Jeffrey Oldenkamp
About Jeffrey Oldenkamp
Jeffrey P. Oldenkamp, age 52, serves as Executive Vice President, Chief Financial Officer and Treasurer of Hawkins, Inc. and has held the EVP/CFO role since October 2021 after joining Hawkins in 2017 as CFO, Vice President and Treasurer . Under company performance during his tenure, fiscal 2025 sales rose 6% year over year to $974.4 million and net income increased 12% to $84.3 million; income before income taxes reached $114.4 million, and Hawkins’ TSR (company measure) stood at 667.97 in the pay-versus-performance table . Prior roles include CFO of MTS Systems (2015–2017), VP Finance for MTS Test (2014–2015), and Americas Operations CFO & VP at Nilfisk-Advance, Inc. (2012–2014) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hawkins, Inc. | EVP, Chief Financial Officer & Treasurer | Oct 2021–present | Senior finance leadership for a multi-segment chemicals and ingredients platform |
| Hawkins, Inc. | Chief Financial Officer, Vice President & Treasurer | Jun 2017–Oct 2021 | Corporate finance and treasury oversight |
| MTS Systems Corporation | Chief Financial Officer | 2015–May 2017 | Public-company CFO experience |
| MTS Systems (Test business) | Vice President of Finance | 2014–2015 | Segment finance leadership |
| Nilfisk-Advance, Inc. | Americas Operations CFO & Vice President | 2012–2014 | Regional operations finance leadership |
External Roles
No current public-company board roles are disclosed in Hawkins’ executive officer bios or the proxy’s NEO section .
Fixed Compensation
- Base salary for fiscal 2025: $570,000 (22% increase effective May 2024 due to labor market dynamics) .
- Annual cash incentive opportunity (fiscal 2025): Threshold 37.5% of salary, Target 75%, Maximum 150% (all based on corporate performance) .
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary ($) | 452,000 | 468,000 | 570,000 |
| All Other Compensation ($) | 49,009 | 47,678 | 39,202 |
Performance Compensation
Annual Cash Incentive (Non-Equity)
| Metric | Weighting | Target (Income Before Taxes, $000s) | Actual (Income Before Taxes, $000s) | Payout % of Target | Cash Paid ($) |
|---|---|---|---|---|---|
| Corporate: Income before income taxes | 100% | 105,537 | 114,383 | 142% | 607,095 |
Payout curve: 80% of target performance yields 50% payout; 100% yields 100%; 120% yields 200% (no payout above 120%) .
Long-Term Equity (Performance-Based RSUs → Restricted Stock)
| Award Year (Performance FY) | Target Units | Units Earned | % of Target Earned | Vesting Terms |
|---|---|---|---|---|
| 2025 | 13,022 | 15,757 | 121% | Shares issued post-FY; two-year additional vesting to March 29, 2027 |
Scheduled Vesting Calendar (Restricted Stock from earned PSUs)
| Vesting Date | Shares Vesting |
|---|---|
| March 31, 2025 (2013 award cycle example vest; CFO’s 2022-award vest event) | 10,674 |
| March 30, 2026 (FY 2024 award) | 12,266 |
| March 29, 2027 (FY 2025 award) | 15,757 |
Stock vested in FY 2025: 14,603 shares; value realized $1,089,676 (related to 2022 performance awards vesting April 1, 2024 at $74.62/share) .
Multi-Year Compensation (Total Mix)
| Component | FY 2023 ($) | FY 2024 ($) | FY 2025 ($) |
|---|---|---|---|
| Salary | 452,000 | 468,000 | 570,000 |
| Stock Awards (grant-date fair value) | 338,967 | 350,982 | 997,485 |
| Non-Equity Incentive Plan Compensation | 512,907 | 702,000 | 607,095 |
| All Other Compensation | 49,009 | 47,678 | 39,202 |
| Total | 1,352,883 | 1,568,660 | 2,213,782 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 101,258 shares (includes 1,426 ESOP shares; 12,266 restricted stock vesting 3/30/2026; 15,757 restricted stock vesting 3/29/2027) |
| Unvested Awards Outstanding | 38,657 shares/units; market value $4,103,054 (as of 3/28/2025 at $106.14/share) |
| Hedging/Pledging | Hedging and pledging of company stock prohibited; margin accounts prohibited |
| Ownership % of Shares Outstanding | Less than 1% (company table indicates “*” <1%) ; outstanding shares at record date were 20,861,430 |
Policy notes:
- Clawback policy compliant with SEC/Nasdaq Rule 10D-1; recovery of erroneously awarded incentive compensation received on/after Oct 2, 2023 .
- No stock options granted in recent years; program uses PSUs/RSUs .
Employment Terms
- No individual employment agreement; executives covered by Hawkins’ Executive Severance Plan .
- Tier assignment: Oldenkamp is Tier 2 (12 months salary continuation without CoC; 18 months if termination in connection with CoC) .
- Change-in-control definition and double-trigger vesting described under 2019 Plan; PSUs/RSUs vest at 100% of target if awards not continued in a corporate transaction; accelerated vesting upon certain terminations in CoC context .
Potential Payments (as of last business day of FY 2025)
| Element | Termination Without Cause (No CoC) ($) | Death/Disability ($) | Termination Without Cause or For Good Reason in CoC ($) | CoC Without Termination ($) |
|---|---|---|---|---|
| Salary Continuation | 570,000 | — | 855,000 | — |
| Medical/Dental (COBRA) | 11,779 | — | 17,668 | — |
| Outplacement | 20,000 | — | 20,000 | — |
| Target Bonus Amount | — | — | 641,250 | — |
| Profit Sharing/401(k) | — | — | 51,750 | — |
| Acceleration of Equity Awards | — | 3,812,761 | 3,812,761 | — |
| Value of Outstanding Equity Awards | — | — | — | 4,103,054 |
| Total | 601,779 | 3,812,761 | 5,398,429 | 4,103,054 |
Plan conditions include covenants against disparagement, disclosure, and solicitation of business/employees; “cause”, “good reason”, and “change in control” are defined in plan/award documents . No tax gross-ups on golden parachute payments (Section 280G/4999) .
Compensation Structure Analysis
- Significant pivot toward equity-linked pay in FY 2025: stock awards rose to $997,485 from $350,982 YoY, while non-equity incentive decreased to $607,095 from $702,000; base salary increased 22% to $570,000, reflecting market dynamics .
- All incentive metrics (cash and equity) for CFO are tied to company income before income taxes, creating single-metric alignment; FY 2025 performance exceeded target, yielding 142% cash payout and 121% equity payout vs target .
Say-On-Pay & Shareholder Feedback
- Say-on-pay approval ~95% at August 2024 annual meeting; Compensation Committee reaffirmed program structure for FY 2025 based on strong support .
Risk Indicators & Red Flags
- Hedging/pledging banned, reducing misalignment risk .
- No option repricing; options not granted in recent years .
- Late Section 16 filings occurred for several NEOs (including Oldenkamp) pertaining to tax withholding forfeitures upon vesting; subsequently filed on April 14, 2025 .
Investment Implications
- Strong pay-for-performance alignment: CFO’s cash and equity incentives are fully tied to income before taxes, with above-target payouts in FY 2025; equity-based awards with two-year vesting promote retention and long-term focus .
- Upcoming vesting events (March 30, 2026 and March 29, 2027 totaling 28,023 shares) may create mechanical insider selling/withholding around those dates; watch Form 4s and trading windows for potential supply signals .
- Change-in-control protections are moderate (Tier 2: 18 months plus bonus/benefits) with double-trigger vesting, no tax gross-ups, and clawback in place—constructive governance and limited parachute inflation risk .
- Ownership is meaningful but <1% of shares outstanding, with prohibitions on hedging/pledging; alignment reinforced by material unvested equity ($4.10M at FY-end) .