Companies PIONEER POWER SOLUTIONS, INC.
PIONEER POWER SOLUTIONS (PPSI): executive pay, fiscal 2025
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CEO pay, last three years
- $1,196,014FY2023
- $2,722,160FY2024
- $687,500FY2025
CEO total pay was $687,500 in fiscal 2025, down from $2,722,160 in fiscal 2024.
FY2025: salary $675,500 · bonus $0 · stock awards $0 · option awards $0
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Executives and directors
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 |
|---|---|---|---|---|---|---|---|---|
| Nathan Mazurek | $675,500 | $0 | $0 | $0 | $0 | $0 | $12,000 | $687,500 |
| President, Chief Executive Officer, Chairman of the Board of Directors | ||||||||
| Walter Michalec | 325,000 | 28,000 | 0 | 0 | 0 | 0 | 0 | 353,000 |
| Chief Financial Officer, Secretary, and Treasurer | ||||||||
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 |
|---|---|---|---|---|
| Nathan Mazurek | $687,500 | $2,722,160 | $1,196,014 | ↓ −2,034,660 |
| Walter Michalec | 353,000 | 760,000 | — | ↓ −407,000 |
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
The goals of our executive compensation program are to attract, motivate and retain individuals with the skills and qualities necessary to support and develop our business within the framework of our size and available resources.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | True |
| Anti-hedging | False |
| Anti-pledging | False |
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 |
|---|---|---|---|---|
| Nathan Mazurek | Option | 1,000 | 2.18 | — |
| Nathan Mazurek | Option | 1,000 | 4.1 | — |
| Nathan Mazurek | Option | 1,000 | 5.8 | — |
| Nathan Mazurek | Option | 1,500 | 1.67 | — |
| Nathan Mazurek | Option | 5,000 | 1.67 | — |
| Nathan Mazurek | Option | 10,000 | 0.18 | — |
| Nathan Mazurek | Option | 10,000 | 1.81 | — |
| Nathan Mazurek | Option | 10,000 | 3.75 | — |
| Nathan Mazurek | Option | 10,000 | 4.42 | — |
| Walter Michalec | Option | 43,000 | 1.81 | — |
| Nathan Mazurek | Option | 51,667 | 1.81 | — |
| Nathan Mazurek | Option | 130,000 | 5.8 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Jonathan TulkoffIndependent · Audit · Nominating and Corporate Governance | $24,000 | — | — | — | — | $24,000 |
| David TeslerIndependent · Compensation · Nominating and Corporate Governance | 20,000 | — | — | — | — | 20,000 |
| Yossi CohnIndependent · Audit · Compensation | 19,000 | — | — | — | — | 19,000 |
| Ian RossIndependent · Audit (Chair) | 17,000 | — | — | — | — | 17,000 |
| Kytchener WhyteNot independent | 12,000 | — | — | — | — | 12,000 |
| Thomas KlinkNot independent | 12,000 | — | — | — | — | 12,000 |
| Nathan J. MazurekEmployee director · Board Chair | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $0 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | $3,000 |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $104,000 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $104,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names PIONEER POWER SOLUTIONS as a peer
Companies that benchmark against PPSI
1 company names PPSI as a compensation peer
- FUEL TECH, INC.FTEKFY2025
Each company listed discloses PPSI 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 PPSI 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 | PIONEER POWER SOLUTIONS, INC. | 2025 | Nathan Mazurek | $675,500 | $0 | $0 | $0 | $687,500 |
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 |
|---|---|---|---|---|---|---|
| 2023 | 2023-11-09 | 3,737,010 | 158,597 | 19,226 | 95.46% | Passed |
| 2020 | 2020-11-12 | 5,012,600 | 55,698 | 4,653 | 98.81% | Passed |
| 2017 | 2017-05-11 | 6,801,674 | 55,433 | 76,026 | 98.1% | 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 |
|---|---|---|
| 2023 | 2023-11-09 | 95.46%a |
| 2020 | 2020-11-12 | 98.81%b |
| 2017 | 2017-05-11 | 98.1%c |
a. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote against the ratification of the independent registered public accounting firm (Proposal 2) and the approval of the advisory vote on executive compensation (Proposal 3).”.
b. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote against the ratification of the independent registered public accounting firm (Proposal 2) and the approval of the advisory vote on executive compensation (Proposal 3).”.
c. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote against the ratification of the independent registered public accounting firm (Proposal 2) and the approval of the advisory vote on executive compensation (Proposal 3).”.
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.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (15 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, Nathan Mazurek. DEF 14A, filed 2026-09-22. Section “Executive Compensation”. As printed: 687,500. View filing ↗
- Section 01, Walter Michalec. DEF 14A, filed 2026-09-22. Section “Executive Compensation”. As printed: 353,000. View filing ↗
- Section 08, Jonathan Tulkoff. DEF 14A, filed 2026-09-22. Section “Director Compensation”. As printed: 24,000. View filing ↗
- Section 08, David Tesler. DEF 14A, filed 2026-09-22. Section “Director Compensation”. As printed: 20,000. View filing ↗
- Section 08, Yossi Cohn. DEF 14A, filed 2026-09-22. Section “Director Compensation”. As printed: 19,000. View filing ↗
- Section 08, Ian Ross. DEF 14A, filed 2026-09-22. Section “Director Compensation”. As printed: 17,000. View filing ↗
- Section 08, Kytchener Whyte. DEF 14A, filed 2026-09-22. Section “Director Compensation”. As printed: 12,000. View filing ↗
- Section 08, Thomas Klink. DEF 14A, filed 2026-09-22. Section “Director Compensation”. As printed: 12,000. View filing ↗
- Section 08, Nathan J. Mazurek. DEF 14A, filed 2026-09-22. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-11-13. Item 5.07 · say-on-pay result. As reported: 95.46% (votes for as printed: 3,737,010). View filing ↗
- Section 06, 2020 vote. Form 8-K, filed 2020-11-16. Item 5.07 · say-on-pay result. As reported: 98.81%. View filing ↗
- Section 06, 2017 vote. Form 8-K, filed 2017-05-12. Item 5.07 · say-on-pay result. As reported: 98.1%. 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 104,000 + equity 0 + all other 0 = 104,000, summed across the director compensation table rows.
- PIONEER POWER SOLUTIONS, INC. (subject), Section 10b CEO total. DEF 14A, filed 2026-09-22. CEO total compensation as printed in PIONEER POWER SOLUTIONS, INC.'s own proxy. As printed: 687,500. View filing ↗