Velarion · Company Intelligence
Compensation Brief
Fiscal year 2026 · Filings through 2026-07-29

Powerfleet (AIOT)

Fiscal year 2026 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,134,829
Steve Towe total, FY2026
14th
CEO pay percentile vs peers
81:1
CEO-to-median pay ratio
73.44%
Say-on-pay support, latest vote
Companies that benchmark against AIOT
5 companies name AIOT as a compensation peer

Each company listed discloses AIOT 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 AIOT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2026

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Steve Towe$555,778$0$1,469,007$0$110,044$0$0$2,134,829
Chief Executive Officer
David Wilson435,0000734,501064,598001,234,099
Chief Financial Officer and Corporate Secretary
Melissa Ingram363,5930646,362053,994001,063,949
Chief Corporate Development Officer
Michael Powell385,000144,375293,8010000823,176
Chief Innovation 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 officerFY2026 totalFY2025 totalFY2024 totalΔ FY20252026
Steve Towe$2,134,829$12,881,137$322,917−10,746,308
David Wilson1,234,0992,495,94487,500−1,261,845
Melissa Ingram1,063,9492,259,109−1,195,160
Michael Powell823,176

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2026

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David WilsonPSU2026-02-2596,773193,545193,545322,575$376,445
Melissa IngramPSU2026-02-2585,160170,319170,319283,865331,270
Michael PowellRSU2026-02-2538,709143,223
Steve TowePSU2026-02-25193,545387,090387,090645,150752,890
Michael PowellPSU2026-02-2538,70977,41877,418129,030150,578
David WilsonRSU2026-02-2596,772358,056
Steve ToweRSU2026-02-25193,545716,117
Melissa IngramRSU2026-02-2585,160315,092
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Wilson$358,056$376,445$051.3%
Melissa Ingram315,092331,270051.3%
Michael Powell143,223150,578051.3%
Steve Towe716,117752,890051.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2026

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Melissa IngramPSU170,319$524,583
Michael PowellPSU52,743162,448
Steve ToweRSU208,333641,666
David WilsonPSU174,337536,958
Michael PowellPSU77,418238,447
Melissa IngramRSU51,139157,508
Michael PowellRSU38,709119,224
Melissa IngramOption35,0003.13
Steve ToweRSU193,545596,119
Steve TowePSU312,500962,500
Melissa IngramPSU153,417472,524
Melissa IngramRSU85,160262,293
David WilsonRSU58,113178,988
Michael PowellRSU17,58154,149
Steve ToweOption2,000,00021
Steve ToweOption875,00010.5
Steve TowePSU348,6751,073,919
Steve ToweRSU116,225357,973
Steve TowePSU387,0901,192,237
David WilsonPSU193,545596,119
David WilsonRSU96,772298,058
Melissa IngramOption130,0002.98
David WilsonOption275,0003
Steve ToweOption1,250,00014
05

Incentive-plan design — the Compensation Discussion & Analysis

Powerfleet's compensation philosophy emphasizes pay-for-performance, with the majority of NEO target total direct compensation 'at-risk' and dependent on achievement of pre-established financial performance goals and total shareholder return. The program is designed to attract, retain and motivate executives by providing competitive compensation that aligns executive and stockholder interests, rewarding achievement of short- and long-term objectives.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-09-1655,080,71619,916,9786,926,10973.44%Passed
20242024-09-1754,702,10015,860,6542,913,50177.52%Passed
20242024-09-1754,702,10015,860,6542,913,50177.52%Passed
20232023-07-2019,504,4466,433,8151,189,94575.2%Passed
20222022-07-1921,527,5392,588,646142,22889.27%Passed
20212021-07-2022,510,9452,910,84467,31388.32%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 yearMeeting dateApproval — company's computation
20252025-09-1673.44%a
20242024-09-1777.52%b
20242024-09-1777.52%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome on these matters.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will have no effect on the outcome of this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will have no effect on the outcome of this proposal.”.

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.

07

CEO pay ratio

Ratio (CEO : median employee)81 : 1
CEO total compensation$2,134,829
Median employee compensation$26,225
09

Board fee structure and ownership guideline

Annual cash retainer$87,500
Annual equity retainer$87,500
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)18,000 / 12,000 / 10,000
Stock ownership guideline5x annual cash retainer
10

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.

10a

Peer reciprocity

Of the companies Powerfleet names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Powerfleet.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Porch Group, Inc.2025Matthew Ehrlichman$643,269$12,599,322$0$1,170,750$14,545,617
2MeridianLink, Inc.2024Nicolaas Vlok600,00012,296,4530471,29113,371,744
3Mitek Systems Inc.2025Edward H. West500,0007,902,3610761,5009,414,057
4BlackBerry Ltd2026John Giamatteo700,0006,699,9990887,7238,297,745
5SEMrush Holdings, Inc.2024Oleg Shchegolev07,999,992008,000,762
6N-able, Inc.2025John Pagliuca500,0006,813,6060420,5007,748,106
7Arlo Technologies, Inc.2025Matthew McRae790,0005,590,0000963,8007,358,402
8A10 Networks, Inc.2025Dhrupad Trivedi697,9175,211,97301,056,8006,974,141
9Digi International Inc.2025Ronald Konezny583,8463,454,3240949,1795,002,124
10OneSpan Inc.2025Victor Limongelli600,0002,500,0210150,0003,627,046
11E2open Parent Holdings, Inc.2025Andrew Appel650,00000356,3632,520,013
12Powerfleet2026Steve Towe555,7781,469,0070110,0442,134,829
13Consensus Cloud Solutions, Inc.2025Scott Turicchi750,000001,012,1901,800,548
14Globalstar, Inc.2025Paul Jacobs500,000200,000001,012,452
Rimini Street, Inc.not in coverage universe
Lantronix Inc.not in coverage universe
Iridium Communications Inc.not in coverage universe
Kinaxis Inc.not in coverage universe

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Powerfleetnot disclosedPSU 66.7 · RSU 33.3not disclosedFrederic W. Cook & Co., Inc.
A10 Networks, Inc.not disclosedPSU 50 · RSU 50NoRadford-AON
Arlo Technologies, Inc.122%PSU 100NoPay Governance
BlackBerry Ltd126.82%PSU 60 · RSU 40NoMercer
Consensus Cloud Solutions, Inc.122.69%not disclosedNoFrederic W. Cook & Co., Inc.
Digi International Inc.147%RSU 50 · PSU 50Yes — TSR vs Russell 2000 IndexRadford Consulting (AON)
E2open Parent Holdings, Inc.43.86%RSU 50 · PSU 50NoFW Cook
Globalstar, Inc.not disclosednot disclosedNoIndependent compensation consultant (name not disclosed)
Iridium Communications Inc.not disclosednot disclosednot disclosednot disclosed
Kinaxis Inc.not disclosednot disclosednot disclosednot disclosed
Lantronix Inc.not disclosednot disclosednot disclosednot disclosed
MeridianLink, Inc.92.4%not disclosedNoCompensia and Korn Ferry
Mitek Systems Inc.152.3%PSU 80 · RSU 20NoFrederic W. Cook & Company, Inc.
N-able, Inc.84.1%PSU 50 · RSU 50NoPearl Meyer
OneSpan Inc.25%PSU 75 · RSU 25NoFrederic W. Cook & Co, Inc.
Porch Group, Inc.182%PSU 75 · RSU 25Yes — Relative Total Shareholder Return (rTSR)WTW
Rimini Street, Inc.84.6%PSU 50 · RSU 30 · Options 20NoWillis Towers Watson
SEMrush Holdings, Inc.not disclosedRSU 50 · PSU 50NoCompensia, Inc.

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Steve ToweDEF 14A2026-07-290001493152-26-035236Section “Summary Compensation Table”. As printed: 2,134,829. Filing ↗machine: r1 · c26 · span 373462–373471
2Section 01, David WilsonDEF 14A2026-07-290001493152-26-035236Section “Summary Compensation Table”. As printed: 1,234,099. Filing ↗machine: r6 · c26 · span 393789–393798
3Section 01, Melissa IngramDEF 14A2026-07-290001493152-26-035236Section “Summary Compensation Table”. As printed: 1,063,949. Filing ↗machine: r11 · c26 · span 414080–414089
4Section 01, Michael PowellDEF 14A2026-07-290001493152-26-035236Section “Summary Compensation Table”. As printed: 823,176. Filing ↗machine: r14 · c26 · span 426249–426256
5Section 03, David Wilson PSUDEF 14A2026-07-290001493152-26-035236Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r8 · c35 · span 496808–496815
6Section 03, Melissa Ingram PSUDEF 14A2026-07-290001493152-26-035236Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r12 · c35 · span 519062–519069
7Section 03, Michael Powell RSUDEF 14A2026-07-290001493152-26-035236Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r15 · c35 · span 535829–535836
8Section 03, Steve Towe PSUDEF 14A2026-07-290001493152-26-035236Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r4 · c35 · span 474578–474585
9Section 03, Michael Powell PSUDEF 14A2026-07-290001493152-26-035236Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r16 · c35 · span 541292–541299
10Section 03, David Wilson RSUDEF 14A2026-07-290001493152-26-035236Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r7 · c35 · span 491344–491351
11Section 03, Steve Towe RSUDEF 14A2026-07-290001493152-26-035236Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r3 · c35 · span 469102–469109
12Section 03, Melissa Ingram RSUDEF 14A2026-07-290001493152-26-035236Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r11 · c35 · span 513587–513594
13Section 07, pay ratioDEF 14A2026-07-290001493152-26-035236Section “CEO Pay Ratio”. As printed: 81 : 1. Filing ↗machine: span 818483–818492
14Section 06, 2025 voteForm 8-K2025-09-160001493152-25-013706Item 5.07 · say-on-pay result. As reported: 73.44% (votes for as printed: 55,080,716). Filing ↗
15Section 06, 2024 voteForm 8-K2024-09-170001493152-24-036868Item 5.07 · say-on-pay result. As reported: 77.52% (votes for as printed: 54,702,100). Filing ↗
16Section 06, 2024 voteForm 8-K2024-09-170001493152-24-036868Item 5.07 · say-on-pay result. As reported: 77.52% (votes for as printed: 54,702,100). Filing ↗
17Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
18Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
19Porch Group, Inc., Section 10b CEO totalDEF 14A2026-04-170001784535-26-000021CEO total compensation as printed in Porch Group, Inc.'s own proxy. As printed: 14,545,617. Filing ↗machine: r2 · c24 · span 731427–731437
20MeridianLink, Inc., Section 10b CEO totalDEF 14A2025-04-230001834494-25-000034CEO total compensation as printed in MeridianLink, Inc.'s own proxy. As printed: 13,371,744. Filing ↗machine: r2 · c24 · span 261929–261939
21Mitek Systems Inc., Section 10b CEO totalDEF 14A2026-01-260001628280-26-003469CEO total compensation as printed in Mitek Systems Inc.'s own proxy. As printed: 9,414,057. Filing ↗machine: span 685482–685491
22BlackBerry Ltd, Section 10b CEO totalDEF 14A2026-05-110001070235-26-000054CEO total compensation as printed in BlackBerry Ltd's own proxy. As printed: 8,297,745. Filing ↗machine: r3 · c21 · span 577164–577173
23SEMrush Holdings, Inc., Section 10b CEO totalDEF 14A2025-04-170001628280-25-018235CEO total compensation as printed in SEMrush Holdings, Inc.'s own proxy. As printed: 8,000,762. Filing ↗machine: t192 · r3 · c8 · span 780216–780225
24N-able, Inc., Section 10b CEO totalDEF 14A2026-04-140001834488-26-000018CEO total compensation as printed in N-able, Inc.'s own proxy. As printed: 7,748,106. Filing ↗machine: r2 · c36 · span 569968–569977
25Arlo Technologies, Inc., Section 10b CEO totalDEF 14A2026-04-240001140361-26-016680CEO total compensation as printed in Arlo Technologies, Inc.'s own proxy. As printed: 7,358,402. Filing ↗machine: r2 · c19 · span 935213–935222
26A10 Networks, Inc., Section 10b CEO totalDEF 14A2026-03-100001140361-26-008793CEO total compensation as printed in A10 Networks, Inc.'s own proxy. As printed: 6,974,141. Filing ↗machine: r2 · c21 · span 490057–490066
27Digi International Inc., Section 10b CEO totalDEF 14A2025-12-170001104659-25-122033CEO total compensation as printed in Digi International Inc.'s own proxy. As printed: 5,002,124. Filing ↗machine: r1 · c6 · span 312252–312261
28OneSpan Inc., Section 10b CEO totalDEF 14A2026-04-230001044777-26-000011CEO total compensation as printed in OneSpan Inc.'s own proxy. As printed: 3,627,046. Filing ↗machine: t87 · r3 · c25 · span 887252–887261
29E2open Parent Holdings, Inc., Section 10b CEO totalDEF 14A2025-06-180001193125-25-142713CEO total compensation as printed in E2open Parent Holdings, Inc.'s own proxy. As printed: 2,520,013. Filing ↗machine: r3 · c17 · span 606192–606201
30Powerfleet (subject), Section 10b CEO totalDEF 14A2026-07-290001493152-26-035236CEO total compensation as printed in Powerfleet's own proxy. As printed: 2,134,829. Filing ↗machine: r1 · c26 · span 373462–373471
31Consensus Cloud Solutions, Inc., Section 10b CEO totalDEF 14A2026-04-240001140361-26-016729CEO total compensation as printed in Consensus Cloud Solutions, Inc.'s own proxy. As printed: 1,800,548. Filing ↗machine: r2 · c19 · span 496972–496981
32Globalstar, Inc., Section 10b CEO totalDEF 14A2026-04-020001366868-26-000019CEO total compensation as printed in Globalstar, Inc.'s own proxy. As printed: 1,012,452. Filing ↗machine: r3 · c21 · span 446734–446743
33Section 10a, Mitek Systems Inc. reciprocityDEF 14A0001628280-26-003469Mitek Systems Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
34Section 10a, Porch Group, Inc. reciprocityDEF 14A0001784535-26-000021Porch Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
35Section 10a, SEMrush Holdings, Inc. reciprocityDEF 14A0001628280-25-018235SEMrush Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
36Section 10a, A10 Networks, Inc. reciprocityDEF 14A0001140361-26-008793A10 Networks, Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
37Section 10a, OneSpan Inc. reciprocityDEF 14A0001044777-26-000011OneSpan Inc. names Powerfleet in its own disclosed peer group (read from its most recent proxy). Filing ↗
38Section 10a, Rimini Street, Inc. reciprocityDEF 14A0001635282-26-000044Rimini Street, Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
39Section 10a, Digi International Inc. reciprocityDEF 14A0001104659-25-122033Digi International Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
40Section 10a, N-able, Inc. reciprocityDEF 14A0001834488-26-000018N-able, Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
41Section 10a, BlackBerry Ltd reciprocityDEF 14A0001070235-26-000054BlackBerry Ltd's most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
42Section 10a, Consensus Cloud Solutions, Inc. reciprocityDEF 14A0001140361-26-016729Consensus Cloud Solutions, Inc. names Powerfleet in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Arlo Technologies, Inc. reciprocityDEF 14A0001140361-26-016680Arlo Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗
44Section 10a, E2open Parent Holdings, Inc. reciprocityDEF 14A0001193125-25-142713E2open Parent Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Powerfleet. Filing ↗