Keefer M. Lehner
KLX Energy Services HoldingsAbout Keefer M. Lehner
Executive Vice President and Chief Financial Officer of KLX Energy Services (KLXE) since the QES merger in July 2020; age 39 as of March 28, 2025; B.S.B.A. in Finance from Villanova University; prior experience in investment banking (Simmons & Company) and private equity (Quintana) focused on energy M&A and portfolio oversight . Company pay-versus-performance disclosures show TSR index values of 458.39 (2022), 263.23 (2023), and 60.65 (2024), and net income of $(3.1)mm, $19.2mm, and $(53.0)mm, respectively, providing context for incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KLX Energy Services (post-merger) | EVP & CFO | Jul 2020–present | Senior finance leadership of combined KLXE; officer roles across KLX subsidiaries supporting governance and finance . |
| QES (Quintana Energy Services) | EVP & CFO | 2017–Jul 2020 | Led finance through public company operations until merger with KLXE . |
| QES LP (general partner) | VP, Finance & Corporate Development | Nov 2014–Jul 2020 | Corporate development, financing, and strategic projects supporting QES predecessors’ growth . |
| Quintana private equity funds | Vice President | 2010–2014 | Sourcing/execution of investments; portfolio company management including predecessors to QES . |
| Simmons & Company International | Investment Banking (Energy) | pre-2010 | Energy M&A and capital raises for public/private clients . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Quintana private equity funds | Vice President | 2010–2014 | Deal sourcing/execution and portfolio oversight across energy sector . |
| Simmons & Company International | Investment Banking | pre-2010 | Transaction execution (M&A, capital markets) for energy clients . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $412,923 | $434,400 | $436,800 |
| Target Bonus (%) of Base | 75% | 75% | 75% |
| Discretionary Bonus ($) | $546,000 | $— | $— |
| Non-Equity Incentive Plan Payout ($) | $1,092,790 | $344,140 | $407,447 |
| All Other Compensation ($) | $36,199 | $33,053 | $49,322 |
| Total Compensation ($) | $2,253,512 | $1,173,608 | $1,445,829 |
Incentive program uses financial, safety and discretionary metrics; the Compensation Committee sets measures and targets annually; detailed metric weights/targets are not disclosed .
Performance Compensation
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Vesting Schedule | Notes |
|---|---|---|---|---|---|
| RSUs (LTIP) | Feb 9, 2023 | 30,447 | $362,015 | Three equal installments on Feb 9, 2024/2025/2026, subject to continued employment | 20,297 RSUs remained unvested at Dec 31, 2024 . |
| Restricted Stock (LTIP) | Feb 1, 2024 | 56,584 | $552,260 | Three substantially equal installments on Feb 1, 2025/2026/2027, subject to continued employment | 78,798 restricted shares unvested at Dec 31, 2024 (includes prior awards) . |
- Company does not currently grant stock options or option-like awards to executives; no option repricing policy needed .
Equity Ownership & Alignment
| Beneficial Ownership | Mar 20, 2024 | Mar 19, 2025 |
|---|---|---|
| Shares Beneficially Owned | 91,988 | 119,201 |
| % of Shares Outstanding | <1% | <1% |
| Unvested Equity Detail | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|
| Unvested RSUs (units) | 30,447; MV $342,833 (@ $11.26) | 20,297; MV $101,079 (@ $4.98) |
| Unvested Restricted Stock (shares) | 44,429; MV $500,271 (@ $11.26) | 78,798; MV $392,414 (@ $4.98) |
- Anti-hedging: directors and executive officers prohibited from short sales, options, or other hedging transactions in Company securities .
- Anti-pledging: pledging or margin accounts prohibited unless pre-cleared and executive demonstrates ability to repay without resorting to pledged shares .
- Section 16(a): one late Form 4 filing on March 15, 2024 relating to RSUs that vested on Feb 9, 2024 (administrative timing) .
Employment Terms
| Term Component | Provision |
|---|---|
| Agreement Date/Effective | Employment agreements dated May 3, 2020, effective at QES merger closing . |
| Initial Term | Three years from merger effective time; auto-renewals for successive one-year periods thereafter . |
| Target Annual Bonus | 75% of base salary . |
| Auto Allowance | $1,200 per month . |
| Severance (without cause/for good reason/disability) | Lump sum 1.5x base salary + 1.5x target bonus; pro-rata target bonus for year of termination; 18 months COBRA premium reimbursement . |
| Change-in-Control (within 12 months; double trigger) | Lump sum 2.0x base salary + 2.0x target bonus; pro-rata target bonus; 18 months COBRA premium reimbursement . |
| Restrictive Covenants | Non-compete and non-solicit during employment and for one year post-termination . |
Performance & Track Record (Company context)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR Index (Value of $100) | 458.39 | 263.23 | 60.65 |
| Net Income (Loss), $mm | (3.1) | 19.2 | (53.0) |
Pay-versus-performance table covers PEO and average non-PEO NEOs (including CFO), illustrating alignment of “compensation actually paid” with shareholder outcomes per SEC methodology; detailed cost-of-equity or EBITDA metrics are not disclosed in proxy .
Compensation Committee Analysis
- Committee composition: Collins, Eliassen, Whates, Hunter; Hunter serves as Chair; no interlocks or related-person transactions in 2024 .
- Consultant: F.W. Cook engaged to provide market benchmarking, plan design alternatives, and trend guidance; independence review found no conflicts for 2023 .
Additional Governance & Policies
- Clawback: Incentive-Based Compensation Recoupment Policy adopted in 2023 pursuant to Exchange Act Section 10D and Nasdaq Rule 5608; recovery applies to covered executives for three completed fiscal years preceding a restatement; excludes compensation received prior to officer service or prior to Oct 2, 2023 .
- Director compensation policy (context): non-employee directors’ cash/equity retainers; not directly applicable to CFO but indicates governance approach .
Investment Implications
- Significant scheduled vesting creates identifiable calendar events (RSUs on Feb 9, 2025/2026; restricted stock on Feb 1, 2025/2026/2027), which often coincide with administrative Form 4 filings and potential share withholdings for taxes; monitor those windows for supply dynamics .
- Alignment: no stock options, anti-hedging/pledging policy, and material unvested time-based equity strengthen retention and reduce near-term misalignment risk; beneficial ownership remains <1% but is supported by ongoing vesting .
- Retention economics: 1.5x salary and bonus severance, rising to 2.0x upon change in control within 12 months, plus COBRA reimbursement, suggest stable retention incentives; the one-year non-compete/non-solicit adds post-termination friction .
- Performance linkage: Annual cash incentive tied to financial, safety, and discretionary metrics produced payouts of $344k (2023) and $407k (2024); in the context of weaker TSR and 2024 net loss, investors should scrutinize metric selection and thresholds in future cycles, though specific weights/targets are not disclosed .