William Drafts
About William Drafts
William A. Drafts is President of M-tron Industries, Inc. (MPTI), serving since 2022; he previously served as President & CEO from 2019–2022. He is 60, with a B.S. in Electrical Engineering (University of Arizona), and both an M.S.E.E. and MBA (University of Central Florida), with eleven technical publications and three U.S. patents . MPTI’s pay-versus-performance disclosure shows strong stockholder returns since the 2022 IPO (value of a fixed $100 investment increased to $370 by 12/31/2024 vs $273 in 2023), alongside net income growth ($7.636M in 2024 vs $3.489M in 2023) . The company’s incentive program emphasizes revenue growth, EBITDA, EPS, ROE (short-term), and increased total market value (long-term), aligning executive pay to performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| M-tron Industries, Inc. | President | 2022–present | Leads operations and execution for high-reliability frequency and spectrum control products . |
| M-tron Industries, Inc. | President & CEO | 2019–2022 | Led the business pre- and post-spin positioning . |
| FLIR Systems Inc. | Director – Global Product Management; VP & GM, Imaging Division | 2010–2019 | Drove imaging segment leadership and product strategy . |
| ICx Technologies, Inc. | EVP – Corporate Operations; VP – Operations, ICx Imaging Systems | 2002–2009 | Managed operations across imaging businesses . |
| TriQuint Semiconductor, Inc. | Vice President – General Manager | 1999–2001 | Led division operations in semiconductors . |
| Sypris Solutions Inc. | Various positions | 1990–1999 | Operational roles in advanced sensors . |
| Lockheed Martin Corporation | Design Engineer | 1987–1990 | Early engineering career in defense . |
External Roles
- No external public-company board roles disclosed in executive officer biographies .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 197,323 | 211,385 |
| Bonus ($) | 50,000 | 130,000 |
| Stock Awards ($) | 101,700 | — |
| All Other Compensation ($) | — | 7,542 |
| Total ($) | 349,023 | 348,927 |
Performance Compensation
- Incentive design: annual/long-term incentives under the 2022 Incentive Plan; short-term goals include revenue growth, EBITDA, EPS, ROE; long-term goals emphasize increasing total market value .
- Options have not been granted in the executive program since 2022 .
Equity Awards – RSUs
| Award Type | Grant Date | Shares | Grant-Date Fair Value ($) | Vesting Schedule | Status as of 12/31/2024 |
|---|---|---|---|---|---|
| Restricted Shares (RSUs) | Aug 9, 2023 | 9,000 | 101,700 (at $11.30/share) | 30% in 2024; 30% in 2025; remaining 40% in 2026 | 6,300 unvested; market value $305,109 at $48.43/share |
Option Awards
| Award Type | Grant Date | Shares | Exercise Price ($) | Vesting | Expiration | Status |
|---|---|---|---|---|---|---|
| Replacement Options (from LGL grant) | Oct 7, 2022 | 9,710 | 13.10 | Vested Nov 7, 2022 | Nov 7, 2024 | Expired Nov 7, 2024 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 10,008 shares; less than 1% of outstanding . |
| Shares outstanding (record date) | 2,915,189 (Apr 15, 2025) . |
| Unvested RSUs (12/31/2024) | 6,300; market value $305,109 at $48.43/share . |
| Upcoming vesting | 2,700 shares scheduled to vest in 2025; remaining 40% in 2026 . |
| Pledging/Hedging | Company discourages but does not prohibit; no pledging by Drafts disclosed . |
| Stock ownership guidelines | Not disclosed in proxies . |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreements | Company has not entered into employment agreements with executive officers . |
| Clawback | Compliant with NYSE American and Rule 10D-1; no clawback actions required in 2024 . |
| Insider trading policy | Adopted; prohibits trading while in possession of MNPI . |
| Hedging/Pledging policy | Discouraged for directors/executives/employees; not prohibited . |
| 401(k) & other | 2024 employer 401(k) contribution: $6,342; cell phone allowance: $1,200 . |
Performance & Track Record
Recent quarterly performance context for pay-for-performance alignment:
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($) | 12,805,000 | 12,732,000 | 13,282,000 | 14,170,000 |
| EBITDA ($) | 2,828,000* | 2,263,000* | 2,114,000 | 2,830,000* |
| Net Income ($) | 2,139,000 | 1,630,000 | 1,560,000 | 1,832,000 |
Values with asterisks retrieved from S&P Global.
Additional pay-versus-performance context: cumulative TSR value of initial fixed $100 investment reached $370 in 2024 (vs $273 in 2023); net income rose to $7.636M in 2024 (vs $3.489M in 2023) .
Say-on-Pay & Compensation Governance
- Say-on-Pay approval: 96.9% support at the 2024 Annual Meeting, indicating strong shareholder backing of NEO compensation .
- Compensation Committee: Bel Lazar (Chair), Robert V. LaPenta Jr., John S. Mega; independent under NYSE American rules; benchmarks pay vs comparable medians; no external consultant retained .
Investment Implications
- Alignment: Drafts’ equity stake and multi-year RSU vesting schedule align incentives with TSR and earnings growth targets described in the incentive plan .
- Near-term selling pressure: 2,700 RSUs vest in 2025 and remaining 40% in 2026, which may create periodic liquidity events; monitor Form 4s around vest dates for selling pressure .
- Contract flexibility: No employment agreement reduces guaranteed protections and may increase at-will flexibility but also introduces retention risk if market opportunities arise .
- Governance risk mitigants: Robust clawback and insider trading policies reduce misconduct risk; however, hedging/pledging not prohibited is a governance soft spot—no pledging disclosed for Drafts .
- Pay support: High say-on-pay approval (96.9%) suggests investor confidence in current pay structure amid improving net income and TSR trends .