Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-27

Blue Bird (BLBD)

CEO John Wyskiel was paid $3,432,264 in fiscal year 2025, the 20th percentile of its disclosed peer group (SEC filing 0001140361-26-002269 ↗): 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.

$6,567,615
Philip Horlock total, FY2025
Former President and Chief Executive Officer — highest-paid officer; CEO John Wyskiel: $3,432,264
20th
CEO (John Wyskiel) pay percentile vs peers
135:1
CEO-to-median pay ratio
96.53%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- John Wyskiel (Director, President and Chief Executive Officer), FY2025 total compensation $3,432,264 (base salary $524,712) [exec_comp, SEC accession 0001140361-26-002269, filed 2026-01-26]

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BLBD's next annual pay disclosure, estimated January 26, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Philip Horlock$420,513$0$4,588,447$0$1,500,000$0$58,655$6,567,615
Former President and Chief Executive Officer
John Wyskiel524,712250,0001,176,37401,306,8750174,3033,432,264
Director, President and Chief Executive Officer
Razvan Radulescu574,8210686,745139,9611,440,000013,1252,854,652
Chief Financial Officer
Ted Scartz428,75830,000242,508118,186568,100011,4621,399,014
SVP and General Counsel

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 FY2024→2025
Philip Horlock$6,567,615$4,783,785$4,456,161↑ +1,783,830
John Wyskiel3,432,264———
Razvan Radulescu2,854,6522,063,1022,598,631↑ +791,550
Ted Scartz1,399,014982,4551,600,231↑ +416,559

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

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Companies that benchmark against BLBD
2 companies name BLBD as a compensation peer

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

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Philip HorlockExecutive$6,567,615
Razvan RadulescuCFO$2,854,652
John WyskielCEO$3,432,264
Ted ScartzGeneral Counsel$1,399,014
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Dan ThauIndependent Director$221,230
Douglas GrimmChair of the Board$336,843
Edward T. HightowerIndependent Director$221,230
Julie FreamIndependent Director$234,355
Kevin PennIndependent Director$234,355
Mark BlaufussIndependent Director$239,980
Simon J. NewmanIndependent Director$221,230
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
Razvan RadulescuRSU———3,416—$42,188
Razvan RadulescuRSU———2,037—84,984
Ted ScartzOPTION——2,958——99,245
Ted ScartzRSU———831—34,669
Philip HorlockRSU———68,976—2,625,916
Razvan RadulescuOPTION———3,503—22,431
Ted ScartzOPTION———2,958—18,941
Razvan RadulescuOPTION——3,503——117,530
Ted ScartzRSU———1,352—29,176
John WyskielRSU———21,434—742,474
Philip HorlockRSU———4,099—134,980
John WyskielRSU———6,263—216,950
Ted ScartzRSU———961—11,868
Razvan RadulescuRSU———3,862—83,342
Razvan RadulescuPSU——3,862——159,694
Ted ScartzPSU——1,687——70,383
Ted ScartzPSU——962——40,548
Razvan RadulescuPSU——3,416——143,984
Razvan RadulescuPSU——4,136——172,553
John WyskielPSU——6,263——216,950
Ted ScartzPSU——1,351——55,864
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Razvan Radulescu$210,514$476,231$139,96157.6%
Ted Scartz75,713166,795118,18646.2%
Philip Horlock2,760,896000.0%
John Wyskiel959,424216,950018.4%

% 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
Ted ScartzPSU5,405—$313,220
John WyskielPSU102,535—5,941,903
Razvan RadulescuPSU6,832—395,914
Razvan RadulescuPSU18,516—1,073,002
Razvan RadulescuPSU15,446—895,096
Ted ScartzPSU7,551—437,580
Ted ScartzPSU1,923—111,438
Razvan RadulescuOption7,00612.35—
Ted ScartzOption5,91612.35—
05

Incentive-plan design — the Compensation Discussion & Analysis

The primary objectives of the executive compensation program are to motivate executive officers to achieve goals by closely linking their performance and the Company's performance to compensation, and to align executive officers' interests with those of the Company and its stockholders through significant equity-based compensation.

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-03-1124,612,253885,233379,79296.53%Passed
20232023-03-0825,172,5121,810,33826,06493.29%Passed
20202020-03-0422,191,240132,88837,41099.4%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
20262026-03-1196.53%a
20232023-03-0893.29%b
20202020-03-0499.4%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions and broker "non-votes" will not be counted as votes cast and will not affect the voting results for any of the proposals identified in the Notice of Annual Meeting.”.

c. Approved under the standard stated in the filing — “Broker "non-votes" and abstentions will have no effect with respect to the approval 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)135 : 1
CEO total compensation—
Median employee compensation$74,230
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Douglas GrimmIndependent · Board Chair · Compensation · Corporate Governance and Nominating$151,875$184,968$0—$0$336,843
Mark BlaufussIndependent · Audit (Chair)105,000134,9800—0239,980
Julie FreamIndependent · Corporate Governance and Nominating (Chair)99,375134,9800—0234,355
Kevin PennIndependent · Compensation (Chair) · Corporate Governance and Nominating99,375134,9800—0234,355
Dan ThauIndependent · Audit86,250134,9800—0221,230
Simon J. NewmanIndependent · Compensation86,250134,9800—0221,230
Edward T. HightowerIndependent · Audit86,250134,9800—0221,230
John F. WyskielEmployee director00——00
Philip HorlockEmployee director · Departed during FY—————0
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$135,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guidelineThe settlement date for the RSUs awarded prior to implementation of the Director Stock Ownership Guidelines for fiscal 2025 was the earlier of the date when the director’s service terminates, or consummation of a change in control of the Company.
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$714,375
Equity awards (grant-date value)$994,848
All other compensation$0
Total cost of the board$1,709,223

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 Blue Bird 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 Blue Bird.

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
1Thor Industries Inc.2025Robert Martin$750,000$7,149,005$0$6,692,530$14,613,718
2Federal Signal Corp.2025Jennifer Sherman1,016,6173,635,6461,211,8522,255,0008,421,321
3Astec Industries Inc.2025Jaco van der Merwe836,5392,244,3700779,4554,030,731
4Commercial Vehicle Group Inc.2025James Ray879,2313,059,120003,949,428
5Blue Bird2025John Wyskiel524,7121,176,37401,306,8753,432,264
6Douglas Dynamics, Inc.2025Mark Van Genderen651,4211,110,23901,219,6113,008,565

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
Blue Birdnot disclosednot disclosednot disclosednot disclosed
Astec Industries Inc.not disclosedPSU 65 · RSU 35not disclosedFrederic W. Cook & Co., Inc.
Commercial Vehicle Group Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Douglas Dynamics, Inc.174.2%PSU 50 · RSU 50Yes — Relative TSRFrederic W. Cook & Co, Inc.
Federal Signal Corp.not disclosedPSU 50 · Option 25 · Restricted Stock 25not disclosedMeridian
Thor Industries Inc.not disclosedRSU 50 · PSU 50not disclosedWTW

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.

10d

Frequently asked questions

Who was the highest-paid executive at Blue Bird in fiscal 2025?
As disclosed, Philip Horlock (Former President and Chief Executive Officer) was the highest-paid executive at Blue Bird in fiscal 2025, with total compensation of $6,567,615.
How does Blue Bird's chief executive pay compare to its disclosed peer group?
As disclosed, John Wyskiel's total compensation ranked at the 20th percentile of Blue Bird's disclosed peer group.
What is Blue Bird's CEO-to-median employee pay ratio?
As disclosed, Blue Bird's CEO-to-median employee pay ratio was 135:1.
How did shareholders vote on Blue Bird's executive compensation?
As disclosed, 96.53% of shareholders supported Blue Bird's executive compensation in the latest say-on-pay vote.
How much does Blue Bird spend in total on board compensation for fiscal 2025?
As disclosed, Blue Bird reported total board compensation of $1,709,223 for fiscal 2025.

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.

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, Philip HorlockDEF 14A2026-01-260001140361-26-002269Section “Summary Compensation Table” · page 46. As printed: 6,567,615. Filing ↗machine: r4 · c27 · span 732318–732327
2Section 01, John WyskielDEF 14A2026-01-260001140361-26-002269Section “Summary Compensation Table” · page 46. As printed: 3,432,264. Filing ↗machine: r2 · c27 · span 722573–722582
3Section 01, Razvan RadulescuDEF 14A2026-01-260001140361-26-002269Section “Summary Compensation Table” · page 46. As printed: 2,854,652. Filing ↗machine: r8 · c27 · span 751340–751349
4Section 01, Ted ScartzDEF 14A2026-01-260001140361-26-002269Section “Summary Compensation Table” · page 46. As printed: 1,399,014. Filing ↗machine: r12 · c27 · span 770564–770573
5Section 03, Razvan Radulescu RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 980668–980674
6Section 03, Razvan Radulescu RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1004432–1004438
7Section 03, Ted Scartz OPTIONDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗
8Section 03, Ted Scartz RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1056019–1056025
9Section 03, Philip Horlock RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗
10Section 03, Razvan Radulescu OPTIONDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 968250–968256
11Section 03, Ted Scartz OPTIONDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1025315–1025321
12Section 03, Razvan Radulescu OPTIONDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗
13Section 03, Ted Scartz RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1046195–1046201
14Section 03, John Wyskiel RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 896926–896933
15Section 03, Philip Horlock RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗
16Section 03, John Wyskiel RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 890898–890905
17Section 03, Ted Scartz RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1035964–1035970
18Section 03, Razvan Radulescu RSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 992627–992633
19Section 03, Razvan Radulescu PSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 986848–986855
20Section 03, Ted Scartz PSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1051067–1051073
21Section 03, Ted Scartz PSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1030605–1030611
22Section 03, Razvan Radulescu PSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 974889–974896
23Section 03, Razvan Radulescu PSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 998807–998814
24Section 03, John Wyskiel PSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 885120–885127
25Section 03, Ted Scartz PSUDEF 14A1900-01-010001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1040836–1040842
26Section 07, pay ratioDEF 14A2026-01-260001140361-26-002269Section “CEO Pay Ratio”. As printed: 135 : 1. Filing ↗machine: span 1169022–1169025
27Section 08, Douglas GrimmDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 336,843. Filing ↗machine: span 682813–682997
28Section 08, Mark BlaufussDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 239,980. Filing ↗machine: span 678007–678191
29Section 08, Julie FreamDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 234,355. Filing ↗machine: span 680248–680432
30Section 08, Kevin PennDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 234,355. Filing ↗machine: span 692604–692788
31Section 08, Dan ThauDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 221,230. Filing ↗machine: span 694784–694967
32Section 08, Simon J. NewmanDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 221,230. Filing ↗machine: span 690013–690197
33Section 08, Edward T. HightowerDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 221,230. Filing ↗machine: span 685074–685258
34Section 08, John F. WyskielDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 0. Filing ↗
35Section 08, Philip HorlockDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 0. Filing ↗
36Section 06, 2026 voteForm 8-K2026-03-110001589526-26-000013Item 5.07 · say-on-pay result. As reported: 96.53% (votes for as printed: 24,612,253). Filing ↗
37Section 06, 2023 voteForm 8-K2023-03-100001589526-23-000030Item 5.07 · say-on-pay result. As reported: 93.29% (votes for as printed: 25,172,512). Filing ↗
38Section 06, 2020 voteForm 8-K2020-03-040001589526-20-000038Item 5.07 · say-on-pay result. As reported: 99.4%. Filing ↗
39Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
40Section 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).machine: formula: sums + PSU ratio
41Section 09b board cost (computed)Computed——Cash 714,375 + equity 994,848 + all other 0 = 1,709,223, summed across the director compensation table rows.machine: formula: Σ = 1,709,223
42Thor Industries Inc., Section 10b CEO totalDEF 14A2025-11-030001140361-25-040168CEO total compensation as printed in Thor Industries Inc.'s own proxy. As printed: 14,613,718. Filing ↗
43Federal Signal Corp., Section 10b CEO totalDEF 14A2026-03-060001628280-26-015646CEO total compensation as printed in Federal Signal Corp.'s own proxy. As printed: 8,421,321. Filing ↗machine: span 649769–649778
44Astec Industries Inc., Section 10b CEO totalDEF 14A2026-03-130001104659-26-027745CEO total compensation as printed in Astec Industries Inc.'s own proxy. As printed: 4,030,731. Filing ↗machine: r1 · c42 · span 839356–839365
45Commercial Vehicle Group Inc., Section 10b CEO totalDEF 14A2026-04-270001628280-26-027295CEO total compensation as printed in Commercial Vehicle Group Inc.'s own proxy. As printed: 3,949,428. Filing ↗machine: r3 · c45 · span 663533–663542
46Blue Bird (subject), Section 10b CEO totalDEF 14A2026-01-260001140361-26-002269CEO total compensation as printed in Blue Bird's own proxy. As printed: 3,432,264. Filing ↗machine: r2 · c27 · span 722573–722582
47Douglas Dynamics, Inc., Section 10b CEO totalDEF 14A2026-03-200001437749-26-009126CEO total compensation as printed in Douglas Dynamics, Inc.'s own proxy. As printed: 3,008,565. Filing ↗
48Section 10a, Douglas Dynamics, Inc. reciprocityDEF 14A—0001437749-26-009126Douglas Dynamics, Inc.'s most recent proxy was read; its disclosed peer group does not include Blue Bird. Filing ↗
49Section 10a, Astec Industries Inc. reciprocityDEF 14A—0001104659-26-027745Astec Industries Inc.'s most recent proxy was read; its disclosed peer group does not include Blue Bird. Filing ↗
50Section 10a, Thor Industries Inc. reciprocityDEF 14A—0001140361-25-040168Thor Industries Inc.'s most recent proxy was read; its disclosed peer group does not include Blue Bird. Filing ↗
51Section 10a, Commercial Vehicle Group Inc. reciprocityDEF 14A—0001628280-26-027295Commercial Vehicle Group Inc. names Blue Bird in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Federal Signal Corp. reciprocityDEF 14A—0001628280-26-015646Federal Signal Corp.'s most recent proxy was read; its disclosed peer group does not include Blue Bird. Filing ↗