Trevor Gasper
THOR INDUSTRIESAbout Trevor Gasper
Senior Vice President, General Counsel, and Corporate Secretary at THOR Industries (THO). Age 44; joined THOR in September 2017; promoted to current role in December 2021; education: B.A. (cum laude) University of Evansville; J.D. (cum laude) Notre Dame Law School . Company performance context: FY2025 net sales $9.58B, net income $258.6M, diluted EPS $4.84, and stock price moved from $106.14 to $90.99; FY2025 TSR value used in pay-versus-performance disclosure was $88.05 . FY2024 performance included net sales $10.04B, net income $265.3M, diluted EPS $4.94; TSR $100.36 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| THOR Industries | Corporate Counsel; Assistant General Counsel | 2017–2021 | Supported legal and corporate governance across operating companies |
| THOR Industries | SVP, General Counsel & Corporate Secretary | Dec 2021–present | Oversees enterprise legal, corporate governance; coordinates shareholder engagement on compensation |
| Private Practice (RV industry) | Attorney | 2006–2017 | Advised THOR and other RV industry companies; industry-specific legal expertise |
External Roles
No public-company directorships or outside for‑profit boards disclosed for THOR executives; policy states executives do not sit on outside for‑profit boards .
Fixed Compensation
| Metric ($) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary | 500,000 | 600,000 | 600,000 |
| All Other Compensation (perqs) | — | — | 9,095 (cyber monitoring; physical exam for some NEOs) |
| Total Compensation | 1,850,971 | 2,356,348 | 3,180,575 |
Notes:
- Perquisites limited to periodic physical exam, RV lease program (no incremental company cost; taxable to executive), and cyber/dark-web monitoring; no tax gross-ups .
Performance Compensation
| Component | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|
| MIP (cash) FY2024 | % of Company Adjusted NBT | Target NBT $456,148,000 | Actual NBT $334,960,000 | 559,383 (0.167% of Adjusted NBT) | Quarterly cash |
| RSU FY2024 | 90% NBT / 10% ESG | Target RSU $679,750 | Awarded $517,215 total ($449,240 NBT + $67,975 ESG) | Grant-date fair value $517,215 | 3 equal annual installments from 1st anniversary |
| PSU FY2024 | 50% ROIC / 50% FCF (3-year) | Target PSU $679,750 | Performance period FY2024–FY2026 | Grant-date fair value $679,750 | Vests after FY2026 per schedule 50–200% |
| MIP (cash) FY2025 | % of Company Adjusted NBT | Target NBT $277,812,000 | Actual NBT $304,760,000 | 996,565 (0.327% of Adjusted NBT) | Quarterly cash |
| RSU FY2025 | 90% NBT / 10% non-financial (employee engagement, leadership) | Target RSU $754,523 | Awarded $820,393 total ($744,941 NBT + $75,452 non-financial) | Grant-date fair value $820,393 | 3 equal annual installments from 1st anniversary |
| PSU FY2025 | 50% ROIC / 50% FCF (3-year) | Target PSU $754,523 | Performance period FY2025–FY2027 | Grant-date fair value $754,523 | Vests after FY2027 per schedule 50–200% |
Equity Ownership & Alignment
- Ownership guidelines: NEOs must hold 3x base salary; compliance within 5 years of first LTI award in current role; company states all NEOs are in compliance or on track .
- Anti-hedging/pledging: Executives prohibited from hedging, short sales, or pledging THOR stock .
- No stock options outstanding or granted; THOR does not currently use options/SARs .
Beneficial ownership trend:
| Date (Shares Outstanding) | Shares Beneficially Owned | Percent of Outstanding |
|---|---|---|
| Oct 17, 2022 (53,682,396) | 1,280 | <1% |
| Oct 16, 2023 (53,278,289) | 3,101 | <1% |
| Oct 21, 2024 (53,102,264) | 7,586 | <1% |
| Oct 20, 2025 (52,838,664) | 12,423 | <1% |
Outstanding equity awards at FY2025 year-end (unvested/unearned):
| Type | Units | Market/Payout Value ($) |
|---|---|---|
| RSUs (unvested) | 9,576 | 871,320 |
| PSUs (target, unearned) | 21,163 | 1,925,621 |
RSU grant schedule (Trevor Gasper):
| Grant Date | Units | Vesting |
|---|---|---|
| Oct 11, 2022 | 5,738 | 3 equal annual installments starting 1-year anniversary |
| Oct 10, 2023 | 4,270 | 3 equal annual installments starting 1-year anniversary |
| Oct 8, 2024 | 4,816 | 3 equal annual installments starting 1-year anniversary |
Employment Terms
- Agreement term and renewal: Employment agreements updated July 24, 2023; initial term to July 31, 2024; auto-renews for successive one-year terms unless terminated per terms .
- Post-employment restrictions: Two-year non-compete; non-solicit; confidentiality; non-disparagement; instituted and renewed to mitigate competitive risk in RV industry .
- Severance (without cause or for good reason): Two times base salary + target MIP, paid over 24 months; immediate vesting of RSUs; PSUs vest pro‑rata based on performance to date; COBRA (up to 24 months) and up to 12 months outplacement .
- Death/Disability: Pro‑rata current-year incentive; RSUs continue on schedule; PSUs vest at target per schedule .
- Voluntary (without good reason): Only accrued compensation; RSUs continue on schedule; PSUs vest at target per schedule; optional consultancy at half salary for 2-year non-compete enforcement .
- Change-in-control equity: Double trigger—awards accelerate only if not assumed or upon qualifying termination within 24 months post-CIC; PSUs measured to CIC date, remaining portion per award terms .
- Clawback: “No fault” clawback covering cash and equity for three fiscal years preceding any restatement; compliant with SEC rule (broader than minimum) .
Potential payments at separation (values as of FY2025 year-end):
| Scenario | Cash ($) | RSUs Settled ($) | PSUs Settled ($) | Other Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Voluntary Separation | — | 871,320 (per vesting schedule) | 1,925,621 (at target) | — | 2,796,941 |
| Death or Disability | 478,659 | 1,691,713 | 1,925,621 | — | 4,095,993 |
| For Cause | — | — | — | — | — |
| Without Cause / For Good Reason | 3,018,092 | 871,320 | 1,925,621 | 74,450 (COBRA/outplacement) | 5,889,483 |
Investment Implications
- Pay-for-performance alignment: Gasper’s compensation is heavily variable (MIP, RSUs, PSUs) tied to Company Adjusted NBT, ROIC, and FCF with explicit caps and zero-pay outcomes if thresholds aren’t met; RSU tranche includes non-financial human capital goals, reinforcing long-term organizational health .
- Insider selling pressure: No options/SARs (limits forced selling around expirations); RSUs vest on three-year schedules—expect periodic 10b5‑1 sales near vest dates; unvested RSUs/PSUs levels are moderate relative to total shares outstanding (<1% beneficial ownership) .
- Retention and change-of-control economics: Two-year non-compete and two-times cash severance plus equity treatment suggest moderate retention costs; double-trigger CIC limits windfall acceleration absent qualifying termination; clawback policy reduces governance risk .
- Governance signals: Strong say-on-pay support (97% in 2024) and use of independent consultant (WTW; $116,834 fees in FY2025) reduce pay inflation risk; stock ownership guidelines (3x salary) and anti-hedging/pledging ban are positive alignment factors .