0311
Corporate Governance and Nominating Committee . The Corporate Governance and Nominating Committee held two meetings in 2024. It is currently comprised of Deborah Friedman (Chairperson), Jeffrey Clevenger and David Watkins. Each member of the Corporate Governance and Nominating Committee is independent as defined by the NYSE American listing standards. The Corporate Governance and Nominating Committee is responsible for overseeing and evaluating the board of directors’ performance, selecting and evaluating prospective director nominees and reviewing board and board committee compensation. The Corporate Governance and Nominating Committee also oversees and provides advice to the board of directors regarding our corporate governance policies, practices and procedures.
The board of directors has adopted
a charter for the Corporate Governance and Nominating Committee that may be viewed on Golden Minerals’ website at:
https://www.goldenminerals.com/_resources/governance/GLDN_Corp_Gov_Nominating_Comm%20Charter.pdf?v=0311
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The Role of the Corporate Governance and Nominating Committee in the Nomination Process
In identifying and recommending nominees for positions on our board of directors, our Corporate Governance and Nominating Committee places emphasis on the following criteria, among others:
| ● | Judgment, character, expertise, skills and knowledge useful to the oversight of our business; |
| ● | Business or other relevant experience; and |
| ● | The extent to which the interplay of the nominee’s expertise, skills, knowledge and experience with that of other members of our board of directors will contribute to a board that is effective, collegial and responsive to the needs of the Company. |
Our Corporate Governance and Nominating Committee does not set specific, minimum qualifications that nominees must meet in order for the Corporate Governance and Nominating Committee to recommend them to our board of directors but rather believes that each nominee should be evaluated based on his or her individual merits, considering the needs of the Company and the composition of our board of directors. In considering diversity, we consider diversity of viewpoints, backgrounds and experience. We do not, however, have any formal policy regarding diversity in identifying nominees for a directorship, but rather consider it among the various factors relevant to any particular nominee. Our Corporate Governance and Nominating Committee evaluates possible candidates in detail and suggests individuals to explore in more depth. In the event that we decide to fill a vacancy that exists, or we decide to increase the size of the board of directors, our Corporate Governance and Nominating Committee will identify, interview and examine, and make recommendations to the board of directors regarding appropriate candidates. We identify potential candidates principally through suggestions from the Company’s directors and senior management. Our President and Chief Executive Officer and board members may also seek candidates through informal discussions with third parties. We also consider candidates recommended or suggested by stockholders.
Board Independence and Leadership Structure
Our board of directors has determined that each of our current directors, other than Mr. Castanos, our President and Chief Executive Officer, is independent as defined by the NYSE American listing standards.
Mr. Clevenger served as our President until May 2015 and as our Chief Executive Officer to September 2015. Mr. Clevenger has served as our Chairman of the board of directors since Company’s inception in 2009, The board believes that the Company is best served by a Chairman who has been actively involved with the Company and is therefore able to bring a significant depth of knowledge about the Company to the role of Chairman.
We believe that our current board leadership structure is appropriate as a majority of our board of directors are independent directors.
The Board’s Role in Risk Oversight
It is management’s responsibility to manage risk and bring to the board of directors’ attention any material risks to the Company. The board of directors has oversight responsibility through its Audit Committee, which oversees the Company’s risk policies and processes relating to the financial statements and financial reporting processes and the guidelines, policies and processes for mitigating those risks.
Stockholder Nominations
The Corporate Governance and Nominating Committee will receive, review and evaluate director candidate recommendations from stockholders. The Corporate Governance and Nominating Committee has adopted written procedures to be followed by stockholders in submitting such recommendations. Candidates proposed by stockholders will be evaluated by the Corporate Governance and Nominating Committee in the same manner as
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candidates that are not proposed by stockholders. A stockholder that wishes to submit a director nomination for inclusion on the universal proxy card in connection with the 2026 annual meeting, other than those directors nominated by the Company, must submit advance written notice to the Chairperson of the Corporate Governance and Nominating Committee no later than 60 calendar days prior to the anniversary of the previous year’s annual meeting date. The notice must include all of the information required by Rule 14a-19 under the Exchange Act.
A stockholder nominee for director should be a person of integrity committed to devoting the time and attention necessary to fulfill his or her duties to Golden Minerals. The Corporate Governance and Nominating Committee will evaluate the independence of directors and potential directors nominated by stockholders, as well as his or her business experience, specialized skills and other experience. Diversity of background and experience, including diversity of race, ethnicity, international background, gender and age, are also important factors in evaluating candidates for board membership. In considering diversity, we consider diversity of viewpoints, backgrounds and experience. The Corporate Governance and Nominating Committee will also consider issues involving possible conflicts of interest of directors or potential directors.
The information noted on our website is not, and shall not be deemed to be, a part of this Proxy Statement or incorporated herein or into any of our other filings with the SEC.
Communication with the Board
We have established a process for security holders to communicate with the board of directors. Securityholders wishing to communicate with the board of directors of Golden Minerals should send an email, write or telephone to:
Golden Minerals Company
Attn: Investor Relations
1312 17th Street, Unit #2136
Denver, Colorado, 80202
Telephone: (303) 764-9170
Email: investor.relations@goldenminerals.com
Any such communication must state the type and amount of Golden Minerals securities held by the securityholder and must clearly state that the communication is intended to be shared with the board of directors, or if applicable, with a specific committee of the board. Any such communication received will be forwarded to the members of the board or specific board committee.
Director Attendance at the Annual Meeting
All members of the board of directors are encouraged, but not required, to attend the annual meeting of stockholders. Three members of the Board attended the 2024 annual meeting of stockholders, which was held on May 9, 2024.
Compensation Committee Interlocks and Insider Participation
Our Compensation Committee is currently comprised of Kevin Morano, Jeffrey Clevenger and David Watkins. With the exception of Mr. Clevenger, who was our President to May 2015 and our Chief Executive Officer to September 2015, no member of the Compensation Committee has ever been an officer or employee of Golden Minerals or any of its subsidiaries. None of the individuals on our Compensation Committee had any reportable transactions with Golden Minerals or any of its subsidiaries in 2024. None of our current executive officers have served as a director or member of the compensation committee (or equivalent thereof) of another entity.
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Policy Regarding Options and Similar Equity Awards
We do not currently grant new awards of stock options, stock appreciation rights or similar option-like equity awards. Accordingly, we have no specific policy or practice on the timing of grants of such awards in relation to the disclosure of material nonpublic information. In the event we determine to grant new awards of stock options or similar equity awards in the future, the Compensation Committee will evaluate the appropriate steps to take in relation to the foregoing.
Insider Trading Policy
The information required by Item 408(b) of Regulation S-K regarding the Company’s insider trading policies and procedures is incorporated by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on or about April 15, 2025.
Director Compensation
Our directors who are also our employees receive no fees for board service. Currently, Mr. Castanos is the only director who is also an employee.
Prior to December 1, 2024, compensation for non-employee directors of Golden Minerals included the following: (i) a $20,000 annual cash retainer, (ii) a $1,000 cash fee for each board meeting that the director attends in person or by telephone, (iii) a $1,000 cash fee for each committee meeting that the director attends in person or by telephone, (iv) an additional $30,000 cash retainer for the Chairman of the board, and (v) an additional $5,000 annual cash retainer for the Chairperson of the Audit Committee. Retainer payments were typically made on the date of the annual stockholders meeting for service until the next annual meeting. Effective December 1, 2024, non-employee directors do not receive cash compensation for board service due to the financial condition of the Company. We also reimburse our directors for all reasonable out-of-pocket costs incurred by them in connection with their services. To conserve cash, all board fees earned in 2023 and 2024 were accrued and not paid; approximately one half of the entire amount accrued for each non-employee director was paid to that director in December 2024.
Non-employee directors may receive discretionary grants of restricted stock units under our 2023 Equity Incentive Plan. Restricted stock units typically vest on the first anniversary of the grant date, and the recipient director is entitled to receive one unrestricted share of common stock for each vested restricted stock unit upon the termination of the director’s service on our board of directors. Our directors are also eligible to receive other equity awards, including stock options, stock appreciation rights, restricted stock units and other stock awards pursuant to our 2023 Equity Incentive Plan. Directors may also hold previously issued restricted stock units and may be entitled to other amounts that are payable on a delayed basis, under the Company’s Non-Employee Directors’ Deferred Compensation and Equity Award Plan (the “Deferred Compensation Plan”). Each non-employee director was awarded a grant of 100,000 restricted stock units in 2024.
The table below sets forth all compensation earned by our non-employee directors during 2024.
| Name |
Fees Earned or
(1) ($) |
Restricted
Stock Awards ($)(2)(3) |
Stock Options
($) |
Total
($) |
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|
Jeffrey G.
Clevenger(4) | 79,000 | 41,280 | — | 120,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| W. Durand Eppler(5) | -- | — | — | -- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deborah J. Friedman | 55,000 | 41,280 | — | 96,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kevin R. Morano(6) | 61,000 | 41,280 | — | 102,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Terry M. Palmer(7) | 6,000 | — | — | 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| David H. Watkins | 45,000 | 41,280 | — | 86,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 28 |
| (1) | The cash fees for directors were accrued in the Company’s financial records but not paid to directors from January 2023 through November 2024. In December 2024, directors received cash payments of approximately 50% of the total amounts accrued as follows: Mr. Clevenger, $73,500; Mr. Eppler, $20,000; Ms. Friedman, $48,500; Mr. Morano, $50,000; Mr. Palmer $26,000; and Mr. Watkins, $40,500. |
| (2) | At December 31, 2024, the aggregate number of outstanding stock awards for each non-employee director were as follows: Mr. Clevenger – 133,600; Mr. Eppler – 0; Ms. Friedman – 108,000; Mr. Morano – 129,493; Mr. Palmer – 0; and Mr. Watkins – 129,493. |
| (3) | Restricted stock units that will vest on the first to occur of (i) the first anniversary of the grant date and (ii) a Change of Control as defined in the 2023 Plan. The amounts represent the grant date fair market value of the RSUs, calculated in accordance with FASB ASC Topic 718. |
| (4) | Prior to December 1, 2024, as a non-employee director, Mr. Clevenger received regular board compensation, as described above, plus an additional annual $30,000 retainer for his service as Chairman of the board. |
| (5) | Mr. Eppler passed away on February 27, 2024. |
| (6) | In 2024, Mr. Morano received regular board compensation, as described above, plus an additional annual $5,000 retainer for his service as Chairman of the Audit Committee. |
| (7) | Mr. Palmer retired from the board on May 9, 2024; he did not stand for re-election in 2024. |
Summary Compensation Table
Compensation information is set forth below for the named executive officers of Golden Minerals through December 31, 2024, including our current principal executive officer and our two other highest compensated executive officers during 2024, and our former chief executive officer as well as our former chief financial officer, who would have been among the two other highest compensated executive officers for 2024 had he not terminated employment. We have not entered into employment agreements with any of our executive officers but have certain arrangements regarding payments following termination of employment. For a description of these arrangements, see “—Post-Employment Payments.” All executives are employed on an at-will basis.
|
Name and
Principal Position | Year |
Salary
($) |
Bonus
($) |
Stock
Awards (1) ($) |
All Other
Compensation (2) ($) |
Total
($) |
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| Pablo Castanos (3) | 2024 | 300,000 | — | 164,000 | 12,838 | 476,838 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| President and Chief Executive Officer | 2023 | 150,000 | — | 64,800 | 6,419 | 221,219 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warren M. Rehn (4) | 2024 | 167,292 | 126,000 | 56,755 | 350,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Former President and Chief Executive Officer |
2023 | 365,000 | — | — | 14,423 | 379,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Joe Dwyer (5) Chief Financial Officer and Corporate Secretary |
2024 | 195,208 | — | 35,000 | 3,816 | 234,024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Julie Z. Weedman (6) | 2024 | 156,250 | — | — | 6,743 | 162,993 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Former Senior Vice President and Chief Financial Officer |
2023 | 250,000 | — | — | 10,584 | 260,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 29 |
| (1) | Stock-based compensation cost for stock awards is measured based on the closing fair market value of the Company’s common stock on the date of grant, in accordance with stock-based compensation accounting rules (FASB ASC Topic 718). See Note 14 of the Notes to the Consolidated Financial Statements for the year-ended December 31, 2024, included in our Annual Report to Stockholders, for a discussion of the grant date fair value. On June 18, 2024, Mr. Castanos received 400,000 restricted stock units pursuant to the 2023 Equity Incentive Plan with a fair market value on the grant date of $164,000 and on August 15, 2024, Mr. Dwyer received 100,000 restricted stock units pursuant to the 2023 Equity Incentive Plan with a fair market value on the grant date of $35,000. In connection with his retirement on June 17, 2024, Mr. Rehn received a one-time grant of 300,000 shares of common stock with a fair market value of the grant date of $126,000. |
| (2) | Amounts shown as “All Other Compensation” include a one-time payment of $50,000 to Mr. Rehn in connection with his retirement, contributions to the Company’s 401(k) Plan, life insurance premiums paid on behalf of each of the named executive officers and other items. |
| (3) | Mr. Castanos was appointed as the Executive Vice President of the Company on July 1, 2023 and as President and Chief Executive Officer on June 17, 2024. |
| (4) | Mr. Rehn retired from his position as the President and Chief Executive Officer of the Company effective as of June 17, 2024. |
| (5) | Mr. Dwyer was appointed as the Chief Financial Officer and Corporate Secretary of the Company effective as of August 15, 2024. Effective as of August 15, 2024, Mr. Dwyer‘s salary has increased to $225,000. |
| (6) | Ms. Weedman retired from her position as Senior Vice President, Chief Financial Officer and Corporate Secretary of the Company on August 15, 2024. |
The Company terminated further grants under its 2009 Equity Incentive Plan when the Company’s stockholders approved the 2023 Equity Incentive Plan at the Company’s 2023 annual meeting, pursuant to which awards of the Company’s common stock may be made to officers, directors, employees, consultants and agents of the Company and its subsidiaries. As of March 31, 2025, the total number of authorized shares available under the 2023 Equity Incentive Plan is 1,400,000, of which 160,000 currently remain available for issuance, and an aggregate of 940,000 shares are issuable under outstanding awards that have been granted under the 2023 Equity Incentive Plan. The aggregate fair market value of common stock with respect to which ISOs are exercisable for the first time by an option holder under the 2023 Equity Incentive Plan or any other option plan of the Company must not exceed $100,000 in any calendar year. Options and other equity incentive awards under the 2023 Equity Incentive Plan may vest in periodic installments or may be fully vested at the time of grant, as determined by our board of directors. Options under the plan generally may have a term of up to ten years, except in the case of certain participants where the term of options is limited to a term of up to five years. The exercise price of options is not less than 100% of the fair market value of the common stock on the date the option is granted, except in certain instances where the exercise price is set at 110% of such fair market value. Options and other equity awards granted under the 2023 Equity Incentive Plan are generally not transferable except by will or by the laws of descent and distribution, or unless otherwise specified by our board of directors. Our board of directors may amend the plan from time to time, provided that no amendment will be effective unless approved by the stockholders of the Company to the extent necessary to satisfy the requirements of applicable law or rules of any applicable securities exchange.
For disclosure related to our annual burn rate in accordance with the requirements of Section 613 of the TSX Company Manual, see “Burn Rate”.
| 30 |
Equity Compensation Plan Information
The following table includes information regarding our equity compensation plans as of December 31, 2024:
| Plan Category |
(a)
Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights |
(b)
Weighted Average Exercise Price of Outstanding Options, Warrants and Rights ($) |
(c)
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities reflected in Column (a))
Equity compensation plans approved by security holders
|
1,073,425
|
(1)
|
—
|
160,000
|
Equity compensation plans not approved by security holders
|
—
|
|
—
|
—
|
Total
|
1,073,425
|
|
—
|
160,000
|
Outstanding Equity Awards at Fiscal Year-End Table The following table shows the equity awards held by our named executive officers as of December 31, 2024:
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HAVE YOUR PROXY CARD READY AND PLEASE USE ONE OF THE EASY VOTING METHODS BELOW Internet: www.AALvote.com/AUMN . Cast your vote online . Have your Proxy Card ready . Follow the simple instructions to record your vote Phone: 1-866-804-9616 . Use any touch tone telephone . Have your Proxy Card ready . Follow the simple recorded instructions Mail: . Mark, sign,
and date your Proxy Card DO NOT PRINT IN THIS AREA . Fold and return your Proxy Card in the Prepaid Envelope provided (Stockholder Name Address Data) In Person: . You must attend the meeting at: Lakeway Resort Spa on May 27, 2025 Scan QR Code Golden Minerals Company for Digital Voting For Stockholders of record as of March 31, 2025. Tuesday, May 27, 2025, 2:00 p.m. Central Time. Lakeway Resort Spa, Suite Pecos, 101 Lakeway Dr, Lakeway, TX 78734 CONTROL NUMBER Please visit https://web.viewproxy.com/AUMN/2025
PLEASE FOLD ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED. PROXY ANNUAL MEETING OF STOCKHOLDERS Golden Minerals Company Tuesday, May 27, 2025 THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS. The Board of Directors recommends (i) a vote "FOR" each of the director nominees; and (ii) a vote "FOR" Proposals 2 and 3. The undersigned hereby constitutes and appoints Pablo Castanos and Joseph G. Dwyer and each of them, as proxies, each with the power to appoint his substitute,
and hereby authorize(s) them to represent and to vote, as designated on the reverse side of this ballot, all of the shares of common stock of Golden Minerals Company that the stockholder(s) is/are entitled to vote at the Annual Meeting of Stockholders to be held at 2:00 p.m. Central Time on May 27, 2025 and any adjournment or postponement thereof. Further instructions on how to attend and vote at the Annual Meeting of Stockholders are contained in the Proxy Statement in the sections titled
"How to Attend the Annual Meeting" and "How You Can Vote". THIS PROXY WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF NO SUCH DIRECTION IS MADE, THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE BOARD OF DIRECTORS' RECOMMENDATIONS. THE PROXIES ARE AUTHORIZED TO VOTE IN THEIR DISCRETION UPON SUCH OTHER BUSINESS NOT KNOWN AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENTS THEREOF. You are encouraged to specify your choice by marking the appropriate box (SEE REVERSE SIDE) but you
need not mark any box if you wish to vote in accordance with the Board of Directors' recommendation. The Named Proxies cannot vote your shares unless you sign (on the reverse side) and return this card.
PLEASE MARK YOUR VOTE AS THIS EXAMPLE Proposal 1. To elect five directors to hold office until the 2026 annual meeting of stockholders or until their successors are elected. . FOR ALL NOMINEES LISTED BELOW (except as marked to the contrary below) . WITHHOLD AUTHORITY TO VOTE FOR ALL NOMINEES LISTED BELOW INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ONE
OR MORE INDIVIDUAL NOMINEES, STRIKE A LINE THROUGH THE NOMINEE NAMES BELOW: NOMINEES: NOMINEES: (1) Jeffrey G. Clevenger (4) Kevin R. Morano (2) Pablo Castanos (5) David H. Watkins (3) Deborah J. Friedman Proposal 2. To ratify the appointment of Haynie Company as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. FOR . AGAINST . ABSTAIN . Proposal 3. To approve the Company's Amended and Restated 2023 Equity Incentive Plan. FOR . AGAINST
. ABSTAIN . To transact such other business as may properly come before the annual meeting or any postponements or adjournments thereof. PLEASE FOLD ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED. 2025 Date Signature(s) of Stockholder(s) Title (if applicable) Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If
a corporation or partnership, please sign in full corporate or partnership name, by authorized officer. I PLAN TO ATTEND THE ANNUAL MEETING . Address change/Comments: If you noted any Address Changes and/or Comments, please mark box. . CONTROL NUMBER