Companies Innovate Corp.
Innovate (VATE): executive pay, fiscal 2025
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CEO pay, last three years
- $209,615FY2023
- $2,747,808FY2024
- $1,840,192FY2025
CEO total pay was $1,840,192 in fiscal 2025, down from $2,747,808 in fiscal 2024.
FY2025: salary $500,000 · bonus $0 · stock awards $1,000,000 · option awards $334,192
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Paul Voigt | $500,000 | $0 | $1,000,000 | $334,192 | $0 | $0 | $6,000 | $1,840,192 |
| Interim Chief Executive Officer | ||||||||
| Michael Sena | 600,000 | 0 | 99,176 | 0 | 233,333 | 0 | 6,000 | 938,509 |
| Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Paul Voigt | $1,840,192 | $2,747,808 | $209,615 | ↓ −907,616 |
| Michael Sena | 938,509 | 1,006,236 | 1,334,568 | ↓ −67,727 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our compensation program for our named executive officers is designed to recognize the level of responsibility of each executive within the Company, taking into account the executive's role and expected leadership within the Company, as well as to encourage decisions and actions that have a positive impact on our overall performance.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Michael Sena | RSU | 2,920 | — | $13,198 |
| Michael Sena | RSU | 12,946 | — | 58,516 |
| Michael Sena | RSU | 23,868 | — | 107,883 |
| Paul Voigt | Option | 100,000 | 5.67 | — |
| Paul Voigt | RSU | 176,056 | — | 795,773 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Brian S. GoldsteinIndependent · Audit Committee (Chair) · Compensation Committee · Nominating and Governance Committee | $81,750 | $90,000 | — | — | $80,000 | $251,750 |
| Warren H. GfellerIndependent · Audit Committee · Compensation Committee (Chair) · Nominating and Governance Committee | 78,375 | 90,000 | — | — | 27,400 | 195,775 |
| Avram A. GlazerIndependent · Board Chair · Nominating and Governance Committee (Chair) | 85,125 | 90,000 | — | — | 0 | 175,125 |
| Amy M. WilkinsonIndependent · Audit Committee · Compensation Committee | 67,875 | 90,000 | — | — | 0 | 157,875 |
Board fee structure and ownership guideline
| Annual cash retainer | $52,500 |
|---|---|
| Annual equity retainer | $90,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 18,750 / 12,000 / 9,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $313,125 |
| Equity awards (grant-date value) | $360,000 |
| All other compensation | $107,400 |
| Total cost of the board | $780,525 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Innovate as a peer
Companies that benchmark against VATE
1 company names VATE as a compensation peer
- Limbach Holdings, Inc.LMBFY2025
Each company listed discloses VATE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named VATE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Innovate Corp. | 2025 | Paul Voigt | $500,000 | $1,000,000 | $334,192 | $0 | $1,840,192 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-11 | 8,989,176 | 256,597 | 118,523 | 97.22% | Passed |
| 2025 | 2025-06-12 | 8,651,492 | 113,777 | 196,676 | 98.7% | Passed |
| 2024 | 2024-06-18 | 55,982,851 | 1,817,694 | 3,083,782 | 91.95% | Passed |
| 2023 | 2023-06-15 | 34,740,488 | 2,624,200 | 104,769 | 92.98% | Passed |
| 2022 | 2022-06-16 | 59,649,281 | 1,747,571 | 96,820 | 97.15% | Passed |
| 2021 | 2021-06-17 | 44,274,323 | 3,374,197 | 131,512 | 92.92% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-11 | 97.22%a |
| 2025 | 2025-06-12 | 98.7%b |
| 2024 | 2024-06-18 | 91.95%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote AGAINST these proposal and broker non-votes will have no effect on the outcome of the proposals..”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 35 : 1 |
|---|---|
| CEO total compensation | $600,000 |
| Median employee compensation | $17,250 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (13 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Paul Voigt. DEF 14A, filed 2026-04-28. Section “Summary Compensation Table” · page 17. As printed: 1,840,192. View filing ↗
- Section 01, Michael Sena. DEF 14A, filed 2026-04-28. Section “Summary Compensation Table” · page 17. As printed: 938,509. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2020-05-27. Section “CEO Pay Ratio”. As printed: 35 : 1. View filing ↗
- Section 08, Brian S. Goldstein. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 251,750. View filing ↗
- Section 08, Warren H. Gfeller. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 195,775. View filing ↗
- Section 08, Avram A. Glazer. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 175,125. View filing ↗
- Section 08, Amy M. Wilkinson. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 157,875. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-11. Item 5.07 · say-on-pay result. As reported: 97.22% (votes for as printed: 8,989,176). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-12. Item 5.07 · say-on-pay result. As reported: 98.7% (votes for as printed: 8,651,492). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-20. Item 5.07 · say-on-pay result. As reported: 91.95% (votes for as printed: 55,982,851). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 313,125 + equity 360,000 + all other 107,400 = 780,525, summed across the director compensation table rows.
- Innovate Corp. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Innovate Corp.'s own proxy. As printed: 1,840,192. View filing ↗