Gregory J. Peloquin
RICHARDSON ELECTRONICSAbout Gregory J. Peloquin
Gregory J. Peloquin, age 61, is Executive Vice President of Richardson Electronics’ Power and Microwave Technologies Group (PMT), a role he has held since June 2015 after rejoining the Company in June 2014; he previously led the RF Power & Wireless Division (sold to Arrow in 2011) and served as President of Richardson RFPD at Arrow Electronics from March 2011 to June 2014 . Company performance context over his tenure: revenue moved from $176.9M (FY2021) to $208.9M (FY2025), while net income swung from $1.655M (FY2021) to a $1.143M loss (FY2025); the Company’s “value of initial $100 investment” was $213 (FY2021), $356 (FY2022), $449 (FY2023), $295 (FY2024), and $241 (FY2025) . His incentive plan is primarily tied to operating income performance, with 75% weight on PMT segment operating income and 25% on Company operating income excluding Healthcare in fiscal 2025, underscoring a pay-for-performance link to divisional execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Richardson Electronics | EVP, Electron Device Group | 2014–2015 | Led electron devices operations prior to PMT role |
| Richardson Electronics | EVP, RF Power & Wireless Division | Pre-2011 | Division sold to Arrow Electronics in 2011 |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arrow Electronics (Richardson RFPD) | President | 2011–2014 | Led RFPD within Arrow post-divestiture of RF Power & Wireless |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Base | Actual Bonus Paid ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| 2021 | 357,982 | 50% | 130,532 | 19,064 | 554,588 |
| 2022 | 368,743 | 50% | 188,375 | 21,412 | 668,630 |
| 2023 | 386,628 | 50% | 165,153 | 22,413 | 628,594 |
| 2024 | 402,772 | 50% | 12,127 | 21,175 | 499,374 |
| 2025 | 419,326 | 50% | 117,412 | 25,587 | 611,825 |
Performance Compensation
| Metric (FY2025) | Weighting | Target | Actual | Payout ($) | Notes |
|---|---|---|---|---|---|
| Operating Income (ex-Healthcare) | 25% | Company plan target (not disclosed) | 75.0% achievement | 37,875 | Company-wide metric for Peloquin |
| PMT Operating Income | 75% | PMT plan target (not disclosed) | 52.5% achievement | 79,537 | Segment metric (PMT) |
| Total Cash Incentive (FY2025) | — | — | — | 117,412 | Sum of metric payouts |
Equity Grants and Vesting (FY2025 awards, granted 7/22/2024)
| Award Type | Grant Date | Shares/Options | Exercise/Base Price ($/sh) | Vesting Schedule | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| Incentive Stock Options | 7/22/2024 | 10,000 | 11.89 | 20% per year over 5 years (anniversary) | 49,500 |
Detailed PMT Option Vesting Schedule (as of FY2025 year-end)
| Grant Date | Options Granted | Vested Shares | FY2026 | FY2027 | FY2028 | FY2029 | FY2030 |
|---|---|---|---|---|---|---|---|
| 7/22/2019 | 9,000 | 9,000 | — | — | — | — | — |
| 7/21/2020 | 9,000 | 7,200 | 1,800 | — | — | — | — |
| 7/19/2021 | 9,000 | 5,400 | 1,800 | 1,800 | — | — | — |
| 7/18/2022 | 10,000 | 4,000 | 2,000 | 2,000 | 2,000 | — | — |
| 7/17/2023 | 10,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | — |
| 7/22/2024 | 10,000 | — | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
Equity Ownership & Alignment
| Category | Shares/Units | Detail |
|---|---|---|
| Total Beneficial Ownership | 76,516 | Less than 5% of common stock class |
| Common Shares (direct) | 2,020 | Direct ownership |
| Restricted Stock Awards | 46,296 | Included in beneficial ownership; outstanding equity awards table shows no unvested RSAs at FY2025 year-end for Peloquin |
| Options Exercisable within 60 days (record date) | 28,200 | Beneficially owned options near-term exercisable |
Outstanding Options (FY2025 year-end status)
| Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|
| 3,600 | — | 5.61 | 7/22/2029 |
| 3,600 | 1,800 | 4.26 | 7/21/2030 |
| 5,400 | 3,600 | 7.66 | 7/19/2031 |
| 4,000 | 6,000 | 15.60 | 7/18/2032 |
| 2,000 | 8,000 | 15.51 | 7/17/2033 |
| — | 10,000 | 11.89 | 7/22/2034 |
- Hedging/pledging: Company prohibits hedging transactions by directors, officers, and employees; pledging not disclosed .
- Indicative in-the-money value (exercisable tranches only): Using $8.95 closing price on May 30, 2025 , ITM options are at $4.26, $5.61, and $7.66; approximate intrinsic value ≈ $35.9K (3,600×($8.95−$5.61) + 3,600×($8.95−$4.26) + 5,400×($8.95−$7.66)) based on figures above .
Employment Terms
| Term | Detail |
|---|---|
| Role & Agreement | EVP, PMT under employment agreement dated June 26, 2014 |
| Initial Compensation | Initial base salary $309,000; target bonus opportunity up to 50% of base salary |
| Term & Renewal | Five-year term; at-will; auto-renews for successive one-year periods unless non-renewed with 60 days’ notice prior to expiration |
| Termination by Executive | May resign with 60 days’ written notice |
| Termination by Company (without cause) | Severance equal to then annual base salary for 12 months (1× salary) |
| Non-Compete | Prohibited from competing during employment and for one year post-termination |
| Change-in-Control | No special CIC payout disclosed; potential payments table shows no CIC payment entries for Peloquin |
| Clawback | Incentive compensation subject to clawback in cases of fraud/illegal conduct or restatement; Company adopted clawback policy filed with FY2025 10-K |
Investment Implications
- Compensation alignment: 75% of FY2025 incentive tied to PMT operating income and 25% to company operating income ex-Healthcare, with achievement at 52.5% and 75% respectively, delivering a $117K bonus—linking pay to divisional profitability and broader operating performance .
- Retention risk: Employment terms provide 1× salary severance and a one-year non-compete; auto-renewal structure and option-heavy equity grants suggest retention via long-dated vesting rather than CIC protections (no CIC payout) .
- Insider selling pressure: Vesting cadence of 20% annually on options across 2026–2030 and modest ITM value at FY2025 price levels implies limited near-term selling pressure, with more leverage to future stock appreciation; hedging is prohibited, and pledging is not disclosed .
- Execution risk and track record: Company revenue rose from $176.9M (FY2021) to $208.9M (FY2025) while net income turned negative in FY2025, and TSR fell year over year; FY2025 segment performance at 52.5% of PMT target reduces incentive payouts—highlighting execution sensitivity in PMT against macro and company-specific headwinds .
- Governance and pay practices: No compensation consultant usage; peer benchmarking limited; clawback and insider trading policies in place; say-on-pay supported in 2024, with annual cadence going forward—suggesting stability in pay framework albeit with restrained external benchmarking .