Stan Erickson
About Stan Erickson
Independent director of Electromed, Inc. since 2014, age 75. President & CEO of Liberty Capital, Inc. (co‑founded 2013), former President & COO at Ziegler, Inc., auditor/tax professional at Baker Tilly; U.S. Marine Corps veteran. Education: B.S., Business Administration (University of Minnesota); Certified Public Accountant (inactive). Serves as Audit Committee Chair and the Board’s “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ziegler, Inc. | President & COO | 32‑year career culminating in senior leadership | Led strategies for growth via market share gains and acquisitions; public company regulatory compliance and IR experience |
| Baker Tilly US LLP | Auditor and Tax Professional | Not disclosed | Financial reporting and controls expertise |
| United States Marine Corps | Veteran | Not disclosed | Leadership and discipline background |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Liberty Capital, Inc. | President & CEO | 2013–present | Capital and advisory services to medtech and technology sectors |
| Titan Machinery, Inc. (Nasdaq: TITN) | Director | 2017–present | Current public company directorship |
| McAninch Corporation | Director/Advisor | Not disclosed | Board service (private) |
| Recon Robotics, Inc. | Director/Advisor | Not disclosed | Board service (private) |
| University of Northwestern St. Paul | Board role | Not disclosed | Non‑profit governance |
| Recon Capital, LLC | Board/Managing role | Not disclosed | Investment/finance role |
Board Governance
- Independence: Board determined Mr. Erickson is independent under NYSE American rules.
- Committee assignments: Audit Committee Chair; designated “audit committee financial expert.” Audit Committee held 5 meetings in FY2025.
- Board activity & attendance: Board held 6 meetings in FY2025; each director attended at least 75% of Board and applicable committee meetings. All directors attended the Nov. 15, 2024 annual meeting.
- Leadership structure: Independent Board Chair (Kathleen S. Skarvan) and Lead Independent Director (Kathleen A. Tune) who presides over executive sessions.
- Risk oversight: Audit oversees enterprise risk (financial/accounting, legal/compliance, ICFR); other committees oversee compensation and governance risks.
Fixed Compensation
| Component | FY2025 |
|---|---|
| Fees earned or paid in cash (total) | $52,000 |
| Program elements (standard) | Board member annual retainer $35,000; Audit Chair $15,000; Audit Committee member $5,000; Compensation Committee member $5,000; Nominating Committee member $2,000; Finance & Strategy Committee member $2,000 (paid quarterly, pro‑rated for partial service) |
Note: Table shows program elements for all non‑employee directors; Mr. Erickson’s total cash fees were $52,000 in FY2025 as disclosed, reflecting his role mix.
Performance Compensation
| Grant Date | Instrument | Shares | Grant‑Date Fair Value | Vesting |
|---|---|---|---|---|
| Dec 1, 2024 | Restricted Stock (annual director grant) | 3,000 | $92,340 | Vests in full 6 months after grant; FY2025 grants fully vested by fiscal year end |
- Equity award cadence: Annual restricted stock issued on/around the annual meeting date (or shortly thereafter).
- No director stock options or PSUs disclosed for FY2025 non‑employee directors.
Other Directorships & Interlocks
| Company | Sector | Potential Interlock/Notes |
|---|---|---|
| Titan Machinery, Inc. (TITN) | Agricultural/construction equipment retail | Public board service; no disclosed transaction interlock with ELMD |
| Liberty Capital, Inc. | Investment/advisory | Erickson is founder/CEO; beneficial ownership of ELMD includes 1,500 shares held by Liberty Capital LP (see Ownership) |
| HealthPartners transactions (context) | Payer/provider | Board evaluated separate director (Walsh) customer relationship; deemed immaterial and arms‑length; not related to Erickson |
Expertise & Qualifications
- Financial expertise: CPA (inactive), audit/tax background; designated Audit Committee Financial Expert.
- M&A and capital markets: Led growth strategies via acquisitions; investor relations experience; financing and investment expertise.
- Industry knowledge: Medtech and technology exposure through Liberty Capital; broad operations and compliance perspective.
- Education: B.S. Business Administration, University of Minnesota.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Stan K. Erickson | 37,317 | <1% | Includes 1,500 shares held by Liberty Capital LP, of which Erickson is founder, President & CEO |
| Shares outstanding (record date) | 8,376,147 | — | As of Sept. 17, 2025 |
| Hedging/pledging policy | Prohibited | — | Company policy bans pledging, short sales, and hedging of company stock by directors/officers/employees |
Governance Assessment
- Strengths: Independent director with deep finance/M&A credentials; Audit Chair and financial expert status enhance oversight of reporting and controls. Board/committee meeting cadence and attendance thresholds met; independent leadership (Chair and Lead Independent) with executive sessions structurally in place.
- Alignment: Meaningful share ownership (37,317) including personal/investment entity holdings; annual director equity grants vesting within six months; strict anti‑hedging/pledging policy supports shareholder alignment.
- Conflicts/Related parties: No related‑party transactions disclosed involving Erickson. Audit Committee actively oversees a supplier relationship tied to a >5% shareholder (Craney), with periodic competitiveness and risk reviews—mitigates supplier conflict risk.
- RED FLAGS: None disclosed for Erickson regarding pledging, hedging, related‑party transactions, attendance, or compensation anomalies. Equity awards are time‑based RSAs (no repricing/modifications disclosed).