Daniel Logue
TELEFLEXAbout Daniel Logue
Daniel V. Logue, 51, is Corporate Vice President, General Counsel and Secretary of Teleflex Incorporated, serving in this role since January 2021; he joined Teleflex in 2004 after practicing at Pepper Hamilton LLP (now Troutman Pepper Locke LLP) from 1999–2004 . Company performance context for FY2024: constant currency revenue was $3,073.3 million and GAAP net income was $70.162 million; the Pay vs Performance table shows Teleflex total shareholder return value of $48.48 for the measurement period used in the SEC disclosure .
Past Roles
| Organization | Role | Years |
|---|---|---|
| Teleflex | Corporate Vice President, General Counsel and Secretary | Jan 2021–present |
| Teleflex | Deputy General Counsel | Feb 2017–Dec 2020 |
| Teleflex | Associate General Counsel | Mar 2013–Jan 2017 |
| Teleflex | Assistant General Counsel | Jun 2004–Feb 2013 |
External Roles
| Organization | Role | Years |
|---|---|---|
| Pepper Hamilton LLP (now Troutman Pepper Locke LLP) | Associate | Sep 1999–Jun 2004 |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary (USD) | $403,125 | $435,675 |
| Target Bonus % of Salary | 70% | 70% |
| Individual Performance Bonus (USD) | $28,219 | $30,497 |
| Financial Metrics Incentive Paid (USD) | $240,219 | $318,562 |
| Notable Change | Target bonus % unchanged from 2023 | Base salary increased ~7.5% in 2024 |
Performance Compensation
Annual Incentive Design and FY2024 Corporate Outcomes
| Performance Measure | Weighting | Target | Actual |
|---|---|---|---|
| Corporate Revenue | 40% | $3,108.6m* | $3,703.0m |
| Adjusted EPS | 35% | $13.86* | $14.09 |
| Cash Flow from Operations | 15% | $519.4m* | $604.8m |
| Individual Performance | 10% | — | — |
*Targets reflect defined adjustments per plan (FX, specified items) .
FY2024 Payouts for Daniel V. Logue
| Metric | Weight of Total Target Award | Payout (% of Target for Metric) | Paid Amount (USD) |
|---|---|---|---|
| Corporate Revenue | 40% | 80.4% | $98,021 |
| Adjusted EPS | 35% | 120.9% | $129,031 |
| Cash Flow from Operations | 15% | 200.0% | $91,510 |
| Individual Performance | 10% | 100.0% | $30,497 |
| Total Annual Incentive Paid | — | — | $349,059 |
Long-Term Equity Structure (2024 Grants)
| Instrument | Grant Detail | Valuation Basis | Vesting |
|---|---|---|---|
| Stock Options | 9,332 underlying shares at $226.04 exercise price | ASC 718; grant-date fair value reported in proxy | 1/3 per year over 3 years |
| Restricted Stock Units (RSUs) | 1,331 units; grant date value $295,762 | 30-day trailing price discounted for dividends | Cliff vest at 3 years for 2024 grant; post-2025 RSUs vest annually over 4 years |
| Performance Stock Units (PSUs) | 1,069 target units; grant date value $236,794 | Monte Carlo incl. RTSR modifier | 3-year performance/vesting; 60% CC revenue growth, 40% adjusted EPS growth with RTSR modifier |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 26,780 shares (includes 16,241 options, 556 RSUs, and 301 shares in 401(k)) |
| Shares Outstanding Reference | 46,279,820 shares (Feb 1, 2025) |
| Ownership as % of Outstanding | ~0.058% (26,780 / 46,279,820), computed from cited values |
| Stock Ownership Guidelines | 2x base salary for executive officers |
| Guideline Compliance Status | As of Dec 31, 2024, executive officers had satisfied the applicable level or had additional time per policy |
| Pledging/Hedging Policy | Executives are prohibited from pledging or hedging company stock; no margin purchases; no short sales; no derivatives hedging |
| Trading Blackouts | Preclearance required; standard blackout from 7 days before quarter-end until 3rd trading day after earnings release |
Note: The 2024 change-in-control valuation excluded unvested options due to negative intrinsic value at the market price then; RSUs/PSUs were included .
Employment Terms
| Provision | Key Terms |
|---|---|
| Severance (non-CIC) | Base salary continuation for 12 months for Logue, plus pro-rated annual incentive (if ≥6 months into performance period), continued health/life/accident insurance during severance period, and up to $20,000 outplacement |
| Change in Control (CIC) | Termination within 2 years of CIC (other than disability/cause) or resignation for good reason triggers: base salary for 18 months; 1.5x target bonus paid via scheduled annual payments; pro-rated target bonus through termination; health coverage; outplacement; and non-elective deferred comp contributions (1.5x of 2024 non-elective contribution for Logue) |
| Equity Treatment at CIC | Immediate vesting of all RSUs and PSUs at target; options vest; certain post-termination exercise periods apply |
| CIC Tax Gross-ups | None (no excise tax gross-ups) |
| Clawback | NYSE Rule 303A.14-compliant clawback for incentive compensation tied to financial reporting, 3-year lookback from restatement trigger |
Potential Payments (as disclosed; assuming event on Dec 31, 2024)
| Scenario | Base Salary | Annual Cash Incentives | Equity Vesting | Health/Life/Other | Outplacement | Deferred Comp Payment |
|---|---|---|---|---|---|---|
| Severance (non-CIC) | $443,400 | $349,059 | — | Health $22,739; Life/Accident $2,715 | $20,000 | — |
| CIC Termination | $665,100 | $814,629 | $960,914 | Health $47,585 | $20,000 | $16,160 |
Deferred Compensation (2024)
| Measure | Amount (USD) |
|---|---|
| Executive Contributions | $39,914 |
| Company Contributions (non-elective + match) | $24,667 |
| Aggregate Earnings | $22,679 |
| Year-end Balance | $233,922 |
Governance, Benchmarking, and Shareholder Feedback
- Compensation is benchmarked to a defined Executive Compensation Peer Group; target total direct compensation generally positioned around market median, with Logue’s 2024 equity target increased to more closely approximate median .
- 2024 say-on-pay approval was ~93.7% of votes cast, indicating strong shareholder support .
Risk Indicators & Red Flags
- Single-trigger equity vesting at change-in-control (RSUs/PSUs vest fully at CIC) can reduce retention incentives in a sale scenario; common but a potential alignment concern .
- No hedging or pledging permitted; insider trading policy requires preclearance and imposes standard blackout windows, reducing opportunistic trading risk .
- No excise tax gross-ups in CIC arrangements; shareholder-friendly feature .
- 2024 options out-of-the-money at year-end market price; CIC tables excluded option value due to negative intrinsic value (market price $177.98 vs many strikes ≥$226) .
Investment Implications
- Pay-for-performance alignment: Annual incentive outcomes for Logue matched strong cash flow performance (200% of target for that metric) and above-target EPS, while revenue payout was below target—indicating balanced weighting across growth, earnings quality, and cash generation .
- Retention and selling pressure: RSUs and PSUs have multi-year cliff/3-year vesting; near-term scheduled vesting (e.g., 2022 PSUs vested Mar 1, 2025) may create episodic supply, but trading blackouts and preclearance constraints apply .
- Change-in-control economics: Moderate severance (18 months base, 1.5x target bonus) and single-trigger equity vesting could modestly increase deal-related executive liquidity, but absence of tax gross-ups and presence of clawback mitigate governance risk .
Overall, Logue’s compensation structure emphasizes cash flow, adjusted EPS, and revenue, with equity incentives tied to multi-year constant currency revenue and adjusted EPS plus RTSR, supporting alignment with long-term value creation while maintaining standard governance safeguards and moderate CIC protections .