Willis Lease Finance Corporation (NASDAQ:WLFC), a leading provider of aviation services, has executed a new employment agreement with its President, Brian R. Hole, as reported in a recent 8-K filing with the U.S. Securities and Exchange Commission. The agreement, which solidifies Hole's leadership position, was approved by the company's Compensation Committee on September 18, 2024, ratified by the Board of Directors on September 27, 2024, and formally executed on October 8, 2024.
Brian R. Hole, who has been serving as President since April 1, 2016, after joining the company in August 2014, will continue to lead Willis Lease Finance Corporation under the terms of the new contract. His previous roles include Senior Vice President & Chief Investment Officer at the company, and prior to that, Owner and President of Aviation Opportunity Management LLC, and an attorney for United Technologies Corporation (NYSE:RTX), Pratt & Whitney Division.
The new employment agreement sets Hole's annual base salary at $663,706 with a target annual bonus opportunity at 85% of his base salary. The agreement also includes provisions for professional association membership fees, executive management course costs, eligibility for awards under the company's 2023 incentive stock plan, and an immediate grant of 11,066 shares of restricted stock. Additionally, Hole will benefit from the personal use of a company-provided automobile.
The agreement outlines various scenarios regarding termination of employment, detailing compensation and benefits that would be due to Hole in each situation. These include payments of unpaid salary, bonuses, vested stock, and continuation of benefits under certain conditions. Provisions also cover scenarios involving a change in control of the company, which would alter the compensation and benefits due to Hole.
Willis Lease Finance Corporation, based in Coconut Creek, Florida, specializes in the wholesale machinery, equipment, and supplies industry. The company's fiscal year-end is December 31, and it is incorporated in Delaware.
In other recent news, Willis Lease Finance Corporation awarded its Founder and Executive Chairman, Charles F. Willis, a one-time grant of fully vested restricted stock units valued at $3 million. This decision was made in recognition of Willis's significant contributions to the company's strong financial performance in the first and second quarters of 2024.
The company's Compensation Committee, consisting entirely of independent directors, made this decision after evaluating the company's record pre-tax income during these quarters. The Committee also took into account market data and advice from an independent compensation advisor. This action emphasizes Willis Lease Finance Corporation's commitment to aligning executive compensation with shareholder interests and overall company performance.
InvestingPro Insights
Willis Lease Finance Corporation's recent executive agreement with Brian R. Hole comes at a time of significant financial performance for the company. According to InvestingPro data, WLFC has experienced remarkable growth, with a 324.04% price total return over the past year and a 264.27% return year-to-date. This strong performance is reflected in the company's robust financials, including a 35.31% revenue growth in the last twelve months as of Q2 2024, reaching $481.26 million.
InvestingPro Tips highlight that WLFC is trading near its 52-week high, with a price that is 99.63% of its 52-week peak. This aligns with the company's decision to secure its leadership, suggesting confidence in its current trajectory. Additionally, WLFC has been profitable over the last twelve months, with a P/E ratio of 13.2, indicating a reasonable valuation relative to its earnings.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for WLFC, providing deeper insights into the company's financial health and market position.
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