Blake W. Augsburger
About Blake W. Augsburger
Independent director; age 61; director since 2011. Lead Independent Director at Lakeland Financial (LKFN) and Lake City Bank; Chair of the Nominating and Corporate Governance Committee and Vice Chair of the Compensation Committee. Founder and CEO of LEA Professional; former Executive Vice President and America’s Country Manager at Harman International; served 10 years as President of Harman Professional Division. Board determined he is independent under Nasdaq rules; all directors also serve on Lake City Bank’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LEA Professional | Founder & Chief Executive Officer | Current | Brings leadership and technology/product experience to LKFN board |
| Harman International Industries, Inc. | Executive Vice President; America’s Country Manager | Not disclosed | Large, complex public company leadership experience cited in director qualifications |
| Harman Professional Division | President | 10 years | Operational leadership; technology and brand expertise |
| Lakeland Financial/Lake City Bank | Director (Lead Independent Director) | Since 2011 | Governance leadership; committee oversight |
External Roles
| Organization | Role | Public Company Board? | Notes |
|---|---|---|---|
| LEA Professional | Founder & CEO | No disclosure of public listing | External operating role; no LKFN-related interlock disclosed |
Board Governance
- Committee assignments:
- Nominating & Corporate Governance Committee: Chair; 2 meetings in 2024; all members independent; ESG oversight within remit .
- Compensation Committee: Vice Chair; 2 meetings in 2024; members meet additional Nasdaq independence criteria .
- Lead Independent Director designation .
- Independence: Board determined all directors other than CEO and President are independent under Nasdaq rules .
- Attendance and engagement:
- Board met 6 times in 2024; all incumbent directors attended at least 75% of Board and applicable committee meetings; all current directors attended last year’s annual meeting .
- Lake City Bank board: All LKFN directors also serve on Lake City Bank’s board; Corporate Risk Committee operates at the bank level .
2024 Annual Meeting Voting Results (Support Signals)
| Item | 2024 Annual Meeting (Counts) |
|---|---|
| Election of Blake W. Augsburger | For: 18,123,326; Withhold: 1,968,021; Broker Non-votes: 2,888,485 |
| Advisory vote on executive compensation (Say-on-Pay) | For: 19,250,588; Against: 779,612; Abstain: 61,147; Broker Non-votes: 2,888,485 |
| Auditor ratification | For: 22,728,078; Against: 219,803; Abstain: 31,951 |
Fixed Compensation
| Component | 2024 Amount |
|---|---|
| Annual Director Retainer | $35,000 |
| Lead Independent Director Additional Retainer | $15,000 |
| Governance Committee Chair Additional Retainer | $10,000 |
| Compensation Committee Chair Additional Retainer | $10,000 (Augsburger is Vice Chair, not Chair) |
| Annual Stock Grant (number of shares) | 1,300 shares (650 in January; 650 in July) |
| Blake W. Augsburger – Fees Earned/Paid in Cash | $60,000 |
| Blake W. Augsburger – Stock Awards (grant-date fair value) | $78,631 |
| Blake W. Augsburger – Total | $138,631 |
Additional details:
- Director equity grants in 2024 are fully vested; no outstanding stock awards or options held by non-employee directors as of Dec 31, 2024 .
- The company currently does not grant new stock options/SARs; no option timing policies needed; if reinstated, Board will evaluate appropriate controls .
Performance Compensation
| Metric | Jan 9, 2024 | Jul 9, 2024 | Notes |
|---|---|---|---|
| Director Stock Award Shares | 650 | 650 | Fully vested stock awards; no performance conditions disclosed |
| Share Price (basis for grant-date fair value) | $63.03 | $57.94 | |
| Options/SARs | None outstanding | None outstanding | Company does not currently grant new options; none outstanding for non-employee directors |
- No performance metrics (TSR, financial KPIs, ESG goals) are tied to director compensation; equity awards are time-vested/fully vested at grant .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlock/Conflict Notes |
|---|---|---|---|
| None disclosed | — | — | Proxy does not list other public company directorships for Augsburger |
Expertise & Qualifications
- Leadership and operating experience from senior executive roles at Harman International and as President of its Professional division; founder/CEO of LEA Professional .
- Considered qualified for governance and compensation oversight due to leadership skills and public-company executive experience .
- Board emphasizes skills in corporate governance & ethics, risk management, finance, human capital, technology/industry experience across directors .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial Ownership (shares) | 35,294 |
| Percent of Class | <0.5% (asterisk designation) |
| Shares credited under Directors Fee Deferral Plan | 17,731 (as of Feb 5, 2025) |
| Outstanding stock awards/options | None (as of Dec 31, 2024) |
| Director Stock Ownership Guideline | 5,000 shares within five years; all non-employee directors met guideline as of Dec 31, 2024 |
| Hedging/Pledging Policy | Company maintains robust hedging and pledging policy |
| Section 16(a) Compliance | No late filings noted for Augsburger; one late Form 4 related to another director (Ross) |
Fee Deferral Plan key terms: non-employee directors may defer fees; return based on LKFN stock performance; nonqualified, unsecured obligations; any trust-held shares treated as treasury shares and non-voting .
Governance Assessment
-
Strengths
- Lead Independent Director with dual governance roles (NCGC Chair; Comp Committee Vice Chair) supports board effectiveness and shareholder oversight .
- Clear independence determinations; robust policies (clawback, hedging/pledging) and ESG oversight under NCGC .
- Solid shareholder support at 2024 annual meeting; say-on-pay passed with strong “For” vote counts; Augsburger received majority “For” votes .
-
Alignment
- Meaningful personal share ownership (35,294 shares) including deferred shares; meets director ownership guidelines .
- Director equity grants are fully vested stock awards (no options), reducing potential for option-related risk-taking; no outstanding awards/options .
-
Conflicts and Related Party
- No related-party transactions disclosed involving Augsburger; company monitors and pre-approves material transactions; director/officer loans made on market terms and regulatory-approved .
-
RED FLAGS
- None disclosed specific to Augsburger (no pledging noted; no late Section 16 filings; no related-party transactions) .
-
Watch Items
- External CEO role at LEA Professional: no interlocks or transactions disclosed, but continued monitoring advisable for potential conflicts if vendor/customer relationships emerge .
- Withhold votes of 1,968,021 in 2024 suggest a subset of shareholders sought changes; monitor future vote trends for governance sentiment .