Kristin Erickson
TENNANTAbout Kristin Erickson
Kristin A. Erickson, age 52, serves as Senior Vice President, General Counsel and Corporate Secretary at Tennant Company (TNC) since December 2020; she joined Tennant’s legal department in April 2008 after serving as Senior Counsel and Assistant Secretary at MoneyGram International (2004–2008) and starting her career as a corporate attorney at Lindquist & Vennum (now Ballard Spahr) . Under TNC’s new growth-oriented strategy, 2024 delivered record net sales (+3.5% to $1,286.7M) and expanded Adjusted EBITDA, driving a 98.7% of target payout under the executive Cash Incentive Plan . TNC’s five-year total shareholder return in 2024 trailed sector indices (company $112 vs. S&P SmallCap 600 $149 and S&P 500 Industrials $176), contextualizing compensation outcomes and equity alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tennant Company | SVP, General Counsel & Corporate Secretary | 2020–present | Corporate governance, enterprise risk oversight, secretary to Board; led legal/compliance; interim leadership recognized with discretionary bonus . |
| Tennant Company | VP, Deputy GC & Chief Compliance Officer; Interim GC & Corporate Secretary | 2019–2020 | Built compliance programs; ensured governance continuity during leadership transition . |
| Tennant Company | Various legal roles | 2008–2019 | Progressive responsibility across legal and compliance functions . |
| MoneyGram International | Senior Counsel & Assistant Secretary | 2004–2008 | Public company governance and securities compliance experience . |
| Lindquist & Vennum (Ballard Spahr) | Corporate Attorney | pre-2004 | Foundational corporate legal practice . |
External Roles
No external directorships or public company roles disclosed for Ms. Erickson .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $366,679 | $386,925 | $424,655 |
| Target Bonus % (CIP) | 55% | 60% | 60% |
| CIP Non-Equity Incentive ($) | $130,131 | $469,968 | $257,998 |
| Discretionary Bonus ($) | — | $125,000 (interim HR leadership) | — |
| All Other Compensation ($) | $23,165 | $40,490 | $60,382 |
Notes:
- 2023 All Other Compensation for Ms. Erickson includes executive physical benefits and service anniversary awards .
- 2024 All Other Compensation includes 401(k) match, profit sharing, non-qualified plan contributions, executive LTD, and executive physical benefits .
Performance Compensation
Annual Cash Incentive Plan (CIP) – FY2024
| Metric | Weighting | Threshold | Target | Maximum | 2024 Actual | Payout |
|---|---|---|---|---|---|---|
| Adjusted EBITDA$ (in $000s) | 50% | $166,000 | $205,000 | $220,000 | $204,172 | Overall plan payout 98.7% of target |
| Adjusted EBITDA% | 25% | 14.4% | 16.0% | 16.6% | 15.97% | Overall plan payout 98.7% of target |
| Total Revenue (in $000s) | 25% | $1,154,000 | $1,282,000 | $1,353,000 | $1,278,565 | Overall plan payout 98.7% of target |
- Ms. Erickson’s individual CIP target was $261,396 and threshold $130,698 for 2024 . Non-Equity Incentive paid was $257,998 .
Long-Term Incentive Plan (LTIP)
- 2024–2026 PRSUs: 50% of LTIP; metrics: Incentive ROIC (60%), Incentive Cumulative EPS (40%); vest 12/31/2026; payouts 50–200% of target (targets are confidential) .
- 2024 Restricted Stock: 50% of LTIP; cliff-vests 3 years from grant date; dividends accumulate and pay in cash upon vest .
| Award | Grant Date | Target Shares | Max Shares | Fair Value ($) |
|---|---|---|---|---|
| 2024–2026 PRSU (2024 grant) | 2/27/2024 | 2,768 | 5,536 | $304,922 |
| Restricted Stock (2024 grant) | 2/27/2024 | 2,768 | — | $304,922 |
Historical LTIP Performance:
- 2022–2024 PRSU cycle paid at 123.8% of target (ROIC: 19.18% vs. 22.1% target; Cumulative EPS: $18.24 vs. $15.94 target) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (shares) | 32,904 shares |
| % of Shares Outstanding | ~0.175% (32,904 / 18,806,189 shares outstanding as of 3/6/2025) |
| Options – Exercisable within 60 days | 16,308 shares |
| Options – Hedging/Pledging | Hedging and pledging of company stock prohibited for directors and executive officers |
| Stock Ownership Guidelines | 2× base salary for non-CEO executives; Ms. Erickson remains subject to a holding requirement until compliant; revised calculation excludes options/unearned performance shares . |
| Unvested Awards at 12/31/2024 | Restricted stock: 2,768 (2024 grant), 1,679 (2023), 1,360 (2022); Market values: $225,675 for 2024 grant and $225,675 for PRSUs (based on $81.53 stock price) . |
| PRSUs – Target (unearned) at 12/31/2024 | 2,768 (2024 grant), 3,359 (2023 grant), 2,721 (2022 grant); vesting contingent on ROIC and Cumulative EPS . |
| Option Exercises & Stock Vested (2024) | Options exercised: 1,826 shares; value realized: $75,941. Stock vested: 4,375 shares; value realized: $482,745 . |
Employment Terms
| Provision | Terms (Executive Officer Severance Plan) |
|---|---|
| Severance – Without Cause (non-CIC) | Cash severance equal to one year’s base salary ($391,640 at 12/31/2023), pro-rata CIP based on actual performance ($469,968), and up to 12 months benefits ($9,567); total illustrative $871,175 . |
| Change-in-Control (Double Trigger) | Lump-sum 2× annual compensation (base + target CIP): cash severance $1,253,248; CIP target $234,984; benefits $14,351; total illustrative $1,502,583 . |
| Equity on Change-in-Control | Company equity awards generally accelerate vesting or lapse restrictions upon a change in control . |
| Non-Compete / Non-Solicit | 12 months post-termination non-compete and non-solicit; confidentiality obligations survive . |
| Clawbacks | SEC/NYSE-compliant financial restatement clawback (3-year lookback) plus broader misconduct recoupment for access persons . |
| Hedging/Pledging | Prohibited under insider trading policy . |
| Deferred Compensation | Registrant contributions: $32,813 (2024); aggregate balance: $77,910 (2024). Prior year contributions: $11,223 (2023); aggregate balance: $40,721 (2023) . |
Compensation Governance, Peer Group, and Say-on-Pay
- Peer Group used for benchmarking (2023–2024): ALG, ASTE, B, GTLS, CIR, CMCO, DCI, EPAC, ESE, FSS, GGG, HLIO, NDSN, SXI, GRC, MIDD, TG, WTS .
- Target positioning: base salary ~50th percentile; short-/long-term incentives 50th–75th percentile; Total Direct Compensation targeted 50th–75th percentile .
- Say-on-Pay approval: ~97% in 2023; ~95% in 2024, indicating strong investor support .
- “What we don’t do”: No excise tax gross-ups; no option backdating/repricing; hedging/pledging prohibited .
Investment Implications
- Compensation-performance linkage: 2024 CIP paid 98.7% of target amid record net sales (+3.5%) but softer growth versus 2023 (13.9%), suggesting normalized momentum; LTIP metrics (ROIC/EPS) remain stringent, with the 2022–2024 cycle paying 123.8% of target, evidencing multi-year execution .
- Retention and selling pressure: Significant unvested restricted stock and PRSUs, holding requirements until guideline compliance, and prohibition on hedging/pledging reduce near-term selling pressure and align interests; severance economics (2× on double-trigger CIC) are market-standard, lowering transition risk in M&A scenarios .
- Governance and risk: Robust clawbacks and insider trading controls, plus strong say-on-pay support, lower governance red flags; equity acceleration on CIC warrants monitoring for deal-related dilution but is a common practice .
- Signals to monitor: Option exercise/vesting activity timing (Erickson exercised 1,826 options and had 4,375 shares vest in 2024), guideline transition allowances permitting limited share sales in the first 24 months of policy change, and quarter-to-quarter Adjusted EBITDA progression given CIP metric calibration .
Data derived from TNC’s DEF 14A (2025, 2024), Form 10-K (2024), and 8-K Item 5.02 filings; all metrics and disclosures are cited inline.