SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
the Securities Exchange Act of 1934 (Amendment No. )
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Meeting of Stockholders
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DATE AND TIME:
Thursday, June 12, 2025 9:00 a.m. CT |
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Instructions regarding all methods of voting are contained on any Notice of Internet Availability of Proxy Materials or proxy card provided. If your shares are held in the name of a bank, broker, fiduciary or custodian, follow the voting instructions you receive from your record holder.
Your vote is important. Whether or not you intend to be present at the meeting, to assure that your shares are represented at the meeting, please vote promptly using one of the methods mentioned below.
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WHERE:
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Generac Power
Systems, Inc. S45 W29290 Hwy. 59 Waukesha, Wisconsin 53189 ![]()
ADMISSION: Holders of record of our common stock at the close of business on April 17, 2025 are entitled to notice of, and to vote at, the annual meeting.
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Internet
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Telephone
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Mail
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In Person
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Visit the internet
website indicated on the Notice of Internet Availability or any proxy card you receive and follow the on-screen instructions. |
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Use the toll-free
telephone number shown on any proxy card you receive. |
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If you request a paper proxy card by telephone or internet, you may elect to vote by mail. If you elect to do so, you should date, sign and promptly return your proxy card by mail in the postage prepaid envelope which accompanied that proxy card.
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You can deliver a completed proxy card at the
meeting or vote in person. |
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Thank you for your continued support of and interest in the Company.
By Order of the Board of Directors,
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Raj Kanuru
Executive Vice President, General Counsel, and Secretary
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| SUMMARY INFORMATION | | | |
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| PROPOSAL 1 — ELECTION OF CLASS I DIRECTORS | | | |
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| CORPORATE GOVERNANCE | | | |
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| BENEFICIAL OWNERSHIP OF OUR COMMON STOCK | | | |
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| EXECUTIVE COMPENSATION | | | |
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| REPORT OF THE HUMAN CAPITAL AND COMPENSATION COMMITTEE | | | |
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| 2024 DIRECTOR COMPENSATION | | | |
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| RELATED PERSON TRANSACTIONS | | | |
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| PROPOSAL 3 — ADVISORY APPROVAL OF EXECUTIVE COMPENSATION | | | |
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| REPORT OF THE AUDIT COMMITTEE | | | |
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| NOMINATIONS AND PROPOSALS BY STOCKHOLDERS | | | |
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| INFORMATION CONCERNING SOLICITATION AND VOTING | | | |
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| | Important notice: | | |
| | The Board of Directors (the “Board of Directors” or “Board”) of Generac Holdings Inc. (“Generac,” “we,” “us,” “our,” or the “Company”) is soliciting your proxy to be voted at the Annual Meeting of Stockholders to be held on Thursday, June 12, 2025. | | |
| | Instead of mailing a printed copy of our proxy materials to each stockholder, we furnish proxy materials to our stockholders over the internet by mailing a Notice of Internet Availability of Proxy Materials (“Notice of Internet Availability”), unless otherwise instructed by the stockholder. The Notice of Internet Availability includes information on where to view all proxy materials online, as well as voting instructions. If you received a Notice of Internet Availability and you would like to receive a printed copy of our proxy materials, you should follow the instructions for requesting such materials included in the Notice of Internet Availability. The Notice of Internet Availability was first mailed on or about April 29, 2025 to all stockholders of record as of the record date for the annual meeting, which was the close of business on April 17, 2025. | | |
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2025 Proxy Statement
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1
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2025 Proxy Statement
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Proposals at the Annual Meeting
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Board Recommendations:
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Proposal 1: Election of
Class I Directors
Aaron. P. Jagdfeld
Andrew G. Lampereur Nam T. Nguyen |
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FOR each
director nominee |
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Proposal 2:
To ratify the selection of
Deloitte & Touche LLP as our independent registered public accounting firm for the year ending December 31, 2025 |
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Page 61
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FOR
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Proposal 3:
To approve, on an advisory,
non-binding basis, the compensation of our executive officers |
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Page 63
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FOR
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2
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2025 Proxy Statement
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3
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2025 Proxy Statement
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The nominees for election as Class I Directors at the 2025 annual meeting are described below, each of whom has been nominated by the Board of Directors. If elected, each of the nominees is expected to serve for a three-year term expiring at the annual meeting of stockholders of the Company in 2028 and until their respective successors have been elected and qualified.
The Board of Directors recommends a vote FOR the Company’s nominees for Class I Directors.
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Director
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Audit Committee
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Human
Capital and Compensation Committee |
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Nominating
and Corporate Governance Committee |
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Marcia Avedon
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Kathryn Bohl
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| John Bowlin(1) | | | | | | | |
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Robert Dixon
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William Jenkins
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Andrew Lampereur
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Bennett Morgan (L)
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| Nam Nguyen(2) | | | | | | | | | | | |
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David Ramon
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Dominick Zarcone
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2025 Proxy Statement
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5
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2025 Proxy Statement
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AARON P. JAGDFELD
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Age: 53
Director Since: 2006
Chairman Since: 2016
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EXPERIENCE & QUALIFICATIONS
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2008-Current: President and Chief Executive Officer of Generac
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2007: President of Generac, responsible for sales, marketing, engineering, and product development
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2002-2006: Chief Financial Officer, Generac
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1994-2001: Finance Department, Generac
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Prior to 1994: Audit Practice, Deloitte & Touche, LLP
Other Board Service
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Current Director of The Hillman Group, a public company providing complete hardware solutions
As the Chief Executive Officer and the only management representative on the Board, Mr. Jagdfeld provides valuable insight to the Board regarding the day-to-day business issues facing the Company. Since joining the Company, he has navigated a number of achievements, including our initial public offering, the significant increase in sales, numerous acquisitions, and our international expansion. Mr. Jagdfeld has extensive finance and operational experience and has high-level leadership experience in several prior positions. Mr. Jagdfeld holds a Bachelor of Business Administration in Accounting from the University of Wisconsin-Whitewater.
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2025 Proxy Statement
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ANDREW G. LAMPEREUR
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Age: 62
Director Since: 2014
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EXPERIENCE & QUALIFICATIONS
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2000-2017: Executive Vice President and Chief Financial Officer, Actuant Corporation (now Enerpac Tool Group Corporation), a global diversified company that designs and manufactures industrial products and systems (“Actuant”)
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1999-2000: Applied Power (Actuant) Business Development Leader
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1998-1999: Vice President and General Manager — Distribution, Gardner Bender (Actuant subsidiary)
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1996-1998: Vice President Finance, Gardner Bender
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1993-1996: Corporate Controller, Actuant Corporation
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Prior to 1993: Held various financial positions with Fruehauf Trailer Corporation, Terex Corporation, and Price Waterhouse
Other Board Service
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Former Director of Jason Industries, Inc.
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Former Director of Robbins & Myers
Mr. Lampereur brings extensive financial experience to Generac. Mr. Lampereur has over 26 years of senior-level financial experience in a variety of businesses complementary to Generac, including as a chief financial officer and director of a public company.
Mr. Lampereur graduated with a Bachelor of Business Administration in Accounting from St. Norbert College.
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7
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2025 Proxy Statement
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NAM T. NGUYEN
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Age: 49
Director Since: 2022
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EXPERIENCE & QUALIFICATIONS
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2020-Current: Chief Operating Officer, Generate Capital, a leading sustainable infrastructure company
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2013-2020: Executive Vice President, SunPower Corp., a solar power products company
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Prior to 2013: Vice President of Global Business Development at First Solar and held various positions in investment banking, working in New York, Singapore and Los Angeles
Ms. Nguyen brings to Generac over 20 years of experience as an executive leader in renewable energy and sustainable infrastructure. Ms. Nguyen specializes in P&L management, international market expansion, business development, sales strategy and operations, and financing. Working in the domestic and international solar sector, Ms. Nguyen has led startup and expansion projects, specifically driving revenue and scaling businesses in new markets. Ms. Nguyen’s background with solar power and renewable energy markets provides Generac with valuable expertise and strategic insight within key areas of Generac’s business. Ms. Nguyen also brings significant international experience, having worked in Latin America and Singapore.
Ms. Nguyen graduated with a Bachelor of Arts in Economics from Columbia University and a Master of Business Administration from Harvard University.
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2025 Proxy Statement
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MARCIA J. AVEDON, PH.D.
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Age: 63
Director Since: 2019
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EXPERIENCE & QUALIFICATIONS
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2022-Current: Founder and CEO, Avedon Advisory, LLC
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2020-2022: Executive Vice President, Chief Human Resources, Marketing, & Communications Officer for Trane Technologies, a climate control innovation company focusing on heating and cooling in buildings, homes, and transportation (previously Ingersoll-Rand, plc)
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2007-2020: Senior Vice President of Human Resources, Communications, and Corporate Affairs for Ingersoll-Rand, plc, leading global human resources, public affairs, corporate social responsibility, communications, and strategic marketing
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2002-2006: Chief Human Resources Officer at Merck, a global pharmaceutical company
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1995-2002: Held increasingly responsible leadership positions in Human Resources and Communications for Honeywell International, a global diversified company
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Prior to 1995: Held positions in Human Resources at Anheuser-Busch Companies and as a consultant with Booz, Allen & Hamilton
Other Board Service
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Current Director of Acuity Brands, Inc., a publicly traded industrial technology company
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Current Director of Cornerstone Building Brands, a private manufacturer of exterior building products
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Former Director of GCP Applied Technologies
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Former Director of Lincoln National Corporation
Ms. Avedon brings to Generac extensive expertise on global human resources and human capital topics. Ms. Avedon has over 30 years of experience leading organizational transformation, talent and succession management, culture change, corporate social responsibility, and communications.
Ms. Avedon earned a Bachelor of Arts in Psychology from the University of North Carolina at Wilmington, and a Master’s Degree and Ph.D. in Industrial and Organizational Psychology from George Washington University.
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9
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2025 Proxy Statement
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BENNETT J. MORGAN
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Age: 61
Director Since: 2013
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EXPERIENCE & QUALIFICATIONS
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2005-2016: President and Chief Operating Officer, Polaris Industries Inc., a manufacturer of power sports vehicles (“Polaris”)
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2004-2005: Vice President and General Manager, ATV Division, Polaris
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2001-2004: General Manager, ATV Division, Polaris
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1997-2001: General Manager, PGA Division, Polaris
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1987-1997: Held various marketing, product development, and operations positions at Polaris Industries
Mr. Morgan brings to Generac extensive leadership skills. Having served in senior roles as President and Chief Operating Officer for a public company, Mr. Morgan has over 25 years of expertise in international consumer durables products, dealer distribution, product development, and innovation. Serving in these leadership roles provides Mr. Morgan with in-depth knowledge of strategic growth and development and company oversight, including talent development, product development, sales and marketing, engineering, and manufacturing operations.
Mr. Morgan earned his Bachelor of Science in Economics from St. John’s University and Master of Business Administration from the Carlson School of Management at the University of Minnesota.
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2025 Proxy Statement
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DOMINICK P. ZARCONE
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Age: 66
Director Since: 2017
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EXPERIENCE & QUALIFICATIONS
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2017-2024: President and Chief Executive Officer of LKQ Corporation, a global distributor of vehicle parts and accessories
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2015-2017: Chief Financial Officer, LKQ Corporation
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2011-2015: Managing Director and Chief Financial Officer of Baird Financial Group, a capital markets and wealth management company, and certain of its affiliates
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2011-2015: Treasurer of Baird Funds, Inc., a family of fixed income and equity mutual funds managed by Robert W. Baird & Co. Incorporated, a registered broker/dealer
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1995-2011: Managing Director of the Investment Banking department of Robert W. Baird & Co. Incorporated
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1986-1995: Held various positions with investment banking company Kidder, Peabody & Co., Incorporated, most recently as Senior Vice President of Investment Banking
Other Board Service
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Current Director of LKQ Corporation1
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Current Board Chair of MEKO Group AB (Stockholm), a publicly traded leading distributor of automotive parts and accessories in Europe
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Director Nominee at WillScot Holdings Corporation, a public company and leading name in mobile storage solutions and modular buildings, and will be a Director upon his election on June 6, 2025.
Mr. Zarcone brings to Generac extensive management and leadership experience, serving in senior leadership roles as Chief Executive Officer and Chief Financial Officer of a public corporation. Mr. Zarcone has also held senior leadership roles as Managing Director and Chief Financial Officer of privately held companies. Mr. Zarcone has over 35 years of expertise in investment banking, wealth management, and capital markets bringing significant financial expertise to Generac.
Mr. Zarcone earned his Bachelor of Science in Finance from the University of Illinois at Urbana-Champaign and Master of Business Administration from the University of Chicago Graduate School of Business.
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11
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2025 Proxy Statement
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KATHRYN V. BOHL
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Age: 64
Director Since: 2016
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EXPERIENCE & QUALIFICATIONS
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2005-2016: Held various leadership roles at Sleep Number Corporation (formerly Select Comfort Corporation), a manufacturer of mattresses and sleep-related products, including
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Executive Vice President and Chief Services and Fulfillment Officer
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Executive Vice President, Product and Service, and
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Senior Vice President, Global Supply Chain
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1983-2005: Held various leadership roles at GE, including
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General Manager, Global Supply Chain Strategy, GE Healthcare,
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General Manager, Global Quality and Six Sigma, GE Healthcare,
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Vice President Technical Operations and Director/Vice President of Quality Programs for GE Clinical Services, a division of GE Healthcare, and
Various roles in Sourcing, Engineering, and Manufacturing at GE Information Services and GE Healthcare
Other Board Service
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Current Lead Director of Columbus McKinnon Corporation, a public company that designs and manufactures precision material handling systems
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Former Director of The Jones Family of Companies
Ms. Bohl brings to Generac extensive leadership experience across B2B and B2C sophisticated technology products and services and consumer/retail businesses. Ms. Bohl has held several senior level management positions, giving her significant experience in strategic growth and development and human resources/talent management. Ms. Bohl has over 30 years of expertise that includes extensive risk management, regulatory compliance, operations, and supply chain experience.
Ms. Bohl graduated with a Bachelor of Science in Mechanical Engineering from Michigan State University.
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12
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2025 Proxy Statement
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ROBERT D. DIXON
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Age: 65
Director Since: 2012
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EXPERIENCE & QUALIFICATIONS
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2014-2016: Chairman and CEO of Natural Systems Utilities LLC, a distributed water infrastructure company
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2012-2014: Chief Executive Officer of Seven Seas Water Corporation, an international services corporation
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1983-2011: Held various leadership roles at Air Products and Chemicals, Inc., including Senior Vice President & General Manager
Other Board Service
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Former Director of Valicor Environmental Services
Mr. Dixon brings to Generac over 30 years of global management, operations and finance experience. Mr. Dixon has significant prior experience working in the energy industry, including specifically within the industrial gas sector on various clean energy initiatives. Mr. Dixon also brings vast international experience to Generac, having managed international operations for the majority of his career, including spending several years working overseas in Asia.
Mr. Dixon earned a Bachelor of Business Administration from Miami University and a Master of Business Administration from Pennsylvania State University. He also attended the Advanced Management Program at INSEAD in Fontainebleau, France.
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2025 Proxy Statement
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WILLIAM D. JENKINS, JR.
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Age: 59
Director Since: 2017
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EXPERIENCE & QUALIFICATIONS
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2021-Current: President of Palo Alto Networks, a public cybersecurity firm
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2012-2021: President & Chief Executive Officer of Barracuda Networks, a private network technology company
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1998-2012: Held various positions at EMC Corporation, an information infrastructure company, including President of the Backup Recovery Systems division
Other Board Service
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Former Director of Skydeck Acquisition Corporation
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Former Director of Barracuda Networks
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Former Director of Sumo Logic
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Former Lead Director for Apigee Corporation (acquired by Google, Inc.)
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Former Director for Nimble Storage, Inc. (acquired by Hewlett Packard Enterprise Company)
Mr. Jenkins brings to Generac over 10 years of cybersecurity and technology experience, including currently serving as the President of a leading global cybersecurity company.
Mr. Jenkins holds a Bachelor of Science in General Engineering from the University of Illinois and a Master of Business Administration from Harvard Business School.
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2025 Proxy Statement
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DAVID A. RAMON
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Age: 69
Director Since: 2010
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EXPERIENCE & QUALIFICATIONS
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1998-Current: Founder and Managing Partner of Vaduz Partners, a private investment firm
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2019-2024: Investment Partner in Gratitude Railroad, an alternative investment capital firm
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2014-2018: Chairman and Chief Executive Officer of Diversified Maintenance, a specialized facility services company
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2000-2007: President and Chief Executive Officer of USA.NET, Inc.
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1997-1998: President, Coleman Outdoor Recreation Group
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1994-1997: Held various senior management positions, including President and Chief Operating Officer of New World Television, Inc.
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1982-1994: Executive Vice President and Chief Financial Officer of Gillett Holdings, Inc.
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Prior to 1982: Arthur Young & Company
Other Board Service
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Current Director of Sagent-CTAM Holdings, Inc., a leading network solutions provider
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Former Director of Diversified Maintenance
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Former Director of New World Communications Group, Inc.
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Former Director of USA.NET, Inc.
Mr. Ramon brings to Generac more than 30 years of broad management, operations, and investment experience with established consumer product markets, emerging companies in cloud computing and software services, and in enterprises that deliver positive social and environmental impact. Mr. Ramon also brings significant leadership and financial experience, having served as Chief Executive Officer, Chief Operating Officer, President or Chief Financial Officer for a number of privately held and public companies. Mr. Ramon’s work as a founder and managing partner of a private investment firm gives him significant and valuable capital markets experience.
Mr. Ramon earned a Bachelor of Business Administration in Accounting from the University of Wisconsin.
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2025 Proxy Statement
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2025 Proxy Statement
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Members
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Key Responsibilities
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(10 Meetings in 2024)
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ANDREW G.
LAMPEREUR (Chair)
KATHRYN V. BOHL
ROBERT D. DIXON
DAVID A. RAMON
DOMINICK P.
ZARCONE |
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The Audit Committee, among other items, assists the Board of Directors in fulfilling its responsibility relating to the following:
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the integrity of our financial statements,
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our systems of internal controls and disclosure controls and procedures,
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our compliance with applicable law and ethics programs,
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the annual independent audit of our financial statements,
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review and assessment of any sustainability reporting or disclosure of the Company and the controls and procedures related to such disclosure, and
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the evaluation of financial and enterprise risks, including areas related to legal compliance and ethics, cybersecurity, and certain other functional areas.
The Board has determined that each of Messrs. Dixon, Lampereur, Ramon, and Zarcone is an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation S-K, and the Board is satisfied that all members of our Audit Committee have sufficient expertise and business and financial experience necessary to effectively perform their duties as members of the Audit Committee. The Board has determined that all members of the Audit Committee meet the NYSE and SEC definitions of independence.
In connection with its review of the Company’s financial statements, the Audit Committee receives reports from the Company’s Chief Financial Officer and the Company’s independent registered public accounting firm regarding significant risks and exposures and assesses management’s steps to minimize them. The Audit Committee also reviews material legal and regulatory matters and compliance with significant applicable legal, ethical, and regulatory requirements, and receives reports from the Company’s General Counsel relating to these matters. The Audit Committee also reviews other areas within its oversight from members of management as appropriate.
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2025 Proxy Statement
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Members(1)
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Key Responsibilities
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(5 Meetings in 2024)
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MARCIA J. AVEDON
(Chair)
JOHN D. BOWLIN(2)
WILLIAM D.
JENKINS, JR.
BENNETT J.
MORGAN
DOMINICK P.
ZARCONE |
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The Human Capital and Compensation Committee:
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oversees the Company’s plans, policies, and programs relating to human capital management and corporate culture to help ensure the Company is seeking, developing, and retaining human capital appropriate to meet the Company’s needs,
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reviews, assesses, and advises the Board regarding the Company’s policies, practices, strategies, and goals with respect to those sustainability matters falling within its responsibilities,
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plays an integral role in the Company’s processes and procedures for the consideration and determination of executive and director compensation,
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determines the compensation policies and individual compensation decisions for our executive officers and ensures these policies and decisions are consistent with overall corporate performance,
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in conjunction with the Nominating and Corporate Governance Committee as needed, reviews the form and amount of director compensation and makes recommendations to the Board related thereto,
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has the authority to approve all equity and equity-based awards to our employees, directors, and executive officers,
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reviews and recommends to the Board of Directors the target annual incentive pool, the annual performance objectives for participants, and actual payouts to participants, including the executive officers,
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works with its independent compensation consultant and management in setting compensation to create incentives that encourage an appropriate level of risk taking that is consistent with the Company’s business strategy and maximization of stockholder value,
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reviews and approves annual performance goals for the CEO and certain executives related to incentive compensation,
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oversees the Company’s Organizational Talent Review process and human capital programs and initiatives to determine whether outcomes are effective and achieve their intended purposes, and
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reviews management development and executive succession plans, including for the CEO.
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2025 Proxy Statement
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Members
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Key Responsibilities
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(5 Meetings in 2024)
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ROBERT D. DIXON
(Chair)
MARCIA J. AVEDON
KATHRYN V. BOHL
BENNETT J.
MORGAN
NAM T. NGUYEN
DAVID A. RAMON
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The Nominating and Corporate Governance Committee:
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identifies candidates to serve as directors and on committees of the Board of Directors,
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develops, recommends, and reviews our Corporate Governance Guidelines and Principles on a regular basis,
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oversees any necessary search, selection, and hiring process for appointing a new CEO.
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assists the Board of Directors in its annual review of the performance and effectiveness of the Board of Directors and its committees, and
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reviews the Company’s sustainability policies, practices, and disclosures.
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The Nominating and Corporate Governance Committee also undertakes such other tasks delegated to the committee by the Board of Directors.
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2025 Proxy Statement
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2025 Proxy Statement
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2025 Proxy Statement
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2025 Proxy Statement
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2025 Proxy Statement
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2025 Proxy Statement
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Name and address of beneficial owner
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Number of
Shares |
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Percentage of
Shares |
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| Principal stockholders | | | | | | | | | | | | | |
| The Vanguard Group(1) | | | | | 6,869,513 | | | | | | 11.5% | | |
| BlackRock, Inc.(2) | | | | | 3,652,509 | | | | | | 6.1% | | |
| Directors and Named Executive Officers(3)(4) | | | | | | | | | | | | | |
| Aaron Jagdfeld | | | | | 1,047,728 | | | | | | 1.7% | | |
| York Ragen | | | | | 226,691 | | | | | | 0.4% | | |
| Norman Taffe | | | | | 18,205 | | | | | | * | | |
| Erik Wilde | | | | | 34,130 | | | | | | 0.1% | | |
| Kyle Raabe | | | | | 16,180 | | | | | | * | | |
| Marcia Avedon | | | | | 7,311 | | | | | | * | | |
| Kathryn Bohl | | | | | 11,965 | | | | | | * | | |
| John Bowlin | | | | | 79,387 | | | | | | 0.1% | | |
| Robert Dixon | | | | | 19,444 | | | | | | * | | |
| William Jenkins | | | | | 10,178 | | | | | | * | | |
| Andrew Lampereur | | | | | 25,905 | | | | | | * | | |
| Bennett Morgan | | | | | 29,517 | | | | | | * | | |
| Nam Nguyen | | | | | 3,805 | | | | | | * | | |
| David Ramon | | | | | 36,120 | | | | | | 0.1% | | |
| Dominick Zarcone | | | | | 16,994 | | | | | | * | | |
|
All members of the Board of Directors and executive officers as a
group (16 persons)(5) |
| | | | 1,600,128 | | | | | | 2.7% | | |
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25
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2025 Proxy Statement
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26
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2025 Proxy Statement
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John Bowlin
William Jenkins
Bennett Morgan
Dominick Zarcone
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27
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2025 Proxy Statement
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Named Executive Officer
|
| |
Title
|
|
| Aaron Jagdfeld | | |
President, Chief Executive Officer & Chairman
|
|
| York Ragen | | | Chief Financial Officer | |
| Norman Taffe | | | President, Energy Technology | |
| Erik Wilde | | | President, Domestic C&I | |
| Kyle Raabe | | | President, Consumer Power | |
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2024 Business Highlights & Performance
|
|
![[MISSING IMAGE: fc_business-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/fc_business-pn.jpg)
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2025 Proxy Statement
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![[MISSING IMAGE: bc_totadjust-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/bc_totadjust-pn.jpg)
![[MISSING IMAGE: bc_totcash-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/bc_totcash-pn.jpg)
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29
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2025 Proxy Statement
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WHAT WE DO:
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Pay for Performance
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On average 75% or more of NEO pay is based on the achievement of specific annual and long-term strategic and financial goals.
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Independent Compensation Consultant
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An independent consultant is retained by the Human Capital and Compensation Committee.
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Stock Ownership Guidelines
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Stock ownership guidelines have been established for executive officers and directors.
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Compensation Risk Assessment
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A compensation risk assessment is performed on a regular basis. In June 2024, the Human Capital and Compensation Committee’s independent consultant completed the assessment to identify and evaluate material risks associated with our compensation programs. This assessment helps ensure our executive compensation arrangements do not incentivize excessive risk-taking that could harm the Company or its stakeholders.
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Clawback Policies
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| |
We have a clawback policy that requires all executive officers to return excess incentive-based compensation resulting from an applicable accounting restatement. We also have a clawback policy that requires the CEO, CFO, all other NEOs, as well as certain members of executive management, to reimburse or foreit certain incentive compensation received in instances of gross negligence or misconduct that result in significant harm to the Company.
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ESG in Incentive Plan
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Our short-term incentive plan in 2024 included individual executive officer ESG goals related to the development of certain ESG initiatives and qualitative metrics to measure success over time.
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WHAT WE DO NOT DO:
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Hedging of Company Stock
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It is against Company policy to trade in puts or calls in Company securities, sell Company securities short, or otherwise hedge ownership of Company securities.
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Pledging of Company Stock
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Executive officers may not pledge Company securities or hold Company securities in margin accounts.
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Tax Gross Ups
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Executive officers do not receive tax gross ups either directly or indirectly.
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Dividends on Unearned Performance Awards
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Executive officers do not receive dividends on unearned performance awards.
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“Single Trigger” Change in Control Severance Provisions
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Executive officers do not have severance arrangements that trigger solely by virtue of a change in control.
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2025 Proxy Statement
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What’s Changed
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| | How It’s Changed | | | Rationale for Change | |
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Pay for Performance
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Increased the weighting in performance share grants under the Long-Term Equity Incentive Program from 33% to 50%.
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Reflects the Company’s philosophy of linking executive pay with the long- term success of the Company.
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![[MISSING IMAGE: fc_compen-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/fc_compen-pn.jpg)
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2025 Proxy Statement
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Pay Element
|
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Form
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| |
Purpose
|
|
| Base Salary | | | Cash (Fixed) | | | Reflects position responsibilities, competitive market rates, strategic importance of the position, and individual experience. | |
| Annual Performance Bonus Plan (Short- Term Incentive) | | | Cash (Variable) | | | Rewards achievement of Generac’s annual financial goals and other qualitative and quantitative performance objectives as determined by the Committee. | |
| Long-Term Incentives | | | Equity (Variable) | | | Rewards strong performance with incentive awards that focus our executive team on creating stockholder value over the long-term. Highest weighting on performance shares supports our pay for performance philosophy. | |
![[MISSING IMAGE: pc_paymix-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/pc_paymix-pn.jpg)
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CEO
Target Pay Mix |
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Other NEOs
Avg Target Pay Mix |
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32
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2025 Proxy Statement
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Role of the Human Capital and Compensation Committee and Management
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The Role of the Independent Consultant
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33
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2025 Proxy Statement
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Assessing External Market Practice
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| |
| | A.O. Smith Corporation (AOS) | | | Enphase Energy, Inc. (ENPH) | | | Lennox International, Inc.(LII) | | | Skyworks Solutions, Inc. (SWKS) | | |
| |
Acuity Brands, Inc. (AYI)
|
| | First Solar, Inc. (FSLR) | | | Nordson Corporation (NDSN) | | | Snap-on Incorporated (SNA) | | |
| | AMETEK, Inc. (AME) | | | Hubbell Incorporated (HUBB) | | | Regal Rexnord Corporation (RRX) | | | SolarEdge Technologies, Inc. (SEDG) | | |
| | Dover Corporation (DOV) | | | IDEX Corporation (IDEX) | | | Resideo Technologies, Inc. (REZI) | | | Sunrun Inc. (RUN) | | |
| | EnerSys (ENS) | | |
Ingersoll Rand, Inc. (IR)
|
| | Rockwell Automation, Inc. (ROK) | | | Xylem, Inc. (XYL) | | |
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2025 Proxy Statement
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Stockholder Input and Outreach
|
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![[MISSING IMAGE: org_outrea-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/org_outrea-pn.jpg)
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2025 Proxy Statement
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Named Executive Officer
|
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Annual Base
Salary at 12/31/2023 |
| |
Annual Base
Salary at 12/31/2024 |
| |
% Change
|
| |||||||||
| Aaron Jagdfeld | | | | $ | 1,050,000 | | | | | $ | 1,050,000 | | | | | | 0.0% | | |
| York Ragen | | | | $ | 525,000 | | | | | $ | 550,000 | | | | | | 4.8% | | |
| Norman Taffe | | | | $ | 433,500 | | | | | $ | 450,000 | | | | | | 3.8% | | |
| Erik Wilde | | | | $ | 436,800 | | | | | $ | 450,000 | | | | | | 3.0% | | |
| Kyle Raabe | | | | $ | 400,000 | | | | | $ | 430,000 | | | | | | 7.5% | | |
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2025 Proxy Statement
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| | | |
Bonus as % of Base Salary
|
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Individual
Performance Modifier(2) |
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Named Executive Officer
|
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Below
Threshold |
| |
Threshold
|
| |
Target
|
| |
Maximum(1)
|
| |||||||||||||||
| Aaron Jagdfeld | | | | | 0% | | | | | | 65% | | | | | | 130% | | | | | | 260% | | | |
-100% to +15%
|
|
| York Ragen | | | | | 0% | | | | | | 40% | | | | | | 80% | | | | | | 160% | | | |
-100% to +15%
|
|
| Norman Taffe | | | | | 0% | | | | | | 40% | | | | | | 80% | | | | | | 160% | | | |
-100% to +15%
|
|
| Erik Wilde | | | | | 0% | | | | | | 37.5% | | | | | | 75% | | | | | | 150% | | | |
-100% to +15%
|
|
| Kyle Raabe | | | | | 0% | | | | | | 37.5% | | | | | | 75% | | | | | | 150% | | | |
-100% to +15%
|
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37
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2025 Proxy Statement
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| | | |
2024 Financial Goals
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| | | | |||||||||
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Annual
Performance Bonus Metrics — Consolidated |
| |
Threshold
|
| |
Target
|
| |
Maximum
|
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2024 Achievement
|
| |
Weighted
Payout % |
|
|
Adjusted EBITDA (75%)*
|
| |
$595.4 million
|
| |
$744.3 million
|
| |
$893.2 million
|
| |
$789.1 million
|
| |
97.5%
|
|
|
PWC as % of Net Sales (25%)
|
| |
35.2%
|
| |
32.2%
|
| |
29.2%
|
| |
30.5%
|
| |
39.5%
|
|
| Overall Payout | | | | | | | | | | | | | | |
137%
|
|
|
NEO
|
| |
Metrics
|
| |
Results
|
|
| Norman Taffe | | |
Energy Technology Adjusted EBITDA — 50%
Energy Technology PWC — 25% Consolidated Adjusted EBITDA — 25% |
| |
Below Target
Below Threshold Above Target |
|
| Erik Wilde | | |
Domestic C&I Adjusted EBITDA — 50%
Domestic C&I PWC — 25% Consolidated Adjusted EBITDA — 25% |
| |
At Maximum
Above Target Above Target |
|
| Kyle Raabe | | |
Consumer Power Adjusted EBITDA — 50%
Consumer Power PWC — 25% Consolidated Adjusted EBITDA — 25% |
| |
Above Target
At Maximum Above Target |
|
|
Named Executive Officer
|
| |
AIP Target
|
| |
2024 AIP
Financial Achievement(1) |
| |
Individual
Performance Modifier |
| |
2024 AIP
Payment |
| ||||||||||||
| Aaron Jagdfeld | | | | $ | 1,365,000 | | | | | | 137.0% | | | | | | +5% | | | | | $ | 1,963,553 | | |
| York Ragen | | | | $ | 440,000 | | | | | | 137.0% | | | | | | +5% | | | | | $ | 632,936 | | |
| Norman Taffe | | | | $ | 360,000 | | | | | | 68.4% | | | | | | 0% | | | | | $ | 246,175 | | |
| Erik Wilde | | | | $ | 337,500 | | | | | | 178.0% | | | | | | 0% | | | | | $ | 600,656 | | |
| Kyle Raabe | | | | $ | 322,500 | | | | | | 165.0% | | | | | | +10% | | | | | $ | 585,082 | | |
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38
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2025 Proxy Statement
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|
![[MISSING IMAGE: pc_longterm-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/pc_longterm-pn.jpg)
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39
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2025 Proxy Statement
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|
|
Named Executive Officer
|
| |
Stock
Options |
| |
Restricted
Stock |
| |
Performance
Shares |
| |
Total LTIP Grants
|
| ||||||||||||
| Aaron Jagdfeld | | | | $ | 1,562,539 | | | | | $ | 1,562,605 | | | | | $ | 3,125,098 | | | | | $ | 6,250,242 | | |
| York Ragen | | | | $ | 328,138 | | | | | $ | 328,129 | | | | | $ | 656,258 | | | | | $ | 1,312,525 | | |
| Norman Taffe(1) | | | | $ | 216,782 | | | | | $ | 216,804 | | | | | $ | 2,433,643 | | | | | $ | 2,867,229 | | |
| Erik Wilde | | | | $ | 218,442 | | | | | $ | 218,490 | | | | | $ | 436,869 | | | | | $ | 873,801 | | |
| Kyle Raabe | | | | $ | 200,002 | | | | | $ | 200,049 | | | | | $ | 400,096 | | | | | $ | 800,147 | | |
|
Performance Measure
|
| |
Weight
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Actual 2022-2024
Cycle Results |
| |
Final
Vesting |
| ||||||||||||||||||
|
Revenue Growth (CAGR)
|
| | | | 33% | | | | | | 12.0% | | | | | | 16.0% | | | | | | 20.0% | | | | | | 4.4% | | | | | | | | |
|
Adjusted EBITDA Margin %
|
| | | | 33% | | | | | | 20.8% | | | | | | 22.8% | | | | | | 24.8% | | | | | | 18.7% | | | | | | 0.0% | | |
|
FCF Conversion %
|
| | | | 33% | | | | | | 75.0% | | | | | | 85.0% | | | | | | 95.0% | | | | | | 70.6% | | | | | | | | |
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40
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2025 Proxy Statement
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41
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2025 Proxy Statement
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|
Position/Level
|
| |
Stock Ownership Requirements
|
|
| Non-Employee Directors | | | 5.0X annual retainer | |
| Chief Executive Officer | | | 6.0X annual base pay | |
| Top Executives | | | 3.0X annual base pay | |
| Senior Executives | | | 1.0X annual base pay | |
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42
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43
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2025 Proxy Statement
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John Bowlin
William Jenkins
Bennett Morgan
Dominick Zarcone
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44
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2025 Proxy Statement
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Name and principal position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
awards ($)(1) |
| |
Option
awards ($)(1) |
| |
Non-equity
incentive plan compensation ($)(2) |
| |
All other
compensation ($)(3) |
| |
Total
($) |
| ||||||||||||||||||||||||
|
Aaron Jagdfeld
Chairman, President and Chief Executive Officer |
| | | | 2024 | | | | | | 1,050,000 | | | | | | — | | | | | | 4,687,703 | | | | | | 1,562,539 | | | | | | 1,963,553 | | | | | | 34,171 | | | | | | 9,297,966 | | |
| | | 2023 | | | | | | 1,050,000 | | | | | | — | | | | | | 3,996,222 | | | | | | 2,004,001 | | | | | | — | | | | | | 34,742 | | | | | | 7,084,966 | | | |||
| | | 2022 | | | | | | 1,039,178 | | | | | | — | | | | | | 3,829,669 | | | | | | 1,920,529 | | | | | | — | | | | | | 18,300 | | | | | | 6,807,676 | | | |||
|
York Ragen
Chief Financial Officer |
| | | | 2024 | | | | | | 545,150 | | | | | | — | | | | | | 984,387 | | | | | | 328,138 | | | | | | 632,936 | | | | | | 21,433 | | | | | | 2,512,044 | | |
| | | 2023 | | | | | | 525,000 | | | | | | — | | | | | | 874,316 | | | | | | 438,418 | | | | | | — | | | | | | 19,846 | | | | | | 1,857,580 | | | |||
| | | 2022 | | | | | | 515,616 | | | | | | — | | | | | | 874,342 | | | | | | 438,474 | | | | | | — | | | | | | 12,200 | | | | | | 1,840,632 | | | |||
|
Norman Taffe
President, Energy Technology |
| | | | 2024 | | | | | | 446,799 | | | | | | — | | | | | | 2,650,447 | | | | | | 216,782 | | | | | | 246,175 | | | | | | 11,499 | | | | | | 3,571,702 | | |
| | | 2023 | | | | | | 426,956 | | | | | | — | | | | | | 1,495,415 | | | | | | 248,777 | | | | | | 50,160 | | | | | | 10,106 | | | | | | 2,231,115 | | | |||
| | | 2022 | | | | | | 152,534 | | | | | | — | | | | | | 2,000,413 | | | | | | — | | | | | | — | | | | | | 2,942 | | | | | | 2,155,889 | | | |||
|
Erik Wilde
President, Domestic C&I |
| | | | 2024 | | | | | | 447,439 | | | | | | — | | | | | | 655,359 | | | | | | 218,442 | | | | | | 600,656 | | | | | | 20,154 | | | | | | 1,942,050 | | |
| | | 2023 | | | | | | 423,866 | | | | | | — | | | | | | 489,636 | | | | | | 245,490 | | | | | | 459,427 | | | | | | 12,250 | | | | | | 1,630,669 | | | |||
| | | 2022 | | | | | | 414,877 | | | | | | — | | | | | | 489,606 | | | | | | 245,570 | | | | | | 109,778 | | | | | | 8,840 | | | | | | 1,268,671 | | | |||
|
Kyle Raabe
President, Consumer Power |
| | | | 2024 | | | | | | 424,180 | | | | | | — | | | | | | 600,146 | | | | | | 200,002 | | | | | | 585,082 | | | | | | 18,542 | | | | | | 1,809,410 | | |
| | | 2023 | | | | | | 400,000 | | | | | | — | | | | | | 532,909 | | | | | | 267,232 | | | | | | 165,317 | | | | | | — | | | | | | 1,365,458 | | | |||
| | | 2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
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Possible payouts
under non-equity incentive plan awards(1) |
| |
Possible payouts
under equity incentive plan awards(2) |
| |
All other
stock awards: number of shares of stock or units (#)(3) |
| |
All other
option awards: number of securities underlying options (#)(4) |
| |
Exercise
or base price of option awards ($/sh)(5) |
| |
Closing
market price on date of grant ($/sh) |
| |
Grant
date fair value of stock and option awards ($) |
| |||||||||||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Grant
Date |
| |
Approval
Date |
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Aaron Jagdfeld
|
| | | | — | | | | | | — | | | | | | 887,250 | | | | | | 1,365,000 | | | | | | 2,730,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,896 | | | | | | 27,791 | | | | | | 55,582 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,125,098 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,896 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,562,605 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,352 | | | | | $ | 112.45 | | | | | $ | 114.18 | | | | | | 1,562,539 | | | |||
|
York Ragen
|
| | | | — | | | | | | — | | | | | | 176,000 | | | | | | 440,000 | | | | | | 880,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,918 | | | | | | 5,836 | | | | | | 11,672 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 656,258 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,918 | | | | | | — | | | | | | — | | | | | | — | | | | | | 328,129 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,534 | | | | | $ | 112.45 | | | | | $ | 114.18 | | | | | | 328,138 | | | |||
|
Norman Taffe
|
| | | | — | | | | | | — | | | | | | 144,000 | | | | | | 360,000 | | | | | | 720,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,928 | | | | | | 3,856 | | | | | | 7,712 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 433,607 | | | |||
| | | 3/1/24 | | | | | | 8/8/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,893 | | | | | | 17,786 | | | | | | 35,572 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,000,036 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,928 | | | | | | — | | | | | | — | | | | | | — | | | | | | 216,804 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,656 | | | | | $ | 112.45 | | | | | $ | 114.18 | | | | | | 216,782 | | | |||
|
Erik Wilde
|
| | | | — | | | | | | — | | | | | | 126,563 | | | | | | 337,500 | | | | | | 675,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,943 | | | | | | 3,885 | | | | | | 7,770 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 436,869 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,943 | | | | | | — | | | | | | — | | | | | | — | | | | | | 218,490 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,684 | | | | | $ | 112.45 | | | | | $ | 114.18 | | | | | | 218,442 | | | |||
|
Kyle Raabe
|
| | | | — | | | | | | — | | | | | | 120,938 | | | | | | 322,500 | | | | | | 645,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,779 | | | | | | 3,558 | | | | | | 7,116 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 400,096 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,779 | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,049 | | | |||
| | | 3/1/24 | | | | | | 2/23/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,373 | | | | | $ | 112.45 | | | | | $ | 114.18 | | | | | | 200,002 | | |
|
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46
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2025 Proxy Statement
|
|
| | | |
Option awards
|
| | |
Stock awards
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| | |
Number of
shares or units of stock that have not vested (#) |
| |
Market value
of shares or units of stock that have not vested ($) |
| |
Equity incentive
plan awards: number of unearned shares, units or other rights that have not vested (#) |
| |
Equity incentive
plan awards: market or payout value of unearned shares, units or other rights that have not vested ($) |
| ||||||||||||||||||||||||
|
Aaron Jagdfeld
|
| | | | 109,052 | | | | | | —(1) | | | | | | 33.23 | | | | | | 02/18/26 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 95,069 | | | | | | —(2) | | | | | | 40.12 | | | | | | 03/01/27 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 94,044 | | | | | | —(3) | | | | | | 43.88 | | | | | | 03/01/28 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 90,533 | | | | | | —(4) | | | | | | 52.07 | | | | | | 03/01/29 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 37,762 | | | | | | —(5) | | | | | | 102.42 | | | | | | 03/01/30 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 10,192 | | | | | | 3,398(6) | | | | | | 335.91 | | | | | | 03/01/31 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 7,566 | | | | | | 7,567(7) | | | | | | 315.88 | | | | | | 03/01/32 | | | | | | | 2,020(10) | | | | | | 313,201 | | | | | | 3,031(11) | | | | | | 469,957 | | | |||
| | | 8,387 | | | | | | 25,164(8) | | | | | | 119.54 | | | | | | 03/01/33 | | | | | | | 11,143(12) | | | | | | 1,727,722 | | | | | | 8,358(13) | | | | | | 1,295,830 | | | |||
| | | — | | | | | | 26,352(9) | | | | | | 112.45 | | | | | | 03/01/34 | | | | | | | 13,896(14) | | | | | | 2,154,575 | | | | | | 13,896(15) | | | | | | 2,154,497 | | | |||
|
York Ragen
|
| | | | 24,362 | | | | | | —(2) | | | | | | 40.12 | | | | | | 03/01/27 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 23,791 | | | | | | —(3) | | | | | | 43.88 | | | | | | 03/01/28 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 22,634 | | | | | | —(4) | | | | | | 52.07 | | | | | | 03/01/29 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 8,497 | | | | | | —(5) | | | | | | 102.42 | | | | | | 03/01/30 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 1,936 | | | | | | 646(6) | | | | | | 335.91 | | | | | | 03/01/31 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 1,727 | | | | | | 1,728(7) | | | | | | 315.88 | | | | | | 03/01/32 | | | | | | | 460(10) | | | | | | 71,323 | | | | | | 692(11) | | | | | | 107,295 | | | |||
| | | 1835 | | | | | | 5,505(8) | | | | | | 119.54 | | | | | | 03/01/33 | | | | | | | 2,438(12) | | | | | | 378,012 | | | | | | 1,829(13) | | | | | | 283,509 | | | |||
| | | | | | | | | 5,534(9) | | | | | | 112.45 | | | | | | 03/01/34 | | | | | | | 2,918(14) | | | | | | 452,436 | | | | | | 2,918(15) | | | | | | 452,436 | | | |||
|
Norman Taffe
|
| | | | 1,040 | | | | | | 3,120(8) | | | | | | 119.54 | | | | | | 03/01/33 | | | | | | | 1,381(12) | | | | | | 214,124 | | | | | | 1,036(13) | | | | | | 160,632 | | |
| | | — | | | | | | 3,656(9) | | | | | | 112.45 | | | | | | 03/01/34 | | | | | | | 1,928(14) | | | | | | 298,936 | | | | | | 10,821(15) | | | | | | 1,677,796 | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 742(16) | | | | | | 115,047 | | | | | | 3,338(17) | | | | | | 517,557 | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 8,364(18) | | | | | | 1,296,838 | | | | | | — | | | | | | — | | | |||
|
Erik Wilde
|
| | | | 8,375 | | | | | | —(4) | | | | | | 52.07 | | | | | | 03/01/29 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 4,734 | | | | | | —(5) | | | | | | 102.42 | | | | | | 03/01/30 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 1,409 | | | | | | 470(6) | | | | | | 335.91 | | | | | | 03/01/31 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 967 | | | | | | 968(7) | | | | | | 315.88 | | | | | | 03/01/32 | | | | | | | 257(10) | | | | | | 39,848 | | | | | | 388(11) | | | | | | 60,082 | | | |||
| | | 1,027 | | | | | | 3,083(8) | | | | | | 119.54 | | | | | | 03/01/33 | | | | | | | 1,365(12) | | | | | | 211,643 | | | | | | 1,024(13) | | | | | | 1,677,796 | | | |||
| | | — | | | | | | 3,684(9) | | | | | | 112.45 | | | | | | 03/01/34 | | | | | | | 1,943(14) | | | | | | 301,262 | | | | | | 1,943(15) | | | | | | 301,185 | | | |||
|
Kyle Raabe
|
| | | | 1,063 | | | | | | —(5) | | | | | | 102.42 | | | | | | 03/01/30 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 1,040 | | | | | | 347(6) | | | | | | 335.91 | | | | | | 03/01/31 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 921 | | | | | | 922(7) | | | | | | 315.88 | | | | | | 03/01/32 | | | | | | | 246(10) | | | | | | 38,142 | | | | | | 369(11) | | | | | | 57,213 | | | |||
| | | 1,118 | | | | | | 3,356(8) | | | | | | 119.54 | | | | | | 03/01/33 | | | | | | | 1,486(12) | | | | | | 230,404 | | | | | | 1,115(13) | | | | | | 172,803 | | | |||
| | | — | | | | | | 3,373(9) | | | | | | 112.45 | | | | | | 03/01/34 | | | | | | | 1,779(14) | | | | | | 275,834 | | | | | | 1,779(15) | | | | | | 275,834 | | |
|
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47
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| |
2025 Proxy Statement
|
|
|
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| |
48
|
| |
2025 Proxy Statement
|
|
| | | |
Option Exercises and Stock Vested in 2024
|
| |||||||||||||||||||||
| | | |
Option awards
|
| |
Stock awards
|
| ||||||||||||||||||
|
Name
|
| |
Number of
shares acquired on exercise (#) |
| |
Value
realized on exercise ($) |
| |
Number of
shares acquired on vesting (#)(1) |
| |
Value
realized on vesting ($) |
| ||||||||||||
| Aaron Jagdfeld | | | | | 100,797 | | | | | $ | 10,427,867 | | | | | | 11,559 | | | | | $ | 1,299,810 | | |
| York Ragen | | | | | 29,081 | | | | | $ | 4,405,632 | | | | | | 2,435 | | | | | $ | 273,816 | | |
| Norman Taffe | | | | | — | | | | | | — | | | | | | 1,433 | | | | | $ | 193,039 | | |
| Erik Wilde | | | | | 4,384 | | | | | | 482,936 | | | | | | 1,490 | | | | | $ | 167,551 | | |
| Kyle Raabe | | | | | — | | | | | | — | | | | | | 1,393 | | | | | $ | 156,643 | | |
|
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| |
49
|
| |
2025 Proxy Statement
|
|
|
Executive
|
| |
Severance
Period |
| |
Salary
|
| |
Bonus
|
| |
Benefits
|
| |
Value of
Accelerated Equity(1) |
| |
Total
Severance |
| |||||||||||||||
| Aaron Jagdfeld | | |
24 months
|
| | | $ | 2,100,000 | | | | | $ | 2,730,000 | | | | | $ | 27,380 | | | | | $ | 10,315,685 | | | | | $ | 15,173,065 | | |
|
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| |
50
|
| |
2025 Proxy Statement
|
|
|
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| |
51
|
| |
2025 Proxy Statement
|
|
|
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| |
52
|
| |
2025 Proxy Statement
|
|
|
Executive
|
| |
Change in
Control Severance Period (in months) |
| |
Salary
|
| |
Bonus
|
| |
Benefits
|
| |
Value of
Accelerated Equity(1) |
| |
Total
Severance |
| |||||||||||||||
| York Ragen | | |
24
|
| | | $ | 1,100,000 | | | | | $ | 880,000 | | | | | $ | 30,260 | | | | | $ | 2,227,227 | | | | | $ | 4,237,487 | | |
| Norman Taffe | | |
24
|
| | | $ | 900,000 | | | | | $ | 720,000 | | | | | $ | 24,697 | | | | | $ | 4,214,265 | | | | | $ | 5,858,962 | | |
| Erik Wilde | | |
24
|
| | | $ | 900,000 | | | | | $ | 675,000 | | | | | $ | 30,931 | | | | | $ | 1,351,817 | | | | | $ | 2,957,747 | | |
| Kyle Raabe | | |
24
|
| | | $ | 860,000 | | | | | $ | 645,000 | | | | | $ | 30,888 | | | | | $ | 1,335,963 | | | | | $ | 2,871,851 | | |
|
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| |
53
|
| |
2025 Proxy Statement
|
|
| | | | Summary Compensation Table Total for CEO ($) | | | Compensation Actually Paid to CEO ($)(1) | | | Average Summary Compensation Table Total for non-CEO NEOs ($)(1) | | | Average Compensation Actually Paid to non-CEO NEOs ($)(1) | | | Value of Initial Fixed $100 Investment Based On:(2)(3) | | | Net Income ($ millions)(4) | | | EBITDA ($ millions)(4)(5) | | |||||||||||||||||||||||||||
| Fiscal Year | | | Total Shareholder Return ($)(2) | | | S&P 500 Industrials (Sector) TSR ($)(3) | | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 2022 | | | | | | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | ||||||
| 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year | | | CEO | | | Non-CEO NEOs | |
| 2024 | | | | | | Kyle Raabe, York Ragen, Norm Taffe, and Erik Wilde | |
| 2023 | | | Aaron P Jagdfeld | | | Kyle Raabe, York Ragen, Norm Taffe, and Erik Wilde | |
| 2022 | | | Aaron P Jagdfeld | | | Patrick Forsythe, York Ragen, Norm Taffe, and Erik Wilde | |
| 2021 | | | Aaron P Jagdfeld | | | Patrick Forsythe, Russell Minick, York Ragen, and Erik Wilde | |
| 2020 | | | Aaron P Jagdfeld | | | Patrick Forsythe, Russell Minick, York Ragen, and Erik Wilde | |
|
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54
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2025 Proxy Statement
|
|
| | | | 2024 | | |||||||||
| Adjustments | | | CEO | | | Average non- CEO NEOs | | ||||||
| Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY | | | | $ | ( | | | | | $ | ( | | |
| Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | | | | $ | | | | | $ | | | ||
| Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | | | | $ | | | | | $ | | | ||
| Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | | | | $ | | | | | $ | | | ||
| Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | | | | $ | ( | | | | | $ | ( | | |
| Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | | | | $ | | | | | $ | | | ||
| Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date | | | | $ | | | | | $ | | | ||
| TOTAL ADJUSTMENTS | | | | $ | | | | | $ | | |
|
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55
|
| |
2025 Proxy Statement
|
|
![[MISSING IMAGE: lc_tsr-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/lc_tsr-pn.jpg)
![[MISSING IMAGE: lc_netincome-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/lc_netincome-pn.jpg)
|
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| |
56
|
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2025 Proxy Statement
|
|
![[MISSING IMAGE: lc_ebitda-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/lc_ebitda-pn.jpg)
| | |
| | |
| | |
| | |
| | |
| | |
|
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57
|
| |
2025 Proxy Statement
|
|
|
Name
|
| |
Fees earned
($) |
| |
Stock awards
($)(1)(2) |
| |
Total
($) |
| |||||||||
| Marcia Avedon | | | | | 110,000 | | | | | | 155,072 | | | | | | 265,072 | | |
| Kathryn Bohl | | | | | 90,000 | | | | | | 155,072 | | | | | | 245,072 | | |
| John Bowlin | | | | | — | | | | | | 245,210 | | | | | | 245,210 | | |
| Robert Dixon | | | | | 105,000 | | | | | | 155,072 | | | | | | 260,072 | | |
| William Jenkins(3) | | | | | 155,000 | | | | | | 90,271 | | | | | | 245,271 | | |
| Andrew Lampereur | | | | | — | | | | | | 270,337 | | | | | | 270,337 | | |
| Bennett Morgan | | | | | — | | | | | | 275,421 | | | | | | 275,421 | | |
| Nam Nguyen | | | | | — | | | | | | 245,210 | | | | | | 245,210 | | |
| David Ramon | | | | | 90,000 | | | | | | 155,072 | | | | | | 245,072 | | |
| Dominick Zarcone | | | | | — | | | | | | 245,210 | | | | | | 245,210 | | |
|
Name
|
| |
Stock awards
(#) |
| |||
| Marcia Avedon | | | | | 1,166 | | |
| Kathryn Bohl | | | | | 11,965 | | |
| John Bowlin | | | | | — | | |
| Robert Dixon | | | | | 10,549 | | |
| William Jenkins | | | | | 1,417 | | |
| Andrew Lampereur | | | | | 19,040 | | |
| Bennett Morgan | | | | | 14,458 | | |
| Nam Nguyen | | | | | — | | |
| David Ramon | | | | | 6,592 | | |
| Dominick Zarcone | | | | | 14,161 | | |
|
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| |
58
|
| |
2025 Proxy Statement
|
|
| | | |
2024 Annual
Retainers |
| |||
| Board Compensation | | | | | | | |
|
Annual Retainer
|
| | | $ | 90,000 | | |
|
Annual Equity Retainer
|
| | | $ | 155,000 | | |
| Additional Board Leadership Retainers | | | | | | | |
|
Lead Director
|
| | | $ | 30,000 | | |
|
Audit Committee Chair
|
| | | $ | 25,000 | | |
|
Human Capital and Compensation Committee Chair
|
| | | $ | 20,000 | | |
|
Nominating and Corporate Governance Committee Chair
|
| | | $ | 15,000 | | |
|
Plan Category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights (a) |
| |
Weighted average
exercise price of outstanding options, warrants and rights (b) |
| |
Number of
securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |
| |||||||||
|
Equity compensation plans approved by security holders
|
| | | | 1,256,914 | | | | | $ | 96.10 | | | | | | 4,457,029 | | |
|
Equity compensation plans not approved by security holders(1)
|
| | | | — | | | | | | — | | | | | | — | | |
|
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59
|
| |
2025 Proxy Statement
|
|
|
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| |
60
|
| |
2025 Proxy Statement
|
|
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| | The Board of Directors unanimously recommends a vote FOR ratification of the selection of Deloitte & Touche LLP as our independent registered public accounting firm. | | |
| | | |
For the Years Ended
December 31, |
| |||||||||
| | | |
2023
|
| |
2024
|
| ||||||
| Audit fees(1) | | | | $ | 2,191,000 | | | | | $ | 2,108,000 | | |
| Audit related fees(2) | | | | $ | 38,000 | | | | | $ | 57,000 | | |
| Tax fees(3) | | | | $ | 883,000 | | | | | $ | 902,000 | | |
| All other fees(4) | | | | $ | 3,000 | | | | | $ | 2,000 | | |
| Total Fees | | | | $ | 3,115,000 | | | | | $ | 3,069,000 | | |
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| | The Board of Directors unanimously recommends a vote “FOR” approval of the compensation of our executive officers. | | |
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Kathryn Bohl
Robert Dixon
David Ramon
Dominick Zarcone
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P.O. Box 43006
Providence, RI 02940-3006
United States of America
Computershare, Inc.
250 Royall Street
Canton, MA 02021
United States of America
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![[MISSING IMAGE: sg_rajjanuru-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/sg_rajjanuru-bw.jpg)
Raj Kanuru
Executive Vice President, General Counsel, and Secretary
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![[MISSING IMAGE: px_25generacholding01pg02-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001474735/000110465925040848/px_25generacholding01pg02-bw.jpg)