North European Oil Royalty Trust Announces Annual Meeting of Unit Owners

TL;DR

<b>North European Oil Royalty Trust will hold its Annual Meeting of Unit Owners on February 21, 2024, via Zoom.</b>

AI Summary

NORTH EUROPEAN OIL ROYALTY TRUST (NRT) filed a Proxy Statement (DEF 14A) with the SEC on January 2, 2024. The Annual Meeting of Unit Owners for North European Oil Royalty Trust is scheduled for February 21, 2024, at 11:00 a.m. EST. The meeting will be conducted virtually via Zoom, with a provided link for participation. Unit owners are encouraged to attend and participate in the question-and-answer session. The filing is a Definitive Proxy Statement (DEF 14A) filed on January 2, 2024. The Trust's fiscal year ends on October 31.

Why It Matters

For investors and stakeholders tracking NORTH EUROPEAN OIL ROYALTY TRUST, this filing contains several important signals. This DEF 14A filing provides essential information for unit owners to understand the matters to be discussed and voted upon at the annual meeting, ensuring informed participation. The virtual format aims to increase accessibility for unit owners to engage with the Trust's management and governance.

Risk Assessment

Risk Level: low — NORTH EUROPEAN OIL ROYALTY TRUST shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational disclosures that would indicate high risk.

Analyst Insight

Unit owners should review the proxy materials to understand the agenda and voting items for the upcoming annual meeting.

Key Numbers

• 2024-02-21 — Annual Meeting Date (Annual Meeting of Unit Owners.)
• 11:00 AM EST — Meeting Time (Scheduled start time for the Annual Meeting.)
• DEF 14A — Filing Type (Form type for the proxy statement.)
• 2024-01-02 — Filing Date (Date the Definitive Proxy Statement was filed.)

Key Players & Entities

• NORTH EUROPEAN OIL ROYALTY TRUST (company) — Registrant and filer of the proxy statement.
• February 21, 2024 (date) — Date of the Annual Meeting of Unit Owners.
• 20240102 (date) — Filing date of the DEF 14A.
• 11:00 a.m. EST (time) — Scheduled start time of the Annual Meeting.
• Zoom (company) — Platform used for the virtual Annual Meeting.

FAQ

Risk Factors

• Compliance with SEC Regulations [low — regulatory]: The Trust must comply with all SEC regulations regarding proxy solicitations and annual meetings, including timely filing of required documents.

Industry Context

The North European Oil Royalty Trust operates in the oil royalty sector, which is subject to commodity price fluctuations and regulatory changes.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring adherence to specific disclosure and solicitation rules for proxy statements.

What Investors Should Do

1. Unit owners should access the provided Zoom link to attend the annual meeting.
2. Review the proxy statement details to understand any proposals or voting matters.
3. Prepare questions in advance for the Q&A session during the meeting.

Key Dates

• 2024-02-21: Annual Meeting of Unit Owners — To discuss Trust matters and vote on proposals.
• 2024-01-02: Filing of DEF 14A — Official submission of the proxy statement to the SEC.

Glossary

DEF 14A

Definitive Proxy Statement (This document provides shareholders with information about the annual meeting and matters to be voted on.)

Agreement of Trust

The governing document outlining the terms and conditions of the Trust. (Governs the operations and meetings of the Trust.)

Year-Over-Year Comparison

This filing is a routine proxy statement for an annual meeting and does not appear to represent a change from previous filings in terms of format or purpose.

Key Financial Figures

• $2.7 billion — a member of the executive team managing $2.7 billion in two closed-ends funds. During her 35
• $145,318 — aging Director's total compensation was $145,318, which included his salary of $141,085
• $141,085 — $145,318, which included his salary of $141,085 and the Trust's matching 3% contributio
• $4,233 — the Trust's matching 3% contribution of $4,233 to his SIMPLE IRA. For fiscal 2024, the
• $147,465 — g Director's total compensation will be $147,465, which includes his salary of $143,170
• $143,170 — $147,465, which includes his salary of $143,170 and the Trust's matching 3% contributio
• $4,295 — the Trust's matching 3% contribution of $4,295 to his SIMPLE IRA. The Trust does not
• $136,083 — 085 $ 0 $ 4,233 $145,318 2022 $136,083 $ 0 $ 4,083 $140,166 Pay Versus
• $140,166 — 318 2022 $136,083 $ 0 $ 4,083 $140,166 Pay Versus Performance The followin
• $100 — e Officers (3) Value of Initial Fixed $100 Investment Based on: Total Shareholder
• $141 — 023 $145,318 $145,318 n/a n/a $141 $21,173,515 2022 $140,166 $140,
• $21,173,515 — 145,318 $145,318 n/a n/a $141 $21,173,515 2022 $140,166 $140,166 n/a n/
• $161 — 022 $140,166 $140,166 n/a n/a $161 $17,088,446 (1) For each of the yea
• $17,088,446 — 140,166 $140,166 n/a n/a $161 $17,088,446 (1) For each of the years presented,
• $17.1 million — he Trust's net income was approximately $17.1 million in fiscal 2022 and $21.2 million in fis

Filing Documents

• nrt-def14a_022124.htm (DEF 14A) — 277KB
• nrtproxycard001.jpg (GRAPHIC) — 0KB
• nrtproxycard002.jpg (GRAPHIC) — 0KB
• 0001839882-24-000023.txt (&nbsp;) — 279KB

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT Unit Ownership of Trustees and Executive Officers The following table sets forth the number of units beneficially owned as of October 31, 2023 by each Trustee and nominee for Trustee, the individual named in the summary compensation table set forth below under "Executive Compensation," and all Trustees and executive officers as a group. Name and Position of Beneficial Owner Number of Units Beneficially Owned Percentage Beneficially Owned (1) Nancy J. Floyd Prue, Managing Trustee 7,000 * Ahron H. Haspel, Trustee 21,000 * Lawrence A. Kobrin, Trustee (2) 1,900 * Willard B. Taylor, Trustee 6,619 * John R. Van Kirk, Managing Director (3) 13,350 * All Trustees and executive officers as a group ( 5 persons) 49,869 * * Less than one percent (1) Percentage computations are based upon all outstanding units. Percentage computations for each Trustee and the Managing Director include units deemed to be owned indirectly even when beneficial ownership has been disclaimed as set forth in note (2). (2) Includes 500 units owned by Mr. Kobrin's wife, in which units he disclaims beneficial interest. (3) Mr. Van Kirk, 71, has been the Managing Director of the Trust since 1990. Other Unit Ownership The Trust is unaware of any individual or entity who beneficially owned more than 5% of the Trust's outstanding units as of October 31, 2023. 5

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION Compensation Discussion and Analysis There is only one executive officer of the Trust, its Managing Director. The Compensation Committee is responsible for recommending to the Trustees for approval all aspects of the compensation of the Managing Director. The Trust is a passive fixed investment trust which holds overriding royalty rights, receives income under those rights from certain operating companies, pays its expenses and distributes the remaining net funds to its unit owners. The Trust does not engage in any business or extractive operations of any kind in the areas over which it holds royalty rights and is precluded from engaging in such activities by the Trust Agreement. As a result, the Trust's financial results are determined primarily by factors not within the control of its executive or the Trustees, including energy prices in Europe, currency exchange rates, and the operating companies' production and sales levels. Given the nature of the Trust and the inability of the Managing Director to affect royalty income, the Compensation Committee believes that the time required and the level of skill with which the Managing Director handles the administrative and financial affairs of the Trust, rather than the Trust's financial results, are the significant factors in determining his compensation. In setting the annual compensation of the Managing Director, the Compensation Committee considers the historic level of compensation paid to the Managing Director, the time required and the level of skill with which he handles the Trust's administrative and financial affairs, and the outcome of advisory votes of the unit owners (including the voting results with regard to Proposal Two in this proxy statement) regarding the compensation of the Trust's Managing Director. In addition, in the case of the current Managing Director (who has served in this role since 1990), the Compensation Committee takes into account the value of his continued

View Full Filing

View this DEF 14A filing on SEC EDGAR