Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-11

CNH Industrial (CNH)

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.

$12,334,218
James Nickolas total, FY2025
CFOhighest-paid officer; CEO Gerrit Marx: $11,724,767
1st
CEO (Gerrit Marx) pay percentile vs peers
214:1
CEO-to-median pay ratio
96.08%
Say-on-pay support, latest vote
Companies that benchmark against CNH
2 companies name CNH as a compensation peer

Each company listed discloses CNH 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 CNH 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
James Nickolas$574,327$0$10,295,719$0$730,500$0$733,672$12,334,218
CFO
Gerrit Marx1,250,000468,5188,147,75601,509,4000349,09311,724,767
CEO
Oddone Incisa308,490000005,087,2915,395,781
Former CFO
Francesco Tutino361,60002,725,7980393,014053,1593,533,571
CHRO
Stefano Pampalone679,23201,397,8110438,2240594,8313,110,098
CCO
Jay Schroeder543,97501,253,3080297,200076,7352,171,218
CTO

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
James Nickolas$12,334,218
Gerrit Marx11,724,76719,497,596−7,772,829
Oddone Incisa5,395,7813,293,7523,994,950+2,102,029
Francesco Tutino3,533,571
Stefano Pampalone3,110,0982,162,0632,408,013+948,035
Jay Schroeder2,171,218

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
Gerrit MarxPSU2025-06-13220,408734,694734,6941,469,388$8,147,756
Francesco TutinoPSU2025-06-1317,80859,36159,361118,7222,725,798
James NickolasPSU2025-06-1350,763169,210169,210338,42010,295,719
Stefano PampalonePSU2025-06-1322,35374,51174,511149,0221,397,811
Jay SchroederPSU2025-06-1312,42941,43141,43182,862777,242
Jay SchroederRSU2025-03-1139,247476,066
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gerrit Marx$0$8,147,756$0100.0%
Francesco Tutino02,725,7980100.0%
James Nickolas010,295,7190100.0%
Stefano Pampalone01,397,8110100.0%
Jay Schroeder476,066777,242062.0%

% 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
Jay SchroederRSU8,500$78,370
Jay SchroederRSU20,407188,153
Stefano PampalonePSU32,841302,794
Jay SchroederPSU91,114840,071
Stefano PampalonePSU195,7921,805,202
Gerrit MarxPSU1,522,78614,040,087
Stefano PampaloneRSU96,436889,140
Gerrit MarxPSU788,0927,266,208
Jay SchroederPSU39,247361,857
Gerrit MarxPSU734,6946,773,879
Jay SchroederPSU8,50078,370
Jay SchroederPSU6,69261,700
Stefano PampaloneRSU36,700338,374
Jay SchroederPSU34,491318,007
Jay SchroederPSU11,096102,305
Gerrit MarxRSU494,0124,554,791
Jay SchroederRSU90,773836,927
James NickolasPSU169,2101,560,116
Jay SchroederPSU41,431381,994
Stefano PampalonePSU66,676614,753
Stefano PampaloneRSU26,895247,972
Jay SchroederRSU11,523106,242
Stefano PampalonePSU74,511686,991
Gerrit MarxPSU494,0124,554,791
Francesco TutinoRSU134,6091,241,095
James NickolasRSU744,5676,864,908
Stefano PampalonePSU54,605503,458
Francesco TutinoPSU59,361547,308
05

Incentive-plan design — the Compensation Discussion & Analysis

CNH's compensation philosophy and programs are designed to instill a strong performance culture through a pay for performance framework, rigorous performance management, and incentive programs aligned with Company goals.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)
Independent consultantWTW (Willis Towers Watson)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-081,426,609,21958,185,461968,29196.08%Passed
20252025-05-121,412,491,64056,503,976994,31296.15%Passed
20232023-04-141,289,956,044146,662,2193,301,21989.79%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
20262026-05-0896.08%a
20252025-05-1296.15%b
20232023-04-1489.79%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. 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.

07

CEO pay ratio

Ratio (CEO : median employee)214 : 1
CEO total compensation$11,724,767
Median employee compensation$54,879
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Suzanne HeywoodIndependent · Board Chair · Lead Independent Director · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive$500,000$1,566,081$461,786$2,527,867
Elizabeth BastoniIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive170,00066,8320236,832
Howard W. BuffettIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive168,75066,8320235,582
Vagn SørensenIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive165,00066,8320231,832
Richard KramerIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive165,00066,8320231,832
Karen LinehanIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive160,00066,8320226,832
Åsa TamsonsIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive150,00066,8320216,832
Alessandro NasiIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive136,25066,8320203,082
09

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$60,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)35,000
Stock ownership guideline$125,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,615,000
Equity awards (grant-date value)$2,033,905
All other compensation$461,786
Total cost of the board$4,110,691

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.

10a

Peer reciprocity

Of the companies CNH Industrial 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 CNH Industrial.

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
1Deere & Company2025John May$1,694,507$13,950,239$4,255,133$5,450,551$27,925,424
2Westinghouse Air Brake Technologies Corporation2025Rafael Santana1,400,00020,027,0224,724,58026,181,461
3General Dynamics Corporation2025Phebe Novakovic1,737,50012,539,6345,220,4455,729,00025,924,082
4Honeywell International plc2025Vimal Kapur1,600,00010,866,2693,623,9143,516,80020,381,435
5Johnson Controls International plc2025Joakim Weidemanis825,00012,849,0883,749,9932,357,24719,963,827
6Cummins Inc.2025Jennifer Rumsey1,533,7506,429,00406,975,65619,905,532
7AGCO Corporation2025Eric Hansotia1,400,00013,215,92203,651,20019,657,541
8Parker-Hannifin Corporation2025Jennifer Parmentier1,462,5006,313,2266,941,3153,356,41619,317,705
9Caterpillar Inc.2025Joseph Creed1,381,8929,538,4843,101,1172,476,80017,008,077
10Illinois Tool Works Inc.2025Christopher A. O'Herlihy1,337,2715,249,9575,249,9962,702,38915,211,011
11PACCAR Inc.2025R. Preston Feight1,690,3854,900,5002,174,4851,326,52112,618,865
12CNH Industrial2025Gerrit Marx1,250,0008,147,75601,509,40011,724,767
Koninklijke Philips N.V.not in coverage universe
AB Volvonot 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
CNH Industrial80.5%PSU 100Yes — Cumulative Relative Total Shareholder Return (TSR)WTW (Willis Towers Watson)
AB Volvonot disclosednot disclosednot disclosednot disclosed
AGCO Corporation163%PSU 60 · RSU 40NoKorn Ferry
Caterpillar Inc.118%PSU 50 · RSU 25 · Options 25Yes — relative Total Shareholder Return (rTSR)Meridian Compensation Partners, LLC
Cummins Inc.90%PSU 70 · Cash LTI 30NoFarient
Deere & Company160.8%PSU 50 · RSU 25 · Options 25NoSemler Brossy Consulting Group, LLC (current); Pearl Meyer & Partners, LLC (prior year)
General Dynamics Corporation177.0%PSU 50 · Options 30 · RSU 20Yes — rTSR (relative Total Shareholder Return)Pay Governance, LLC
Honeywell International plc126%PSU 50 · Options 25 · RSU 25Yes — three-year total shareowner return (TSR) relative to the 2025 Compensation Peer Groupnot disclosed
Illinois Tool Works Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners LLC
Johnson Controls International plc176.6%PSU 50 · RSU 25 · Options 25Yes — TSR Relative to S&P 500 IndustrialsFarient Advisors LLC
Koninklijke Philips N.V.not disclosednot disclosednot disclosednot disclosed
PACCAR Inc.62.7%not disclosedNoThe Committee typically retains a compensation consultant to assess the competitiveness of the Company's compensation programs every two years. It did not employ a compensation consultant in 2025.
Parker-Hannifin Corporation139.09%PSU 50 · Options 50NoMercer Consulting (Marsh & McLennan Companies, Inc.)
Westinghouse Air Brake Technologies Corporation192.8%PSU 60 · RSU 40NoExequity

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, James NickolasDEF 14A2026-03-250001193125-26-124227Section “Fiscal 2025 Summary Compensation Table”. As printed: 12,334,218. Filing ↗machine: r4 · c7 · span 793139–793149
2Section 01, Gerrit MarxDEF 14A2026-03-250001193125-26-124227Section “Fiscal 2025 Summary Compensation Table”. As printed: 11,724,767. Filing ↗machine: r2 · c7 · span 787059–787069
3Section 01, Oddone IncisaDEF 14A2026-03-250001193125-26-124227Section “Fiscal 2025 Summary Compensation Table”. As printed: 5,395,781. Filing ↗machine: r13 · c7 · span 820147–820156
4Section 01, Francesco TutinoDEF 14A2026-03-250001193125-26-124227Section “Fiscal 2025 Summary Compensation Table”. As printed: 3,533,571. Filing ↗machine: r9 · c7 · span 808209–808218
5Section 01, Stefano PampaloneDEF 14A2026-03-250001193125-26-124227Section “Fiscal 2025 Summary Compensation Table”. As printed: 3,110,098. Filing ↗machine: r6 · c7 · span 799120–799129
6Section 01, Jay SchroederDEF 14A2026-03-250001193125-26-124227Section “Fiscal 2025 Summary Compensation Table”. As printed: 2,171,218. Filing ↗machine: r11 · c7 · span 814185–814194
7Section 03, Gerrit Marx PSUDEF 14A2026-03-250001193125-26-124227Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r4 · c10 · span 908651–908660
8Section 03, Francesco Tutino PSUDEF 14A2026-03-250001193125-26-124227Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r10 · c10 · span 932961–932970
9Section 03, James Nickolas PSUDEF 14A2026-03-250001193125-26-124227Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r6 · c10 · span 916754–916764
10Section 03, Stefano Pampalone PSUDEF 14A2026-03-250001193125-26-124227Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r8 · c10 · span 924859–924868
11Section 03, Jay Schroeder PSUDEF 14A2026-03-250001193125-26-124227Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r13 · c10 · span 945423–945430
12Section 03, Jay Schroeder RSUDEF 14A2026-03-250001193125-26-124227Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t42 · r12 · c10 · span 941000–941007
13Section 07, pay ratioDEF 14A2026-03-250001193125-26-124227Section “CEO Pay Ratio”. As printed: 214 : 1. Filing ↗machine: span 1255018–1255028
14Section 08, Suzanne HeywoodDEF 14A2026-03-250001193125-26-124227Section “Director Compensation”. As printed: 2,527,867. Filing ↗machine: t54 · r2 · c5 · span 1313861–1313870
15Section 08, Elizabeth BastoniDEF 14A2026-03-250001193125-26-124227Section “Director Compensation”. As printed: 236,832. Filing ↗machine: t54 · r3 · c5 · span 1316172–1316179
16Section 08, Howard W. BuffettDEF 14A2026-03-250001193125-26-124227Section “Director Compensation”. As printed: 235,582. Filing ↗machine: t54 · r4 · c5 · span 1318481–1318488
17Section 08, Vagn SørensenDEF 14A2026-03-250001193125-26-124227Section “Director Compensation”. As printed: 231,832. Filing ↗
18Section 08, Richard KramerDEF 14A2026-03-250001193125-26-124227Section “Director Compensation”. As printed: 231,832. Filing ↗machine: t54 · r5 · c5 · span 1320787–1320794
19Section 08, Karen LinehanDEF 14A2026-03-250001193125-26-124227Section “Director Compensation”. As printed: 226,832. Filing ↗machine: t54 · r6 · c5 · span 1323092–1323099
20Section 08, Åsa TamsonsDEF 14A2026-03-250001193125-26-124227Section “Director Compensation”. As printed: 216,832. Filing ↗machine: t54 · r9 · c5 · span 1330221–1330228
21Section 08, Alessandro NasiDEF 14A2026-03-250001193125-26-124227Section “Director Compensation”. As printed: 203,082. Filing ↗machine: t54 · r7 · c5 · span 1325399–1325406
22Section 06, 2026 voteForm 8-K2026-05-110001193125-26-215164Item 5.07 · say-on-pay result. As reported: 96.08% (votes for as printed: 1,426,609,219). Filing ↗
23Section 06, 2025 voteForm 8-K2025-05-120001193125-25-117881Item 5.07 · say-on-pay result. As reported: 96.15% (votes for as printed: 1,412,491,640). Filing ↗
24Section 06, 2023 voteForm 8-K2023-04-190001193125-23-106546Item 5.07 · say-on-pay result. As reported: 89.79% (votes for as printed: 1,289,956,044). Filing ↗
25Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
26Section 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
27Section 09b board cost (computed)ComputedcomputedCash 1,615,000 + equity 2,033,905 + all other 461,786 = 4,110,691, summed across the director compensation table rows.machine: formula: Σ = 4,110,691
28Deere & Company, Section 10b CEO totalDEF 14A2026-01-140001104659-26-003618CEO total compensation as printed in Deere & Company's own proxy. As printed: 27,925,424. Filing ↗machine: t295 · r9 · c26 · span 5375554–5375564
29Westinghouse Air Brake Technologies Corporation, Section 10b CEO totalDEF 14A2026-03-310001628280-26-022197CEO total compensation as printed in Westinghouse Air Brake Technologies Corporation's own proxy. As printed: 26,181,461. Filing ↗machine: r4 · c21 · span 967772–967782
30General Dynamics Corporation, Section 10b CEO totalDEF 14A2026-03-270001308179-26-000168CEO total compensation as printed in General Dynamics Corporation's own proxy. As printed: 25,924,082. Filing ↗machine: r1 · c16 · span 945926–945936
31Honeywell International plc, Section 10b CEO totalDEF 14A2026-04-100000773840-26-000029CEO total compensation as printed in Honeywell International plc's own proxy. As printed: 20,381,435. Filing ↗machine: span 2093429–2093439
32Johnson Controls International plc, Section 10b CEO totalDEF 14A2026-01-160001104659-26-004565CEO total compensation as printed in Johnson Controls International plc's own proxy. As printed: 19,963,827. Filing ↗machine: t61 · r2 · c48 · span 1373807–1373817
33Cummins Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-039158CEO total compensation as printed in Cummins Inc.'s own proxy. As printed: 19,905,532. Filing ↗machine: t135 · r1 · c47 · span 1108458–1108468
34AGCO Corporation, Section 10b CEO totalDEF 14A2026-03-120000880266-26-000023CEO total compensation as printed in AGCO Corporation's own proxy. As printed: 19,657,541. Filing ↗machine: r2 · c24 · span 895777–895787
35Parker-Hannifin Corporation, Section 10b CEO totalDEF 14A2025-09-190001308179-25-000603CEO total compensation as printed in Parker-Hannifin Corporation's own proxy. As printed: 19,317,705. Filing ↗machine: r2 · c24 · span 1027257–1027267
36Caterpillar Inc., Section 10b CEO totalDEF 14A2026-04-300001308179-26-000358CEO total compensation as printed in Caterpillar Inc.'s own proxy. As printed: 17,008,077. Filing ↗machine: span 855862–855872
37Illinois Tool Works Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127599CEO total compensation as printed in Illinois Tool Works Inc.'s own proxy. As printed: 15,211,011. Filing ↗machine: span 1647874–1647884
38PACCAR Inc., Section 10b CEO totalDEF 14A2026-03-180001193125-26-113876CEO total compensation as printed in PACCAR Inc.'s own proxy. As printed: 12,618,865. Filing ↗machine: r2 · c27 · span 838577–838587
39CNH Industrial (subject), Section 10b CEO totalDEF 14A2026-03-250001193125-26-124227CEO total compensation as printed in CNH Industrial's own proxy. As printed: 11,724,767. Filing ↗machine: r2 · c7 · span 787059–787069
40Section 10a, Westinghouse Air Brake Technologies Corporation reciprocityDEF 14A0001628280-26-022197Westinghouse Air Brake Technologies Corporation's most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
41Section 10a, General Dynamics Corporation reciprocityDEF 14A0001308179-26-000168General Dynamics Corporation's most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
42Section 10a, Johnson Controls International plc reciprocityDEF 14A0001104659-26-004565Johnson Controls International plc's most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
43Section 10a, Illinois Tool Works Inc. reciprocityDEF 14A0001193125-26-127599Illinois Tool Works Inc.'s most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
44Section 10a, AGCO Corporation reciprocityDEF 14A0000880266-26-000023AGCO Corporation names CNH Industrial in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Deere & Company reciprocityDEF 14A0001104659-26-003618Deere & Company's most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
46Section 10a, Cummins Inc. reciprocityDEF 14A0001104659-26-039158Cummins Inc.'s most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
47Section 10a, Caterpillar Inc. reciprocityDEF 14A0001308179-26-000358Caterpillar Inc.'s most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
48Section 10a, Honeywell International plc reciprocityDEF 14A0000773840-26-000029Honeywell International plc's most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
49Section 10a, PACCAR Inc. reciprocityDEF 14A0001193125-26-113876PACCAR Inc.'s most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗
50Section 10a, Parker-Hannifin Corporation reciprocityDEF 14A0001308179-25-000603Parker-Hannifin Corporation's most recent proxy was read; its disclosed peer group does not include CNH Industrial. Filing ↗