Jeffrey Moorefield
About Jeffrey Moorefield
Jeffrey Moorefield is Vice President and General Manager of Luxfer Magtech, appointed April 1, 2022 and designated an Executive Officer at that time; age 61 as of the 2025 proxy. He holds a B.S. in Industrial Technology from Western Kentucky University and previously served as Luxfer’s Vice President of Operations (Mar 2019–Mar 2022), with prior senior global operations leadership roles at Tennant Company and Pentair Plc . Cash incentives for business unit leaders like Moorefield are tied to Management EBITA, Cash Conversion, and Revenue; in 2024 Luxfer achieved Group Management EBITA of US$48.1M, Group Revenue of US$362.3M, and Cash Conversion of 112% (capped), while Moorefield’s 2024 cash incentive paid US$111,605 . In 2023, Luxfer Magtech’s Management EBITA and Revenue were below Threshold, resulting in no cash incentive earned for Moorefield under those measures .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Luxfer Holdings PLC | Vice President of Operations | Mar 2019–Mar 2022 | Led operations across Luxfer, preceding elevation to business unit GM |
| Tennant Company | Senior Vice President, Global Operations | Not disclosed | Senior global operations leadership at an industrial equipment provider |
| Pentair Plc | Global Vice President of Operations (various segments) | Not disclosed | Led operations across multiple segments in water treatment/sustainable applications |
External Roles
None disclosed in Luxfer’s proxy NEO biographies for Moorefield .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (US$) | $206,000 | $212,000 | $217,300 |
| Target Bonus (% of Salary) | — | 40% | 40% |
| Target Bonus (US$) | — | $84,800 | $86,920 |
| Actual Annual Cash Incentive Paid (US$) | — | $0 (no payout) | $111,605 |
| Annual Equity Awards (Grant-Date Fair Value, US$) | $106,600 | $85,683 | $102,246 |
| All Other Compensation (US$) | $33,657 | $28,317 | $33,053 |
| Total Compensation (US$) | $346,257 | $326,000 | $464,204 |
Each NEO receives an annual perquisite allowance as a monthly cash stipend (included in “All Other Compensation” among other items) .
Performance Compensation
Annual Cash Incentive Design and 2024 Outcomes
| Item | Details |
|---|---|
| Measures & Weights (Business Unit Leaders) | Management EBITA 60%; Cash Conversion 20%; Revenue 20% |
| Performance Payout Factor schedule (Moorefield) | Cash Conversion: Threshold 7%, Target 14%, Max 28%; Management EBITA: Threshold 10%, Target 20%, Max 40%; Revenue: Threshold 3%, Target 6%, Max 12%; Total Threshold 20%, Target 40%, Max 80% |
| Target and Max Opportunity | Target: 40% of salary = $86,920; Max: $173,840 |
| Actual Payout (US$) | $111,605 (paid for 2024) |
| Vesting of time-based RSUs (2024 awards) | Four equal annual installments beginning March 18, 2025 |
Annual Cash Incentive Design and 2023 Context
| Item | Details |
|---|---|
| Measures & Weights (Business Unit Leaders) | Cash Conversion: Threshold 7%, Target 14%, Max 28%; Management EBITA: Threshold 10%, Target 20%, Max 40%; Revenue: Threshold 3%, Target 6%, Max 12%; Total Threshold 20%, Target 40%, Max 80% |
| Target and Max Opportunity | Target: 40% of salary = $84,800; Max: $169,600 |
| Actual Payout (US$) | $0; Luxfer Magtech Management EBITA and Revenue below Threshold (cash conversion not paid if EBITA threshold not met) |
| Vesting of time-based RSUs (2023 awards) | Four equal annual installments beginning March 20, 2024 |
Equity Awards Structure
| Equity Type | 2023 | 2024 |
|---|---|---|
| Time-based equity for U.S.-based NEOs | RSUs = 40% of total equity award at Target; 4 annual tranches starting Mar 20, 2024 | RSUs = 40% of total equity award at Target; 4 annual tranches starting Mar 18, 2025 |
| Performance-based equity (standard) | EPS Growth and TSR PSUs; 2023 EPS at Target and TSR below Threshold (as of 12/31/2023) | EPS Growth and TSR PSUs; 2024 EPS/TSR between Target and Maximum (as of 12/31/2024) |
| Special EPS awards (2019–2025 program) | Additional awards tied to $2.00/$2.40 adjusted diluted EPS by 12/31/2025; Moorefield Target 2,000; Max 4,000; no longer likely after EPS goal withdrawal in Q3’23 |
Equity Ownership & Alignment
| Metric | 2023 (as of Apr 1) | 2024 (as of Apr 1) |
|---|---|---|
| Beneficial ownership (shares) | 5,425 | 7,699 |
| Ownership % of shares outstanding | <1% | |
| Policy on hedging/pledging | Hedging, margin accounts, and pledging prohibited for covered persons (incl. executives and family/controlled entities) |
Outstanding equity awards by fiscal year-end:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Earned, unvested shares/units (#) | 5,157 | 5,736 | 6,192 |
| Market value of earned, unvested (US$) | $65,597 | $45,540 | $74,861 |
| Unearned awards (#) – 2022 grant | See vesting schedule below | 922 | 1,282 |
| Market value of unearned – 2022 grant (US$) | See vesting schedule below | $7,318 | $15,495 |
| Unearned awards (#) – 2023 grant | — | 1,320 | 1,815 |
| Market value of unearned – 2023 grant (US$) | — | $10,481 | $21,943 |
| Unearned awards (#) – 2024 grant | — | — | 11,858 |
| Market value of unearned – 2024 grant (US$) | — | — | $143,357 |
Performance share units by vesting date (from FY 2022 table):
| Vesting Date | PSUs/Options (Count) |
|---|---|
| Mar 13, 2023 | 967 |
| Mar 13, 2024 | 968 |
| Mar 15, 2025 | 1,157 |
| Mar 14, 2026 | 2,000 |
| Mar 15, 2026 | 360 |
Previously awarded time-based RSU vesting schedules:
| Award Communication Date | Vesting Dates | Participation |
|---|---|---|
| Mar 14, 2019 | Mar 14, 2020; Mar 14, 2021; Mar 14, 2022; Mar 14, 2023 | Moorefield among NEOs listed |
| Mar 13, 2020 | Mar 13, 2021; Mar 13, 2022; Mar 13, 2023; Mar 13, 2024 | Moorefield among NEOs listed |
| Mar 14, 2022 | Mar 14, 2023; Mar 14, 2024; Mar 14, 2025; Mar 14, 2026 | Moorefield among NEOs listed |
Employment Terms
| Provision | Details |
|---|---|
| Agreements effective | Executive Severance and Change in Control Agreements effective Oct 25, 2023 (for Moorefield, Mead, Wardlow) |
| Notice Period | 6 months for Moorefield |
| Termination without Cause (company right of pay in lieu) | Salary for Notice Period; cash incentive for fiscal year of termination (actual or Target, prorated if not determined); immediate vesting of awards scheduled to vest during Notice Period |
| Termination without Cause – payout table (2024 context) | Salary $106,000; Cash Incentive $84,800 (Target); Equity $25,257; Total $216,057 (assumes pay in lieu of full 6-month Notice Period) |
| Termination without Cause – payout table (2025 context) | Salary $108,650; Cash Incentive $86,920 (Target); Equity $26,827; Total $222,397 (assumes pay in lieu of full 6-month Notice Period) |
| Resignation with Good Reason | Severance equal to base salary for Notice Period (6 months); cash incentive actual or Target/prorated; immediate vesting of time-based awards scheduled within 12 months; performance awards vest per LTIP formula |
| Resignation with Good Reason – payout table | Salary $108,650; Cash Incentive $86,920; Equity $26,827; Total $222,397 |
| Change in Control (no equivalent position offered; termination by Company) | Severance of 12 months’ base salary; cash incentive (actual or Target if not determined); immediate vesting of all outstanding unvested time-based awards; immediate vesting of performance awards per LTIP change-in-control rules |
| Change in Control – payout table | Salary $212,000; Cash Incentive $86,920; Equity Awards $155,683; Total $454,603 |
Investment Implications
- Pay-for-performance alignment: Moorefield’s annual cash incentive is heavily weighted to business unit Management EBITA (60%), with Cash Conversion and Revenue each at 20%; target opportunity is 40% of salary, max 80% of salary, and he earned $111,605 in 2024, while receiving no payout in 2023 due to Magtech performance below Threshold .
- Vesting and potential supply: US-based time-based RSUs vest in four equal annual tranches (2023 awards starting Mar 20, 2024; 2024 awards starting Mar 18, 2025), with earned-unvested balances of 5,736 (FY 2023) and 6,192 (FY 2024); performance awards outstanding span 2022–2024 cycles with unearned counts disclosed .
- Ownership and alignment: Beneficial ownership increased from 5,425 shares (Apr 1, 2023) to 7,699 (Apr 1, 2024), representing <1% of shares outstanding; company policy prohibits hedging and pledging by executives, reducing misalignment risks from collateralization or derivative positions .
- Downside/retention risk: Severance provides 6 months’ salary for Good Reason or termination without Cause and 12 months on Change in Control, with Target cash incentive treatment and certain accelerated vesting—adequate but not outsized protection; special EPS awards from 2022 tied to the withdrawn 2025 EPS goal (2,000–4,000 PSUs at Target/Max) are no longer likely to be realized .
- Governance backdrop: Shareholders approved NEO compensation at the 2024 and 2025 AGMs by advisory vote; Luxfer maintains comprehensive clawback, stock ownership guidelines, and prohibitions on hedging/pledging .