Cory Nickel
About Cory Nickel
Cory Nickel is Senior Vice President and General Manager of Park Aerospace Corp. (PKE), age 53, elected SVP & GM on August 15, 2022 after serving as VP & GM since October 2020; he joined Park in 2011 and rose through manufacturing and operations roles, with earlier experience as a high school science teacher focused on chemistry, physics, and manufacturing technology . Company performance during his recent tenure includes net sales growth from $54.1M (FY2023) to $62.0M (FY2025), while Adjusted EBITDA was $11.5M (FY2023), $11.0M (FY2024), and $11.6M (FY2025); cumulative TSR (value of $100) was 140.61 (FY2023), 113.90 (FY2024), 125.74 (FY2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Park Aerospace Corp. | Senior Vice President & General Manager | Elected Aug 15, 2022 | Leads operations; continuation of manufacturing scale-up and program execution |
| Park Aerospace Corp. | Vice President & General Manager | Appointed Oct 2020 | Oversaw plant operations and production |
| Park Aerospace Corp. | Operations Manager | 2017 | Managed end-to-end operations and efficiency |
| Park Aerospace Corp. | Production Control Manager | 2015 | Coordinated production scheduling and control |
| Park Aerospace Corp. | Materials Manufacturing Manager | 2014 | Led materials manufacturing processes |
| Park Aerospace Corp. | Production Manager | 2013 | Managed production teams and output |
| Park Aerospace Corp. | Second Shift Production Supervisor | 2012 | Supervised shift operations |
| Park Aerospace Corp. | Solution Treater Operator (entry level) | Joined 2011 | Hands-on manufacturing foundation |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Local High School | Science Teacher (chemistry, physics, manufacturing technology) | Prior to joining Park (date not specified) | Built technical grounding relevant to manufacturing leadership |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $131,295 | $168,702 | $178,650 |
| Discretionary Cash Bonus ($) | $25,000 | $20,000 | $22,500 |
| Profit Sharing & Other ($) | $4,298 | $4,547 | $4,248 |
| Total ($) | $195,907 | $246,624 | $254,298 |
Notes:
- Bonuses are discretionary; no formal target % or performance formula is used .
- Profit sharing contributions are determined annually based on Company performance and other factors; plan vests on a graduated schedule .
Performance Compensation
Option Award Fair Values by Year
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Option Awards (Grant-Date Fair Value, $) | $35,314 | $53,375 | $48,900 |
Annual Stock Option Grants (FY2025 proxy grant table)
| Grant Date | Options Granted (#) | Exercise Price ($/sh) | Grant-Date Closing Price ($/sh) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| 06/18/2024 | 15,000 | $13.26 | $13.27 | $48,900 | 25% after 1 year, then 25% annually; 10-year term |
Outstanding Equity Awards (FY2025 year-end)
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($/sh) | Expiration | Vesting Terms |
|---|---|---|---|---|---|
| 01/12/2016 | 250 | — | $5.23 | 01/12/2016 | 25% annually (Plan terms) |
| 05/07/2019 | 750 | — | $14.44 (adjusted for special dividends) | 05/07/2029 | 25% annually |
| 04/09/2020 | 3,000 | — | $11.58 | 04/09/2030 | 25% annually |
| 04/02/2021 | 6,000 | 2,000 | $12.80 | 04/02/2031 | 25% annually |
| 04/12/2022 | 6,500 | 6,500 | $11.06 | 04/12/2032 | 25% annually |
| 05/01/2023 | 4,375 | 13,125 | $13.08 | 05/01/2033 | 25% annually |
| 06/18/2024 | — | 15,000 | $13.26 | 06/18/2034 | 25% annually |
Additional details:
- Dividend-adjusted exercise prices reflect prior special dividends (e.g., $4.25/share in 2019, $1.00/share in 2020 and 2023) .
- Option exercises in FY2025: none for Nickel (zero shares exercised; $0 value realized) .
Performance Metrics Used by Company (context)
- Company indicates qualitative factors and overall results (gross margin, operating income, net income, EBITDA) drive compensation decisions; no pre-set targets/weightings are disclosed .
- For Pay-versus-Performance disclosure, the most important financial measures identified for FY2024 were Net Sales and Adjusted EBITDA .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (as of June 2, 2025) | 34,423 shares, including 34,250 shares via options exercisable within 60 days |
| Percent of Class | Less than 1% |
| Shares Outstanding (as of June 2, 2025) | 19,850,713 |
| Option Mix | Only stock options; no RSUs/PSUs awarded to executives |
| Stock Ownership Guidelines | Directors must own ≥1,000 shares; executive guidelines not described |
No option exercises by Nickel in FY2025 indicate limited near-term insider selling pressure from exercises .
Employment Terms
- Employment status: at-will; no employment agreements or severance agreements for executive officers .
- Change-of-control (CoC) option treatment:
- 2002 Plan: outstanding options become fully exercisable upon CoC .
- 2018 Plan: if options are assumed/substituted by acquirer, accelerated vesting occurs only with involuntary termination without Cause or voluntary termination for Good Reason within one year post-CoC (double-trigger); if not assumed, the committee may accelerate vesting .
- Illustrative CoC value: if CoC had occurred on March 1, 2024, Nickel’s unexercisable options’ potential value would have been $38,459 (calculated using $14.95 closing price, less exercise price, times unexercisable shares; pre-tax) .
- Pension/Deferred comp: No defined-benefit pension and no non-qualified deferred compensation plans; executives participate in a discretionary profit sharing/401(k) plan .
Performance & Track Record (Company-level during Nickel’s recent tenure)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Net Sales ($000s) | $54,055 | $56,004 | $62,026 |
| Net Income ($000s) | $10,731 | $7,473 | $5,882 |
| Adjusted EBITDA ($000s) | $11,459 | $10,989 | $11,649 |
| Cumulative TSR (Value of $100) | 140.61 | 113.90 | 125.74 |
Context:
- FY2025 saw 11% net sales growth YoY, a storm damage charge of $1.1M, and a higher effective tax rate due to a deferred tax provision on undistributed foreign earnings .
- Customer concentration: GE-related suppliers accounted for ~40% of sales in FY2025; geographic sales largely North America .
Compensation Structure Analysis
- Mix and design: Cash salary + discretionary cash bonus + annual stock options + profit-sharing; no RSUs/PSUs, no non-equity incentive plan, no formal performance targets or weightings; decisions are subjective and based on overall Company results and individual performance .
- Equity compensation mechanics: Options priced at market close prior to grant; 25% vest annually; 10-year term; committee retains granting authority; no timing with MNPI releases .
- Governance and shareholder feedback: High support for Say-on-Pay at the July 18, 2024 meeting; annual votes planned until next frequency vote .
Investment Implications
- Alignment: Heavy use of market-priced options with multi-year vesting aligns Nickel’s upside with long-term TSR; lack of RSUs/PSUs and absence of formulaic incentive metrics suggests qualitative, CEO-led discretion rather than strict pay-for-performance hurdles .
- Retention and CoC economics: No employment/severance agreements and double-trigger on the 2018 plan (if awards are assumed) reduces immediate CoC acceleration risk and lowers exit costs; however, at-will status implies limited contractual retention protections .
- Ownership and selling pressure: Beneficial ownership is <1% with substantial options; no FY2025 option exercises by Nickel point to limited near-term selling pressure from exercises, but low direct share ownership indicates most exposure is via options rather than owned stock .
- Performance backdrop: Net sales growth and steady Adjusted EBITDA in FY2025 amid storm-related charges and tax effects reflect operational execution; investor focus should remain on margin trajectory, customer concentration, and capex/repair completion timelines, which influence future incentive outcomes and potential option moneyness .