Jeffery Morgan
Vice President of Engineering at NPK
Executive
About Jeffery Morgan
Jeffery A. Morgan is Vice President of Engineering at National Presto Industries (NPK), age 67, elected to his current role in November 2015 after joining NPK in 2010; prior experience includes 21 years at Hoover (Maytag) and three years at Techtronic Industries in engineering and engineering management roles . Company performance during the recent period shows revenue rising to $388.2M in FY 2024 from $340.9M in FY 2023, alongside strong cumulative TSR of $149.83 for a $100 investment from 12/31/2019 to year-end 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| National Presto Industries | Director of Engineering; Chief Engineer | 2010–2015 | Led engineering and product development prior to officer election |
| Hoover Company (Maytag) | Engineering and Engineering Management | 21 years | Deep appliance/housewares engineering experience and leadership |
| Techtronic Industries | Engineering and Engineering Management | 3 years | Continued leadership in consumer appliances engineering |
External Roles
- Executive officer biographies do not disclose external public company directorships for Morgan .
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Salary ($) | 230,242 | 234,827 | 241,730 | 254,452 |
| Bonus ($) | 0 | 0 | 0 | 0 |
| Stock Awards ($) | 32,976 | 32,998 | 0 | 0 |
| All Other Compensation ($) | 12,170 | 12,422 | 9,931 | 11,214 |
| Total ($) | 275,388 | 280,246 | 252,546 | 265,666 |
Notes: “Bonus” represents discretionary cash bonuses when granted; none recorded for Morgan in 2021–2024 . All Other Compensation includes employer 401(k), insurance premiums, and dividends on restricted stock .
Performance Compensation
- The company does not use specific financial performance measures to link executive compensation to performance; awards are discretionary and based on job responsibilities, experience, individual performance, and contributions to corporate strategy, with restricted stock used to build ownership .
- No stock options were granted or exercised by NEOs in FY 2024 .
RSU Grants and Vesting
| Grant Date | Shares Granted (Unvested as of 12/31/2024) | Market Value at 12/31/2024 ($98.42) | Vesting Date |
|---|---|---|---|
| 12/31/2019 | 226 | 22,243 | 3/15/2025 |
| 12/31/2020 | 339 | 33,364 | 3/15/2026 |
| 12/31/2021 | 402 | 39,565 | 3/15/2027 |
| 12/31/2022 | 482 | 47,438 | 3/15/2028 |
- FY 2024 award (granted for 2024 performance): $25,000 (254 shares) on 1/2/2025; vests 100% on 3/15/2030 .
RSU Vesting Realization (FY 2024)
| Vesting Date | Shares Acquired on Vesting (#) | Value Realized ($) |
|---|---|---|
| 3/15/2024 | 85 | 6,465 |
Change‑in‑Control / Termination Accelerated Vesting (as of 12/31/2024)
| Accelerated Unvested Shares (#) | Accelerated Value ($) |
|---|---|
| 1,449 | 142,611 |
Plan terms: Restricted stock awards immediately vest upon change‑in‑control or if employment terminates due to death, disability, or retirement; NPK does not maintain employment or change‑in‑control agreements for executive officers .
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 2,536 |
| Ownership % of Common Stock | Less than 1% |
| Unvested RSUs (as of 12/31/2024) | 1,449 |
| Implied Vested/Direct Shares | 1,087 (derived from 2,536 total and 1,449 unvested) |
| Shares Pledged as Collateral | Not disclosed in filings |
| Voting/Dividends on Unvested RS | Executives have voting and dividend rights on unvested restricted shares |
Ownership table includes beneficial shares with voting power, which for NPK includes unvested restricted stock .
Employment Terms
- Role/tenure: Elected VP of Engineering in November 2015; associated with NPK since 2010 .
- Agreements: No employment or change‑in‑control agreements for executive officers .
- Equity acceleration: Restricted stock vests upon change‑in‑control or death, disability, or retirement; scheduled vest dates for existing awards are 3/15/2025, 3/15/2026, 3/15/2027, 3/15/2028; 2025 grant vests 3/15/2030 .
- Clawback policy: Adopted and compliant with SEC/NYSE rules .
- Perquisites: Employer 401(k) contributions included $10,329 (2024) and $9,931 (2023) among other items .
- Insider trading/Form 4s: No Form 4 data found via document search; NPK notes executives face insider trading restrictions, hence use of restricted stock grants to build ownership .
Performance & Track Record
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenues ($) | 352,627,000 | 355,777,000 | 321,623,000 | 340,912,000 | 388,228,000 |
| EBITDA ($) | 59,201,000* | 33,007,000* | 30,277,000* | 41,040,000* | 50,259,000* |
Values retrieved from S&P Global.*
- Pay-versus-performance TSR: $100 invested in NPK on 12/31/2019 had a value of $149.83 at year-end 2024, versus $54.56 for the weighted peer group; NPK net income reported at $41.46M (2024), $34.56M (2023), $20.70M (2022), $25.65M (2021), $46.96M (2020) .
Governance and Shareholder Feedback
- Say‑on‑pay support: 98.5% approval at 2024 AGM; 94.5% approval at 2023 AGM .
- Compensation Committee: Patrick J. Quinn, Joseph G. Stienessen, Randy F. Lieble .
Compensation Structure Analysis
- Shift toward restricted stock awards with long-dated single‑tranche vesting (five‑year cliff), reinforcing retention and alignment; awards are discretionary and not tied to preset financial metrics .
- No stock options and no employment/CIC agreements; equity acceleration under the plan creates potential event-driven vesting upon retirement or change‑in‑control .
- Perquisites modest; clawback policy in place, reducing governance risk .
Investment Implications
- Long-dated RSU vesting creates identifiable supply overhang dates (3/15/2026–3/15/2028 and 3/15/2030), with single‑trigger acceleration on change‑in‑control or retirement potentially pulling forward share supply; monitor proximity to retirement given age and plan terms .
- Alignment: Beneficial ownership is modest (<1%) with significant portion unvested; incremental alignment via 2025 grant ($25,000, 254 shares) but overall skin-in-the-game remains limited relative to total outstanding shares .
- Governance de‑risked by strong say‑on‑pay support (98.5% in 2024) and clawback adoption; absence of employment/CIC agreements limits severance liabilities, but plan-based acceleration is a key consideration .
- Company fundamentals improved in FY 2024 (revenue up to $388.2M, TSR outperformance vs peer group); engineering execution stability is supported by tenure, but discretionary compensation without explicit performance metrics reduces transparency for pay‑for‑performance linkage—watch continued revenue/earnings trajectory versus discretionary award sizing .