Peter Large
Senior Vice President, Strategy, Corporate Development, Corporate Partnerships and Alliances, and Office of Technology Innovation at TRMB
Executive
About Peter Large
Peter Large is Senior Vice President at Trimble, leading Strategy, Corporate Development, Corporate Partnerships & Alliances, and the Office of Technology Innovation. He rejoined Trimble in December 2020 after earlier service from 1996–2014; he has held multiple SVP roles since 2021 and has led corporate strategy since late 2023 . Age: 55 (as of April 25, 2025) . Education: Ed.D. (Oklahoma State University), MS in Management (Stanford GSB), Postgraduate Diploma in Strategy & Innovation (University of Oxford), BSc (Hons) in Surveying & Mapping Science (University of Newcastle Upon Tyne, U.K.) . Company performance under the executive team in 2024: revenue $3.68B (−3% reported, +5% organic), ARR $2.26B (+14% YoY), GAAP gross margin 65.1%, adjusted EBITDA $1.00B (27.2% of revenue) and non‑GAAP diluted EPS $2.85 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trimble | SVP, Buildings & Infrastructure | Oct 2022–Nov 2023 | Led construction enterprise, civil infrastructure design/engineering, and owner/public sector; aligned with Connect & Scale strategy |
| Trimble | SVP, Civil Infrastructure Solutions | Jul 2021–Oct 2022 | Oversaw civil engineering, construction field systems/software; JV leadership (Caterpillar/Hilti) |
| Trimble | VP, Construction Field Solutions (rejoined) | Dec 2020–Jul 2021 | Drove field solutions, channel and product strategy |
| Trimble | Multiple leadership roles including VP Channel Development; GM Mapping/GIS/Utilities; product/marketing/sales | 1996–2014 | Built GIS/mapping businesses; expanded channels; product-market execution |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Boeing Digital Solutions & Analytics | Research Solutions Strategist | 2019–2020 | Advanced data/analytics strategy for aerospace solutions |
| Inmarsat plc | Executive Director | 2016–2018 | Led satellite communications initiatives; consulting while pursuing doctoral studies |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary Rate ($) | 450,000 | 450,000 |
| Target Bonus (% of Salary) | 80% | 60% (role realignment) |
Performance Compensation
Annual Bonus Structure and Outcomes (FY 2024)
| Metric | Weight | Threshold ($) | Target ($) | Max ($) | Actual ($) | Payout Rate |
|---|---|---|---|---|---|---|
| Corporate Revenue | 20% | 3,494 | 3,640 | 3,822 | 3,711 | 1.39x |
| Corporate Adjusted EBITDA | 40% | 896 | 963 | 1,050 | 1,001 | 1.44x |
| Corporate ARR | 40% | 2,117 | 2,205 | 2,293 | 2,282 | 1.87x |
| Combined Corporate Payout | — | — | — | — | — | 1.602x (160.2%) |
| Named Executive | Target Bonus ($) | Financial Payout Rate | Non‑Financial Modifier | % of Target Paid | Actual Bonus ($) |
|---|---|---|---|---|---|
| Peter Large | 270,000 | 160.2% | 0% (no modifier) | 160.2% | 432,480 |
Long‑Term Incentive Design (Grant Year 2024)
- Mix: ~50% PRSUs, 37.5% RSUs, 12.5% stock options for non‑CEO NEOs .
- PRSUs: 50% TSR vs S&P 500 (Jan 1, 2024–Dec 31, 2026), 50% ARR growth (FY 2024–FY 2026), vests Apr 15, 2027; payout curve 0–200% each metric; combined up to 200% of target units .
- RSUs: Time‑based, vest 1/3 annually over 3 years (vesting start Apr 15, 2024) .
- Options: 10‑year term, strike = closing price on grant date, 1/3 annually over 3 years (vesting start Apr 15, 2024) .
| Award Type | Grant Date | Units | Strike | Vesting | Grant‑Date Fair Value ($) |
|---|---|---|---|---|---|
| RSU | 03/19/2024 | 6,032 | — | 1/3 each Apr 15, 2025/26/27 | 382,851 |
| PRSU (Target) | 03/19/2024 | 8,042 | — | TSR/ARR; vests Apr 15, 2027 | 649,271 |
| Stock Options | 03/19/2024 | 6,032 | 63.47 | 1/3 each Apr 15, 2025/26/27 | 154,471 |
| Total 2024 LTI (Large) | — | — | — | — | 1,186,592 |
PRSU Outcomes (Grant Year 2022; Vesting Mar 31, 2025)
| Component | Performance Period | Outcome | Payout Rate |
|---|---|---|---|
| TSR vs S&P 500 | Apr 1, 2022–Mar 31, 2025 | 26th percentile | 51.8% |
| ARR CAGR | FY 2022–FY 2024 | 14.4% adjusted CAGR; adjusted ARR $2.11B | 156.5% |
| Modifier (ESG/People) | CY 2022–CY 2024 | Estimated +1.3% | 1.013x |
| Combined Estimated Payout | — | TSR+ARR 104.1%; with modifier 105.5% | 105.5% |
| NEO | Target 2022 PRSUs | TSR+ARR Shares (104.1%) | Total Estimated Shares (incl. +1.3% modifier) |
|---|---|---|---|
| Peter Large | 8,776 | 9,140 | 9,259 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 29,294 shares (includes 9,914 unissued shares vesting/scheduled within 60 days) |
| Shares Outstanding | 238,582,419 (Record Date: Apr 21, 2025) |
| Ownership % of SO | ~0.012% (29,294 / 238,582,419; derived from cited figures) |
| Stock Ownership Guidelines | Execs must hold 3× base salary; compliance achieved as of Record Date |
| Hedging/Pledging | Prohibited under Insider Trading Policy; pledging also prohibited |
| Vested vs Unvested Snapshot (FY‑End 2024) | — |
Outstanding Equity (as of Jan 3, 2025)
| Category | Exercisable (#) | Unexercisable (#) | Notes |
|---|---|---|---|
| Stock Options | 3,435 (3/21/2023) | 12,903 (6,871 from 2023; 6,032 from 2024) | Strikes: $49.90 (2023), $63.47 (2024) |
| Unvested RSUs | — | 15,829 (2,926 2022; 6,871 2023; 6,032 2024) | Market value per grant disclosed |
| Unearned PRSUs | — | 37,433 (9,654 ARR‑2022; 1,975 TSR‑2022; 10,306 ARR‑2023; 3,435 TSR‑2023; 4,021 ARR‑2024; 8,042 TSR‑2024) | Performance tracking status footnoted – |
Note: Totals derived by summing line items; each line item cited above –.
Employment Terms
| Provision | Terms |
|---|---|
| Employment | At‑will; written offer letters for executives |
| Severance (no CIC) | 100% of (base salary + target bonus) cash; prorated actual bonus; lump‑sum COBRA for 14 months; pro‑rata vesting of outstanding equity (PRSUs settle post‑period on actual performance) |
| Change‑in‑Control (Double‑Trigger) | 150% of (base salary + target bonus) cash; prorated actual bonus; lump‑sum COBRA for 14 months; accelerated vesting of outstanding equity |
| Excise Tax Treatment | Best‑net cutback (no tax gross‑ups) |
| Clawback | Dodd‑Frank/Nasdaq‑compliant mandatory recovery; discretionary recovery for misconduct causing restatement (3‑year lookback) |
| Equity Grant Timing | Annual grants in March; no option repricing allowed; not timed to MNPI |
| Age & Service Vesting Program | Retirement eligibility vests time‑based Awards fully; PRSUs pro‑rata (subject to performance); $50,000 medical/dental benefit; non‑compete and non‑solicit required |
Illustrative cash estimates (FY‑end scenario): Potential payments under a qualifying termination at FY‑end for Peter Large: multiple $720,000; bonus accrued $432,480; health benefits $32,315; total $1,184,795 .
Investment Implications
- Pay‑for‑performance alignment: Peter Large’s FY 2024 bonus tied to revenue/ARR/adj. EBITDA delivered a 160.2% payout, reflecting strong execution of Trimble’s recurring revenue and profitability strategy; his PRSUs are anchored to 3‑year TSR vs S&P 500 and ARR growth, balancing market and operational performance .
- Vesting cadence and potential selling pressure: RSUs and options from 2024 vest annually each April 15 (2025–2027); PRSUs vest April 15, 2027, which can create concentrated vest windows; options struck at $63.47 and $49.90 may become in‑the‑money catalysts depending on price levels .
- Strong ownership alignment and risk controls: 3× salary ownership guideline met; hedging/pledging prohibited; clawback active; no single‑trigger vesting or tax gross‑ups—reducing shareholder‑unfriendly risk and encouraging retention .
- Change‑of‑control economics: Double‑trigger accelerated vesting and 1.5× cash multiple create balanced protection without excessive entitlements; best‑net excise approach mitigates gross‑up risk .
- Performance track record: Company posted record ARR and margins in 2024 with adjusted EBITDA of $1.0B and non‑GAAP EPS $2.85; long‑term TSR has outperformed the S&P 500 over 20 years, underscoring durable value creation under the leadership team Peter supports .
Say‑on‑pay support (92.9% in 2024) and increased TSR weighting in PRSUs signal constructive shareholder engagement and continued emphasis on market‑aligned incentives .