Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-17

Armstrong World Industries (AWI)

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.

$8,537,000
Victor Grizzle total, FY2025
67th
CEO pay percentile vs peers
93:1
CEO-to-median pay ratio
96.75%
Say-on-pay support, latest vote
Companies that benchmark against AWI
15 companies name AWI as a compensation peer

Each company listed discloses AWI 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 AWI 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
Victor Grizzle$1,000,000$0$5,599,532$0$1,584,000$0$353,468$8,537,000
President & Chief Executive Officer
Mark Hershey555,5730874,9590513,3490124,8732,068,753
Senior Vice President & Chief Operating Officer
Christopher Calzaretta515,0000777,8910475,860062,0181,830,769
Senior Vice President & Chief Financial Officer
Austin So477,3180659,6570378,0360100,2341,615,244
Former Senior Vice President, GC, Head of Government Relations & Chief Sustainability Officer
Jill Crager425,0000529,1170336,600057,9331,348,651
Senior Vice President Sales & Digital Marketing

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
Victor Grizzle$8,537,000$9,154,261$13,541,716−617,261
Mark Hershey2,068,7531,974,3371,834,693+94,416
Christopher Calzaretta1,830,7691,703,9661,353,204+126,803
Austin So1,615,2441,518,3841,548,682+96,860
Jill Crager1,348,6511,085,954+262,697

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 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Victor GrizzleRSU2025-02-2614,190$2,160,144
Christopher CalzarettaRSU2025-02-261,971300,045
Christopher CalzarettaPSU2025-02-261,4792,9577,393477,846
Jill CragerRSU2025-02-261,341204,140
Jill CragerPSU2025-02-261,0062,0115,028324,977
Victor GrizzlePSU2025-02-2610,64221,28453,2103,439,388
Mark HersheyRSU2025-02-262,217337,494
Mark HersheyPSU2025-02-261,6633,3268,315537,465
Austin SoRSU2025-02-261,672254,529
Austin SoPSU2025-02-261,2542,5076,268405,128
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Victor Grizzle$2,160,144$3,439,388$061.4%
Christopher Calzaretta300,045477,846061.4%
Jill Crager204,140324,977061.4%
Mark Hershey337,494537,465061.4%
Austin So254,529405,128061.4%

% 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
Roy W. TemplinRSU1,124$185,235
Richard D. HolderRSU5,347881,186
Roy W. TemplinRSU19,4513,205,525
Barbara L. LoughranRSU10,8071,780,993
Wayne R. ShurtsRSU8,8791,463,259
Barbara L. LoughranRSU8,8681,461,446
Richard D. HolderRSU6,3601,048,128
William H. OsborneRSU3,941649,477
Roy W. TemplinRSU1,813331,840
Wayne R. ShurtsRSU1,333236,433
William H. OsborneRSU1,333216,433
Wayne R. ShurtsRSU827136,290
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain talented executives, align executive interests with long-term shareholder value, and reward performance based on the achievement of strategic and financial goals.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1135,408,6621,189,247125,23596.75%Passed
20252025-06-1233,166,6295,968,604153,21084.75%Passed
20242024-06-1325,500,73416,193,2475,51061.16%Passed
20232023-06-1540,348,7331,102,85432,09997.34%Passed
20222022-06-2242,841,882334,9646,70899.22%Passed
20212021-06-2444,398,689655,6756,17498.54%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
20262026-06-1196.75%a
20252025-06-1284.75%b
20242024-06-1361.16%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.

07

CEO pay ratio

Ratio (CEO : median employee)93 : 1
CEO total compensation
Median employee compensation$91,600
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Roy W. TemplinIndependent · Lead Independent Director · Finance (Chair)$160,000$170,027$0$1,813$331,840
Barbara L. LoughranIndependent · Audit (Chair) · Finance · Nominating, Governance & Social Responsibility110,000125,100010,807245,907
Richard D. HolderIndependent · Audit · Finance · Nominating, Governance & Social Responsibility105,000125,10006,360236,460
Wayne R. ShurtsIndependent · Audit · Management Development & Compensation (Chair)110,000125,10001,333236,433
William H. OsborneIndependent · Management Development & Compensation · Nominating, Governance & Social Responsibility90,000125,10001,333216,433
Kathleen E. PitreIndependent · Audit · Management Development & Compensation45,000125,10000170,100
Kevin P. HolleranIndependent · Management Development & Compensation · Nominating, Governance & Social Responsibility22,50083,51600106,016
Mark A. HersheyEmployee director · Newly elected0
Victor D. GrizzleEmployee director · Board Chair0
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$125,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 15,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$642,500
Equity awards (grant-date value)$879,043
All other compensation$21,646
Total cost of the board$1,543,189

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

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

WMS Advanced Drainage Systems, Inc.ROCK Gibraltar Industries, Inc.GFF Griffon CorpEXP Eagle Materials, Inc.ZWS Zurn Elkay Water SolutionsKNF Knife River Corp Quanex Building Products CorpTILE Interface, Inc.AAON AAON, Inc.TREX Trex Company, Inc.AMWD American Woodmark CorpSPXC SPX Technologies, Inc.APOG Apogee Enterprises, Inc.FELE Franklin Electric Co, Inc.CSW CSW Industrials, Inc.SSD Simpson Manufacturing Co., Inc.
10a

Peer reciprocity

Of the companies Armstrong World Industries 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.

Advanced Drainage Systems, Inc. (WMS) Gibraltar Industries, Inc. (ROCK)42 Griffon Corp (GFF) Eagle Materials, Inc. (EXP)43 Zurn Elkay Water Solutions (ZWS)44 Knife River Corp (KNF)45 Interface, Inc. (TILE)46 AAON, Inc. (AAON) Trex Company, Inc. (TREX) American Woodmark Corp (AMWD)47 SPX Technologies, Inc. (SPXC)48 Apogee Enterprises, Inc. (APOG)49 Franklin Electric Co, Inc. (FELE)50 CSW Industrials, Inc. (CSW) Simpson Manufacturing Co., Inc. (SSD)

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 Armstrong World Industries.

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
1Zurn Elkay Water Solutions2025Todd Adams$1,005,000$8,000,010$0$1,852,969$11,603,760
2Eagle Materials, Inc.2026Michael Haack1,119,4565,457,2701,657,8341,948,98710,302,728
3SPX Technologies, Inc.2025Eugene Lowe, III1,138,1164,619,8051,318,2212,072,9669,338,813
4Armstrong World Industries2025Victor Grizzle1,000,0005,599,53201,584,0008,537,000
5Apogee Enterprises, Inc.2026Ty Silberhorn627,3082,283,41901,208,5006,075,286
6Knife River Corp2025Brian Gray1,000,0003,785,84101,006,2535,820,868
7Interface, Inc.2025Laurel Hurd930,0002,821,99901,769,3255,651,488
8Franklin Electric Co, Inc.2025Joseph Ruzynski900,0002,624,984875,116558,9005,072,064
9American Woodmark Corp2025M. Scott Culbreth957,5773,208,4460696,3504,886,047
10Gibraltar Industries, Inc.2025William Bosway908,2693,202,4400274,5004,731,001
Advanced Drainage Systems, Inc.not in coverage universe
Griffon Corpnot in coverage universe
AAON, Inc.not in coverage universe
Trex Company, Inc.not in coverage universe
CSW Industrials, Inc.not in coverage universe
Simpson Manufacturing Co., 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
Armstrong World Industriesnot disclosedRSU 50 · PRSU 50not disclosedAon
AAON, Inc.not disclosednot disclosednot disclosednot disclosed
Advanced Drainage Systems, Inc.not disclosednot disclosednot disclosednot disclosed
American Woodmark Corp60.75%RSU 50 · PSU 50NoMeridian Compensation Partners
Apogee Enterprises, Inc.not disclosedRSU 50 · PSU 50NoMeridian Compensation Partners, LLC (current); Willis Towers Watson (through September 2025)
CSW Industrials, Inc.not disclosednot disclosednot disclosednot disclosed
Eagle Materials, Inc.not disclosedOptions 50 · PSU 25 · RSU 25Yes — Average Absolute Total Stockholder Return (Avg. A-TSR)Meridian Compensation Partners
Franklin Electric Co, Inc.62.1%PSU 50 · RSU 25 · Options 25NoMeridian Compensation Partners, LLC
Gibraltar Industries, Inc.25%PSU 64 · RSU 36NoWTW
Griffon Corpnot disclosednot disclosednot disclosednot disclosed
Interface, Inc.152.2%PSU 50 · RSU 50NoPearl Meyer & Partners
Knife River Corp83.9%PSU 65 · RSU 35Yes — Total Stockholder Return (TSR) relative to that of peer companiesMeridian
Simpson Manufacturing Co., Inc.not disclosednot disclosednot disclosednot disclosed
SPX Technologies, Inc.163.9%PSU 50 · Options 25 · RSU 25Yes — Relative TSRMeridian Compensation Partners, LLC
Trex Company, Inc.not disclosednot disclosednot disclosednot disclosed
Zurn Elkay Water Solutions147%PSU 100NoWillis Towers Watson

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, Victor GrizzleDEF 14A2026-04-300001193125-26-193741Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 8,537,000. Filing ↗machine: r2 · c31 · span 849008–849017
2Section 01, Mark HersheyDEF 14A2026-04-300001193125-26-193741Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 2,068,753. Filing ↗
3Section 01, Christopher CalzarettaDEF 14A2026-04-300001193125-26-193741Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 1,830,769. Filing ↗
4Section 01, Austin SoDEF 14A2026-04-300001193125-26-193741Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 1,615,244. Filing ↗
5Section 01, Jill CragerDEF 14A2026-04-300001193125-26-193741Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 1,348,651. Filing ↗
6Section 03, Victor Grizzle RSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: span 904787–904796
7Section 03, Christopher Calzaretta RSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: span 924167–924174
8Section 03, Christopher Calzaretta PSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗
9Section 03, Jill Crager RSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: span 945650–945657
10Section 03, Jill Crager PSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗
11Section 03, Victor Grizzle PSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: span 902190–902199
12Section 03, Mark Hershey RSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: span 914683–914690
13Section 03, Mark Hershey PSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗
14Section 03, Austin So RSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: span 934005–934012
15Section 03, Austin So PSUDEF 14A2026-04-300001193125-26-193741Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗
16Section 07, pay ratioDEF 14A2026-04-300001193125-26-193741Section “CEO Pay Ratio”. As printed: 93 : 1. Filing ↗
17Section 08, Roy W. TemplinDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 331,840. Filing ↗machine: span 355236–355243
18Section 08, Barbara L. LoughranDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 245,907. Filing ↗machine: span 343316–343323
19Section 08, Richard D. HolderDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 236,460. Filing ↗machine: span 337766–337773
20Section 08, Wayne R. ShurtsDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 236,433. Filing ↗machine: span 351504–351511
21Section 08, William H. OsborneDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 216,433. Filing ↗machine: span 346014–346021
22Section 08, Kathleen E. PitreDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 170,100. Filing ↗machine: span 348808–348815
23Section 08, Kevin P. HolleranDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 106,016. Filing ↗machine: span 340565–340572
24Section 08, Mark A. HersheyDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 0. Filing ↗
25Section 08, Victor D. GrizzleDEF 14A2026-04-300001193125-26-193741Section “Director Compensation”. As printed: 0. Filing ↗
26Section 06, 2026 voteForm 8-K2026-06-170001193125-26-273166Item 5.07 · say-on-pay result. As reported: 96.75% (votes for as printed: 35,408,662). Filing ↗
27Section 06, 2025 voteForm 8-K2025-06-170001193125-25-142050Item 5.07 · say-on-pay result. As reported: 84.75% (votes for as printed: 33,166,629). Filing ↗
28Section 06, 2024 voteForm 8-K2024-06-170000950170-24-074249Item 5.07 · say-on-pay result. As reported: 61.16% (votes for as printed: 25,500,734). Filing ↗
29Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 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
31Section 09b board cost (computed)ComputedcomputedCash 642,500 + equity 879,043 + all other 21,646 = 1,543,189, summed across the director compensation table rows.machine: formula: Σ = 1,543,189
32Zurn Elkay Water Solutions, Section 10b CEO totalDEF 14A2026-03-120001193125-26-104339CEO total compensation as printed in Zurn Elkay Water Solutions's own proxy. As printed: 11,603,760. Filing ↗machine: r4 · c44 · span 590719–590729
33Eagle Materials, Inc., Section 10b CEO totalDEF 14A2026-06-150001193125-26-271073CEO total compensation as printed in Eagle Materials, Inc.'s own proxy. As printed: 10,302,728. Filing ↗machine: t143 · r4 · c26 · span 1818301–1818311
34SPX Technologies, Inc., Section 10b CEO totalDEF 14A2026-03-310000088205-26-000019CEO total compensation as printed in SPX Technologies, Inc.'s own proxy. As printed: 9,338,813. Filing ↗machine: t119 · r2 · c11 · span 620400–620409
35Armstrong World Industries (subject), Section 10b CEO totalDEF 14A2026-04-300001193125-26-193741CEO total compensation as printed in Armstrong World Industries's own proxy. As printed: 8,537,000. Filing ↗machine: r2 · c31 · span 849008–849017
36Apogee Enterprises, Inc., Section 10b CEO totalDEF 14A2026-05-120000006845-26-000036CEO total compensation as printed in Apogee Enterprises, Inc.'s own proxy. As printed: 6,075,286. Filing ↗machine: r18 · c51 · span 853782–853791
37Knife River Corp, Section 10b CEO totalDEF 14A2026-04-060001628280-26-023783CEO total compensation as printed in Knife River Corp's own proxy. As printed: 5,820,868. Filing ↗machine: t200 · r3 · c14 · span 1008506–1008515
38Interface, Inc., Section 10b CEO totalDEF 14A2026-04-010001437749-26-010857CEO total compensation as printed in Interface, Inc.'s own proxy. As printed: 5,651,488. Filing ↗machine: r4 · c33 · span 602054–602063
39Franklin Electric Co, Inc., Section 10b CEO totalDEF 14A2026-03-250000038725-26-000017CEO total compensation as printed in Franklin Electric Co, Inc.'s own proxy. As printed: 5,072,064. Filing ↗machine: r2 · c30 · span 440975–440984
40American Woodmark Corp, Section 10b CEO totalDEF 14A2025-06-250000794619-25-000063CEO total compensation as printed in American Woodmark Corp's own proxy. As printed: 4,886,047. Filing ↗machine: span 397216–397225
41Gibraltar Industries, Inc., Section 10b CEO totalDEF 14A2026-04-060000912562-26-000083CEO total compensation as printed in Gibraltar Industries, Inc.'s own proxy. As printed: 4,731,001. Filing ↗machine: t256 · r4 · c11 · span 854722–854731
42Section 10a, Gibraltar Industries, Inc. reciprocityDEF 14A0000912562-26-000083Gibraltar Industries, Inc. names Armstrong World Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Eagle Materials, Inc. reciprocityDEF 14A0001193125-26-271073Eagle Materials, Inc. names Armstrong World Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Zurn Elkay Water Solutions reciprocityDEF 14A0001193125-26-104339Zurn Elkay Water Solutions's most recent proxy was read; its disclosed peer group does not include Armstrong World Industries. Filing ↗
45Section 10a, Knife River Corp reciprocityDEF 14A0001628280-26-023783Knife River Corp names Armstrong World Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Interface, Inc. reciprocityDEF 14A0001437749-26-010857Interface, Inc. names Armstrong World Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, American Woodmark Corp reciprocityDEF 14A0000794619-25-000063American Woodmark Corp names Armstrong World Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, SPX Technologies, Inc. reciprocityDEF 14A0000088205-26-000019SPX Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Armstrong World Industries. Filing ↗
49Section 10a, Apogee Enterprises, Inc. reciprocityDEF 14A0000006845-26-000036Apogee Enterprises, Inc. names Armstrong World Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Franklin Electric Co, Inc. reciprocityDEF 14A0000038725-26-000017Franklin Electric Co, Inc.'s most recent proxy was read; its disclosed peer group does not include Armstrong World Industries. Filing ↗