Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-03-20

Blue Bird (BLBD)

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.

$6,567,615
Philip Horlock total, FY2025
Former President and Chief Executive Officerhighest-paid officer; CEO John Wyskiel: $3,432,264
99th
CEO (John Wyskiel) pay percentile vs peers
135:1
CEO-to-median pay ratio
96.53%
Say-on-pay support, latest vote
Companies that benchmark against BLBD
No companies currently name BLBD as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

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 FY20242025
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.

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 RadulescuPSU
Razvan RadulescuOPTION3,503117,530
Razvan RadulescuRSU4,136172,553
Razvan RadulescuRSU3,86283,342
Razvan RadulescuRSU2,03784,984
Razvan RadulescuRSU3,41642,188
Razvan RadulescuRSU3,862159,694
Razvan RadulescuOPTION3,50322,431
Razvan RadulescuRSU3,416143,984
Ted ScartzRSU1,35229,176
Ted ScartzOPTION2,95899,245
Ted ScartzOPTION2,95818,941
Ted ScartzRSU96240,548
Ted ScartzRSU96111,868
Ted ScartzPSU
Ted ScartzRSU1,35155,864
Ted ScartzRSU83134,669
Ted ScartzRSU1,68770,383
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Razvan Radulescu$686,745$0$139,9610.0%
Ted Scartz242,5080118,1860.0%

% 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
John WyskielPSU102,535$5,941,903
Razvan RadulescuPSU18,5161,073,002
Razvan RadulescuPSU15,446895,096
Ted ScartzPSU7,551437,580
Razvan RadulescuPSU6,832395,914
Ted ScartzPSU5,405313,220
Ted ScartzPSU1,923111,438
Razvan RadulescuOption7,00612.35
Ted ScartzOption5,91612.35
05

Incentive-plan design — the Compensation Discussion & Analysis

The program is designed to motivate executive officers to achieve goals by closely linking their performance and the Company’s performance to compensation, aligning executive interests with Stockholders through equity-based compensation, and providing market-competitive pay to attract and retain talent.

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$336,843
Mark BlaufussIndependent · Audit (Chair)105,000134,9800239,980
Kevin PennIndependent · Compensation (Chair) · Corporate Governance and Nominating99,375134,9800234,355
Julie FreamIndependent · Corporate Governance and Nominating (Chair)99,375134,9800234,355
Simon J. NewmanIndependent · Compensation86,250134,9800221,230
Edward T. HightowerIndependent · Audit86,250134,9800221,230
Dan ThauIndependent · Audit86,250134,9800221,230
John F. WyskielEmployee director0000
Philip HorlockEmployee director · Not standing for re-election · Departed during FY0000
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.

PLOW Douglas Dynamics, Inc. NFI Group Inc.ASTE Astec Industries Inc.THO Thor Industries Inc.CVGI Commercial Vehicle Group Inc.FSS Federal Signal Corp.
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.

Douglas Dynamics, Inc. (PLOW)41 Astec Industries Inc. (ASTE) Thor Industries Inc. (THO) Commercial Vehicle Group Inc. (CVGI) Federal Signal Corp. (FSS)

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
1Blue Bird2025John Wyskiel$524,712$1,176,374$0$1,306,875$3,432,264
2Douglas Dynamics, Inc.2025Mark Van Genderen651,4211,110,23901,219,6113,008,565
Astec Industries Inc.not in coverage universe
Thor Industries Inc.not in coverage universe
Commercial Vehicle Group Inc.not in coverage universe
Federal Signal Corp.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
Blue Birdnot disclosedPRSU 67 · RSU 33not disclosednot disclosed
Astec Industries Inc.not disclosednot disclosednot disclosednot disclosed
Commercial Vehicle Group Inc.not disclosednot disclosednot disclosednot disclosed
Douglas Dynamics, Inc.174.2%PSU 50 · RSU 50Yes — Relative TSRFrederic W. Cook & Co, Inc.
Federal Signal Corp.not disclosednot disclosednot disclosednot disclosed
Thor Industries Inc.not disclosednot disclosednot disclosednot disclosed

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, 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 PSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗
6Section 03, Razvan Radulescu OPTIONDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗
7Section 03, Razvan Radulescu RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 998807–998814
8Section 03, Razvan Radulescu RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 992627–992633
9Section 03, Razvan Radulescu RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1004432–1004438
10Section 03, Razvan Radulescu RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 980668–980674
11Section 03, Razvan Radulescu RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 986848–986855
12Section 03, Razvan Radulescu OPTIONDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 968250–968256
13Section 03, Razvan Radulescu RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 974889–974896
14Section 03, Ted Scartz RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1046195–1046201
15Section 03, Ted Scartz OPTIONDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗
16Section 03, Ted Scartz OPTIONDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1025315–1025321
17Section 03, Ted Scartz RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1030605–1030611
18Section 03, Ted Scartz RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1035964–1035970
19Section 03, Ted Scartz PSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗
20Section 03, Ted Scartz RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1040836–1040842
21Section 03, Ted Scartz RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1056019–1056025
22Section 03, Ted Scartz RSUDEF 14A2026-01-260001140361-26-002269Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1051067–1051073
23Section 07, pay ratioDEF 14A2026-01-260001140361-26-002269Section “CEO Pay Ratio”. As printed: 135 : 1. Filing ↗machine: span 1169022–1169025
24Section 08, Douglas GrimmDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 336,843. Filing ↗machine: span 682982–682990
25Section 08, Mark BlaufussDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 239,980. Filing ↗machine: span 678176–678184
26Section 08, Kevin PennDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 234,355. Filing ↗machine: span 692773–692781
27Section 08, Julie FreamDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 234,355. Filing ↗machine: span 680417–680425
28Section 08, Simon J. NewmanDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 221,230. Filing ↗machine: span 690182–690190
29Section 08, Edward T. HightowerDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 221,230. Filing ↗machine: span 685243–685251
30Section 08, Dan ThauDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 221,230. Filing ↗machine: span 694953–694961
31Section 08, John F. WyskielDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 0. Filing ↗
32Section 08, Philip HorlockDEF 14A2026-01-260001140361-26-002269Section “Director Compensation”. As printed: 0. Filing ↗
33Section 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 ↗
34Section 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 ↗
35Section 06, 2020 voteForm 8-K2020-03-040001589526-20-000038Item 5.07 · say-on-pay result. As reported: 99.4%. Filing ↗
36Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
37Section 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
38Section 09b board cost (computed)ComputedcomputedCash 714,375 + equity 994,848 + all other 0 = 1,709,223, summed across the director compensation table rows.machine: formula: Σ = 1,709,223
39Blue 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
40Douglas 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 ↗machine: t83 · r2 · c29 · span 498646–498655
41Section 10a, Douglas Dynamics, Inc. reciprocityDEF 14A0001437749-26-009126Douglas Dynamics, Inc.'s most recent proxy was read; its disclosed peer group does not include Blue Bird. Filing ↗