Patrick Huvane
About Patrick Huvane
Patrick Huvane is Executive Vice President – Business Development at The LGL Group, Inc. and has also served as principal financial officer since April 16, 2025 . He is 57, holds a B.S. in Accounting from Manhattan College and an MBA from New York University, and is both a Certified Public Accountant and a Chartered Financial Analyst . His LGL tenure spans Senior VP – Business Development (2019–2022) and EVP – Business Development (2022–present) . For performance context during his recent tenure, LGL’s revenues rose from $1.655 million in FY2022 to $2.226 million in FY2024*, and EBITDA improved from negative in FY2022 to positive in FY2024* * * *.
Note: Asterisks denote values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The LGL Group, Inc. | Senior Vice President – Business Development | 2019–2022 | Led business development during pre/post Mtron spin period |
| LGL Systems Acquisition Corp. (NYSE: DFNS) | Vice President – Finance and Accounting | 2019–2021 | SPAC finance leadership and public listings experience |
| Associated Capital Group, Inc. | Co-Chief Financial Officer | 2022–2023 | Senior finance leadership at a public asset manager |
| Care Investment Trust LLC | Chief Accounting Officer | 2016–2018 | Corporate accounting leadership and SEC reporting |
| Tiptree Inc. | Chief Accounting Officer | 2007–2016 | Multi-year accounting and controls oversight at public company |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teton Advisors, Inc. | Chief Financial Officer | 2019–present | Public company CFO responsibilities and capital markets engagement |
| Associated Capital Group, Inc. | Senior Vice President – Product Development | 2021–present | Product development (investment products) at public asset manager |
| The LGL Group, Inc. | Principal Financial Officer | Appointed April 16, 2025 | Expanded scope to PFO, centralizing finance oversight |
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Base Salary ($) | 50,000 | 50,000 | 50,000 | 50,000 |
| Bonus ($) | — | — | — | 5,000 |
- No stock awards or option awards were disclosed for Huvane in 2021–2024 .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash incentive (2024) | Company performance versus annual budget and individual performance | Not disclosed | Board-set annual budget | Not disclosed | $5,000 | Cash (no vesting) |
- Compensation philosophy emphasizes performance-based pay aligned to short- and long-term objectives; awards determined by company performance versus annual budgeted financial targets and individual performance .
Equity Ownership & Alignment
| Date | Shares Beneficially Owned | Ownership % | Pledged/Hedged |
|---|---|---|---|
| Oct 24, 2023 | — | <1% | No pledging disclosed in proxy tables |
| Sep 30, 2024 | — | <1% | No pledging disclosed in proxy tables |
| Apr 25, 2025 | — | <1% | No pledging disclosed in proxy tables |
- No LGL stock options held by any Named Executive Officers (NEOs) as of FY2023; outstanding equity awards did not include Huvane .
- Attempted to fetch Form 4 insider trading data via the insider-trades skill for “Patrick Huvane” at LGL (2020–2025), but request returned authorization error; analysis relies on proxy ownership tables [insider-trades skill run attempt; tool error].
Employment Terms
- Employment agreements: None (no individual employment contracts disclosed) .
- Clawback policy: Adopted in 2023; requires recoupment of erroneously awarded incentive-based compensation for current and former executive officers over a three-year lookback in the event of an accounting restatement; no clawback actions in 2024 .
- Principal Financial Officer designation: Huvane appointed PFO on April 16, 2025 .
- Severance and change-of-control: Not disclosed; no employment agreement suggests absence of defined severance/CoC economics .
- Ownership guidelines / pledging/hedging policies: Not disclosed in the cited sections.
Company Financials During Huvane’s Tenure (Context)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 1,655,000 | 1,728,000 | 2,226,000 |
| EBITDA ($) | -6,386,000* | 668,000* | 720,000* |
| Net Income ($) | -2,992,000* | 269,000 | 432,000 |
- Values with asterisks were retrieved from S&P Global.
- Periods are fiscal years; LGL spun off MtronPTI in October 2022, which impacts year-over-year comparability .
Say‑on‑Pay & Shareholder Feedback
| Meeting Year | Say‑on‑Pay Approval |
|---|---|
| 2023 Annual Meeting | ~99% approval |
| 2024 Annual Meeting | ~96% approval |
Investment Implications
- Alignment: Huvane has minimal direct equity exposure (no reported beneficial ownership), which reduces equity-based alignment but also lowers insider selling pressure risk . Absence of options eliminates overhang or forced exercises .
- Incentive structure: Cash compensation is modest and largely fixed, with limited variable pay ($5,000 annual bonus in 2024) tied to budget/individual performance; lack of disclosed metric weighting/targets reduces visibility into pay-for-performance strength .
- Retention and governance: No employment agreement (and thus no set severance/CoC terms) implies limited entrenchment; adoption of a robust clawback policy is a positive governance signal . Multiple external roles (e.g., CFO of Teton; SVP at Associated Capital) can diversify expertise but may introduce bandwidth/execution risk now that he also serves as LGL’s principal financial officer .
- Performance context: Post‑spin revenues and profitability improved through FY2024, suggesting operational progress; however, historical volatility (negative EBITDA in FY2022*) and small absolute scale warrant monitoring of sustainability and capital allocation discipline * * * .