Companies Titan Machinery Inc.
Titan Machinery (TITN): executive pay, fiscal 2026
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CEO pay, last three years
- $1,376,411FY2024
- $1,161,858FY2025
- $1,535,836FY2026
CEO total pay was $1,535,836 in fiscal 2026, up from $1,161,858 in fiscal 2025.
FY2026: salary $575,000 · bonus $0 · stock awards $574,995 · option awards $0
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 |
|---|---|---|---|---|---|---|---|---|
| Bryan Knutson | $575,000 | $0 | $574,995 | $0 | $373,851 | $0 | $11,990 | $1,535,836 |
| President & Chief Executive Officer | ||||||||
| Robert Larsen | 450,000 | 0 | 449,997 | 0 | 234,063 | 0 | 11,750 | 1,145,810 |
| 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 | FY2026 total | FY2025 total | FY2024 total | Δ FY2025→2026 |
|---|---|---|---|---|
| Bryan Knutson | $1,535,836 | $1,161,858 | $1,376,411 | ↑ +373,978 |
| Robert Larsen | 1,145,810 | 901,595 | 1,103,389 | ↑ +244,215 |
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 Company's compensation programs are designed to attract, retain, and motivate leaders by aligning executive compensation with the Company's overall performance and business strategy. The program emphasizes variable or at-risk compensation to link pay to objective financial performance metrics and stockholder value creation, while providing leadership stability and competitive market pay.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Mercer LLC |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2026
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Robert Larsen | RSU | 2025-06-02 | — | — | 24,311 | — | $449,997 |
| Bryan Knutson | RSU | 2025-06-02 | — | — | 31,064 | — | 574,995 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Robert Larsen | $449,997 | $0 | $0 | 0.0% |
| Bryan Knutson | 574,995 | 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 2026
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Robert Larsen | RSU | 90,000 | — | $1,915,200 |
| Bryan Knutson | RSU | 143,750 | — | 3,059,000 |
| Robert Larsen | PSU | 900,000 | — | 19,152,000 |
| Bryan Knutson | PSU | 1,437,500 | — | 30,590,000 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| David MeyerNot independent · Board Chair | $95,000 | $108,545 | — | — | — | $203,545 |
| Richard MackIndependent · Audit (Chair) | 80,000 | 80,000 | — | — | — | 160,000 |
| Stan EricksonIndependent · Audit · Not standing for re-election · Departed during FY | 70,000 | 80,000 | — | — | — | 150,000 |
| Christine HamiltonIndependent · Audit · Nominating and Governance (Chair) | 65,000 | 80,000 | — | — | — | 145,000 |
| Jody HornerIndependent · Lead Independent Director · Audit · Compensation (Chair) | 65,000 | 80,000 | — | — | — | 145,000 |
| Richard LewisIndependent · Nominating and Governance · Compensation | 55,000 | 80,000 | — | — | — | 135,000 |
| Tony ChristiansonIndependent · Nominating and Governance · Compensation | 55,000 | 80,000 | — | — | — | 135,000 |
| Frank AnglinIndependent · Nominating and Governance · Compensation | 55,000 | 80,000 | — | — | — | 135,000 |
| Bryan KnutsonEmployee director | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $55,000 |
|---|---|
| Annual equity retainer | $80,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 10,000 / 10,000 |
| Stock ownership guideline | $4 |
Total cost of the board
| Component | FY2026 |
|---|---|
| Cash retainers and fees | $540,000 |
| Equity awards (grant-date value) | $668,545 |
| All other compensation | $0 |
| Total cost of the board | $1,208,545 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Titan Machinery as a peer
Companies that benchmark against TITN
4 companies name TITN as a compensation peer
- ALAMO GROUP INCALGFY2025
- ALTA EQUIPMENT GROUP INC.ALTGFY2025
- GLOBAL INDUSTRIAL CoGICFY2025
- INSTEEL INDUSTRIES INCIIINFY2025
- MAMMOTH ENERGY SERVICES, INC.TUSKFY2025
Each company listed discloses TITN 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 TITN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2026
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies Titan Machinery Inc. names as compensation peers that name it back in their own disclosed peer groups.
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 | Rush Enterprises, Inc. | 2025 | Joyce Mullen | $1,000,000 | $8,085,326 | $0 | $1,383,000 | $10,498,947 |
| 2 | Gatx Corporation | 2025 | Robert Lyons | 991,667 | 2,281,830 | 2,302,105 | 1,012,093 | 8,178,380 |
| 3 | Applied Industrial Technologies, Inc. | 2026 | Neil Schrimsher | 1,025,000 | 3,718,060 | 1,387,972 | 1,334,345 | 7,699,136 |
| 4 | Monro, Inc. | 2026 | Peter Fitzsimmons | 290,769 | 3,802,400 | 0 | 107,251 | 6,539,830 |
| 5 | MarineMax, Inc. | 2025 | W. Brett McGill | 1,025,000 | 4,510,002 | 0 | 727,680 | 6,270,195 |
| 6 | MSC Industrial Direct Co., Inc. | 2025 | Erik Gershwind | 871,411 | 3,549,966 | 0 | 1,425,750 | 5,873,837 |
| 7 | The Manitowoc Company, Inc. | 2025 | Aaron Ravenscroft | 1,005,385 | 3,184,407 | 0 | 785,255 | 5,052,437 |
| 8 | DXP Enterprises, Inc. | 2025 | David Little | 808,500 | 1,856,223 | 0 | 1,617,000 | 4,594,369 |
| 9 | Alamo Group, Inc. | 2025 | Robert Hureau | 296,250 | 3,544,080 | 0 | 451,250 | 4,526,676 |
| 10 | Alta Equipment Group Inc. | 2025 | Ryan Greenawalt | 846,393 | 2,243,625 | 0 | 682,500 | 3,794,312 |
| 11 | Titan International, Inc. | 2025 | Paul Reitz | 976,981 | 709,600 | 0 | 0 | 2,446,411 |
| 12 | Titan Machinery Inc. | 2026 | Bryan Knutson | 575,000 | 574,995 | 0 | 373,851 | 1,535,836 |
| 13 | Camping World Holdings, Inc. | 2025 | Matthew Wagner | 300,000 | — | — | 925,114 | 1,282,701 |
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.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Titan Machinery Inc. | not disclosed | Restricted Stock 100 | not disclosed | Mercer LLC |
| Alamo Group, Inc. | not disclosed | not disclosed | not disclosed | Pay Governance, LLC |
| Alta Equipment Group Inc. | not disclosed | not disclosed | not disclosed | FW Cook |
| Applied Industrial Technologies, Inc. | not disclosed | PSU 50 · Options 25 · RSU 25 | No | Pay Governance |
| Camping World Holdings, Inc. | not disclosed | not disclosed | not disclosed | Meridian |
| DXP Enterprises, Inc. | not disclosed | Restricted Stock 100 | not disclosed | NFP Compensation Consulting |
| Gatx Corporation | not disclosed | not disclosed | not disclosed | Pay Governance LLC |
| MarineMax, Inc. | not disclosed | PBRSU 60 · TBRSU 40 | not disclosed | Compensation Advisory Partners |
| Monro, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| MSC Industrial Direct Co., Inc. | 95% | PSU 50 · RSU 50 | No | FW Cook |
| Rush Enterprises, Inc. | 92.2% | PSU 60 · RSU 40 | Yes — Relative Total Shareholder Return (rTSR) | Meridian Compensation Partners, LLC |
| The Manitowoc Company, Inc. | not disclosed | PSU 50 · RSU 50 | not disclosed | Willis Towers Watson (WTW) |
| Titan International, Inc. | not disclosed | RSU 100 | not disclosed | Pay Governance |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-08 | 19,510,725 | 944,273 | 8,253 | 95.38% | Passed |
| 2025 | 2025-06-02 | 18,171,586 | 1,669,170 | 16,615 | 91.59% | Passed |
| 2024 | 2024-06-03 | 17,372,407 | 601,738 | 25,306 | 96.65% | Passed |
| 2023 | 2023-06-05 | 10,312,558 | 7,279,721 | 32,267 | 58.62% | Passed |
| 2022 | 2022-06-06 | 16,455,028 | 642,555 | 44,277 | 96.24% | Passed |
| 2021 | 2021-06-07 | 18,580,065 | 216,617 | 45,298 | 98.85% | 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 | 2026-06-08 | 95.38%a |
| 2025 | 2025-06-02 | 91.59%b |
| 2024 | 2024-06-03 | 96.65%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.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (34 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, Bryan Knutson. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · page 31. As printed: 1,535,836. View filing ↗
- Section 01, Robert Larsen. DEF 14A, filed 2026-04-29. Section “Executive Compensation”. As printed: 1,145,810. View filing ↗
- Section 03, Robert Larsen RSU. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Bryan Knutson RSU. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 08, David Meyer. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 203,545. View filing ↗
- Section 08, Richard Mack. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 160,000. View filing ↗
- Section 08, Stan Erickson. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 150,000. View filing ↗
- Section 08, Christine Hamilton. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 145,000. View filing ↗
- Section 08, Jody Horner. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 145,000. View filing ↗
- Section 08, Richard Lewis. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 135,000. View filing ↗
- Section 08, Tony Christianson. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 135,000. View filing ↗
- Section 08, Frank Anglin. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 135,000. View filing ↗
- Section 08, Bryan Knutson. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-09. Item 5.07 · say-on-pay result. As reported: 95.38% (votes for as printed: 19,510,725). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-03. Item 5.07 · say-on-pay result. As reported: 91.59% (votes for as printed: 18,171,586). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-04. Item 5.07 · say-on-pay result. As reported: 96.65% (votes for as printed: 17,372,407). 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 540,000 + equity 668,545 + all other 0 = 1,208,545, summed across the director compensation table rows.
- Rush Enterprises, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Rush Enterprises, Inc.'s own proxy. As printed: 10,498,947. View filing ↗
- Gatx Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Gatx Corporation's own proxy. As printed: 8,178,380. View filing ↗
- Applied Industrial Technologies, Inc., Section 10b CEO total. DEF 14A, filed 2026-09-10. CEO total compensation as printed in Applied Industrial Technologies, Inc.'s own proxy. As printed: 7,699,136. View filing ↗
- Monro, Inc., Section 10b CEO total. DEF 14A, filed 2026-07-02. CEO total compensation as printed in Monro, Inc.'s own proxy. As printed: 6,539,830. View filing ↗
- MarineMax, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-21. CEO total compensation as printed in MarineMax, Inc.'s own proxy. As printed: 6,270,195. View filing ↗
- MSC Industrial Direct Co., Inc., Section 10b CEO total. DEF 14A, filed 2025-12-11. CEO total compensation as printed in MSC Industrial Direct Co., Inc.'s own proxy. As printed: 5,873,837. View filing ↗
- The Manitowoc Company, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in The Manitowoc Company, Inc.'s own proxy. As printed: 5,052,437. View filing ↗
- DXP Enterprises, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in DXP Enterprises, Inc.'s own proxy. As printed: 4,594,369. View filing ↗
- Alamo Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in Alamo Group, Inc.'s own proxy. As printed: 4,526,676. View filing ↗
- Alta Equipment Group Inc., Section 10b CEO total. DEF 14A, filed 2026-04-15. CEO total compensation as printed in Alta Equipment Group Inc.'s own proxy. As printed: 3,794,312. View filing ↗
- Titan International, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Titan International, Inc.'s own proxy. As printed: 2,446,411. View filing ↗
- Titan Machinery Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Titan Machinery Inc.'s own proxy. As printed: 1,535,836. View filing ↗
- Camping World Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Camping World Holdings, Inc.'s own proxy. As printed: 1,282,701. View filing ↗
- Section 10a, Alamo Group, Inc. reciprocity. DEF 14A. Alamo Group, Inc. names Titan Machinery Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Alta Equipment Group Inc. reciprocity. DEF 14A. Alta Equipment Group Inc. names Titan Machinery Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗