Vikram Kini
Ingersoll RandAbout Vikram Kini
Vikram Kini is Senior Vice President and Chief Financial Officer of Ingersoll Rand, serving in the role since June 2020; he is 44 years old with 14 years of service at the company as of the 2025 proxy, and holds a bachelor’s degree in business administration from Boston University . Under his tenure, compensation programs have tied annual incentives to Adjusted EPS and Free Cash Flow and delivered strong equity outcomes, including 200% PSU payouts for 2021–2023 and 2022–2024 performance cycles, reflecting robust TSR performance relative to peers; IR’s TSR increased ~167% since the 2019 IPO through year-end 2024, with 2024 TSR of 17% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ingersoll Rand (IR) | SVP & Chief Financial Officer | Jun 2020–present | Leads corporate finance; annual MIP metrics centered on Adjusted EPS and Free Cash Flow |
| Gardner Denver | Director, FP&A → VP Investor Relations → VP FP&A → VP Finance, Industrials Segment | 2011–2020 | Built IR function, FP&A rigor, and segment finance leadership pre-merger |
| General Electric (GE) | Various financial roles | Not disclosed | Global finance experience across diversified businesses |
| SABIC | Various financial roles | Not disclosed | Industrial finance and operations exposure |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary (Year-end) | $625,000 | $655,000 |
| Target Bonus % (MIP) | 85% | 85% |
| Target Bonus $ | $531,250 | $556,750 |
| LTI Target Grant Value | $1,800,000 | $1,950,000 |
| Target Total Direct Compensation (TDC) | $2,956,250 | $3,161,750 |
Multi-year realized compensation (Summary Compensation Table):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $518,750 | $600,000 | $647,500 |
| Stock Awards ($) | $1,185,766 | $1,624,013 | $2,246,860 |
| Option Awards ($) | $349,991 | $449,980 | $812,446 |
| Non-Equity Incentive Plan Compensation ($) | $531,038 | $1,062,500 | $556,750 |
| All Other Compensation ($) | $90,115 | $68,599 | $142,747 |
| Total ($) | $2,675,660 | $3,805,091 | $4,406,303 |
Performance Compensation
2024 MIP structure and outcome (Corporate NEOs):
- Metrics: Adjusted EPS and Free Cash Flow
- Outcome: Company-wide MIP paid 100% for 2024; Kini’s payout was $556,750 (equals target)
2023 MIP structure and outcome (Corporate NEOs):
| Metric | Weighting | Threshold | Target | Maximum | Payout |
|---|---|---|---|---|---|
| Adjusted EPS | 75% | $2.28 | $2.53 | $2.78 | 200% |
| Free Cash Flow ($mm) | 25% | $931 | $1,035 | $1,138 | 200% |
| Total | 100% | — | — | — | 200% |
| CFO 2023 MIP Payout | Base $625,000; Target 85% ($531,250); Approved factor 200%; Payout $1,062,500 |
PSU certifications and vesting:
| PSU Cycle | Target PSUs (Kini) | Certified Payout Factor | Earned PSUs | Vesting |
|---|---|---|---|---|
| 2021–2023 | 12,066 | 200% | 24,132 | Vested Feb 20, 2024 |
| 2022–2024 | 13,185 | 200% | 26,370 | Vested Feb 10, 2025 |
2024 equity grants (Plan-Based Awards):
| Grant | Date | Instrument | Quantity | Exercise Price | Grant Date FV ($) |
|---|---|---|---|---|---|
| Annual | 2/27/2024 | PSUs (target) | 5,393 | — | 1,434,455 |
| Annual | 2/27/2024 | RSUs | 5,393 | — | 487,419 |
| Annual | 2/27/2024 | Stock Options | 12,668 | $90.38 | 487,465 |
| Market Adjustment | 8/20/2024 | RSUs | 3,591 | — | 324,986 |
| Market Adjustment | 8/20/2024 | Stock Options | 8,694 | $90.50 | 324,982 |
- Vesting: RSUs and options vest 25% per year over four years; PSUs (granted Feb 2024) have a three-year performance period ending Dec 31, 2026 (0–200% payout) .
Equity Ownership & Alignment
Beneficial ownership and alignment:
| Item | Value |
|---|---|
| Beneficial Ownership (shares) as of Apr 17, 2025 | 199,194; <1% of 403,447,247 shares outstanding |
| Options currently exercisable (included in beneficial ownership) | 112,012 |
| Stock Ownership Guidelines | CFO required to hold equity equal to 5x salary; retain 75% of net shares until achieved |
| Compliance Status | All NEOs in compliance as of Jan 1, 2025 |
| Anti-Hedging & Anti-Pledging | Hedging and pledging prohibited; no outstanding pledges reported in 2024 proxy |
| Clawback Policy | NYSE-compliant clawback adopted Oct 2023; 3-year recovery window for Section 16 officers upon restatement |
Outstanding equity awards (FY2024 year-end – Kini):
| Type | Grant Date | Exercisable Options (#) | Unexercisable Options (#) | Strike ($) | Expiration | Unvested RSUs (#) | Market Value ($) | Unearned PSUs (#) | Market Value ($) |
|---|---|---|---|---|---|---|---|---|---|
| Options | 12/9/2016 | 14,132 | — | 11.43 | 12/9/2026 | — | — | — | — |
| Options | 2/22/2018 | 14,235 | — | 32.06 | 2/22/2028 | — | — | — | — |
| Options | 2/21/2019 | 20,243 | — | 27.05 | 2/21/2029 | — | — | — | — |
| Options | 3/6/2020 | 10,204 | — | 27.79 | 3/6/2030 | — | — | — | — |
| Options | 6/30/2020 | 13,321 | — | 28.12 | 6/30/2030 | — | — | — | — |
| Options | 2/23/2021 | 11,464 | 3,822 | 45.58 | 2/23/2031 | 1,509 | $136,504 | — | — |
| Options | 2/22/2022 | 8,254 | 8,255 | 53.09 | 2/22/2032 | 3,296 | $298,156 | 26,370 | $2,385,430 |
| Options | 2/23/2023 | 4,521 | 13,565 | 57.89 | 2/23/2033 | 5,830 | $527,382 | 31,092 | $2,812,582 |
| Options | 2/27/2024 | — | 12,668 | 90.38 | 2/27/2034 | 5,393 | $487,851 | 21,574 | $1,951,584 |
| Options | 8/20/2024 | — | 8,694 | 90.50 | 8/20/2034 | 3,591 | $324,842 | — | — |
Non-qualified deferred compensation (FY2024):
| Name | Executive Contributions ($) | Registrant Contributions ($) | Aggregate Earnings ($) | Balance at FYE ($) |
|---|---|---|---|---|
| Vikram Kini | $164,262 | $116,817 | $(293,401) | $2,459,162 |
Employment Terms
Severance and CIC mechanics:
- Qualifying Termination (without Cause or for Good Reason): 12 months of base salary paid in monthly installments and 12 months of continued group health coverage (COBRA-eligible); outstanding RSUs/options scheduled to vest on the next vest date accelerate, with PSU and other equity treatment per award terms .
- Change in Control: PSUs vest based on performance at or prorated as specified; RSUs/options accelerate upon termination without Cause in connection with a CIC (double trigger); no tax gross-ups; minimum one-year vesting on equity awards .
Potential payments (assuming event on Dec 31, 2024; CFO):
| Scenario | Cash Severance ($) | Health ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|
| Qualifying Termination | $655,000 | $5,937 | $1,137,721 | $1,798,657 |
| Change in Control | — | — | $6,827,585 | $6,827,585 |
| Qualifying Termination + CIC | $655,000 | $5,937 | $9,525,140 | $10,186,076 |
| Death/Disability | — | — | $1,967,502 | $1,967,502 |
Perquisites and policies:
- Limited perquisites include financial planning (up to $10,000) and cybersecurity services; no hedging or pledging permitted; no tax gross-ups in CIC severance; clawback policy compliant with NYSE .
Investment Implications
- Strong pay-for-performance alignment: 2023 corporate MIP paid at 200% on high bars for Adjusted EPS and FCF; 2024 paid at 100%; PSUs paid 200% for 2021–2023 and 2022–2024 cycles, directly linking equity to TSR and EPS growth .
- Retention risk appears contained: Significant unvested RSUs/options with 4-year schedules and PSUs with multi-year horizons; ownership guidelines require 5x salary and 75% net-share retention until met; all NEOs in compliance; anti-pledging/hedging and clawback policies mitigate misalignment risk .
- Insider selling pressure: Near-term supply primarily from annual RSU vesting and option expirations (e.g., 2016 options expiring in 2026), but 75% net-share retention until guideline compliance reduces sellable flow; no pledges reported, limiting forced sales .
- Change-in-control economics: For CFO, equity acceleration dominates payout under CIC scenarios ($6.8–$9.5mm equity vs. ~$0.7mm salary/health), indicating that event-driven upside is principally equity-driven and time/performance gated (double trigger on RSUs/options) .