Colleen McDonald
ALPHA PRO TECHAbout Colleen McDonald
Colleen McDonald serves as Chief Financial Officer of Alpha Pro Tech, Ltd. (APT), a role she has held since January 2016; she joined the company in 1995 and advanced through Assistant Corporate Controller (2002) and Corporate Controller (2003–2016) prior to her CFO appointment. She is age 54 as of the 2025 proxy and age 53 as of the 2024 proxy . Company performance disclosures show TSR and net income trends that inform pay-versus-performance alignment for the executive team .
Company performance metrics:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| TSR – Value of $100 | $36.05 | $47.44 | $88.61 |
| Net Income ($MM) | $3.3 | $4.2 | $3.9 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alpha Pro Tech, Ltd. | Chief Financial Officer | Jan 2016–Present | Not disclosed |
| Alpha Pro Tech, Ltd. | Corporate Controller | 2003–2016 | Not disclosed |
| Alpha Pro Tech, Ltd. | Assistant Corporate Controller | 2002–2003 | Not disclosed |
| Alpha Pro Tech, Ltd. | Accounting Department | Joined 1995 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No external directorships or roles disclosed |
Fixed Compensation
Multi-year compensation (Summary Compensation Table values):
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $260,000 | $275,000 | $315,000 |
| Bonus ($) | $123,000 | $145,000 | $95,000 |
| Stock Awards ($) | — | $126,900 | — |
| All Other Compensation ($) | — | — | $5,668 |
| Total ($) | $383,000 | $546,900 | $415,668 |
Notes:
- Bonuses are discretionary rather than formulaic, determined by the Compensation Committee and Board without a pre-established plan for equity grants; only CEO has a contractual incentive structure .
Performance Compensation
Annual Incentive Structure
| Metric | Weighting | Target | Actual (FY 2022) | Actual (FY 2023) | Actual (FY 2024) | Payout | Vesting |
|---|---|---|---|---|---|---|---|
| Discretionary Cash Bonus | Not disclosed | None (discretionary) | $123,000 | $145,000 | $95,000 | Cash | N/A |
Equity Grants and Vesting
| Grant Type | Grant Date | Shares/Units | Grant-Date Fair Value ($) | Vesting Schedule | Status |
|---|---|---|---|---|---|
| RSU | Sep 28, 2023 | 30,000 | $126,900 | Vests on third anniversary (Sep 28, 2026) | Unvested at 12/31/2024 |
| RSU | 2024 | — | — | — | No RSU grant disclosed for McDonald in 2024 |
| Stock Options | Mar 20, 2019 | 30,000 (exercisable by 12/31/2023) | — | Vests in equal tranches over first three anniversaries; expiration Mar 19, 2024 | Fully expired in 2024; see exercises |
Option exercises:
| Year | Shares Acquired on Exercise | Value Realized on Exercise ($) |
|---|---|---|
| 2023 | 15,833 | $12,191 |
| 2024 | 30,000 | $60,900 |
Notes:
- Value realized is calculated as closing price on exercise date minus exercise price .
- No stock options were granted to executive officers in 2023 or 2024 .
Equity Ownership & Alignment
Beneficial ownership:
| As-of Date | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| Apr 15, 2024 | 26,833 | <1% (“*”) |
| Apr 14, 2025 | 26,833 | <1% (“*”) |
Notes:
- Includes 1,000 shares owned beneficially by Ms. McDonald’s sister, as to which Ms. McDonald disclaims beneficial ownership .
- RSUs outstanding and unvested at FY-end: 30,000 units, market value $158,700 at $5.29 closing price on 12/31/2024 .
Vested vs. unvested breakdown:
| Category | Quantity | Detail |
|---|---|---|
| Vested common shares | 26,833 | Beneficial ownership as disclosed |
| Unvested RSUs | 30,000 | Granted 9/28/2023; vest 9/28/2026 |
| Options outstanding | 0 at 12/31/2024 | 2019 grant expired 3/19/2024 |
Alignment policies:
- APT’s Insider Trading Policy prohibits hedging and monetization transactions, and describes prohibition on pledging/hedging of Company stock for directors and officers .
- Equity awards under the 2020 Omnibus Incentive Plan accelerate upon a change in control (options become fully exercisable; RSU restricted period expires; performance periods end with Compensation Committee determination) .
Employment Terms
- No individual employment agreement disclosed for McDonald; employment agreement terms are disclosed only for the CEO .
- Change-in-control treatment is governed by the 2020 Omnibus Incentive Plan, with award acceleration as noted above .
- Benefits: Executives participate in the 401(k) Plan on the same terms as employees; Company match is 25% of effective deferral capped at 1% of compensation, with vesting of Company contributions at 20% per year; in 2024, only Danny Montgomery had a disclosed Company contribution among NEOs .
- No pension or defined benefit plans maintained specifically for NEOs; limited perquisites (car insurance, personal use of corporate condominium) .
Investment Implications
- Pay mix and discretion: McDonald’s annual bonus is discretionary, not tied to explicit formulaic performance metrics, which reduces transparency of pay-for-performance but provides flexibility to reward situational execution. RSU grants provide retention through multi-year vesting; her 30,000 RSUs vest in September 2026, a potential window for incremental selling pressure around vesting dates .
- Alignment: Beneficial ownership remains below 1% of outstanding shares, and unvested RSUs represent a meaningful portion of her equity exposure; prohibition on hedging/pledging supports alignment by preventing downside protection strategies .
- Liquidity events: Option exercises in 2023 and 2024 (total 45,833 shares exercised; ~$73,091 total value realized across two years) indicate periodic monetization of equity awards; with options now expired, near-term selling pressure is more likely driven by RSU vesting rather than option exercises .
- Change-in-control economics: Plan-level automatic acceleration of equity suggests enhanced realizable value in a transaction scenario, improving retention in normal course but potentially increasing deal-related payouts if a change in control occurs .