Jeremiah Young
About Jeremiah Young
Jeremiah R. Young, 46, is President, Chief Executive Officer, and Director of SCI Engineered Materials, Inc. He was elected CEO and to the Board on June 5, 2019, after serving as President since January 2, 2019; prior roles at SCI include VP of Operations (2016–2018), Operations Manager (2013–2016), and Production Manager (joined 2006). He holds a B.S. in Chemistry (Otterbein University) and an MBA (Ohio University) . Recent company performance metrics disclosed in the Pay vs. Performance table show net income of $1.861 million (2024), $2.194 million (2023), and $1.957 million (2022), alongside the reported TSR value-of-$100 series from the proxy disclosures . Recent revenues and EBITDA (S&P Global) are below for context; note EBITDA values are from S&P Global and marked with an asterisk.
| Metric (USD) | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues | $13,448,021 | $23,467,030 | $27,984,083 | $22,870,192 |
| EBITDA | $2,211,386* | $2,910,023* | $2,964,038* | $2,519,224* |
Values retrieved from S&P Global.
Net income from PVP: 2022 $1.957M; 2023 $2.194M; 2024 $1.861M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SCI Engineered Materials | President & CEO; Director | CEO/Director since 2019; President since 2019 | Oversight of strategy and operations; aligned incentives tied to adjusted net income |
| SCI Engineered Materials | VP Operations | 2016–2018 | Led operations; assumed sales responsibility in 2017 |
| SCI Engineered Materials | Operations Manager | 2013–2016 | Operational leadership during growth and process improvement phases |
| SCI Engineered Materials | Production Manager | 2006–2013 | Production leadership; foundation for later operational roles |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Accel, Inc. | Quality and Production management | 2004–2005 | Manufacturing/quality experience applicable to SCI operations |
| Worthington Industries | Process chemist/technician | 1998–2004 | Materials/process expertise leveraged in SCI’s thin-film materials business |
Board Governance (Service, Committees, Independence)
- Service history: Director since June 5, 2019; currently serves while holding CEO and President roles .
- Committee roles: Member of the Technical Committee (Chair: Dr. Wickersham); Audit Committee (Chair: John Gilliam) and Compensation Committee (Chair: Dr. Ungar) exclude executives; Board held six meetings in 2024 with full attendance .
- Board leadership: Independent Chairperson Laura F. Shunk; no Lead Independent Director disclosed .
- Dual-role implications: CEO + Director and member of the Technical Committee concentrates management and technical oversight in one individual; however, Board chair is independent and committee structures (Audit, Compensation) remain independent .
- Related party note: Director John P. Gilliam is Mr. Young’s father-in-law .
Fixed Compensation
| Year | Base Salary ($) | Bonus ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|
| 2022 | 258,154 | 0 | 7,456 (401k/profit-sharing) | |
| 2023 | 262,019 | 0 | 40,658 (401k/profit-sharing) | |
| 2024 | 284,711 | 0 | 43,198 (401k/profit-sharing) |
Summary Compensation Table totals for PEO: 2022 $413,431; 2023 $470,519; 2024 $478,713 .
Performance Compensation
- Annual incentive plan design: PEO earns 5% of “adjusted net income” (pre-tax NI plus certain expenses incl. non-cash comp). Additional small “stock-related incentives” amounts are disclosed each year .
| Year | Metric | Target/Formula | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|
| 2023 | Adjusted Net Income Payout (PEO) | 5% of adjusted net income | $150,388; deferred and paid 2024 | Deferred comp noted |
| 2023 | Stock-related incentives (PEO) | Company plan | $4,331 | Paid in year |
| 2024 | Adjusted Net Income Payout (PEO) | 5% of adjusted net income | $131,810; deferred and paid 2025 | Deferred comp noted |
| 2024 | Stock-related incentives (PEO) | Company plan | $4,713 | Paid in year |
- Equity awards: Stock awards reported each year but relatively modest (2022 $8,125; 2023 $13,123; 2024 $14,281) .
Equity Ownership & Alignment
| Item | 2024 (as of Apr 23, 2024 or FY-end where noted) | 2025 (as of Apr 28, 2025) |
|---|---|---|
| Beneficial ownership (shares) | 46,699 | 45,821 |
| % of shares outstanding | 1.0% | 1.0% |
| Options outstanding (PEO) | 4,120 exercisable @ $1.25; exp 05-14-28; options vested in 5 equal annual installments starting 05-15-2019 | “No outstanding equity awards at 12/31/2024 for our officers” (i.e., none for PEO at FY-end) |
| Company equity plan status | 2011 Plan expired; 5,945 options outstanding (plan-level) expiring May 2028 (not attributed to officers) | 5,945 outstanding plan options as of 4/28/2025 |
| Pledging/Hedging policy | Not disclosed in proxy [searched] | |
| Ownership guidelines | Not disclosed in proxy [searched] |
Notes: Ownership table (2024) includes options exercisable within 60 days; PEO had 4,120 such options at 4/23/2024 . Company discloses that at 12/31/2024 no officer had outstanding equity awards .
Employment Terms
- Agreement: At-will; upon termination other than for fraud/serious misconduct, entitled to 100% of compensation for 90 days .
- Change-of-control: No separate change-of-control multiples or acceleration terms disclosed for the PEO .
- Non-compete/non-solicit: Not disclosed.
- Clawback: Not disclosed.
- Compensation Committee interlocks: None reported (no interlocking relationships) .
Performance & Track Record
- Pay vs. Performance (select items):
- Net Income: 2022 $1.957M; 2023 $2.194M; 2024 $1.861M .
- Proxy-reported TSR value-of-$100: 2021 167.55; 2022 131.79; 2023 234.44 (from 2024 proxy) ; 2022 (13.37), 2023 25.00, 2024 13.86 (from 2025 proxy; series methodology may differ) .
- Background/credentials: Chemistry and MBA training; long SCI tenure from technical and operations roles to CEO .
Director Compensation (as Director)
- Executives employed by the Company receive no additional director compensation; Mr. Young did not receive director fees .
- Board met six times in 2024; all directors attended each meeting .
Related Party and Governance Notes
- Related party: Mr. Young’s father-in-law, John P. Gilliam, serves as a Director and Audit Committee Chair .
- Board structure: Independent Chair (Laura Shunk); no Lead Independent Director .
- Technical Committee membership includes the CEO (Young), centralizing some operational/technical oversight with management .
Compensation Structure Analysis
- Cash vs. equity mix: Compensation for PEO is primarily salary plus an at-risk cash incentive formula set as 5% of adjusted net income; equity grants are modest in value, and at FY-end 2024 the Company reports no outstanding officer equity awards, limiting vesting-driven overhang .
- Discretionary bonuses: None paid for 2022–2024 (bonus column $0); 2021 showed a $15,000 bonus .
- Say-on-Pay: Approximately 98% approval at 2022 annual meeting; Company to re-evaluate following 2025 vote .
Compensation & Ownership Tables (Detail)
Summary Compensation (PEO)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive Plan ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2022 | 258,154 | 0 | 8,125 | 139,696 (deferred; paid 2023) | 7,456 | 413,431 |
| 2023 | 262,019 | 0 | 13,123 | 154,719 (deferred; paid 2024) | 40,658 | 470,519 |
| 2024 | 284,711 | 0 | 14,281 | 136,523 (incl. $131,810 deferred; paid 2025) | 43,198 | 478,713 |
Beneficial Ownership (PEO)
| As-Of Date | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Apr 23, 2024 | 46,699 | 1.0% | Includes 4,120 options exercisable within 60 days |
| Apr 28, 2025 | 45,821 | 1.0% | Officers had no outstanding equity awards at 12/31/2024 |
Select Pay vs Performance Items
| Year | PEO SCT Total ($) | PEO Compensation Actually Paid ($) | TSR Value-of-$100 | Net Income ($000s) |
|---|---|---|---|---|
| 2022 | 413,431 | 410,691 | (13.37) | 1,957 |
| 2023 | 470,519 | 472,105 | 25.00 | 2,194 |
| 2024 | 478,713 | 478,713 | 13.86 | 1,861 |
Employment Terms (Detail)
- PEO employment agreement: At-will; severance equals 100% of compensation for 90 days following termination (other than for fraud/serious misconduct) .
- No explicit change-of-control (single/double trigger) terms disclosed; no tax gross-ups or clawback policy disclosures identified in the proxy .
Investment Implications
- Alignment: The 5% of adjusted net income formula directly ties CEO cash incentives to profitability; however, modest equity usage and no outstanding officer equity awards at FY-end 2024 limit multi-year equity alignment and reduce near-term vesting-related selling pressure .
- Retention risk: Base salary growth and recurring incentive payouts tied to results suggest ongoing retention levers; severance economics are limited (90 days), with no disclosed CIC protections, which may be conservative from a retention standpoint in a strategic transaction scenario .
- Governance watch items: Family relationship with Audit Chair (father-in-law) and CEO membership on the Technical Committee merit monitoring, though the Board has an independent Chair and independent Audit/Compensation committees; Say-on-Pay support was very strong (98% in 2022) .
- Trading signals: Absence of scheduled officer equity vesting in 2025 from outstanding awards reduces automatic supply; any Form 4 activity would need monitoring for ad hoc selling/buying, but the proxy indicates no officer equity awards outstanding at FY-end 2024 .