Companies Vulcan Infrastructure & Power Inc.
Vulcan Infrastructure & Power (GREEL): executive pay, fiscal 2025
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CEO pay, last three years
- $507,254FY2023
- $534,147FY2024
- $630,439FY2025
CEO total pay was $630,439 in fiscal 2025, up from $534,147 in fiscal 2024.
FY2025: salary $354,600 · bonus $137,500 · stock awards $94,583 · option awards $0
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Executives and directors
Christian Mulvihill · CFODale Irwin · PresidentJordan Kovler · CEOAndrew M. Bursky · DirectorCharles Zeynel · Independent DirectorChristopher Krug · Former director (through FY2025)Daniel Rothaupt · Former director (through FY2025)David Anderson · Former director (through FY2025)David Filippelli · DirectorGeorge (Ted) Rogers · Independent DirectorJerome Lay · Independent DirectorKenneth Fearn · Former director (through FY2025)Michael Neuscheler · Independent DirectorTimothy Fazio · Chair of the BoardTimothy Lowe · Independent Director
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 |
|---|---|---|---|---|---|---|---|---|
| Jordan Kovler | $354,600 | $137,500 | $94,583 | $0 | $0 | $0 | $43,756 | $630,439 |
| Chief Executive Officer | ||||||||
| Dale Irwin | 354,600 | 137,500 | 63,282 | 0 | 0 | 0 | 36,858 | 592,240 |
| President | ||||||||
| Christian Mulvihill | 276,700 | 118,750 | 63,282 | 0 | 0 | 0 | 22,551 | 481,283 |
| 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 |
|---|---|---|---|---|
| Jordan Kovler | $630,439 | $534,147 | $507,254 | ↑ +96,292 |
| Dale Irwin | 592,240 | 589,349 | 538,017 | ↑ +2,891 |
| Christian Mulvihill | 481,283 | 581,537 | 268,386 | ↓ −100,254 |
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
Base salaries are intended to provide a level of compensation sufficient to attract and retain an effective management team, when considered in combination with the other components of our executive compensation program.
| CEO STI target (% of salary) | 50% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Dale Irwin | RSU | — | — | — | — | — | $63,282 |
| Jordan Kovler | RSU | — | — | — | — | — | 94,583 |
| Christian Mulvihill | RSU | — | — | — | — | — | 63,282 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Dale Irwin | $63,282 | $0 | $0 | 0.0% |
| Jordan Kovler | 94,583 | 0 | 0 | 0.0% |
| Christian Mulvihill | 63,282 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Dale Irwin | RSU | 4,680 | — | $6,926 |
| Christian Mulvihill | RSU | 4,680 | — | 6,926 |
| Jordan Kovler | Option | 33,333 | 4.97 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Charles ZeynelIndependent · Partial-year service · Newly elected | $50,000 | $124,705 | $0 | $0 | $0 | $174,705 |
| Kenneth FearnIndependent · Audit · Not standing for re-election · Departed during FY | 30,000 | 134,036 | 0 | 0 | 0 | 164,036 |
| Christopher KrugIndependent · Compensation · Not standing for re-election · Departed during FY | 30,000 | 134,036 | 0 | 0 | 0 | 164,036 |
| George (Ted) RogersIndependent | 60,000 | — | 0 | 0 | 0 | 60,000 |
| Michael NeuschelerIndependent · Audit (Chair) | 50,000 | — | 0 | 0 | 0 | 50,000 |
| Timothy LoweIndependent · Audit | 40,000 | — | 0 | 0 | 0 | 40,000 |
| Daniel RothauptIndependent · Not standing for re-election · Departed during FY | 7,500 | — | 0 | 0 | 0 | 7,500 |
| David AndersonNot independent · Not standing for re-election · Departed during FY | 0 | 0 | 0 | 0 | 0 | 0 |
| Timothy FazioIndependent · Board Chair · Compensation (Chair) · Capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Jordan KovlerEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Andrew M. BurskyNot independent | 0 | 0 | 0 | 0 | 0 | 0 |
| Jerome LayIndependent · Compensation · Capital | 0 | 0 | 0 | 0 | 0 | 0 |
| David FilippelliNot independent | 0 | 0 | 0 | 0 | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | — |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $267,500 |
| Equity awards (grant-date value) | $392,777 |
| All other compensation | $0 |
| Total cost of the board | $660,277 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Vulcan Infrastructure & Power as a peer
Companies that benchmark against GREEL
No companies currently name GREEL as a compensation peer in their most recent disclosure.
This is the complete answer, not a partial one — the list is never padded.
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 | Vulcan Infrastructure & Power Inc. | 2025 | Jordan Kovler | $354,600 | $94,583 | $0 | $0 | $630,439 |
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 | 2026-07-19 | — | — | — | — | — |
| 2025 | 2025-06-17 | — | — | — | — | — |
| 2024 | — | — | — | — | — | — |
| 2023 | 2023-09-11 | — | — | — | — | — |
| 2022 | 2022-09-06 | — | — | — | — | — |
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 |
|---|---|---|
| 2024 | — | —a |
| 2026 | 2026-07-19 | —b |
| 2025 | 2025-06-17 | —c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
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) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Atlas Capital Resources GP LLC | Director | 2026-07-06 | A | 114,199 | $1 | $162,163 | Common, indirect | Form 4 ↗ |
| Christian Mulvihill | Chief Financial Officer | 2026-07-20 | A | 35,000 | 0 | 0 | Common | Form 4 ↗ |
| Dale Irwin | President | 2026-07-20 | A | 50,000 | 0 | 0 | Common | Form 4 ↗ |
| Jordan Kovler | Director | 2026-07-20 | A | 125,000 | 0 | 0 | Common | Form 4 ↗ |
| Dale Irwin | President | 2026-07-24 | D | 21,154 | 2 | 51,827 | Common | Form 4 ↗ |
| Christian Mulvihill | Chief Financial Officer | 2026-07-24 | D | 14,738 | 2 | 36,108 | Common | Form 4 ↗ |
| Jordan Kovler | Director | 2026-07-24 | D | 35,721 | 2 | 87,516 | Common | Form 4 ↗ |
| Michael Neuscheler | Director | 2026-09-09 | A | 60,000 | 0 | 0 | Common | Form 4 ↗ |
| Michael Neuscheler | Director | 2026-09-09 | A | 60,000 | 0 | 0 | Common | Form 4 ↗ |
| George (Ted) Rogers | Director | 2026-09-09 | A | 60,000 | 0 | 0 | Common | Form 4 ↗ |
| Michael Neuscheler | Director | 2026-09-10 | A | 42,349 | 0 | 0 | Common | Form 4 ↗ |
| Dale Irwin | President | 2026-09-10 | A | 58,479 | 2 | 99,999 | Common | Form 4 ↗ |
| Jordan Kovler | Director | 2026-09-10 | A | 58,479 | 2 | 99,999 | Common | Form 4 ↗ |
| Allan B. Rothschild | Director | 2026-09-10 | A | 38,251 | 0 | 0 | Common | Form 4 ↗ |
| Jacky Wu | Director | 2026-09-10 | A | 37,158 | 0 | 0 | Common | Form 4 ↗ |
| Atlas Capital Resources GP LLC | Director | 2026-09-10 | A | 2,923,976 | 2 | 4,999,999 | Common, indirect | Form 4 ↗ |
| Michael Neuscheler | Director | 2026-09-10 | A | 42,349 | 0 | 0 | Common | Form 4 ↗ |
| George (Ted) Rogers | Director | 2026-09-10 | A | 2,923,976 | 2 | 4,999,999 | Common | Form 4 ↗ |
| Robert Foley | Director | 2026-09-10 | A | 37,158 | 0 | 0 | Common | Form 4 ↗ |
| Christian Mulvihill | Chief Financial Officer | 2026-09-10 | A | 58,479 | 2 | 99,999 | Common | Form 4 ↗ |
| George (Ted) Rogers | Director | 2026-09-10 | A | 38,251 | 0 | 0 | Common | Form 4 ↗ |
| George (Ted) Rogers | Director | 2026-09-11 | D | 16,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| George (Ted) Rogers | Director | 2026-09-11 | A | 16,000 | 0 | 0 | Common | Form 4 ↗ |
| Atlas Capital Resources GP LLC | Director | 2026-10-08 | A | 67,183 | 2 | 163,927 | Common, indirect | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (51 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, Jordan Kovler. DEF 14A, filed 2026-04-30. Section “SUMMARY COMPENSATION TABLE” · page 20. As printed: 630,439. View filing ↗
- Section 01, Dale Irwin. DEF 14A, filed 2026-04-30. Section “SUMMARY COMPENSATION TABLE” · page 20. As printed: 592,240. View filing ↗
- Section 01, Christian Mulvihill. DEF 14A, filed 2026-04-30. Section “SUMMARY COMPENSATION TABLE” · page 20. As printed: 481,283. View filing ↗
- Section 03, Dale Irwin RSU. DEF 14A, filed 2026-04-30. Section “SUMMARY COMPENSATION TABLE &” · grants of plan-based awards table. View filing ↗
- Section 03, Jordan Kovler RSU. DEF 14A, filed 2026-04-30. Section “SUMMARY COMPENSATION TABLE &” · grants of plan-based awards table. View filing ↗
- Section 03, Christian Mulvihill RSU. DEF 14A, filed 2026-04-30. Section “SUMMARY COMPENSATION TABLE &” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. 10-K, filed 2026-03-31. Section “CEO Pay Ratio”. As printed: —. View filing ↗
- Section 08, Charles Zeynel. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 174,705. View filing ↗
- Section 08, Kenneth Fearn. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 164,036. View filing ↗
- Section 08, Christopher Krug. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 164,036. View filing ↗
- Section 08, George (Ted) Rogers. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 60,000. View filing ↗
- Section 08, Michael Neuscheler. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 50,000. View filing ↗
- Section 08, Timothy Lowe. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 40,000. View filing ↗
- Section 08, Daniel Rothaupt. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 7,500. View filing ↗
- Section 08, David Anderson. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Timothy Fazio. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Jordan Kovler. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Andrew M. Bursky. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Jerome Lay. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, David Filippelli. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Atlas Capital Resources GP LLC 2026-07-06. Form 4, filed 2026-07-08. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Christian Mulvihill 2026-07-20. Form 4, filed 2026-07-22. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Dale Irwin 2026-07-20. Form 4, filed 2026-07-22. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jordan Kovler 2026-07-20. Form 4, filed 2026-07-22. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Dale Irwin 2026-07-24. Form 4, filed 2026-07-24. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Christian Mulvihill 2026-07-24. Form 4, filed 2026-07-24. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jordan Kovler 2026-07-24. Form 4, filed 2026-07-24. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Michael Neuscheler 2026-09-09. Form 4, filed 2026-09-21. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Michael Neuscheler 2026-09-09. Form 4, filed 2026-09-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, George (Ted) Rogers 2026-09-09. Form 4, filed 2026-09-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Michael Neuscheler 2026-09-10. Form 4, filed 2026-09-21. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Dale Irwin 2026-09-10. Form 4, filed 2026-09-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jordan Kovler 2026-09-10. Form 4, filed 2026-09-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Allan B. Rothschild 2026-09-10. Form 4, filed 2026-09-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jacky Wu 2026-09-10. Form 4, filed 2026-09-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Atlas Capital Resources GP LLC 2026-09-10. Form 4, filed 2026-09-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Michael Neuscheler 2026-09-10. Form 4, filed 2026-09-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, George (Ted) Rogers 2026-09-10. Form 4, filed 2026-09-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Robert Foley 2026-09-10. Form 4, filed 2026-09-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Christian Mulvihill 2026-09-10. Form 4, filed 2026-09-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, George (Ted) Rogers 2026-09-10. Form 4, filed 2026-09-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, George (Ted) Rogers 2026-09-11. Form 4, filed 2026-09-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, George (Ted) Rogers 2026-09-11. Form 4, filed 2026-09-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Atlas Capital Resources GP LLC 2026-10-08. Form 4, filed 2026-10-09. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-11-18. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-07-20. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-17. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 267,500 + equity 392,777 + all other 0 = 660,277, summed across the director compensation table rows.
- Vulcan Infrastructure & Power Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Vulcan Infrastructure & Power Inc.'s own proxy. As printed: 630,439. View filing ↗