Nick Little
About Nick Little
Senior Vice President and Chief Operating Officer at DXP Enterprises (appointed January 2021). Age 43. Career DXP veteran who began nearly 20 years ago as an application engineer, progressing through outside sales, Director of Operations, and Regional VP Sales & Operations; as COO, he runs sales, operations, and inventory/procurement execution. Education: BBA in Finance, Baylor University . Company performance under his operating tenure: FY2024 sales ≈ $1.8B (+6% YoY), adjusted EBITDA $191.3M (+10% YoY), ROIC 39%, net income $70.4M; DXP also completed seven acquisitions ($156.6M) and repurchased $28.8M of stock in 2024 . Pay-versus-performance disclosure shows DXP TSR index rose to 207 in 2024 (peer 184), from 84 in 2023, alongside improved net income and adjusted EBITDA trends .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DXP Enterprises | Application Engineer → Outside Sales → Director of Operations → Regional VP Sales & Operations → SVP/COO | Not disclosed | Progressive operating leadership across sales, operations, and inventory/procurement culminating in COO accountability for strategy execution |
External Roles
None disclosed .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 200,000 | 350,000 | 400,000 |
| Base Salary YoY Change ($ / %) | — | +150,000 / +75.0% | +50,000 / +14.3% |
| Actual Annual Cash Bonus ($) | 300,000 | 300,000 | 328,685 |
| Actual Bonus as % of Salary | N/A | 85.7% | 82.2% |
| All Other Compensation ($) | 10,386 | 15,429 | 20,127 |
Notes:
- 2024 bonus funded under a profit-before-tax (PBT) formula using Maintenance/Growth Incentive Factors; CEO recommends factors by role; payouts capped by role; NEO cash bonuses are determined and paid quarterly . The committee also cites normalized EPS and normalized EBITDA among annual performance measures in the program design .
Performance Compensation
Long-Term Incentive Design and 2024 Execution
- Structure: Performance-based restricted stock, granted annually in March, vesting 1/3 per year over three years; no dividends prior to vesting .
- Annual LTI performance focus evolved post-2021 with EBITDA targets by year; 2024 LTI target EBITDA was $180M or ≥3.3% YoY growth, with a payout curve from 50% at 70% of target up to 200% at 135% of target .
- 2024 program elements (high-level): Annual base salary, short-term bonus, long-term stock; short-term measures include normalized EPS and normalized EBITDA; long-term stock supports retention/ownership .
Grant and Vesting Detail (Nick Little)
| Item | 3/31/2022 Grant | 3/31/2023 Grant | 3/28/2024 Grant |
|---|---|---|---|
| Shares Granted (#) | Not disclosed in Grants table | Not disclosed in Grants table | 13,028 |
| Grant-Date Fair Value ($) | Included in SCT year values | Included in SCT year values | 700,000 |
| Unvested Shares at 12/31/2024 (#) | 3,876 | 17,335 | 5,583 |
| Market Value of Unvested at 12/31/2024 ($) | 318,142 | 1,422,857 | 458,253 |
| Vesting Schedule | 1/3 per year | 1/3 per year | 1/3 per year |
2024 Stock Vested (realized on vesting)
| Metric | Value |
|---|---|
| Shares Vested in 2024 (#) | 12,544 |
| Value at Vest ($) | 673,989 |
Short-Term Incentive Mechanics and Outcomes (Nick Little)
| Component | Metric | Target | Actual/Payout | Notes |
|---|---|---|---|---|
| 2024 STIP (Cash) | Company profit-before-tax with Maintenance and Growth Incentive Factors | Committee-set (not public) | 82.2% of base salary; $328,685 | Payouts capped by role; funded/paid quarterly |
| 2024 Program Measures (Design) | Normalized EPS; Normalized EBITDA | Committee-set (not public) | Not disclosed | Listed as annual measures in program framework |
| 2024 LTI (Stock) | Company EBITDA ($180M target or ≥3.3% YoY) | Threshold 70% (50% payout); up to 200% at 135% of target | Grant delivered 3/28/24; vests 1/3 per year | Payout curve for award determination |
Equity Ownership & Alignment
| Ownership Element | Detail |
|---|---|
| Common Shares Beneficially Owned | 858,266 (5.5% of outstanding common) as of 4/21/2025 |
| Preferred Shares | Series B Preferred: 5,000 of 15,000 outstanding (33.33%) |
| Vested vs. Unvested Equity | Unvested RSAs at 12/31/2024 total 26,794 shares (3,876 from 2022; 17,335 from 2023; 5,583 from 2024) |
| Options (Exercisable/Unexercisable) | None outstanding for any NEOs as of 12/31/2024 |
| 2024 Stock Vested | 12,544 shares vested; $673,989 value realized |
| Hedging/Pledging Policy | Hedging/speculative transactions prohibited; pledging allowed only with CFO approval and aggregate pledging by all insiders capped at 10% of outstanding common . No specific pledges by Nick disclosed . |
| Ownership Guidelines | Committee monitors executive ownership; specific multiples not disclosed . |
Employment Terms
| Term | Nick Little |
|---|---|
| Employment Agreement | None disclosed (only CEO has a formal employment agreement) |
| Severance (Termination/CoC) | No severance or change-in-control cash benefits; equity may accelerate under 2016 Omnibus Plan |
| Clawback | Board may recoup 3 years of excess incentive comp after a restatement; separate Nasdaq-compliant clawback also adopted |
| Start in Current Role | Appointed SVP/COO January 2021 |
| Section 16 Compliance | No delinquent Section 16 filings for Nick disclosed for 2024 (others listed) |
Compensation Structure Analysis (2019–2024 trend focal years shown)
| Component | FY 2022 | FY 2023 | FY 2024 | Commentary |
|---|---|---|---|---|
| Salary ($) | 200,000 | 350,000 | 400,000 | Stepped up with expanded responsibilities and market alignment |
| Stock Awards ($) | 315,000 | 700,000 | 700,000 | LTI tilt consistent with performance emphasis and retention |
| Cash Bonus ($) | 300,000 | 300,000 | 328,685 | PBT-linked payouts; 2024 at 82.2% of base |
| All Other ($) | 10,386 | 15,429 | 20,127 | Modest perquisites/401(k); no tax gross‑ups policywide |
Signals:
- Emphasis on variable/equity compensation maintained; no options outstanding reduces leverage but RSAs vesting create scheduled supply overhang at vest dates .
- No individual severance or CoC cash protection for Nick; retention relies on unvested equity and ongoing performance programs .
Performance & Track Record
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| TSR Index (DXP) | 56 | 64 | 69 | 84 | 207 |
| TSR Index (Peer Group) | 130 | 156 | 122 | 159 | 184 |
| Net Income ($M) | (29.4) | 16.4 | 48.1 | 68.7 | 70.4 |
| Adjusted EBITDA ($M) | 59.0 | 70.2 | 126.8 | 174.3 | 191.3 |
FY2024 business highlights: Sales ≈ $1.8B (+6% YoY), adjusted EBITDA +10% YoY, seven acquisitions ($156.6M), and $28.8M of buybacks; ROIC 39% .
Say‑on‑Pay, Committee, Peer Inputs
- Say-on-Pay support: >91% approval at 2024 meeting; committee continued philosophy and engaged independent consultant NFP (Longnecker) for market reviews .
- Committee/independence: Compensation Committee comprised solely of independent directors; uses external benchmarking as a reference, not sole determinant .
Related Party and Governance Considerations
- Family relationships: Nick Little (COO) is son of CEO David R. Little; other family members employed; Nick’s 2024 pay totaled $1,448,812 .
- Related‑party leases: Corporate office leases with an entity controlled by CEO ($1.6M 2024); separate service center lease with an entity controlled in part by family members ($45K 2024) .
Investment Implications
- Alignment: High insider ownership—Nick holds 5.5% of common plus 33.33% of Series B preferred—aligns incentives with equity value; absence of options limits asymmetric upside risk-taking, while significant unvested RSAs (26,794) enhance retention but create periodic vesting supply overhang .
- Pay-for-performance: Cash bonuses tied to PBT mechanics and equity tied to EBITDA targets (with a 50–200% payout curve) directly link compensation to profitability/efficiency outcomes central to DXP’s model; 2024 payout at 82.2% of salary indicates measured reward despite strong operating results .
- Retention/turnover risk: No individual severance/CoC cash benefits for Nick reduces shareholder liability in adverse scenarios but places retention weight on ongoing equity—neutral to positive unless stock underperforms, in which case retention risk could rise .
- Governance watch‑items: Related‑party transactions and family employment require ongoing scrutiny; pledging is restricted but permitted with approval up to a 10% aggregate cap—no pledged shares disclosed for Nick .
- Momentum: 2024 TSR materially outperformed peer index and financials improved (sales, EBITDA, ROIC), supporting constructive read‑through on management execution under COO oversight; continued M&A/integration is a lever to monitor for sustained EBITDA accretion vs. incentive hurdles .