John Lindeen
About John Lindeen
John Lindeen, age 59, is Senior Vice President of Global Operations at Nortech Systems (NSYS). He joined the company in 2013 as Industrial Market Lead and has served as SVP, Global Operations since January 2019 . Company performance in his recent tenure includes FY 2024 net sales of $128.1M vs $139.3M in FY 2023 (–8.0% YoY), with net loss of $1.3M in 2024 vs net income of $6.9M in 2023; TSR index values (value of $100 initial investment) were 170.85 (2022), 131.38 (2023), 143.51 (2024) . Education credentials for Mr. Lindeen are not disclosed in company filings .
Company KPIs context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Sales ($USD Thousands) | 139,332 | 128,133 |
| Net Income ($USD Thousands) | 6,874 | (1,295) |
| TSR Index (Value of $100) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| TSR ($ Index) | 170.85 | 131.38 | 143.51 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nortech Systems Incorporated | Industrial Market Lead | 2013–Jan 2019 | — |
| Nortech Systems Incorporated | SVP, Global Operations | Jan 2019–Present | — |
External Roles
- No external directorships or outside roles for Mr. Lindeen are disclosed in the proxy .
Fixed Compensation
| Item | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 275,000 | 277,040 |
| Target Bonus (%) | 40% of base salary | 40% of base salary |
| Actual Bonus Paid ($) | 103,296 | 0 |
| Option Awards (Grant-Date Fair Value, $) | 12,251 | 0 |
| Total Compensation ($) | 390,547 | 277,040 |
Annual bonuses are tied to a combination of company financial goals and pre-set individual goals; specific metric targets are not disclosed . Lower 2024 incentive compensation company-wide reflects not meeting bonus objectives .
Performance Compensation
- Annual Incentive Compensation Plan mechanics: payout based on company financial goals and individual goals; target 40% of base salary for Mr. Lindeen; specific metrics, weights, and targets are not disclosed .
Equity Ownership & Alignment
Beneficial ownership (as of March 19, 2025)
| Item | Value |
|---|---|
| Shares Beneficially Owned | 29,900 |
| Ownership (% of outstanding) | 1.1% |
| Composition detail | Includes shares issuable upon exercise of options exercisable within 60 days (29,900) |
Outstanding options and vesting
| Grant Date | Exercisable | Unexercisable | Strike ($) | Expiration | Vesting |
|---|---|---|---|---|---|
| 05/09/2018 | 20,000 | — | 3.29 | 05/09/2028 | Not disclosed |
| 01/01/2019 | 5,000 | — | 3.55 | 01/01/2029 | Not disclosed |
| 03/17/2022 | 4,500 | 3,000 | 11.80 | 03/17/2032 | Vests equally over 5 years from grant (2022–2026) |
| 08/11/2023 | 400 | 1,600 | 9.94 | 08/11/2033 | Vests equally over 5 years from grant (2023–2028) |
- Pledging/Hedging: Company Insider Trading Policy requires pre-clearance for any purchase, sale, transfer, gift, pledge, or loan of company securities by insiders; no pledged shares for Mr. Lindeen are disclosed .
- 10b5‑1: No directors or Section 16 officers adopted, modified, or terminated Rule 10b5‑1 plans in Q4 2024 .
Employment Terms
| Term | Detail |
|---|---|
| Agreement | Employment Agreement dated Sept 10, 2019; amended Mar 27–28, 2025 |
| Role | SVP, Global Operations |
| Base Salary | $275,000 (agreement; annual increases at Company discretion or decreases with consent) |
| Target Bonus | 40% of base salary under annual bonus plan |
| Term & Renewal | Auto-renews annually unless either party gives 90 days’ notice before expiration |
| Severance (Without Cause/Good Reason) | 9 months base salary plus certain benefits, subject to release |
| Non-Renewal Severance | 9 months base salary plus certain benefits, subject to release |
| Change of Control (12 months post-CoC) | If terminated without Cause or for Good Reason: base salary for longer of remainder of term or 9 months plus certain benefits, subject to release (double trigger) |
| Restrictive Covenants | Customary restrictive covenant provisions (e.g., confidentiality/non-solicit) |
| Clawback | Company Clawback Policy in place; first amendments to executive agreements add clawback provisions (Company discretion, per policy and applicable rules) |
| Equity Acceleration on Termination | First amendment language: immediate vesting of unvested service‑based options/awards upon termination without Cause or for Good Reason; performance‑vested awards do not vest solely due to employment end |
Investment Implications
- Pay-for-performance alignment: Mr. Lindeen’s target bonus is 40% of salary but no bonus was paid in 2024 amid weaker results; total compensation shifted toward fixed pay in 2024 ($277k vs $391k in 2023), reflecting missed bonus objectives and no 2024 equity grants .
- Vesting/selling pressure: Upcoming scheduled vesting from 2022 and 2023 option grants through 2026 and 2028 may create periodic liquidity events; trading is constrained by blackout windows and pre-clearance requirements, dampening opportunistic sales .
- Alignment and ownership: Beneficial ownership of 1.1% is primarily via options exercisable within 60 days (29,900), indicating option-heavy alignment rather than large direct shareholdings; no pledging is disclosed .
- Contract economics and retention: Severance provides 9 months of salary (and double-trigger CoC protection), plus equity acceleration for service-vest items under specified separations, reducing near-term departure risk but adding potential cost in a transaction .
- Governance and compliance signals: A late Form 4 was filed by Mr. Lindeen in Feb 2024 for an Aug 2023 option grant; company-wide covenant waivers in 2024–2025 and a 2024 net sales decline elevate execution risk and could suppress incentive payouts near term .