John MacKenzie
About John MacKenzie
John R. MacKenzie is Vice President of Sales at National Presto Industries (NPK) and was appointed to this role on February 17, 2023 after serving as Director of Sales, National Sales Manager, and District Sales Manager since 2016 . Education and age are not disclosed in NPK’s proxy filings; tenure in current role dates from February 17, 2023 . Company performance context during his tenure: net income was $34.6 million in 2023 and $41.5 million in 2024, while the cumulative total shareholder return (TSR) value of an initial $100 investment stood at $115.30 in 2023 and $149.83 in 2024; NPK notes it does not use specific financial performance measures to determine executive pay .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| National Presto Industries | Vice President of Sales | Feb 17, 2023 – present | Elevated to VP Sales; recognized for knowledge, expertise, and experience in sales organization |
| National Presto Industries | Director of Sales | Pre–Feb 2023 | Led sales organization; precursor to VP appointment |
| National Presto Industries | National Sales Manager | Pre–Feb 2023 | Progressively senior responsibility in sales management |
| National Presto Industries | District Sales Manager | 2016 – Pre–Feb 2023 | Entered NPK in 2016; foundational sales role |
External Roles
No external public company directorships or outside roles are disclosed for MacKenzie in NPK’s DEF 14A filings (2023–2025) .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 276,930 | 291,477 |
| Bonus ($) | — (none disclosed) | — (none disclosed) |
| All Other Compensation ($) | 12,043 | 14,649 |
| Total Compensation ($) | 288,973 | 341,209 |
Notes:
- “All Other Compensation” includes 401(k) employer contributions, life and disability insurance premiums, and dividends on restricted stock; 401(k) employer contribution for MacKenzie was $11,158 (2023) and $11,806 (2024) .
- NPK primarily relies on base salary; discretionary bonuses may be awarded but none are shown for MacKenzie for 2023–2024 in the Summary Compensation Table .
Performance Compensation
Restricted stock awards (RSUs) are discretionary under NPK’s 2017 Incentive Compensation Plan, denominated in dollars and settled in shares at the prior year-end closing price; they vest 100% on stated vest dates subject to continued service. NPK does not use specific financial performance metrics (e.g., revenue, EBITDA, TSR) as formal pay determinants for executives .
| Grant | Metric | Weighting | Target | Actual | Payout ($) | Shares | Vesting |
|---|---|---|---|---|---|---|---|
| Jan 2, 2025 (for 2024 performance) | Discretionary, based on contributions to corporate performance and strategy | N/A | N/A | N/A | 40,000 | 406 | 100% on Mar 15, 2030 |
| Jan 2, 2024 (for 2023 performance) | Discretionary, based on contributions to corporate performance and strategy | N/A | N/A | N/A | 35,000 | 435 | 100% on Mar 15, 2029 |
Additional vesting activity:
- 85 shares vested on March 15, 2024; value realized $6,465 (closing price $76.06) .
Equity Ownership & Alignment
Beneficial ownership (direct and indirect)
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Beneficially owned shares (MacKenzie) | 1,005 | 1,538 | 2,023 |
| Shares outstanding | 7,102,156 | 7,123,879 | 7,144,062 |
| Percent of common stock | <1% (per proxy table) | <1% (per proxy table) | <1% (per proxy table) |
Outstanding unvested RSUs at 12/31/2024 (with vesting schedule and market value at $98.42/share)
| Grant Date | Unvested Shares (#) | Market Value ($) | Vesting |
|---|---|---|---|
| 12/31/2019 | 113 | 11,121 | 100% on Mar 15, 2025 |
| 12/31/2020 | 169 | 16,633 | 100% on Mar 15, 2026 |
| 12/31/2021 | 121 | 11,909 | 100% on Mar 15, 2027 |
| 12/31/2022 | 219 | 21,554 | 100% on Mar 15, 2028 |
| 1/2/2024 | 435 | 42,813 | 100% on Mar 15, 2029 |
| Total | 1,057 | 104,030 | — |
- Acceleration (estimates if change-in-control, death, disability, or retirement at 12/31/2024): 1,057 shares; $104,030 .
- RSU voting and dividend rights apply to unvested shares per plan documents .
Policies impacting alignment and selling pressure
- NPK does not grant stock options or similar option-like awards; no option exercises during 2024 .
- Speculative trading and hedging policy: prohibits short sales, holding Company stock in a margin account, and trading puts/calls; requires any open-market purchases by restricted personnel to be held for a minimum of six months. The policy does not specifically prohibit other hedging instruments (e.g., collars, prepaid forwards) .
- Section 16 reporting: Company reports timely insider filings for 2024 and 2025; one late report for an executive (not MacKenzie) was noted in 2022 .
Employment Terms
| Term | Details |
|---|---|
| Employment agreement | None; NPK does not maintain employment agreements for executive officers |
| Severance | Not disclosed; no salary/bonus multiples disclosed |
| Change-in-control economics | Single-trigger acceleration: all unvested restricted stock vests upon a change-in-control; immediate vesting also applies on death, disability, or retirement (as defined in the plans) |
| Clawback | Policy adopted to comply with SEC/NYSE recovery rules |
| Ownership guidelines | Not disclosed |
| Hedging/pledging | Prohibits short sales, margin accounts, and puts/calls; policy does not specifically prohibit other hedging instruments |
| Insider trading policy | Filed as an exhibit to 2024 Form 10-K; Company states compliance with federal securities laws and exchange requirements |
Investment Implications
- Pay-for-performance alignment: Incentive awards are discretionary and not tied to specific financial metrics or weightings; NPK explicitly states it does not use TSR, net income, or other specific financial performance measures to determine executive compensation . This reduces formulaic pay-performance linkage.
- Retention signals: RSU grants have long, single-date cliff vesting (five- to six-year cadence from grant), creating a strong retention hook. MacKenzie holds 1,057 unvested shares due to vest annually on March 15 across 2025–2029, plus the January 2025 grant vesting March 15, 2030 .
- Potential selling pressure: RSUs vest annually in mid-March (e.g., 3/15/2025–3/15/2029), which can create predictable periods of supply; value realized at vest is determined by market price (e.g., 3/15/2024 vest at $76.06) .
- Change-of-control incentives: Single-trigger vesting of all unvested RSUs upon a change-in-control increases the economic value of a transaction for executives (MacKenzie acceleration estimated at $104,030 at 12/31/2024), a factor to consider in M&A scenarios .
- Alignment and risk controls: No stock options (reduces leverage and forced exercises); perquisites are modest (none >$10,000 in 2024); hedging limits exist but do not explicitly bar certain instruments; margin accounts are prohibited, reducing pledging risks via margin .
- Governance backdrop: High Say-on-Pay support (98.5% in 2024; 94.5% in 2023), and no employment/change-in-control agreements suggests conservative fixed-cost structure and board oversight consistent with shareholder preferences .