Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-05

Cardinal Infrastructure Group (CDNL)

CEO Jeremy Spivey was paid $450,000 in fiscal year 2025, ↑ up 246.2% from fiscal year 2024 (SEC filing 0001193125-26-177393 ↗): 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.

$450,000 ↑
Jeremy Spivey total, FY2025
—
CEO pay percentile vs peers
—
CEO-to-median pay ratio
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Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Jeremy Spivey (Chairman and Chief Executive Officer), FY2025 total compensation $450,000 (base salary $450,000) [exec_comp, SEC accession 0001193125-26-177393, filed 2026-04-24]

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CDNL's next annual pay disclosure, estimated April 24, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jeremy Spivey$450,000$0$0$0$0$0$0$450,000
Chairman and Chief Executive Officer
Erik West400,000000000400,000
Chief Operating Officer, Cardinal Civil Contracting
Mike Rowe360,000000000360,000
Chief Financial 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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Jeremy Spivey$450,000$130,000—↑ +320,000
Erik West400,000130,000—↑ +270,000
Mike Rowe360,000120,000—↑ +240,000

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 CDNL
No companies currently name CDNL as a compensation peer in their most recent disclosure.

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

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
Austin J. ShanfelterIndependent Director$136,227
Ivy ZelmanLead Independent Director$128,730
Richard B. WimmerIndependent Director$141,225
Richard M. LeeIndependent Director$136,227
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
PublicRSU2,025—$2,024
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee believes that the Company’s compensation programs appropriately reward prudent business judgment and risk-taking over the long term. The Committee provides oversight with respect to any risks that may be created by these compensation programs and has concluded that they do not create risks that are reasonably likely to have a material adverse effect on the Company.

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
20262026-06-05—————

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
20262026-06-05—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 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Richard B. WimmerIndependent · Audit Committee (Chair)$0$141,225———$141,225
Richard M. LeeIndependent · Nominating Corporate Governance Committee (Chair)0136,227———136,227
Austin J. ShanfelterIndependent · Compensation Committee (Chair)0136,227———136,227
Ivy ZelmanIndependent · Lead Independent Director · Audit0128,730———128,730
Jeremy SpiveyEmployee director · Board Chair—————0
Anthony L. Wood JrNot independent · Newly elected——————
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$100,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$0
Equity awards (grant-date value)$542,409
All other compensation$0
Total cost of the board$542,409

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
1Cardinal Infrastructure Group2025Jeremy Spivey$450,000$0$0$0$450,000

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 Cardinal Infrastructure Group in fiscal 2025?
As disclosed, Jeremy Spivey (Chairman and Chief Executive Officer) was the highest-paid executive at Cardinal Infrastructure Group in fiscal 2025, with total compensation of $450,000.
How much does Cardinal Infrastructure Group spend in total on board compensation for fiscal 2025?
As disclosed, Cardinal Infrastructure Group reported total board compensation of $542,409 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, Jeremy SpiveyDEF 14A2026-04-240001193125-26-177393Section “Executive Compensation”. As printed: 450,000. Filing ↗machine: r2 · c7 · span 337048–337055
2Section 01, Erik WestDEF 14A2026-04-240001193125-26-177393Section “Executive Compensation”. As printed: 400,000. Filing ↗machine: r4 · c7 · span 341634–341641
3Section 01, Mike RoweDEF 14A2026-04-240001193125-26-177393Section “Executive Compensation”. As printed: 360,000. Filing ↗machine: r6 · c7 · span 348481–348488
4Section 08, Richard B. WimmerDEF 14A2026-04-240001193125-26-177393Section “Director Compensation”. As printed: 141,225. Filing ↗machine: span 302302–302613
5Section 08, Richard M. LeeDEF 14A2026-04-240001193125-26-177393Section “Director Compensation”. As printed: 136,227. Filing ↗machine: span 298560–298773
6Section 08, Austin J. ShanfelterDEF 14A2026-04-240001193125-26-177393Section “Director Compensation”. As printed: 136,227. Filing ↗machine: span 300371–300584
7Section 08, Ivy ZelmanDEF 14A2026-04-240001193125-26-177393Section “Director Compensation”. As printed: 128,730. Filing ↗machine: span 304299–304610
8Section 08, Jeremy SpiveyDEF 14A2026-04-240001193125-26-177393Section “Director Compensation”. As printed: 0. Filing ↗
9Section 08, Anthony L. Wood JrDEF 14A2026-04-240001193125-26-177393Section “Director Compensation”. As printed: —. Filing ↗
10Section 06, 2026 voteForm 8-K2026-06-050001193125-26-259493Item 5.07 · say-on-pay result. As reported: —. Filing ↗
11Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
12Section 09b board cost (computed)Computed——Cash 0 + equity 542,409 + all other 0 = 542,409, summed across the director compensation table rows.machine: formula: Σ = 542,409
13Cardinal Infrastructure Group (subject), Section 10b CEO totalDEF 14A2026-04-240001193125-26-177393CEO total compensation as printed in Cardinal Infrastructure Group's own proxy. As printed: 450,000. Filing ↗machine: r2 · c7 · span 337048–337055