Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-23

Comtech Telecommunications (CMTL)

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.

$3,753,789
Kenneth Traub total, FY2025
1st
CEO pay percentile vs peers
CEO-to-median pay ratio
85.12%
Say-on-pay support, latest vote
Companies that benchmark against CMTL
5 companies name CMTL as a compensation peer

Each company listed discloses CMTL 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 CMTL 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 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kenneth Traub$663,836$650,000$1,422,953$0$1,000,000$0$17,000$3,753,789
Chairman, President and Chief Executive Officer
John Ratigan377,64002,351,444000806,7013,535,785
Former Chief Executive Officer
Michael Bondi515,000334,750853,0330458,672020,0002,181,455
Chief Financial Officer
Jeffery Robertson544,904268,125541,1290724,219015,0522,093,429
President, Allerium Segment

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
Kenneth Traub$3,753,789
John Ratigan3,535,785678,166+2,857,619
Michael Bondi2,181,4551,439,747+741,708
Jeffery Robertson2,093,429595,770+1,497,659

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

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dividend-equivalent accruals2026-02-041,0191 insider, 1 accrual row
Daniel GizinskiPresident, S&S Comm. Segment2026-02-04A1,019CommonForm 4 ↗
Daniel GizinskiPresident, S&S Comm. Segment2026-02-04D46052,433CommonForm 4 ↗
Bruce T. CrawfordDirector2026-03-24A36,62000CommonForm 4 ↗
Lawrence J. WaldmanDirector2026-03-24A36,62000Derivative, Class A CommonForm 4 ↗
Lloyd A. SprungDirector2026-03-24A36,62000CommonForm 4 ↗
Michael J. HildebrandtDirector2026-03-24A36,62000CommonForm 4 ↗
Mary Jane RaymondDirector2026-03-24A36,62000CommonForm 4 ↗
Mark R. QuinlanDirector2026-03-24A36,62000Derivative, Class A CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28A28,986CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28D57642,028CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28A1,685CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28D9,899434,844CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28D28,98600Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-04-281,6851 insider, 1 accrual row
Jeffery RobertsonPresident, Allerium Segment2026-06-03A38,910CommonForm 4 ↗
Jeffery RobertsonPresident, Allerium Segment2026-06-03D19,7986111,661CommonForm 4 ↗
Jeffery RobertsonPresident, Allerium Segment2026-06-03D38,91000Derivative, Class A CommonForm 4 ↗
Daniel GizinskiPresident, S&S Comm. Segment2026-06-18D2003520CommonForm 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.

View all 19 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Daniel GizinskiPresident, S&S Comm. Segment2026-02-04D1,019$0$0Derivative, Class A CommonForm 4 ↗
Daniel GizinskiPresident, S&S Comm. Segment2026-02-04A1,019CommonForm 4 ↗
Daniel GizinskiPresident, S&S Comm. Segment2026-02-04D46052,433CommonForm 4 ↗
Bruce T. CrawfordDirector2026-03-24A36,62000CommonForm 4 ↗
Lawrence J. WaldmanDirector2026-03-24A36,62000Derivative, Class A CommonForm 4 ↗
Lloyd A. SprungDirector2026-03-24A36,62000CommonForm 4 ↗
Michael J. HildebrandtDirector2026-03-24A36,62000CommonForm 4 ↗
Mary Jane RaymondDirector2026-03-24A36,62000CommonForm 4 ↗
Mark R. QuinlanDirector2026-03-24A36,62000Derivative, Class A CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28A28,986CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28D57642,028CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28A1,685CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28D9,899434,844CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28D28,98600Derivative, Class A CommonForm 4 ↗
Donald E. WaltherChief Legal Officer2026-04-28D1,68500Derivative, Class A CommonForm 4 ↗
Jeffery RobertsonPresident, Allerium Segment2026-06-03A38,910CommonForm 4 ↗
Jeffery RobertsonPresident, Allerium Segment2026-06-03D19,7986111,661CommonForm 4 ↗
Jeffery RobertsonPresident, Allerium Segment2026-06-03D38,91000Derivative, Class A CommonForm 4 ↗
Daniel GizinskiPresident, S&S Comm. Segment2026-06-18D2003520CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Kenneth TraubPSU2025-01-2340,98481,967163,934$255,738
Kenneth TraubRSU2025-01-23163,935400,001
Michael BondiPSU2024-09-3026,63353,266106,532327,053
Jeffery RobertsonPSU2024-09-3021,66343,32686,653266,024
Jeffery RobertsonRSU2024-09-3014,72070,803
Jeffery RobertsonPSU2024-09-307,36014,71929,43890,375
Jeffery RobertsonRSU2025-01-1012,10750,002
John RatiganPSU2024-09-3014,88229,76559,530182,756
John RatiganPSU2024-10-2825,00050,000100,00096,000
Michael BondiPSU2024-09-3021,96843,93787,873269,771
John RatiganRSU2024-09-3059,530286,339
Michael BondiRSU2024-09-3053,266256,209
John RatiganPSU2024-10-2878,125156,250312,500765,625
John RatiganRSU2024-10-28104,167400,001
John RatiganPSU2024-10-2826,04252,083104,167255,208
Jeffery RobertsonPSU2025-01-106,05412,10724,21463,925
John RatiganPSU2024-09-3029,76559,530119,060365,514
Kenneth TraubPSU2025-01-23122,951245,902491,804767,214
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Kenneth Traub$400,001$1,022,952$071.9%
Michael Bondi256,209596,824070.0%
Jeffery Robertson120,805420,324077.7%
John Ratigan686,3401,665,103070.8%

% 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
Jeffery RobertsonRSU14,720$31,942
Jeffery RobertsonRSU77,821168,872
Kenneth TraubRSU53,266115,587
Michael BondiRSU20,64244,793
Kenneth TraubPSU26,63357,794
Kenneth TraubRSU40,98488,935
Jeffery RobertsonRSU21,66447,010
Michael BondiRSU7,74116,798
Michael BondiPSU5,01510,883
Michael BondiRSU2,3915,188
Michael BondiRSU21,96947,672
Michael BondiPSU6,05413,136
Michael BondiRSU12,10726,272
Kenneth TraubRSU26,23456,928
Michael BondiPSU15,48133,593
Jeffery RobertsonPSU7,36015,970
Michael BondiRSU4,84210,507
Michael BondiRSU1,8103,928
05

Incentive-plan design — the Compensation Discussion & Analysis

Annual incentive awards are designed to reward individuals for Company and personal performance

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-03-0932,033,4985,598,343769,16185.12%Passed
20252025-01-1330,753,5878,081,082824,63679.19%Passed
20232023-12-1419,255,7932,635,5701,486,30887.96%Passed
20222022-12-1517,973,9039,368,354530,92465.74%Passed
20212021-12-2823,087,7982,803,648780,67789.17%Passed
20202020-12-0817,703,532834,872370,46595.5%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
20262026-03-0985.12%a
20252025-01-1379.19%b
20232023-12-1487.96%c

a. Approved under the standard stated in the filing — “Abstentions and broker n on-votes are not considered votes cast on this proposal and will have no effect on the outcome of the vote on the election of a director.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast on this proposal and will have no effect on the outcome of the vote on the election of a director.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast on this proposal and will have no effect on the outcome of the vote on 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)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Bruce T. CrawfordIndependent · Lead Independent Director · Nominating/Governance · Technology, Innovation and Cyber · Strategic Review$103,760$130,000$0$0$0$233,760
Lawrence J. WaldmanIndependent · Compensation · Audit · Strategic Review95,161130,000000225,161
Wendi B. CarpenterIndependent · Nominating/Governance · Compensation (Chair) · Technology, Innovation and Cyber (Chair) · Strategic Review (Chair) · Not standing for re-election80,161130,000000210,161
Mark R. QuinlanIndependent · Compensation80,161130,000000210,161
Michael J. HildebrandtIndependent · Nominating/Governance · Audit · Strategic Review88,92991,179000180,108
Mary Jane RaymondIndependent · Audit · Strategic Review000000
Kenneth TraubEmployee director · Board Chair00000
Lloyd A. SprungIndependent · Audit · Strategic Review000000
09

Board fee structure and ownership guideline

Annual cash retainer$60,000
Annual equity retainer$130,000
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$448,172
Equity awards (grant-date value)$611,179
All other compensation$0
Total cost of the board$1,059,351

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
1Comtech Telecommunications2025Kenneth Traub$663,836$1,422,953$0$1,000,000$3,753,789

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.

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, Kenneth TraubDEF 14A2026-01-300000023197-26-000017Section “Summary Compensation Table - Fiscal 2025”. As printed: 3,753,789. Filing ↗machine: t120 · r4 · c7 · span 650720–650729
2Section 01, John RatiganDEF 14A2026-01-300000023197-26-000017Section “Summary Compensation Table - Fiscal 2025”. As printed: 3,535,785. Filing ↗machine: t120 · r13 · c7 · span 663989–663998
3Section 01, Michael BondiDEF 14A2026-01-300000023197-26-000017Section “Summary Compensation Table - Fiscal 2025”. As printed: 2,181,455. Filing ↗machine: t120 · r7 · c7 · span 655143–655152
4Section 01, Jeffery RobertsonDEF 14A2026-01-300000023197-26-000017Section “Summary Compensation Table - Fiscal 2025”. As printed: 2,093,429. Filing ↗machine: t120 · r10 · c7 · span 659594–659603
5Section 03, Kenneth Traub PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t121 · r2 · c8 · span 674998–675005
6Section 03, Kenneth Traub RSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t121 · r2 · c2 · span 673710–673717
7Section 03, Michael Bondi PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t121 · r3 · c3 · span 677465–677472
8Section 03, Jeffery Robertson PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t121 · r4 · c5 · span 680334–680341
9Section 03, Jeffery Robertson RSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r16 · c13 · span 1107642–1107648
10Section 03, Jeffery Robertson PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r15 · c13 · span 1104988–1104994
11Section 03, Jeffery Robertson RSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r18 · c13 · span 1112959–1112965
12Section 03, John Ratigan PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r20 · c13 · span 1118843–1118850
13Section 03, John Ratigan PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r25 · c10 · span 1131638–1131644
14Section 03, Michael Bondi PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t121 · r3 · c5 · span 677887–677894
15Section 03, John Ratigan RSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r22 · c13 · span 1124164–1124171
16Section 03, Michael Bondi RSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t121 · r3 · c1 · span 677043–677050
17Section 03, John Ratigan PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r24 · c13 · span 1129663–1129670
18Section 03, John Ratigan RSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r23 · c11 · span 1126533–1126540
19Section 03, John Ratigan PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r23 · c13 · span 1126995–1127002
20Section 03, Jeffery Robertson PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r17 · c13 · span 1110305–1110311
21Section 03, John Ratigan PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t188 · r21 · c13 · span 1121509–1121516
22Section 03, Kenneth Traub PSUDEF 14A2026-01-300000023197-26-000017Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t121 · r2 · c5 · span 674354–674361
23Section 07, pay ratio10-K/A2025-11-260000023197-25-000087Section “CEO Pay Ratio”. As printed: —. Filing ↗
24Section 08, Bruce T. CrawfordDEF 14A2026-01-300000023197-26-000017Section “Director Compensation”. As printed: 233,760. Filing ↗machine: t111 · r6 · c7 · span 578615–578622
25Section 08, Lawrence J. WaldmanDEF 14A2026-01-300000023197-26-000017Section “Director Compensation”. As printed: 225,161. Filing ↗machine: t111 · r9 · c7 · span 583483–583490
26Section 08, Wendi B. CarpenterDEF 14A2026-01-300000023197-26-000017Section “Director Compensation”. As printed: 210,161. Filing ↗machine: t111 · r5 · c11 · span 576973–576980
27Section 08, Mark R. QuinlanDEF 14A2026-01-300000023197-26-000017Section “Director Compensation”. As printed: 210,161. Filing ↗machine: t111 · r8 · c7 · span 581859–581866
28Section 08, Michael J. HildebrandtDEF 14A2026-01-300000023197-26-000017Section “Director Compensation”. As printed: 180,108. Filing ↗machine: t111 · r7 · c7 · span 580242–580249
29Section 08, Mary Jane RaymondDEF 14A2026-01-300000023197-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
30Section 08, Kenneth TraubDEF 14A2026-01-300000023197-26-000017Section “Director Compensation”. As printed: 0. Filing ↗machine: t111 · r11 · c5 · span 585290–585291
31Section 08, Lloyd A. SprungDEF 14A2026-01-300000023197-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
32Section 02, Daniel Gizinski 2026-02-04Form 42026-02-050002034782-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Daniel Gizinski 2026-02-04Form 42026-02-050002034782-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Daniel Gizinski 2026-02-04Form 42026-02-050002034782-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Bruce T. Crawford 2026-03-24Form 42026-03-260001869223-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Lawrence J. Waldman 2026-03-24Form 42026-03-260001516592-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Lloyd A. Sprung 2026-03-24Form 42026-03-260002083515-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Michael J. Hildebrandt 2026-03-24Form 42026-03-260002045481-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Mary Jane Raymond 2026-03-24Form 42026-03-260001192758-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Mark R. Quinlan 2026-03-24Form 42026-03-260001889157-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Donald E. Walther 2026-04-28Form 42026-04-290001740119-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Donald E. Walther 2026-04-28Form 42026-04-290001740119-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Donald E. Walther 2026-04-28Form 42026-04-290001740119-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Donald E. Walther 2026-04-28Form 42026-04-290001740119-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Donald E. Walther 2026-04-28Form 42026-04-290001740119-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Donald E. Walther 2026-04-28Form 42026-04-290001740119-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Jeffery Robertson 2026-06-03Form 42026-06-050002016680-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Jeffery Robertson 2026-06-03Form 42026-06-050002016680-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Jeffery Robertson 2026-06-03Form 42026-06-050002016680-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Daniel Gizinski 2026-06-18Form 42026-06-230002034782-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
51Section 06, 2026 voteForm 8-K2026-03-110000023197-26-000024Item 5.07 · say-on-pay result. As reported: 85.12% (votes for as printed: 32,033,498). Filing ↗
52Section 06, 2025 voteForm 8-K2025-01-160000023197-25-000016Item 5.07 · say-on-pay result. As reported: 79.19% (votes for as printed: 30,753,587). Filing ↗
53Section 06, 2023 voteForm 8-K2023-12-180000023197-23-000077Item 5.07 · say-on-pay result. As reported: 87.96% (votes for as printed: 19,255,793 or 88.0%). Filing ↗
54Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
55Section 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
56Section 09b board cost (computed)ComputedcomputedCash 448,172 + equity 611,179 + all other 0 = 1,059,351, summed across the director compensation table rows.machine: formula: Σ = 1,059,351
57Comtech Telecommunications (subject), Section 10b CEO totalDEF 14A2026-01-300000023197-26-000017CEO total compensation as printed in Comtech Telecommunications's own proxy. As printed: 3,753,789. Filing ↗machine: t120 · r4 · c7 · span 650720–650729