Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-11

Aemetis (AMTX)

Fiscal year 2025 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.

$1,869,000
Eric McAfee total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
82.75%
Say-on-pay support, latest vote
Companies that benchmark against AMTX
2 companies name AMTX as a compensation peer

Each company listed discloses AMTX 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 AMTX 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 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Eric McAfee$500,000$200,000$819,000$0$0$0$350,000$1,869,000
Chair of the Board and Chief Executive Officer
J. Michael Rockett400,000125,0000464,0000060,9731,049,973
Executive Vice President, General Counsel, and Corporate Secretary
Todd Waltz430,000125,0000464,0000014,0001,033,000
Executive Vice President and Chief Financial Officer
Andrew Foster400,000125,0000464,0000014,0001,003,000
Executive Vice President and Chief Operating Officer
Sanjeev Gupta400,000125,0000464,0000014,0001,003,000
Executive Vice President, Aemetis International

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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Eric McAfee$1,869,000$1,637,000$1,760,000+232,000
J. Michael Rockett1,049,973818,734423,269+231,239
Todd Waltz1,033,000839,5341,126,194+193,466
Andrew Foster1,003,000818,7341,105,427+184,266
Sanjeev Gupta1,003,000818,7341,105,427+184,266

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

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.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Timothy A. SimonDirector2026-06-10D10,000$2$20,500CommonForm 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.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Todd WaltzOPTION2025-01-16200,000$464,000
Andrew FosterOPTION2025-01-16200,000464,000
Eric McAfeeRSU2025-01-16300,000819,000
Sanjeev GuptaOPTION2025-01-16200,000464,000
J. Michael RockettOPTION2025-01-16200,000464,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Todd Waltz$0$0$464,0000.0%
Andrew Foster00464,0000.0%
Eric McAfee819,000000.0%
Sanjeev Gupta00464,0000.0%
J. Michael Rockett00464,0000.0%

% 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 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Andrew FosterOption12,5003.75
J. Michael RockettOption83,3333.09
J. Michael RockettOption150,0002.73
Todd WaltzOption12,5003.75
Sanjeev GuptaOption12,5003.75
Todd WaltzOption150,0002.73
Sanjeev GuptaOption150,0002.73
Todd WaltzOption83,3333.09
Andrew FosterOption83,3333.09
Andrew FosterOption150,0002.73
Sanjeev GuptaOption83,3333.09
J. Michael RockettOption25,0001.88
05

Incentive-plan design — the Compensation Discussion & Analysis

We strive to create a compensation program that rewards profitable company growth and differentiates pay based on business unit, division and individual contributions. The principles and objectives of our compensation and benefits programs for our executive officers are to: encourage highly talented executives to come, stay, grow and lead, enabling us to be an employer of choice in our industry; tie pay to performance to recognize and reward individual contributions to our success; focus leadership on our long-term strategies and value creation by providing a substantial percentage of compensation weighted towards equity incentives that are subject to multi-year vesting requirements; and ensure that our total compensation is fair, reasonable and competitive relative to the markets in which we compete for talent.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-05-1410,875,8852,153,875113,13282.75%Passed
20222022-05-2615,242,918187,21823,79898.79%Passed
20192019-04-2511,300,67750,82032,25999.55%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
20252025-05-1482.75%a
20222022-05-2698.79%b
20192019-04-2599.55%c

a. Approved under the standard stated in the filing — “Except for establishing a quorum, broker non-votes and abstentions will have no effect on Proposal Number 1, and broker non-votes and abstentions will have the same effect as a vote "AGAINST" Proposals Number 2 and Number 3.”.

b. Approved under the standard stated in the filing — “Thus, an abstention or broker non-vote will have no effect on Proposal No.”.

c. Approved under the standard stated in the filing — “Thus, an abstention or broker non-vote will have no effect on Proposal 1 and an abstention will be counted as a vote "AGAINST" Proposals 2, 3 and 4.”.

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)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Francis P. BartonIndependent · Lead Independent Director · Audit (Chair) · Governance, Compensation and Nominating$124,000$49,140$0$0$173,140
Lydia I. BeebeIndependent · Governance, Compensation and Nominating (Chair)93,00039,58500132,585
Naomi L. BonessIndependent · Audit75,00032,76000107,760
Timothy A. SimonIndependent · Audit75,00032,76000107,760
John R. BlockIndependent · Governance, Compensation and Nominating · Not standing for re-election75,00032,76000107,760
Eric A. McAfeeEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$32,760
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$442,000
Equity awards (grant-date value)$187,005
All other compensation$0
Total cost of the board$629,005

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

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
1Aemetis2025Eric McAfee$500,000$819,000$0$0$1,869,000

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.

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, Eric McAfeeDEF 14A2026-04-070001437749-26-011626Section “Summary Compensation Table”. As printed: 1,869,000. Filing ↗machine: span 372987–372996
2Section 01, J. Michael RockettDEF 14A2026-04-070001437749-26-011626Section “Summary Compensation Table”. As printed: 1,049,973. Filing ↗machine: r13 · c24 · span 420668–420677
3Section 01, Todd WaltzDEF 14A2026-04-070001437749-26-011626Section “Summary Compensation Table”. As printed: 1,033,000. Filing ↗machine: r4 · c24 · span 384908–384917
4Section 01, Andrew FosterDEF 14A2026-04-070001437749-26-011626Section “Summary Compensation Table”. As printed: 1,003,000. Filing ↗machine: r7 · c24 · span 396828–396837
5Section 01, Sanjeev GuptaDEF 14A2026-04-070001437749-26-011626Section “Summary Compensation Table”. As printed: 1,003,000. Filing ↗machine: r10 · c24 · span 408745–408754
6Section 03, Todd Waltz OPTIONDEF 14A2026-04-070001437749-26-011626Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t39 · r4 · c17 · span 383883–383890
7Section 03, Andrew Foster OPTIONDEF 14A2026-04-070001437749-26-011626Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t39 · r7 · c17 · span 395803–395810
8Section 03, Eric McAfee RSUDEF 14A2026-04-070001437749-26-011626Section “GOVERNANCE, COMPENSATION, AND NOMINATING COMMITTEE REPORT &” · grants of plan-based awards table. Filing ↗machine: t39 · r1 · c13 · span 371467–371474
9Section 03, Sanjeev Gupta OPTIONDEF 14A2026-04-070001437749-26-011626Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t39 · r10 · c17 · span 407720–407727
10Section 03, J. Michael Rockett OPTIONDEF 14A2026-04-070001437749-26-011626Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t39 · r13 · c17 · span 419643–419650
11Section 07, pay ratio10-K2026-03-160001437749-26-008289Section “CEO Pay Ratio”. As printed: —. Filing ↗
12Section 08, Francis P. BartonDEF 14A2026-04-070001437749-26-011626Section “Director Compensation”. As printed: 173,140. Filing ↗machine: t23 · r1 · c15 · span 233245–233252
13Section 08, Lydia I. BeebeDEF 14A2026-04-070001437749-26-011626Section “Director Compensation”. As printed: 132,585. Filing ↗machine: t23 · r2 · c15 · span 235608–235615
14Section 08, Naomi L. BonessDEF 14A2026-04-070001437749-26-011626Section “Director Compensation”. As printed: 107,760. Filing ↗machine: t23 · r4 · c15 · span 240334–240341
15Section 08, Timothy A. SimonDEF 14A2026-04-070001437749-26-011626Section “Director Compensation”. As printed: 107,760. Filing ↗machine: t23 · r5 · c15 · span 242699–242706
16Section 08, John R. BlockDEF 14A2026-04-070001437749-26-011626Section “Director Compensation”. As printed: 107,760. Filing ↗machine: t23 · r3 · c15 · span 237970–237977
17Section 08, Eric A. McAfeeDEF 14A2026-04-070001437749-26-011626Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Timothy A. Simon 2026-06-10Form 42026-06-110000738214-26-000036Insider equity transaction reported since the proxy statement. Filing ↗
19Section 06, 2025 voteForm 8-K2025-05-160001437749-25-017423Item 5.07 · say-on-pay result. As reported: 82.75% (votes for as printed: 10,875,885). Filing ↗
20Section 06, 2022 voteForm 8-K2022-06-020001654954-22-007866Item 5.07 · say-on-pay result. As reported: 98.79%. Filing ↗
21Section 06, 2019 voteForm 8-K2019-04-260001654954-19-004894Item 5.07 · say-on-pay result. As reported: 99.55%. Filing ↗
22Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
23Section 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
24Section 09b board cost (computed)ComputedcomputedCash 442,000 + equity 187,005 + all other 0 = 629,005, summed across the director compensation table rows.machine: formula: Σ = 629,005
25Aemetis (subject), Section 10b CEO totalDEF 14A2026-04-070001437749-26-011626CEO total compensation as printed in Aemetis's own proxy. As printed: 1,869,000. Filing ↗machine: span 372987–372996