Lori Briggs
About Lori Briggs
Executive Vice President, Business Operations (since November 2024), age 52, with 25+ years across GE Oil & Gas and GE Capital; BS in Finance and Statistics/Mathematics (Miami University) and MBA (Washington University in St. Louis) . Joined NPKI in October 2017, advanced through Business Transformation & Integration, VP Marketing, then President, Industrial Solutions prior to her current role . Incentives are explicitly tied to EBITDA, RONCE, strategic goals (divestiture, rebranding, growth, efficiency), and relative TSR; 2021 performance cash awards paid 186.5% of target driven by TSR at the 85th percentile, evidencing strong pay-for-performance linkage . Company execution in 2025 includes rental and service revenue up $30M (+29%) YTD and rental revenue +40%, with long-term project penetration and operational initiatives supporting performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NPKI | Senior Director, Business Transformation & Integration | Oct 2017–Jan 2021 | Built cross-functional integration and transformation capabilities |
| NPKI | Vice President, Marketing (Industrial Solutions) | Jan 2021–Sep 2021 | Pricing and go-to-market optimization; profitability improvements |
| NPKI | President, Industrial Solutions | Sep 2021–Nov 2024 | Led business operations; growth, diversification into new markets |
| NPKI | Executive Vice President, Business Operations | Nov 2024–Present | Enterprise operations leadership; efficiency and growth execution |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GE Oil & Gas | Global Pricing Leader | Oct 2015–Oct 2017 | Global pricing strategy; revenue and margin optimization |
| GE Capital | Leadership roles in marketing/sales | ~2005–Oct 2015 (10 years prior to Oct 2015) | Commercial excellence across Asia Pacific and global markets |
| GE (various divisions) | Leadership roles with progressing responsibility | >25 years | Cross-functional expertise in marketing, business development, pricing, finance |
Fixed Compensation
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $370,834 | $375,000 | $386,250 |
| Non-Equity Incentive Plan Compensation (annual incentive payout) | $242,212 | $308,771 | $229,890 |
| Stock Awards (RSUs grant-date value) | $325,467 | $284,052 | $316,247 |
| All Other Compensation | $29,617 | $33,744 | $37,440 |
| Total | $968,130 | $1,001,567 | $969,827 |
All Other Compensation detail (2024):
- Car Allowance: $15,600
- Life Insurance Premiums: $2,081
- 401(k) Match: $17,250
- Executive Physicals: $2,509
- Total: $37,440
Performance Compensation
Annual Cash Incentive Plan (2024)
- Metrics: Consolidated EBITDA; consolidated RONCE; strategic/ESG goals (divestiture completion, rebranding, market diversification, operational/manufacturing efficiency) .
- Target payout: $273,000 (threshold $109,200; max $546,000; based on salary actually paid) .
- Actual payout: $229,890 (earned for 2024 performance) .
- Notes: Potential per-metric assessment; weightings not disclosed .
2024 Long-Term Incentives (Cash + RSUs)
- Performance Cash Award (granted 5/16/2024): 70% TSR vs peer group; 30% three-year average RONCE; performance period FY2024–FY2026; payout range 0–200% of target; target value $302,250 for Briggs .
- Time-based RSUs (granted 5/15/2024): 41,178 RSUs; grant-date fair value $316,247; vest ratably on June 1, 2025, June 1, 2026, and June 1, 2027 .
Program Update (2025 grants, company-wide):
- 2025 PRSUs: 70% TSR vs designated peer group and 30% consolidated RONCE over a 3-year period; TSR grant-date fair value $11.57 (Monte Carlo); RONCE $8.45; vesting/service recognition over 3 years .
2021 Performance-Based Cash Award Payouts (settled in 2024)
- TSR percentile: 85th; payout: 186.5% of target (Briggs did not receive a 2021 performance cash award; included for program performance context) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Apr 1, 2025) | 224,580 shares; less than 1% of outstanding; includes 64,462 RSUs vesting by June 1, 2025 |
| Upcoming Vesting Supply | 26,396 RSUs vest on June 1, 2025 (2022 grant); 48,680 RSUs vest ratably on June 1, 2025 and June 1, 2026 (2023 grant); 41,178 RSUs vest ratably on June 1, 2025–2027 (2024 grant) |
| Stock Ownership Guidelines | CEOs 5x salary; CFO/GC/Division Presidents 3x salary; Briggs subject to 3x salary; all exec officers in compliance as of March 24, 2025 |
| Hedging/Pledging | Prohibited for directors, officers, employees; none of reported shares are pledged |
| Options | None outstanding for Briggs (no option awards) |
| 2024 Stock Vested | 83,403 shares vested; value realized $703,091 |
Employment Terms
Severance Plan (Tier 2 – applicable to Briggs)
- Cash Severance: Lump sum equal to 2x base salary + target annual bonus (for Tier 2) .
- Pro Rata Bonus: Target-level annual bonus pro-rated for year of termination .
- Time-Based Incentives: Pro-rata vesting of time-based awards scheduled to vest within 12 months post-termination; full vesting if inducement grant; extended option exercise windows (where applicable) .
- Performance-Based Incentives: Pro-rata vesting based on actual performance (up to target) for awards granted >1 year prior; forfeiture of awards granted within 1 year prior .
- Health Benefits: Lump sum equal to 18 months of COBRA costs .
- Outplacement: Up to 2 years, max $25,000 .
Change-in-Control (CIC) Plan (double-trigger; applicable to Briggs)
- Benefits require qualifying termination within 60 days prior to CIC through 2 years post-CIC; cash severance 2x (CEO 3x) base + target bonus; pro rata bonus; full vesting of all incentives (performance deemed at target); medical coverage (24 months for Briggs); up to $25,000 outplacement .
Potential Payments (as of 12/31/2024; illustrative)
| Scenario | Cash Severance | Pro-Rata Annual Incentive | Performance Cash | Time-Based RSUs | Outplacement | Health/Welfare | Life Insurance Proceeds | Disability Benefits per year |
|---|---|---|---|---|---|---|---|---|
| Resignation for Good Reason or Termination without Cause | $663,000 | $273,000 | $403,969 | $286,766 | $25,000 | $35,433 | $0 | $0 |
| Same, in Connection with Change in Control (Double Trigger) | $1,326,000 | $273,000 | $883,500 | $891,668 | $25,000 | $47,244 | $0 | $0 |
| Termination due to Disability | $234,000 | $273,000 | $883,500 | $891,668 | $0 | $0 | $0 | $120,000 |
| Termination due to Death | $0 | $273,000 | $883,500 | $891,668 | $0 | $0 | $500,000 | $0 |
Clawback Policy and Insider Trading Arrangements
- Clawback: Recoup excess incentive-based compensation for current/former exec officers in event of accounting restatement; also permits recoupment from broader senior leaders for fraud/misconduct contributing to restatement .
- Insider Trading Arrangements: No director/officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q3 2025 .
Compensation Structure Analysis
- Mix: Significant portion of pay is at risk; for 2024, target TDC set with 68% variable for non-CEO NEOs, combining annual incentives and long-term (cash + equity) .
- Shift to Equity PRSUs: Company expected transition to share-settled performance-based RSUs in 2025 long-term incentives, increasing equity-linked performance orientation .
- Metrics & Peer Benchmarking: Compensation targeted near market median, with upward/downward variation based on performance, experience, responsibilities; peer group updated post divestiture to industrial/rental-aligned comparators .
- Governance: No excise tax gross-ups; no single-trigger CIC payments; robust clawback and hedging/pledging prohibitions; strong Say-on-Pay support (91% at 2024 AGM) .
Director Governance (not a director)
- Not applicable. Briggs is an executive officer; director-related governance and compensation sections excluded.
Related Party Transactions
- Policy requires Audit Committee pre-approval for covered transactions >$100,000; strict conflict management; hedging and pledging prohibited .
Compensation Peer Group (2024)
- Ameresco; Argan; Civeo; Columbus McKinnon; Concrete Pumping Holdings; Custom Truck One Source; DNOW; Enerpac Tool Group; Global Industrial; Great Lakes Dredge & Dock; H&E Equipment Services; Insteel Industries; Limbach Holdings; Matrix Service; Myers Industries; Standex; Transcat; plus prior energy-centric peers used for transition and Russell 2000 Index for TSR calculations .
Say-on-Pay & Shareholder Feedback
- 91% approval of NEO compensation at 2024 Annual Meeting; ongoing investor engagement and balanced risk assessment of compensation programs .
Investment Implications
- Alignment: Strong ownership and clawback frameworks; 3x salary guideline for Briggs with compliance confirmed; hedging/pledging prohibited—reduces misalignment risk .
- Vesting/Selling Pressure: Multi-tranche RSU vesting on June 1 each year (2025–2027) could create episodic supply; 64,462 RSUs vesting by June 1, 2025 are within 60-day window, with additional tranches in 2026–2027 .
- Retention/CIC Economics: Tier 2 severance at 2x base+target bonus and double-trigger CIC with full incentive vesting provide retention stability but raise cost in change-of-control scenarios; investors should model CIC sensitivities .
- Performance Signals: Incentives tied to TSR and three-year RONCE (70/30) plus annual EBITDA/RONCE/strategic goals—payouts historically sensitive to stock performance (e.g., 186.5% TSR payout in 2024 cycle), indicating compensation will respond materially to multi-year value creation .
- Execution Track Record: Company-level growth in rental and service revenues (+29% YTD; rental +40%) and long-term project penetration are consistent with Briggs’ operations remit, supportive of incentive realization and near-term profitability improvement goals .