Linda Biles
About Linda Biles
Linda Biles, age 62, serves as Vice President & Controller of The LGL Group, Inc. (2020–present) and Executive Vice President – Finance of M-tron Industries, Inc. (2024–present). She holds a Bachelor of Science in Accounting from Canisius College . During her tenure, LGL’s performance improved year-over-year: revenues rose from $1.728M in FY 2023 to $2.226M in FY 2024, and net income increased from $317k to $522k; cumulative TSR (value of a fixed $100 investment set at 12/31/2020 and adjusted for the M-tron spin-off) measured $104.91 in 2023 and $102.00 in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The LGL Group, Inc. | Vice President & Controller | 2020–present | Senior finance and control leadership through and post M-tron spin-off (completed Oct 6, 2022) . |
| M-tron Industries, Inc. | Vice President & Controller | 2007–2024 | Led finance/controller function prior to and after separation from LGL . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| M-tron Industries, Inc. | Executive Vice President – Finance | 2024–present | Finance executive at LGL’s former operating subsidiary post spin-off . |
Fixed Compensation
| Metric | FY 2020 | FY 2021 | FY 2022 |
|---|---|---|---|
| Base Salary ($) | 130,160 | 132,018 | 105,024 |
| Bonus ($) | 52,000 | 27,000 | 27,000 |
| Stock Awards – Grant Date Fair Value ($) | 120,000 | — | — |
Performance Compensation
Equity Award History
| Grant Date | Type | Shares Granted | Grant Date Fair Value ($) | Vesting Schedule | Status/Notes |
|---|---|---|---|---|---|
| 12/29/2020 | Restricted Stock | 10,762 | 120,000 | 3,229 on 12/29/2021; 3,229 on 12/29/2022; 4,304 on 12/29/2023 | Unvested balance at 12/31/2021: 7,533 shares valued at $85,876 (price $11.40) . No LGL stock options outstanding for NEOs . |
Annual incentive determination is based on Company performance versus annual budgeted financial targets and individual performance; specific metric weightings, targets, and payouts are not disclosed .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (shares) | 8,820 |
| Shares Outstanding (as of 4/25/2025) | 5,389,211 |
| Ownership as % of Shares Outstanding | ~0.16% (8,820 / 5,389,211) |
| Unvested RS – 12/31/2021 | 7,533 shares |
| Unvested RS – 12/29/2023 | 0 shares (award fully vested per schedule) |
| Options – Exercisable | 0 |
| Options – Unexercisable | 0 |
| Hedging/Pledging Policy | Company discourages hedging and pledging, though no formal prohibition . |
Employment Terms
- Employment agreements: None disclosed .
- Clawback policy: Adopted in 2023, applies to current and former executive officers for three prior fiscal years; no clawback actions required in 2024/2023 .
- Say-on-pay support: ~96% approval at 2024 Annual Meeting; ~99% approval at 2023 Annual Meeting .
Performance & Track Record
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | 1,728,000 | 2,226,000 |
| Net Income ($) | 317,000 | 522,000 |
| EBITDA ($) | 668,000* | 720,000* |
| TSR – Value of $100 Investment | $104.91 | $102.00 |
*Values retrieved from S&P Global.
Context:
- LGL completed the separation and distribution of M-tron Industries on Oct 6, 2022; TSR values are adjusted for the spin-off per IRS Form 8937 allocation .
Investment Implications
- Alignment: Biles’ equity stake is modest (~0.16% of outstanding shares), and her primary equity exposure stems from time-vested restricted stock rather than performance-conditioned awards; options are absent, reducing leverage to upside but also limiting selling pressure from option expirations .
- Retention/contract risk: No employment agreement, change-of-control economics, or disclosed severance terms; retention relies on ongoing role fit and cash/equity incentives rather than contractual protections .
- Governance and risk controls: A formal clawback policy and insider trading policy are in place; hedging/pledging is discouraged but not prohibited, which is less restrictive than best-in-class alignment practices .
- Performance backdrop: FY 2024 showed improved revenue and net income versus FY 2023, indicating a constructive operating environment during her tenure; however, TSR measured on the company’s three-year framework drifted from $104.91 (2023) to $102.00 (2024), underscoring the importance of continued execution to translate fundamentals into shareholder returns .
