Velarion · Company Intelligence
Compensation Brief
Fiscal year 2026 · Filings through 2026-08-18

CAL-MAINE Foods (CALM)

Fiscal year 2026 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.

$2,109,221
Sherman Miller total, FY2026
9th
CEO pay percentile vs peers
50:1
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against CALM
4 companies name CALM as a compensation peer

Each company listed discloses CALM 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 CALM 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 2026

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Sherman Miller$627,538$800,000$502,523$0$0$36,135$143,025$2,109,221
President/CEO
Max Bowman402,885399,672319,5890012,863110,8281,245,837
VP/CFO/Treasurer/Secretary
Michael Walters409,615401,370328,52100081,5121,221,018
VP/COO
Robert Holladay361,538357,500286,6750033,743103,9791,143,435
VP/General Counsel
Adolphus Baker490,070163,932292,45400098,3381,044,794
Board Chair

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 officerFY2026 totalFY2025 totalFY2024 totalΔ FY20252026
Sherman Miller$2,109,221$1,692,760$1,107,975+416,461
Max Bowman1,245,8371,401,5181,004,394−155,681
Michael Walters1,221,0181,120,275704,783+100,743
Robert Holladay1,143,4351,128,904780,058+14,531
Adolphus Baker1,044,7941,026,319848,370+18,475

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 2026

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Adolphus BakerPSU2025-06-011,0202,0403,060$195,697
Adolphus BakerRSU2026-01-121,31096,757
Max BowmanRSU2026-01-122,432179,628
Max BowmanPSU2025-06-017301,4592,189139,962
Robert HolladayPSU2025-06-016571,3131,970125,956
Robert HolladayRSU2026-01-122,176160,719
Sherman MillerRSU2026-01-124,097302,604
Sherman MillerPSU2025-06-011,0422,0843,126199,918
Michael WaltersPSU2025-06-016781,3552,033129,985
Michael WaltersRSU2026-01-122,688198,536
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Adolphus Baker$96,757$195,697$066.9%
Max Bowman179,628139,962043.8%
Robert Holladay160,719125,956043.9%
Sherman Miller302,604199,918039.8%
Michael Walters198,536129,985039.6%

% 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 2026

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Sherman MillerPSU1,631$121,868
Sherman MillerPSU2,886215,642
Michael WaltersPSU1,05678,904
Sherman MillerPSU4,097306,128
Sherman MillerPSU3,126233,575
Adolphus BakerPSU3,060228,643
Michael WaltersPSU2,688200,847
Max BowmanPSU2,432181,719
Max BowmanPSU2,279170,287
Max BowmanPSU2,189163,562
Robert HolladayPSU2,176162,591
Michael WaltersPSU2,033151,906
Robert HolladayPSU2,027151,457
Robert HolladayPSU1,970147,198
Adolphus BakerPSU1,863139,203
Michael WaltersPSU1,670124,782
Adolphus BakerPSU1,31097,883
Max BowmanPSU1,24893,251
Robert HolladayPSU1,11383,163
Adolphus BakerPSU98273,375
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company intends to compensate employees at a level that appropriately rewards them for their performance, minimizes turnover, and enables the attraction of sufficient talent as the business expands. The program is designed to align executive interests with stockholders through performance-based long-term incentive awards and is reviewed annually to meet evolving governance standards.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMercer (US) Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
07

CEO pay ratio

Ratio (CEO : median employee)50 : 1
CEO total compensation
Median employee compensation$47,899
08

Director compensation — fiscal year 2026

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Melanie BouldenIndependent · Audit · Compensation · Nominating and Corporate Governance$33,750$197,620$231,370
Letitia C. HughesIndependent · Lead Independent Director · Audit (Chair) · Compensation · Nominating and Corporate Governance90,00096,757186,757
Steve W. SandersIndependent · Audit · Compensation · Nominating and Corporate Governance (Chair)75,00096,757171,757
Camille S. YoungIndependent · Compensation (Chair) · Audit · Nominating and Corporate Governance75,00096,757171,757
James E. PooleIndependent · Departed during FY63,75096,757160,507
Dudley D. WooleyIndependent · Audit · Compensation · Nominating and Corporate Governance · Newly elected11,25099,202110,452
Sherman L. MillerEmployee director · Executive0
Adolphus B. BakerEmployee director · Board Chair · Executive (Chair)0
Max P. BowmanEmployee director · Executive0
Michael J. HighfieldIndependent · Audit · Compensation · Nominating and Corporate Governance · Newly elected
Haley R. FisackerlyIndependent · Audit · Compensation · Nominating and Corporate Governance · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$45,000
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline$90,000
09b

Total cost of the board

ComponentFY2026
Cash retainers and fees$348,750
Equity awards (grant-date value)$683,850
All other compensation$0
Total cost of the board$1,032,600

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

10

Disclosed peer group — fiscal year 2026

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 CAL-MAINE Foods 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 CAL-MAINE Foods.

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
1Post Holdings, Inc.2025Robert Vitale$1,281,250$14,811,295$0$0$16,621,445
2Lamb Weston Holdings, Inc.2026Michael Smith1,000,0005,704,5577,379,9361,830,00016,004,614
3Primo Brands Corporation2025Eric Foss161,53814,418,9440014,908,091
4Fresh Del Monte Produce Inc.2025Mohammad Abu-Ghazaleh1,200,0684,295,97804,601,70010,144,565
5Darling Ingredients, Inc.2025Randall Stuewe1,284,2316,681,03001,328,1129,402,554
6Flowers Foods, Inc.2025A. Ryals McMullian1,041,7305,735,8420733,5247,776,698
7B&G Foods, Inc.2025Kenneth Keller1,224,2582,625,8640710,4374,589,619
8The Hain Celestial Group, Inc.2025Wendy Davidson789,8083,530,682004,546,417
9Utz Brands, Inc.2025Howard Friedman968,2892,699,0440609,9364,391,269
10The Simply Good Foods Company2025Geoff Tanner816,6672,747,7580748,0004,330,633
11J&J Snack Foods Corp.2025Daniel Fachner1,021,9232,059,9740834,3003,978,648
12Vital Farms, Inc.2025Russell Diez-Canseco749,8082,149,9750697,5003,616,512
13CAL-MAINE Foods2026Sherman Miller627,538502,523002,109,221
14The Boston Beer Company, Inc.2025C. James Koch00005,695
Treehouse Foods, 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
CAL-MAINE Foodsnot disclosednot disclosednot disclosedMercer (US) Inc.
B&G Foods, Inc.not disclosedPSU 50 · Restricted Stock 50not disclosedMeridian Compensation Partners
Darling Ingredients, Inc.70%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Flowers Foods, Inc.56.3%PSU 70 · RSU 30Yes — TSR vs. Peer GroupMeridian
Fresh Del Monte Produce Inc.277.8%PSU 50 · RSU 50NoWillis Towers Watson (WTW)
J&J Snack Foods Corp.not disclosednot disclosednot disclosednot disclosed
Lamb Weston Holdings, Inc.122%RSU 40 · PSU 30 · Options 30Yes — Relative TSRF.W. Cook
Post Holdings, Inc.124.4%PRSU 50 · RSU 50Yes — Relative Total Shareholder Return (TSR)Aon
Primo Brands Corporationnot disclosednot disclosednot disclosednot disclosed
The Boston Beer Company, Inc.not disclosedRSU 50 · PSU 50NoFrederic W. Cook & Co., Inc.
The Hain Celestial Group, Inc.not disclosedRSU 50 · PSU 50Yes — Relative TSR versus the S&P Food & Beverage Select Industry IndexClearBridge Compensation Group, LLC
The Simply Good Foods Companynot disclosednot disclosednot disclosednot disclosed
Treehouse Foods, Inc.not disclosednot disclosednot disclosednot disclosed
Utz Brands, Inc.not disclosednot disclosednot disclosednot disclosed
Vital Farms, Inc.not disclosedPSU 50 · RSU 50not disclosedFrederic W. Cook & Co., Inc.

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, Sherman MillerDEF 14A2026-08-180001140361-26-033569Section “COMPENSATION TABLES” · page 32. As printed: 2,109,221. Filing ↗machine: r4 · c7 · span 408100–408109
2Section 01, Max BowmanDEF 14A2026-08-180001140361-26-033569Section “COMPENSATION TABLES” · page 32. As printed: 1,245,837. Filing ↗machine: r7 · c7 · span 412887–412896
3Section 01, Michael WaltersDEF 14A2026-08-180001140361-26-033569Section “COMPENSATION TABLES” · page 32. As printed: 1,221,018. Filing ↗machine: r13 · c7 · span 422503–422512
4Section 01, Robert HolladayDEF 14A2026-08-180001140361-26-033569Section “COMPENSATION TABLES” · page 32. As printed: 1,143,435. Filing ↗machine: r10 · c7 · span 417717–417726
5Section 01, Adolphus BakerDEF 14A2026-08-180001140361-26-033569Section “COMPENSATION TABLES” · page 32. As printed: 1,044,794. Filing ↗machine: r1 · c7 · span 403337–403346
6Section 03, Adolphus Baker PSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 459478–459485
7Section 03, Adolphus Baker RSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 457386–457392
8Section 03, Max Bowman RSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, Max Bowman PSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 468990–468997
10Section 03, Robert Holladay PSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 473763–473770
11Section 03, Robert Holladay RSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
12Section 03, Sherman Miller RSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
13Section 03, Sherman Miller PSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 464243–464250
14Section 03, Michael Walters PSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 479487–479494
15Section 03, Michael Walters RSUDEF 14A2026-08-180001140361-26-033569Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
16Section 07, pay ratioDEF 14A2026-08-180001140361-26-033569Section “CEO Pay Ratio”. As printed: 50 : 1. Filing ↗
17Section 08, Melanie BouldenDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 231,370. Filing ↗machine: span 749141–749229
18Section 08, Letitia C. HughesDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 186,757. Filing ↗machine: span 750238–750326
19Section 08, Steve W. SandersDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 171,757. Filing ↗machine: span 752473–752561
20Section 08, Camille S. YoungDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 171,757. Filing ↗machine: span 753571–753659
21Section 08, James E. PooleDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 160,507. Filing ↗machine: span 751386–751474
22Section 08, Dudley D. WooleyDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 110,452. Filing ↗machine: span 754658–754746
23Section 08, Sherman L. MillerDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 0. Filing ↗
24Section 08, Adolphus B. BakerDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 0. Filing ↗
25Section 08, Max P. BowmanDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: 0. Filing ↗
26Section 08, Michael J. HighfieldDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: —. Filing ↗
27Section 08, Haley R. FisackerlyDEF 14A2026-08-180001140361-26-033569Section “Director Compensation”. As printed: —. Filing ↗
28Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
29Section 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
30Section 09b board cost (computed)ComputedcomputedCash 348,750 + equity 683,850 + all other 0 = 1,032,600, summed across the director compensation table rows.machine: formula: Σ = 1,032,600
31Post Holdings, Inc., Section 10b CEO totalDEF 14A2025-12-150001530950-25-000284CEO total compensation as printed in Post Holdings, Inc.'s own proxy. As printed: 16,621,445. Filing ↗machine: r2 · c54 · span 657892–657902
32Lamb Weston Holdings, Inc., Section 10b CEO totalDEF 14A2026-07-300001679273-26-000036CEO total compensation as printed in Lamb Weston Holdings, Inc.'s own proxy. As printed: 16,004,614. Filing ↗machine: r2 · c54 · span 960382–960392
33Primo Brands Corporation, Section 10b CEO totalDEF 14A2026-03-180001140361-26-009985CEO total compensation as printed in Primo Brands Corporation's own proxy. As printed: 14,908,091. Filing ↗machine: r2 · c24 · span 735084–735094
34Fresh Del Monte Produce Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-175837CEO total compensation as printed in Fresh Del Monte Produce Inc.'s own proxy. As printed: 10,144,565. Filing ↗machine: r5 · c25 · span 1802544–1802554
35Darling Ingredients, Inc., Section 10b CEO totalDEF 14A2026-03-190001193125-26-116042CEO total compensation as printed in Darling Ingredients, Inc.'s own proxy. As printed: 9,402,554. Filing ↗machine: t222 · r3 · c27 · span 972629–972638
36Flowers Foods, Inc., Section 10b CEO totalDEF 14A2026-04-140001104659-26-043025CEO total compensation as printed in Flowers Foods, Inc.'s own proxy. As printed: 7,776,698. Filing ↗machine: r1 · c48 · span 1362376–1362385
37B&G Foods, Inc., Section 10b CEO totalDEF 14A2026-04-030001104659-26-039621CEO total compensation as printed in B&G Foods, Inc.'s own proxy. As printed: 4,589,619. Filing ↗
38The Hain Celestial Group, Inc., Section 10b CEO totalDEF 14A2025-09-180001193125-25-207370CEO total compensation as printed in The Hain Celestial Group, Inc.'s own proxy. As printed: 4,546,417. Filing ↗machine: t83 · r14 · c38 · span 1813238–1813247
39Utz Brands, Inc., Section 10b CEO totalDEF 14A2026-03-120001193125-26-103020CEO total compensation as printed in Utz Brands, Inc.'s own proxy. As printed: 4,391,269. Filing ↗machine: r5 · c22 · span 1911475–1911484
40The Simply Good Foods Company, Section 10b CEO totalDEF 14A2025-12-170001104659-25-121934CEO total compensation as printed in The Simply Good Foods Company's own proxy. As printed: 4,330,633. Filing ↗machine: r1 · c48 · span 952887–952896
41J&J Snack Foods Corp., Section 10b CEO totalDEF 14A2026-01-020001140361-26-000149CEO total compensation as printed in J&J Snack Foods Corp.'s own proxy. As printed: 3,978,648. Filing ↗machine: r2 · c22 · span 557467–557476
42Vital Farms, Inc., Section 10b CEO totalDEF 14A2026-04-270001193125-26-182023CEO total compensation as printed in Vital Farms, Inc.'s own proxy. As printed: 3,616,512. Filing ↗machine: r4 · c38 · span 770826–770835
43CAL-MAINE Foods (subject), Section 10b CEO totalDEF 14A2026-08-180001140361-26-033569CEO total compensation as printed in CAL-MAINE Foods's own proxy. As printed: 2,109,221. Filing ↗machine: r4 · c7 · span 408100–408109
44The Boston Beer Company, Inc., Section 10b CEO totalDEF 14A2026-04-100001308179-26-000249CEO total compensation as printed in The Boston Beer Company, Inc.'s own proxy. As printed: 5,695. Filing ↗machine: r1 · c23 · span 463828–463833
45Section 10a, B&G Foods, Inc. reciprocityDEF 14A0001104659-26-039621B&G Foods, Inc.'s most recent proxy was read; its disclosed peer group does not include CAL-MAINE Foods. Filing ↗
46Section 10a, Primo Brands Corporation reciprocityDEF 14A0001140361-26-009985Primo Brands Corporation's most recent proxy was read; its disclosed peer group does not include CAL-MAINE Foods. Filing ↗
47Section 10a, Flowers Foods, Inc. reciprocityDEF 14A0001104659-24-045106Flowers Foods, Inc.'s most recent proxy was read; its disclosed peer group does not include CAL-MAINE Foods. Filing ↗
48Section 10a, Fresh Del Monte Produce Inc. reciprocityDEF 14A0001193125-26-175837Fresh Del Monte Produce Inc.'s most recent proxy was read; its disclosed peer group does not include CAL-MAINE Foods. Filing ↗
49Section 10a, Post Holdings, Inc. reciprocityDEF 14A0001530950-25-000284Post Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include CAL-MAINE Foods. Filing ↗
50Section 10a, The Boston Beer Company, Inc. reciprocityDEF 14A0001308179-26-000249The Boston Beer Company, Inc.'s most recent proxy was read; its disclosed peer group does not include CAL-MAINE Foods. Filing ↗
51Section 10a, Vital Farms, Inc. reciprocityDEF 14A0001193125-26-182023Vital Farms, Inc.'s most recent proxy was read; its disclosed peer group does not include CAL-MAINE Foods. Filing ↗
52Section 10a, Lamb Weston Holdings, Inc. reciprocityDEF 14A0001679273-26-000036Lamb Weston Holdings, Inc. names CAL-MAINE Foods in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, The Hain Celestial Group, Inc. reciprocityDEF 14A0001193125-25-207370The Hain Celestial Group, Inc.'s most recent proxy was read; its disclosed peer group does not include CAL-MAINE Foods. Filing ↗