Nicholas Angerosa
About Nicholas Angerosa
Nicholas S. Angerosa, 48, is Regional President, Southeast at Limbach Holdings (LMB) since January 2025; he previously served as President of Harper Limbach (July 2020–January 2025) and Senior Vice President & Branch Manager overseeing the Tampa business unit (May 2018–July 2020). Earlier, he held project manager and division manager roles at The Poole & Kent Company of Florida (October 1996–May 2012) . Executive incentives are explicitly tied to company Adjusted EBITDA (annual cash bonus) and 3‑year average Adjusted EBITDA margin (performance RSUs), aligning pay with profitability and margin expansion . Company performance in 2024 included record adjusted EBITDA of $63.7M and gross margin improvement to 27.8%, reinforcing pay-for-performance mechanics . LMB’s revenues and EBITDA over the last three fiscal years are shown below to contextualize incentives:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $496,782,000 | $516,350,000 | $518,781,000 |
| EBITDA ($USD) | $22,453,000* | $39,257,000* | $54,282,000* |
*Values retrieved from S&P Global
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Limbach Holdings – Harper Limbach (Harper Limbach LLC; Harper Limbach Construction LLC) | President | Jul 2020–Jan 2025 | Led Harper Limbach operations; part of succession planning into Regional President role |
| Limbach Holdings – Tampa Business Unit | Senior VP & Branch Manager | May 2018–Jul 2020 | Oversaw Tampa unit; operational leadership of branch |
| The Poole & Kent Company of Florida | Project/Division Manager | Oct 1996–May 2012 | Specialty mechanical/general contracting leadership |
External Roles
No external/public directorships or outside board roles disclosed for Angerosa .
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary | $385,000 | Increased from $350,000 in 2023 (+10.0%) |
| Target Annual Bonus % of Salary | 50% | STI determined by company Adjusted EBITDA |
| Actual Cash Incentive Paid (2024) | $279,229 | Payout 145.05% of target on $63.714M Adjusted EBITDA |
| Perquisites | $25,800 total | $12,000 auto allowance + $13,800 401(k) match in 2024 |
Performance Compensation
Short‑Term Incentive (Annual Cash Bonus)
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout vs Target | Vesting |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA ($000s) | 100% | $36,400 | $52,000 | $72,800 | $63,714 | 145.05% | Cash paid; NEO bonus % capped at 180% |
Long‑Term Incentive (RSUs/PRSUs – granted Jan 1, 2024)
| Award Type | Metric | Weighting | Target Shares | Grant Date Value | Vesting |
|---|---|---|---|---|---|
| Performance RSUs (PRSUs) | Average Adjusted EBITDA Margin (2024–2026) | 100% (PBRSU portion) | 4,624 | $210,253 | Vests at end of 3‑year period; payout 50%/100%/150% at threshold/target/max; gating requires ≥80% cumulative Adjusted EBITDA; 2024 targets undisclosed for competitive sensitivity |
| Service RSUs (RSUs) | Service | — | 2,312 | $105,127 | Vests in equal annual installments on Jan 1, 2025/2026/2027 |
Settled Performance Awards (2012–2024 cycle settled Mar 10, 2025)
| Grant Year | Performance Period | Target Shares | Earned Shares | Settlement Value |
|---|---|---|---|---|
| 2022 | Jan 1, 2022–Dec 31, 2024 | 12,229 | 18,343 (150% of target) | $1,264,200 (settlement date price $68.92) |
Equity Ownership & Alignment
| Ownership Metric | Amount |
|---|---|
| Beneficial Ownership (Apr 17, 2025) | 51,843 shares; <1% of outstanding; 11,624,639 shares outstanding; derived ≈0.45% |
| Ownership vs Executive Guideline | 46,363 “ownership” shares for guideline; 10.7x multiple vs 1x requirement (Dec 31, 2024) |
| 2024 Gross Shares Vested | 12,596; net after tax withholding 9,336 |
| Unvested Service RSUs (Dec 31, 2024) | 2,312 (2024 grant); prior service RSUs outstanding shown in table |
| Unearned PRSUs (Dec 31, 2024) | 4,624 (2024 grant); plus previously assumed 150% performance for 2023 grants until final determination |
| Options | None; no stock options held or granted in 2024 |
| Hedging/Pledging | Hedging prohibited; company indicates no pledge arrangements known that could lead to change in control |
Outstanding equity award detail (Dec 31, 2024), selected for Angerosa:
- Service RSUs not vested: 1/1/2024: 2,312 units; 1/4/2023: 3,438; 1/17/2023: 1,576; 1/1/2022: 2,038 .
- Performance RSUs unearned: 1/1/2024: 4,624; 1/4/2023: 15,469 (shown at 150% presumed); 1/17/2023: 7,090; 3/30/2022: 18,343 (earned at 150%) .
Employment Terms
- Role and Promotions: Regional President, Southeast since Jan 2025; previously President of Harper Limbach (Jul 2020–Jan 2025); SVP & Branch Manager (May 2018–Jul 2020) .
- Promotion Letter (Jan 17, 2023): Provides base salary, target bonus (% of salary), eligibility for long-term equity under Omnibus Plan, $1,000/month auto allowance, and reimbursement of reasonable business expenses; achievement of goals at Board/Committee discretion .
- Severance & Change‑in‑Control (effective Jan 1, 2025): Double‑trigger CIC; Non‑CIC severance = 1x base + bonus + 12‑month COBRA; CIC severance for SLT = 2x base + bonus + 24‑month COBRA; time‑based RSUs vest; PRSUs vest based on latest planned forecast as if continued employment; no excise tax gross‑ups; payments reduced to avoid 280G if beneficial .
- Potential Payments (as of Dec 31, 2024): Non‑CIC total $696,460 (cash $664,229; COBRA $32,231); CIC total $5,809,067 (cash $1,049,229; RSU acceleration $800,997; PRSU acceleration $3,894,380; COBRA $64,461) .
Compensation Structure Notes and Peer Benchmarking
- Program design: 4 elements—base salary; annual STI (cash, % of salary; Adjusted EBITDA); LTI (mix of service RSUs and performance RSUs tied to 3‑year average Adjusted EBITDA margin); benefits .
- Target market positioning: initial targets at median (50th percentile) with adjustments for experience/performance; below‑market executives intended to move into range over multi‑year period .
- Peer group (2024): Comfort Systems USA; NV5 Global; Bel Fuse; Thermon Group; IES Holdings; CSW Industrials; Key Tronic; NN, Inc.; Sterling Infrastructure; Orion Group; Willdan Group; Bowman Consulting; Ameresco; Great Lakes Dredge & Dock; L.B. Foster; Northwest Pipe; INNOVATE; Enerpac Tool Group; Exponent; The Eastern Company .
- Committee and advisor: Compensation Committee—Michael F. McNally (Chair), Joshua S. Horowitz, David R. Gaboury, Gordon G. Pratt; independent consultant Compensation Advisory Partners (CAP) engaged directly by Committee; annual independence assessment .
- Clawback: SEC/Nasdaq‑compliant clawback policy for Section 16 officers upon certain events, including accounting restatements .
- Say‑on‑Pay: 96% approval in 2024; Committee retained current practices following strong support .
Performance & Track Record
- Company execution: 2024 record adjusted EBITDA $63.7M; ODR revenue mix 66.6% and margin improvement to 27.8%; two acquisitions completed (Kent Island Mechanical; Consolidated Mechanical) .
- Pay‑vs‑Performance framework: SEC “compensation actually paid” shows alignment with TSR and adjusted EBITDA trends; TSR value of initial $100 investment reached $693.76 by 2024, while adjusted EBITDA reached $63.7M .
Investment Implications
- Strong alignment: Angerosa’s incentives are tied directly to profitability (Adjusted EBITDA) and margins (3‑year average Adjusted EBITDA margin), reinforcing discipline around mix shift and margin expansion .
- Low pledging/hedging risk: Company prohibits hedging and indicates no pledging arrangements; options risk is nil (no options outstanding) .
- Retention economics: Double‑trigger CIC with 2x cash plus accelerated equity could create event‑driven supply; non‑CIC severance provides baseline retention protection. Upcoming service RSU vesting dates (Jan 1, 2025/2026/2027) and sizeable PRSU overhang (2023/2024 grants) may contribute to periodic insider selling pressure upon settlement/tax withholding .
- Ownership: Beneficial ownership is <1% of the company and exceeds executive stock ownership guidelines (10.7x vs 1x), indicating substantial skin‑in‑the‑game .
Appendix: Company Financial Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $496,782,000 | $516,350,000 | $518,781,000 |
| EBITDA ($USD) | $22,453,000* | $39,257,000* | $54,282,000* |
*Values retrieved from S&P Global
Notes:
- Annual STI target and payout mechanics are fully transparent; actual 2024 payout was 145.05% of target tied to $63.714M Adjusted EBITDA .
- PRSU program uses average Adjusted EBITDA margin over 3 years with threshold/target/max of 50%/100%/150% and gating of ≥80% cumulative Adjusted EBITDA; 2022 grant paid at 150% in 2025 .