Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-01

Couchbase (BASE)

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.

$8,685,250
Matthew Cain total, FY2025
76th
CEO pay percentile vs peers
CEO-to-median pay ratio
86.12%
Say-on-pay support, latest vote
Companies that benchmark against BASE
15 companies name BASE as a compensation peer

Each company listed discloses BASE 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 BASE 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
Matthew Cain$535,000$0$7,639,000$0$508,250$0$3,000$8,685,250
Chair, President and Chief Executive Officer
Greg Henry445,00003,055,6110274,78803,0003,778,399
Senior Vice President and Chief Financial Officer
Huw Owen465,61102,291,7220375,981037,4813,170,795
Senior Vice President and Chief Revenue Officer
Margaret Chow375,00001,527,8060178,12503,1002,084,031
Senior Vice President, Chief Legal Officer and Corporate Secretary

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
Matthew Cain$8,685,250$1,819,000
Greg Henry3,778,3993,368,314
Huw Owen3,170,7957,346,411
Margaret Chow2,084,031

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
Matthew CainRSU2024-02-2874,129$2,037,065
Greg HenryRSU2024-02-28111,1943,055,611
Huw OwenRSU2024-02-2883,3962,291,722
Margaret ChowRSU2024-02-2855,5971,527,806
Matthew CainRSU2024-02-28203,8555,601,935
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Matthew Cain$7,639,000$0$00.0%
Greg Henry3,055,611000.0%
Huw Owen2,291,722000.0%
Margaret Chow1,527,806000.0%

% 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
Huw OwenRSU6,985$123,914
Greg HenryRSU23,398415,081
Greg HenryOption1,66621.4
Huw OwenRSU41,628738,481
Margaret ChowRSU46,000816,040
Huw OwenRSU38,333680,027
Margaret ChowRSU9,749172,947
Greg HenryRSU41,911743,501
Greg HenryRSU130,3332,312,107
Matthew CainRSU129,9882,305,987
Matthew CainRSU127,4092,260,236
Huw OwenRSU97,1321,723,122
Matthew CainRSU74,1291,315,048
Greg HenryRSU69,4951,232,841
Huw OwenRSU52,643933,887
Huw OwenRSU52,121924,627
Margaret ChowRSU34,747616,412
Margaret ChowRSU18,160322,158
Matthew CainRSU11,699207,540
Matthew CainOption8,33221.4
Margaret ChowOption41621.4
Huw OwenOption20921.4
Matthew CainRSU230,0004,080,200
05

Incentive-plan design — the Compensation Discussion & Analysis

Couchbase's executive compensation program is grounded in the principle of 'pay for performance,' providing a balanced and competitive compensation package that aligns executive pay with financial performance, strategic goals, and long-term stockholder value creation. The program is designed to attract and retain high-caliber executives, drive sustained financial performance and operational excellence, and align executive interests with those of stockholders through performance-based incentives and equity ownership.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantCompensia
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-05-2934,163,0125,507,839100,55886.12%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
20252025-05-2986.12%a

a. 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)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Richard A. SimonsonIndependent · Lead Independent Director · Audit (Chair) · Nominating/Governance$72,625$154,817$0$0$227,442
Jeff EpsteinIndependent · Audit · Compensation48,500154,81700203,317
David C. ScottIndependent · Compensation (Chair)45,500154,81700200,317
Aleksander J. MigonIndependent · Audit42,500154,81700197,317
Edward T. AndersonIndependent · Audit42,500154,81700197,317
Carol W. CarpenterIndependent · Nominating/Governance (Chair)40,250154,81700195,067
Kevin J. EfrusyIndependent · Compensation38,500154,81700193,317
Alvina Y. AntarIndependent · Compensation38,500154,81700193,317
Lynn M. ChristensenIndependent · Nominating/Governance36,375154,81700191,192
Matthew M. CainEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$35,000
Annual equity retainer$175,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 14,000 / 8,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$405,250
Equity awards (grant-date value)$1,393,353
All other compensation$0
Total cost of the board$1,798,603

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.

10a

Peer reciprocity

Of the companies Couchbase 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 Couchbase.

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
1JFrog2025Shlomi Ben Haim$620,833$15,200,831$0$913,581$16,808,937
2PagerDuty2026Jennifer Tejada600,00014,219,7660347,76015,268,028
3MeridianLink2024Nicolaas Vlok600,00012,296,4530471,29113,371,744
4Domo2026Joshua James500,0008,357,0040593,5509,465,244
5Zuora2024Tien Tzuo500,0007,950,0000337,5008,787,500
6Yext2026Michael Walrath482,3087,675,0000503,6088,693,973
7Couchbase2025Matthew Cain535,0007,639,0000508,2508,685,250
8Alkami Technology2025Alex Shootman558,4806,222,6750699,7757,492,018
9Model N2023Jason Blessing556,5006,009,6320306,6286,877,671
10Fastly2025Charles Compton438,7826,313,831006,798,332
11Weave Communications2025Brett White520,2704,203,5000483,0005,220,802
12CS Disco2025Eric Friedrichsen550,0002,837,0110544,5004,063,757
13OneSpan2025Victor Limongelli600,0002,500,0210150,0003,627,046
14Matterport2023R.j. Pittman406,2502,649,6000383,6253,439,475
15AvePoint2025Tianyi Jiang450,0001,000,003999,999507,4772,957,478
16Expensify2025David Barrett1,845,85157,853001,903,704
17Enfusion2023Oleg Movchan650,025370,401250,000180,6001,455,190
ON24not 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
Couchbase95%not disclosedNoCompensia
Alkami Technology125.3%RSU 100not disclosedFW Cook
AvePointnot disclosednot disclosednot disclosedCompensia
CS Disconot disclosednot disclosedNoCompensia
Domo119%not disclosedNoCompensia
Enfusion75.3%not disclosedNoMeridian Compensation Partners
Expensifynot disclosedRSU 100not disclosednot disclosed
Fastly135.4%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (rTSR)Semler Brossy
JFrog147.2%RSU 58 · PSU 42Yes — Relative Total Shareholder Return (rTSR)Compensia
Matterport94%RSU 100not disclosedCompensia, Inc.
MeridianLink92.4%not disclosedNoCompensia and Korn Ferry
Model N55.1%PSU 50 · RSU 50NoCompensia
ON2479.3%not disclosedNoCompensia
OneSpan25%PSU 75 · RSU 25NoFrederic W. Cook & Co, Inc.
PagerDuty58.0%PSU 50 · RSU 50NoCompensia, Inc.
Weave Communications92%RSU 100not disclosednot disclosed
Yext102.83%RSU 50 · PSU 50NoCompensia
Zuora67.5%not disclosedNoCompensia

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, Matthew CainDEF 14A2025-04-160001845022-25-000036Section “Summary Compensation Table for Fiscal 2025”. As printed: 8,685,250. Filing ↗machine: r3 · c33 · span 627097–627106
2Section 01, Greg HenryDEF 14A2025-04-160001845022-25-000036Section “Summary Compensation Table for Fiscal 2025”. As printed: 3,778,399. Filing ↗machine: r6 · c33 · span 636065–636074
3Section 01, Huw OwenDEF 14A2025-04-160001845022-25-000036Section “Summary Compensation Table for Fiscal 2025”. As printed: 3,170,795. Filing ↗machine: r12 · c33 · span 648746–648755
4Section 01, Margaret ChowDEF 14A2025-04-160001845022-25-000036Section “Summary Compensation Table for Fiscal 2025”. As printed: 2,084,031. Filing ↗machine: r9 · c33 · span 644790–644799
5Section 03, Matthew Cain RSUDEF 14A2025-04-160001845022-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t124 · r6 · c12 · span 673562–673571
6Section 03, Greg Henry RSUDEF 14A2025-04-160001845022-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t124 · r8 · c12 · span 678569–678578
7Section 03, Huw Owen RSUDEF 14A2025-04-160001845022-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t124 · r12 · c12 · span 689483–689492
8Section 03, Margaret Chow RSUDEF 14A2025-04-160001845022-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t124 · r10 · c12 · span 684128–684137
9Section 03, Matthew Cain RSUDEF 14A2025-04-160001845022-25-000036Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t124 · r5 · c12 · span 670888–670897
10Section 07, pay ratioDEF 14A2025-04-160001845022-25-000036Section “CEO Pay Ratio”. As printed: —. Filing ↗
11Section 08, Richard A. SimonsonDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 227,442. Filing ↗machine: t80 · r8 · c11 · span 400226–400233
12Section 08, Jeff EpsteinDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 203,317. Filing ↗machine: t80 · r5 · c11 · span 394789–394796
13Section 08, David C. ScottDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 200,317. Filing ↗machine: t80 · r7 · c11 · span 398412–398419
14Section 08, Aleksander J. MigonDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 197,317. Filing ↗machine: t80 · r6 · c11 · span 396603–396610
15Section 08, Edward T. AndersonDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 197,317. Filing ↗machine: t80 · r3 · c11 · span 391174–391181
16Section 08, Carol W. CarpenterDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 195,067. Filing ↗machine: t80 · r10 · c11 · span 403853–403860
17Section 08, Kevin J. EfrusyDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 193,317. Filing ↗machine: t80 · r4 · c11 · span 392982–392989
18Section 08, Alvina Y. AntarDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 193,317. Filing ↗machine: t80 · r11 · c11 · span 405855–405862
19Section 08, Lynn M. ChristensenDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 191,192. Filing ↗machine: t80 · r9 · c11 · span 402040–402047
20Section 08, Matthew M. CainDEF 14A2025-04-160001845022-25-000036Section “Director Compensation”. As printed: 0. Filing ↗
21Section 06, 2025 voteForm 8-K2025-06-030001845022-25-000060Item 5.07 · say-on-pay result. As reported: 86.12% (votes for as printed: 34,163,012). Filing ↗
22Section 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
23Section 09b board cost (computed)ComputedcomputedCash 405,250 + equity 1,393,353 + all other 0 = 1,798,603, summed across the director compensation table rows.machine: formula: Σ = 1,798,603
24JFrog, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145562CEO total compensation as printed in JFrog's own proxy. As printed: 16,808,937. Filing ↗machine: t179 · r3 · c21 · span 1986840–1986850
25PagerDuty, Section 10b CEO totalDEF 14A2026-05-040001568100-26-000020CEO total compensation as printed in PagerDuty's own proxy. As printed: 15,268,028. Filing ↗machine: r4 · c45 · span 603528–603538
26MeridianLink, Section 10b CEO totalDEF 14A2025-04-230001834494-25-000034CEO total compensation as printed in MeridianLink's own proxy. As printed: 13,371,744. Filing ↗machine: r2 · c24 · span 261929–261939
27Domo, Section 10b CEO totalDEF 14A2026-06-010001628280-26-039549CEO total compensation as printed in Domo's own proxy. As printed: 9,465,244. Filing ↗machine: t13 · r2 · c14 · span 455747–455756
28Zuora, Section 10b CEO totalDEF 14A2024-05-160001423774-24-000146CEO total compensation as printed in Zuora's own proxy. As printed: 8,787,500. Filing ↗machine: r2 · c42 · span 699493–699502
29Yext, Section 10b CEO totalDEF 14A2026-04-270001628280-26-027491CEO total compensation as printed in Yext's own proxy. As printed: 8,693,973. Filing ↗machine: t15 · r2 · c19 · span 368568–368577
30Couchbase (subject), Section 10b CEO totalDEF 14A2025-04-160001845022-25-000036CEO total compensation as printed in Couchbase's own proxy. As printed: 8,685,250. Filing ↗machine: r3 · c33 · span 627097–627106
31Alkami Technology, Section 10b CEO totalDEF 14A2026-04-070001529274-26-000023CEO total compensation as printed in Alkami Technology's own proxy. As printed: 7,492,018. Filing ↗machine: r2 · c42 · span 376155–376164
32Model N, Section 10b CEO totalDEF 14A2024-01-050001118417-24-000010CEO total compensation as printed in Model N's own proxy. As printed: 6,877,671. Filing ↗machine: span 545217–545226
33Fastly, Section 10b CEO totalDEF 14A2026-04-220001140361-26-016095CEO total compensation as printed in Fastly's own proxy. As printed: 6,798,332. Filing ↗machine: r2 · c25 · span 929622–929631
34Weave Communications, Section 10b CEO totalDEF 14A2026-04-280001609151-26-000041CEO total compensation as printed in Weave Communications's own proxy. As printed: 5,220,802. Filing ↗machine: r2 · c48 · span 367147–367156
35CS Disco, Section 10b CEO totalDEF 14A2026-04-300001625641-26-000097CEO total compensation as printed in CS Disco's own proxy. As printed: 4,063,757. Filing ↗machine: r2 · c36 · span 254101–254110
36OneSpan, Section 10b CEO totalDEF 14A2026-04-230001044777-26-000011CEO total compensation as printed in OneSpan's own proxy. As printed: 3,627,046. Filing ↗machine: t87 · r3 · c25 · span 887252–887261
37Matterport, Section 10b CEO totalDEF 14A2024-04-240001819394-24-000019CEO total compensation as printed in Matterport's own proxy. As printed: 3,439,475. Filing ↗machine: r2 · c48 · span 427303–427312
38AvePoint, Section 10b CEO totalDEF 14A2026-03-130001437749-26-008224CEO total compensation as printed in AvePoint's own proxy. As printed: 2,957,478. Filing ↗machine: r4 · c6 · span 575128–575137
39Expensify, Section 10b CEO totalDEF 14A2026-04-100001476840-26-000020CEO total compensation as printed in Expensify's own proxy. As printed: 1,903,704. Filing ↗machine: r2 · c14 · span 815741–815750
40Enfusion, Section 10b CEO totalDEF 14A2024-04-260001558370-24-005911CEO total compensation as printed in Enfusion's own proxy. As printed: 1,455,190. Filing ↗machine: t60 · r4 · c23 · span 305739–305748
41Section 10a, Domo reciprocityDEF 14A0001628280-26-039549Domo's most recent proxy was read; its disclosed peer group does not include Couchbase. Filing ↗
42Section 10a, JFrog reciprocityDEF 14A0001193125-26-145562JFrog's most recent proxy was read; its disclosed peer group does not include Couchbase. Filing ↗
43Section 10a, Matterport reciprocityDEF 14A0001819394-24-000019Matterport names Couchbase in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, PagerDuty reciprocityDEF 14A0001568100-26-000020PagerDuty names Couchbase in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Model N reciprocityDEF 14A0001118417-24-000010Model N names Couchbase in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Zuora reciprocityDEF 14A0001423774-24-000146Zuora's most recent proxy was read; its disclosed peer group does not include Couchbase. Filing ↗
47Section 10a, Fastly reciprocityDEF 14A0001140361-26-016095Fastly's most recent proxy was read; its disclosed peer group does not include Couchbase. Filing ↗
48Section 10a, Alkami Technology reciprocityDEF 14A0001529274-26-000023Alkami Technology's most recent proxy was read; its disclosed peer group does not include Couchbase. Filing ↗
49Section 10a, OneSpan reciprocityDEF 14A0001044777-26-000011OneSpan's most recent proxy was read; its disclosed peer group does not include Couchbase. Filing ↗
50Section 10a, AvePoint reciprocityDEF 14A0001437749-26-008224AvePoint names Couchbase in its own disclosed peer group (read from its most recent proxy). Filing ↗