Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2025-03-03

CARVER BANCORP INC (CARV)

CEO Craig MacKay was paid $211,499 in fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001104659-24-113051 ↗): 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.

$330,146
Michael Pugh total, FY2024
Former President and Chief Executive Officer — highest-paid officer; CEO Craig MacKay: $211,499
1st
CEO (Craig MacKay) pay percentile vs peers
—
CEO-to-median pay ratio
—
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Craig MacKay (Interim President and Chief Executive Officer), FY2024 total compensation $211,499 (base salary $205,961) [exec_comp, SEC accession 0001104659-24-113051, filed 2024-10-31]

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01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Pugh$321,908$0$0$0$0$0$8,238$330,146
Former President and Chief Executive Officer
Marc Winkler291,403016,62000011,209319,232
Senior Vice President and Chief Administrative Officer
Christina Maier267,152016,6200005,414289,186
First Senior Vice President and Chief Financial Officer
Craig MacKay205,961000005,538211,499
Interim President and Chief Executive Officer

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 officerFY2024 totalFY2023 totalFY2022 totalΔ FY2023→2024
Michael Pugh$330,146$543,120$455,538↓ −212,974
Marc Winkler319,232———
Christina Maier289,186298,906—↓ −9,720
Craig MacKay211,499———

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

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$330,146 Michael Pugh total, FY2024

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Data as of March 3, 2025 · Source: 0001104659-24-113051 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Executive Compensation ReportThe free page is the headline figures. The report is every award, peer and vote combined into one document you can hand to a committee.$1,500 →Reverse Peer AnalysisThe free page is the one line. The analysis reads every company that names this one in its own peer group.$299 →Peer Teardown ReportThe free page is the headline. The teardown reads every company in the disclosed peer group on its own numbers.$199 →
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Companies that benchmark against CARV
No companies currently name CARV as a compensation peer in their most recent disclosure.

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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.

ExecutiveRoleFY2024 total
Christina MaierCFO$289,186
Craig MacKayCEO$211,499
Marc WinklerExecutive$319,232
Michael PughExecutive$330,146
01c

Board of directors

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

DirectorRoleFY2024 total
Colvin W. GrannumIndependent Director$62,900
Jillian E. JosephIndependent Director$50,000
Kenneth J. KnucklesIndependent Director$61,000
Lewis P. Jones IIIChair of the Board$78,000
Pazel G. Jackson, JrIndependent Director$78,100
Robin L. NunnIndependent Director$45,500
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2024 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Donald FelixPresident and CEO2025-02-27A58,139$0$0CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Marc WinklerOTHER—————$16,620
Christina MaierOTHER—————16,620
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% 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 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Marc WinklerRSU6,000—$9,180
Christina MaierRSU1,000—1,530
Craig MacKayOption1,0003.48—
Christina MaierRSU6,000—9,180
05

Incentive-plan design — the Compensation Discussion & Analysis

Carver's compensation philosophy emphasizes equity-based incentive awards to align employee and director interests with those of stockholders, promote long-term value creation through time-based and/or performance-based vesting criteria, and support a pay-for-performance culture. Cash and equity compensation are designed to attract, retain, and reward individuals who contribute to the Company's long-term financial success.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantnot disclosed
Clawback policyTrue
Anti-hedgingfalse
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-12-125,140,872————

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
20242024-12-12—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.

08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Pazel G. Jackson, JrIndependent · Finance and Audit · Nominating/Corporate Governance · Compensation and Human Resources · Executive · Asset/Liability and Interest Rate Risk (Chair) · Compliance · Institutional Strategy$78,100$0$0$0$0$78,100
Lewis P. Jones IIIIndependent · Board Chair · Executive · Compliance (Chair)78,000000078,000
Colvin W. GrannumIndependent · Finance and Audit (Chair) · Nominating/Corporate Governance (Chair) · Compensation and Human Resources · Executive · Asset/Liability and Interest Rate Risk · Compliance · Institutional Strategy62,900000062,900
Kenneth J. KnucklesIndependent · Finance and Audit · Nominating/Corporate Governance · Compensation and Human Resources (Chair) · Executive · Asset/Liability and Interest Rate Risk61,000000061,000
Jillian E. JosephIndependent · Asset/Liability and Interest Rate Risk · Compliance · Institutional Strategy50,000000050,000
Robin L. NunnIndependent · Nominating/Corporate Governance · Compensation and Human Resources · Compliance · Institutional Strategy45,500000045,500
Craig C. MacKayEmployee director · Executive · Asset/Liability and Interest Rate Risk · Institutional Strategy (Chair)25,60000—025,600
09

Board fee structure and ownership guideline

Annual cash retainer$20,000
Annual equity retainer—
Per board meeting fee$1,000
Committee chair fees (audit / comp / nom-gov)8,000 / 8,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$401,100
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$401,100

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

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
1CARVER BANCORP INC2024Craig MacKay$205,961$0$0$0$211,499

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.

10d

Frequently asked questions

Who was the highest-paid executive at CARVER BANCORP INC in fiscal 2024?
As disclosed, Michael Pugh (Former President and Chief Executive Officer) was the highest-paid executive at CARVER BANCORP INC in fiscal 2024, with total compensation of $330,146.
How does CARVER BANCORP INC's chief executive pay compare to its disclosed peer group?
As disclosed, Craig MacKay's total compensation ranked at the 1st percentile of CARVER BANCORP INC's disclosed peer group.
How much does CARVER BANCORP INC spend in total on board compensation for fiscal 2024?
As disclosed, CARVER BANCORP INC reported total board compensation of $401,100 for fiscal 2024.

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, Michael PughDEF 14A2024-10-310001104659-24-113051Section “Executive Compensation”. As printed: 330,146. Filing ↗machine: span 343589–343596
2Section 01, Marc WinklerDEF 14A2024-10-310001104659-24-113051Section “Executive Compensation”. As printed: 319,232. Filing ↗machine: span 368763–368770
3Section 01, Christina MaierDEF 14A2024-10-310001104659-24-113051Section “Executive Compensation”. As printed: 289,186. Filing ↗machine: span 356144–356151
4Section 01, Craig MacKayDEF 14A2024-10-310001104659-24-113051Section “Executive Compensation”. As printed: 211,499. Filing ↗machine: span 335229–335236
5Section 03, Marc Winkler OTHERDEF 14A2024-10-310001104659-23-085255Section “SUMMARY COMPENSATION TABLE AT MARCH&” · grants of plan-based awards table. Filing ↗
6Section 03, Christina Maier OTHERDEF 14A2024-10-310001104659-23-085255Section “SUMMARY COMPENSATION TABLE AT MARCH&” · grants of plan-based awards table. Filing ↗
7Section 08, Pazel G. Jackson, JrDEF 14A2024-10-310001104659-24-113051Section “Director Compensation”. As printed: 78,100. Filing ↗machine: t67 · r8 · c3 · span 562234–562240
8Section 08, Lewis P. Jones IIIDEF 14A2024-10-310001104659-24-113051Section “Director Compensation”. As printed: 78,000. Filing ↗machine: t67 · r10 · c3 · span 567326–567332
9Section 08, Colvin W. GrannumDEF 14A2024-10-310001104659-24-113051Section “Director Compensation”. As printed: 62,900. Filing ↗machine: t67 · r11 · c3 · span 569730–569736
10Section 08, Kenneth J. KnucklesDEF 14A2024-10-310001104659-24-113051Section “Director Compensation”. As printed: 61,000. Filing ↗machine: t67 · r12 · c3 · span 572147–572153
11Section 08, Jillian E. JosephDEF 14A2024-10-310001104659-24-113051Section “Director Compensation”. As printed: 50,000. Filing ↗machine: t67 · r14 · c3 · span 576968–576974
12Section 08, Robin L. NunnDEF 14A2024-10-310001104659-24-113051Section “Director Compensation”. As printed: 45,500. Filing ↗machine: t67 · r9 · c3 · span 564910–564916
13Section 08, Craig C. MacKayDEF 14A2024-10-310001104659-24-113051Section “Director Compensation”. As printed: 25,600. Filing ↗machine: t67 · r13 · c3 · span 574553–574559
14Section 02, Donald Felix 2025-02-27Form 42025-03-030001437749-25-005932Insider equity transaction reported since the proxy statement. Filing ↗
15Section 06, 2024 voteForm 8-K2024-10-310001104659-24-113051Item 5.07 · say-on-pay result. As reported: —. Filing ↗
16Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
17Section 09b board cost (computed)Computed——Cash 401,100 + equity 0 + all other 0 = 401,100, summed across the director compensation table rows.machine: formula: Σ = 401,100
18CARVER BANCORP INC (subject), Section 10b CEO totalDEF 14A2024-10-310001104659-24-113051CEO total compensation as printed in CARVER BANCORP INC's own proxy. As printed: 211,499. Filing ↗machine: span 335229–335236

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