Jennifer Ansberry
LINCOLN ELECTRIC HOLDINGSAbout Jennifer Ansberry
Jennifer I. Ansberry, 51, has served as Executive Vice President, General Counsel and Secretary of Lincoln Electric since April 20, 2017, after prior service as Deputy General Counsel (2004–2017) . In 2024, Lincoln Electric delivered $4.0B in net sales, a record 17.6% adjusted operating income margin, and 21.8% adjusted ROIC, while TSR for the year was -13% amid industrial softness . Executive compensation metrics are tightly integrated with the company’s Higher Standard 2025 Strategy, focusing on Adjusted Revenue, EBITB, AOWC/Sales for annual incentives, and Adjusted Net Income growth and ROIC for long-term PSUs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lincoln Electric | Deputy General Counsel | 2004–2017 | Supported legal governance and compliance; foundation for current GC role overseeing global EHS&S governance architecture |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | None disclosed in SEC filings |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 432,500 | 468,000 | 505,000 |
| All Other Compensation ($) | 130,901 | 158,939 | 167,920 |
| All Other Compensation – Detail | — | — | Company Retirement Contributions $148,362; Travel Insurance $454; Financial Planning $16,545; Physical Exam $2,559 |
Performance Compensation
Annual Bonus (EMIP) – 2024 Design and Outcome
| Item | Design/Result |
|---|---|
| Financial metrics & weights | Adjusted Revenue (25%), EBITB (50%), AOWC/Sales (25%) |
| Budget targets | Adjusted Revenue $4.342B; Adjusted EBITB $963M; AOWC/Sales 20.6% |
| Actual vs budget & payout | Adjusted Revenue 91.8% → 0%; EBITB 91.6% → 72%; AOWC/Sales 95.6% → 78%; Weighted Financial Payout Factor 55.5% |
| Individual performance modifier | Officers ranged 100–130%; Committee used no discretion beyond formula |
| Jennifer Ansberry – Target bonus | $454,500 (90% of base salary) |
| Jennifer Ansberry – Actual payout | $302,697 (67% of target) |
Long-Term Incentive (LTI) Program Structure and 2024 Grants
| Component | Vesting | Performance | 2024 Grant (Jennifer) |
|---|---|---|---|
| Stock Options | 3-year ratable; 10-year term | — | 4,029 options at $246.99 strike; expire 2/20/2034 |
| RSUs | 3-year cliff vest | — | 1,119 RSUs |
| PSUs (2024–2026 cycle) | 3-year performance; payout 0–200% | 50% Adjusted Net Income growth; 50% ROIC vs peers (with ranges aligned to prior cycle) | Target 1,119; Max 2,238 |
PSU Performance (Completed 2022–2024 Cycle)
| Metric | Target | Actual | Payout as % of Target |
|---|---|---|---|
| 3-year Adjusted Net Income growth | 40% | 47.7% ($526,440K) | 138.5% |
| 3-year ROIC vs peers | 65th percentile | 100th percentile (23.2%) | 200% |
| Combined PSU payout | — | — | 169.2%; Jennifer received 3,060 shares |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial ownership | 52,775 common shares (<1% of class) |
| Of which held of record | 15,658 shares (20 jointly with spouse) |
| RSUs vesting within 60 days (12/31/24) | 1,809 shares |
| Options exercisable within 60 days (12/31/24) | 35,308 shares |
| Outstanding at 12/31/24 | RSUs 1,119 ($209,779); PSUs (uneartned, shown at max) 2,238 ($419,558); 2024 unexercisable options 4,029 ($246.99) |
| 2024 stock vested and value realized | RSUs/PSUs: 3,804 shares; $1,149,504 |
| Ownership guidelines | 3x base salary for EVPs; all NEOs met guidelines as of 12/31/24 |
| Hedging/pledging | Prohibited; no pledges outstanding for directors or executive officers |
Employment Terms
| Provision | Terms (Company-wide) | Jennifer – Estimated Values (as of 12/31/24) |
|---|---|---|
| Employment agreements | None (U.S.); only change-in-control agreements | |
| Change-in-control trigger | Double-trigger; severance period 2 years; restrictive covenants; release required | |
| Severance multiple | 2x base + bonus for NEOs (3x for CEO) | |
| Outplacement | Up to $50,000 for NEOs | |
| 280G treatment | Cutback to safe harbor unless better after-tax by paying excise; no tax gross-ups | |
| Equity treatment – CIC with qualified termination | Options/RSUs accelerated; PSUs at target (greater of target or actual for awards since 2024) if replacement award not provided or if subsequent qualifying termination | |
| Jennifer – CIC with qualified termination (total) | $4,002,759, comprised of: Severance $2,425,351; PSUs $488,922; Options $210,431; RSUs $828,055; Outplacement $50,000; no 280G cutback |
Compensation Architecture, Policies, and Peer Benchmarking
- Pay mix emphasizes “at risk” compensation; 2024 average NEO realized pay includes high equity weighting and bonus sensitivity to financial outcomes .
- Clawback policy (SEC/Nasdaq compliant) and supplemental recovery allow recoupment of incentive pay upon restatements; applies to all executive officers .
- Stock ownership and anti-hedging/pledging policies reinforce alignment; sales restricted until guidelines met .
- 2024 Say-on-Pay approval at 97%, indicating strong shareholder support .
- Compensation peer group (2024) included 18 industrials (e.g., AME, FLS, NDSN, XR) with 2025 changes adding Dover, Fortive, Ingersoll Rand and removing Terex and Toro .
Compensation Trends (Jennifer I. Ansberry)
| Component ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 432,500 | 468,000 | 505,000 |
| Stock Awards (RSUs + PSUs at target) | 463,212 | 524,038 | 552,764 |
| Option Awards | 231,242 | 258,324 | 266,680 |
| Annual Bonus (EMIP) | 684,000 | 731,351 | 302,697 |
| All Other Compensation | 130,901 | 158,939 | 167,920 |
| Total | 1,941,855 | 2,140,652 | 1,795,061 |
Governance and Role Scope
- As General Counsel, Ms. Ansberry oversees corporate EHS&S initiatives, Sustainability Disclosure Committee, and aligns sustainability metrics into executive performance goals, indicating a broader remit into ESG governance and reporting .
- Board and Compensation Committee policies emphasize balanced risk, no excessive perquisites, and double-trigger CIC treatment; Meridian serves as independent compensation consultant .
Investment Implications
- Alignment: Strong structural alignment through stock ownership requirements, anti-hedging/pledging, and clawbacks reduce agency risk; equity-heavy LTI (options, RSUs, PSUs) ties pay to multi-year value creation and capital efficiency (ROIC) .
- Near-term selling pressure: 2024 saw vesting of 3,804 RSU/PSU shares for Ms. Ansberry (value realized $1.15M); options were not exercised in 2024, limiting incremental supply from insider exercises . Tax withholding and diversification can still lead to periodic sales around vesting dates.
- Performance sensitivity: 2024 EMIP payout compression (67% of target) reflects budget shortfalls in Adjusted Revenue and EBITB; future EMIP design (2025) further weights profitability and working capital (80% financial weighting) and introduces team strategic goals, potentially stabilizing cash bonus variability .
- Change-in-control economics: Double-trigger severance (2x base+bonus) plus accelerated vesting deliver material value in a transaction; 280G cutback mitigates extreme payouts; low governance risk (no tax gross-ups) .
- Company fundamentals context: 2024 adjusted operating margin at 17.6% and adjusted ROIC at 21.8% were top-quartile vs peers; TSR was -13% in 2024, suggesting equity grant values are sensitive to cycle; PSU design rewarded ROIC excellence (200% for ROIC component) .
Overall: Pay-for-performance structures and governance policies are robust; 2024 lower bonuses and continued equity vesting suggest modest near-term insider supply but limited option-driven selling from Ms. Ansberry. Transaction scenarios would trigger significant but governed severance and equity acceleration, balanced by cutback protections.
Citations:
- Role, age: **[59527_0000059527-25-000006_leco-20241231x10k.htm:23]**
- Company performance 2024: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:4]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:7]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:81]**
- EMIP metrics, targets, outcomes: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:39]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:40]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:41]**
- Jennifer EMIP target/actual: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:64]**
- LTI structure & vesting: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:42]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:45]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:56]**
- 2024 grants: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:55]**
- PSU 2022–2024 performance & payout: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:43]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:44]**
- Ownership & awards outstanding: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:57]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:68]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:69]**
- 2024 vested and realized value: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:58]**
- Ownership guidelines & no pledges/hedging: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:50]**
- CIC terms & Jennifer’s CIC estimates: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:60]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:61]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:62]** **[59527_0001171200-25-000080_e24459_leco-def14a.htm:64]**
- Clawback policies: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:49]**
- Say-on-Pay: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:33]**
- Peer group changes: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:36]**
- All other comp detail: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:54]**
- GC oversight of EHS&S & sustainability governance: **[59527_0001171200-25-000080_e24459_leco-def14a.htm:25]**