Thomas W. Trexler
About Thomas W. Trexler
Thomas W. Trexler (age 61) is Executive Vice President and Chief Financial Officer of Nobility Homes, Inc., serving in these roles since December 1994, and has been a director since 1993. He also serves as President of Prestige Home Centers, Inc. (since June 1995), President of Mountain Financial, Inc. (since August 1992), and Vice President of TLT, Inc. (since September 1991) . Over FY 2022–FY 2024, Nobility’s revenue rose in FY 2023 and declined in FY 2024 while net income peaked in FY 2023 and moderated in FY 2024; TSR improved across the period per the company’s pay-versus-performance table .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nobility Homes, Inc. | Executive Vice President & Chief Financial Officer | Dec 1994–present | Senior finance leadership; director since 1993 |
| Nobility Homes, Inc. | Director | 1993–present | Board oversight; non-independent director |
| Prestige Home Centers, Inc. | President | Jun 1995–present | Leadership of affiliated retail operations |
| Mountain Financial, Inc. | President | Aug 1992–present | Leadership of affiliated finance operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TLT, Inc. | Vice President | Sep 1991–present | VP of general partner to limited partnerships developing manufactured housing communities; related-party nexus with NOBH |
Related-party context: Terry E. Trexler (CEO/Chair) and Thomas W. Trexler each own 50% of TLT, Inc.; sales to such communities were $221,620 in fiscal 2024 .
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Base Salary (USD) | $93,500 | $93,500 | $93,500 | $93,500 |
| Bonus (USD) | $200,000 | $220,000 | $280,000 | $280,000 |
| Non-Equity Incentive Plan | — | — | — | — |
| All Other Compensation (USD) | $16,220 | $16,220 | $16,220 | $16,220 |
| Total (USD) | $309,720 | $329,720 | $389,720 | $389,720 |
- CFO receives the same base salary as the CEO, and the CFO’s base salary has not increased since 2005 .
- “All other compensation” consists of annual life insurance premiums ($16,220) for Mr. Trexler .
Performance Compensation
| Component | Structure | Weighting | Target | Actual | Payout (FY 2021–FY 2024) | Vesting |
|---|---|---|---|---|---|---|
| Quarterly Incentive Bonus | Bonus pool based on specified % of quarterly EBIT; discretionary allocation by committee/CEO input | Discretionary | Not preset | Based on EBIT and individual performance | $200k (2021) ; $220k (2022) ; $280k (2023) ; $280k (2024) | Cash; no equity vesting |
- No stock options, RSUs, PSUs, or other equity-based awards were granted or outstanding for named executive officers in FY 2023–FY 2024; no exercises or vesting occurred .
Equity Ownership & Alignment
| As of | Shares Beneficially Owned | Percent of Class | 401(k) Shares Included | Options Held | Equity Awards Outstanding |
|---|---|---|---|---|---|
| May 23, 2024 | 422,527 | 12.93% | Included: 14,587 | 0 | 0 |
| Feb 4, 2025 | 423,456 | 12.94% | Included: 14,587 | 0 | 0 |
- Insider Trading Policy adopted; Section 16(a) filings were timely for FY 2024 .
- No disclosure of hedging/pledging restrictions or stock ownership guidelines in the proxies reviewed; independent directors are paid cash fees only, with no equity program .
Employment Terms
| Term | Detail |
|---|---|
| Employment start date (CFO) | December 1994 |
| Years in current role | ~31 years (as of 2025) |
| Contract term length | None; no employment agreements |
| Severance | None; no severance agreements |
| Change-of-control | None; no CoC agreements (no single/double trigger) |
| Clawback provisions | Not disclosed in proxy |
| Non-compete / Non-solicit | Not disclosed in proxy |
| Garden leave / Post-termination | Not disclosed in proxy |
Board Governance
- Board service: Director since 1993; nominee for re-election in 2025 . Family relationship: Terry E. Trexler is Thomas’s father; Terry is Chairman/CEO/President .
- Independence: The audit and compensation committees are comprised of independent directors (Robert P. Saltsman and Arthur L. Havener, Jr.); Thomas W. Trexler does not serve on these committees and is not independent .
- Audit committee financial expert: Robert P. Saltsman . Audit committee met four times in FY 2024 .
- Board meeting attendance and executive sessions: All directors attended meetings in FY 2023; non-management directors meet in executive sessions without management on a regular basis .
Director Compensation (for context)
- Independent directors receive $3,000 per board meeting; Audit Committee chair receives an additional $1,250 per meeting; travel reimbursements are paid. No equity awards; no stock options are outstanding .
- Management directors (e.g., Thomas W. Trexler) are not listed in independent director fee tables; no separate director equity program is disclosed .
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $51,522,054 | $63,318,392 | $51,933,622 |
| EBITDA (USD) | $8,595,111* | $13,553,863* | $9,751,864* |
| Net Income (USD) | $7,232,029 | $10,898,864 | $8,611,262 |
- Values retrieved from S&P Global* (EBITDA values lack document citations).
- Pay-versus-performance TSR (Value of $100 initial investment): $73.53 (2022), $90.44 (2023), $107.83 (2024) .
- Commentary: FY 2023 marked peak net income and TSR improvement; FY 2024 saw revenue and net income moderation while TSR continued to improve per proxy methodology .
Related Party Transactions & Interlocks
- TLT, Inc. shared ownership (50% each by Terry and Thomas Trexler); sales to partnerships developing manufactured housing communities totaled $221,620 in fiscal 2024 .
- Company repurchased 100,000 shares from Terry E. Trexler for $2.8 million on June 22, 2023 .
Compensation Structure Analysis
- Highly cash-based pay: salary fixed at $93,500; bonuses discretionary from EBIT pool; no equity awards granted or outstanding in FY 2023–FY 2024 .
- Increased reliance on bonus: CFO bonus rose from $200,000 (2021) to $280,000 (2023–2024), aligning with earnings performance and discretionary committee decisions .
- No guaranteed severance or CoC benefits; no disclosed clawbacks; indicates minimal contractual protections and limited formal pay-for-performance enforcement mechanisms beyond discretionary bonus practices .
Risk Indicators & Red Flags
- Governance concentration: CEO is also Chairman; CFO is a director and the CEO’s son—board independence concerns and potential related-party influence .
- Related-party transactions: TLT, Inc. affiliations with ongoing sales to connected communities; monitor for continued transactions and pricing/terms .
- Absence of equity incentives: No RSUs/PSUs/options reduces alignment via vesting schedules, but large personal share ownership partially offsets .
- Disclosure gaps: No stated clawback policy, ownership guidelines, or hedging/pledging restrictions in proxies reviewed .
Equity Ownership & Alignment Details
- Beneficial ownership: 423,456 shares (12.94%) as of Feb 4, 2025; includes 14,587 shares via 401(k) .
- Ownership trend: 422,527 shares (12.93%) as of May 23, 2024; includes 401(k) shares .
- Options and unvested equity: None; no outstanding equity awards .
- Insider trading policy is in place; Section 16(a) reports timely for FY 2024 .
Investment Implications
- Alignment: High insider ownership (≈13%) for the CFO supports skin-in-the-game, but the absence of formal equity awards and vesting reduces scheduled lock-in; limited forced selling pressure from vesting is a positive for supply-demand dynamics .
- Compensation levers: Bonuses driven by EBIT with discretionary allocation create sensitivity to quarterly profitability; monitor EBIT trends and bonus pool disclosures as signals of management confidence and near-term margin trajectory .
- Retention and governance: No severance/CoC agreements and no clawback provisions disclosed suggest potential retention risk during downturns and weaker formal accountability mechanisms; dual-role family control (Chair/CEO + CFO director) elevates governance risk and potential related-party influence—offset by presence of independent audit/comp committees chaired by independent directors .
- Trading signals: TSR improved across FY 2022–FY 2024 while net income moderated in FY 2024; with insider ownership concentrated among the Trexlers, watch for Form 4 activity and related-party transaction updates as catalysts. The lack of equity vesting schedules limits predictable insider-selling overhang; any discretionary bonus changes may foreshadow shifts in EBIT trajectory .