Velarion · Company Intelligence
Compensation Brief
Fiscal year 2026 · Filings through 2026-09-04

CSW Industrials (CSW)

CEO Joseph Armes was paid $7,273,615 in 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.

$7,273,615
Joseph Armes total, FY2026
64th
CEO pay percentile vs peers
178:1
CEO-to-median pay ratio
96.77%
Say-on-pay support, latest vote

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Companies that benchmark against CSW
8 companies name CSW as a compensation peer

Each company listed discloses CSW 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 CSW 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
Joseph Armes$925,000$0$4,938,001$0$1,286,976$4,420$119,218$7,273,615
Chairman, CEO and President
James Perry520,00001,097,8690417,398077,1462,112,413
Executive VP, CFO
Jeff Underwood440,0000770,0570319,963072,6201,602,640
Executive VP & GM, Contractor Solutions
Danielle Garde440,000—637,161—259,001080,5321,416,694
Senior VP, Chief People Officer
Luke Alverson440,000—637,161—259,001079,6691,415,831
Senior VP, General Counsel and Secretary

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 FY2025→2026
Joseph Armes$7,273,615$6,330,479$5,963,245+943,136
James Perry2,112,4132,086,0982,010,508+26,315
Jeff Underwood1,602,6401,373,368—+229,272
Danielle Garde1,416,694—1,273,949—
Luke Alverson1,415,8311,403,5151,342,458+12,316

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.

04

Outstanding equity awards at fiscal year-end 2026

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Joseph ArmesRSU31,496—$8,207,228
Joseph ArmesPSU12,569—6,245,864
Joseph ArmesRSU8,029—4,184,394
James PerryRSU1,550—807,798
James PerryPSU3,079—1,530,035
Danielle GardePSU1,664—826,885
Luke AlversonRSU1,104—575,361
Jeff UnderwoodRSU1,088—567,022
Danielle GardeRSU1,017—530,020
Jeff UnderwoodRSU964—502,398
James PerryRSU1,884—981,865
James PerryRSU3,407—887,796
Luke AlversonRSU899—468,523
Luke AlversonRSU1,975—514,646
Jeff UnderwoodRSU2,215—577,185
Joseph ArmesPSU8,297—4,324,065
Luke AlversonPSU1,756—872,602
Danielle GardeRSU1,952—508,652
Joseph ArmesPSU18,783—9,561,343
Joseph ArmesRSU11,051—2,879,670
Jeff UnderwoodPSU1,116—554,569
Danielle GardePSU899—468,523
Joseph ArmesRSU20,130—5,245,475
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's executive compensation program is designed to support and enable the execution of CSW's growth strategy by aligning long-term executive and shareholder interests, rewarding current performance, driving future performance, and attracting and retaining key leaders. A majority of total compensation is performance-based and 'at risk,' with a balanced mix of short-term and long-term incentives that are objectively defined, challenging, and externally benchmarked.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantWTW
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-08-2713,611,391454,53814,39096.77%Passed
20252025-08-2814,162,450536,7539,84096.35%Passed
20242024-06-2413,051,280316,37516,51797.63%Passed
20232023-08-2412,911,334426,42652,29096.8%Passed
20222022-08-255,227,7197,460,34196,52941.2%Failed
20212021-08-2512,776,493527,14529,56196.04%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
20262026-08-2796.77%a
20252025-08-2896.35%b
20242024-06-2497.63%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)178 : 1
CEO total compensation$6,330,479
Median employee compensation$35,551
08

Director compensation — fiscal year 2026

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Linda A. LivingstoneIndependent · Lead Independent Director · Compensation & Talent Development · Nominating & Corporate Governance$123,772$135,199———$258,971
J. Kent SweezeyIndependent · Audit · Compensation & Talent Development (Chair)115,000135,199———250,199
Anne B. MotsenbockerIndependent · Audit (Chair)110,000135,199———245,199
Terry L. JohnstonIndependent · Audit · Nominating & Corporate Governance108,000135,199———243,199
Darron K. AshIndependent · Audit · Compensation & Talent Development108,000135,199———243,199
Bobby GriffinIndependent · Compensation & Talent Development · Nominating & Corporate Governance106,000135,199———241,199
Michael R. GambrellIndependent · Nominating & Corporate Governance (Chair)100,000135,199———235,199
Robert M. SwartzIndependent · Departed during FY53,3420———53,342
Joseph B. ArmesEmployee director · Board Chair—————0
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$130,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)10,000 / 15,000 / 10,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2026
Cash retainers and fees$824,114
Equity awards (grant-date value)$946,393
All other compensation$0
Total cost of the board$1,770,507

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 CSW Industrials 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 CSW Industrials.

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
1SPX Technologies, Inc.2025Eugene Lowe, III$1,138,116$4,619,805$1,318,221$2,072,966$9,338,813
2Armstrong World Industries, Inc.2025Victor Grizzle1,000,0005,599,53201,584,0008,537,000
3Innospec Inc.2025Patrick Williams1,380,5485,285,62301,365,3368,252,747
4EnPro Industries, Inc.2025Eric Vaillancourt934,6163,678,2311,390,7161,341,9497,457,747
5Barnes Group Inc.2023Thomas Hook1,000,0004,688,2071,114,981432,0007,305,338
6CSW Industrials2026Joseph Armes925,0004,938,00101,286,9767,273,615
7Mueller Water Products, Inc.2025Marietta Edmunds Zakas931,3272,970,915849,9772,038,6766,855,283
8Standex International Corp.2026David Dunbar936,4364,135,8190560,4576,407,973
9Columbus McKinnon Corp.2026David Wilson925,0003,111,978925,000925,0005,971,066
10Kadant Inc.2025Jeffrey Powell970,9003,036,18101,491,8005,519,261
11AZZ Inc.2026Thomas Ferguson1,000,7462,940,02901,477,0015,513,156
12Franklin Electric Co., Inc.2025Joseph Ruzynski900,0002,624,984875,116558,9005,072,064
13Gibraltar Industries, Inc.2025William Bosway908,2693,202,4400274,5004,731,001
14AAON, Inc.2025Matthew Tobolski712,8851,916,180764,557218,8693,656,082
15Helios Technologies, Inc.2025Sean Bagan713,461692,972705,015987,0003,383,351
—ESCO Technologies 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
CSW Industrialsnot disclosedPSU 60 · RSU 40not disclosedWTW
AAON, Inc.not disclosednot disclosednot disclosednot disclosed
Armstrong World Industries, Inc.not disclosedRSU 50 · PRSU 50not disclosedAon
AZZ Inc.not disclosedRSU 50 · PSU 50not disclosedMeridian Compensation Partners, LLC
Barnes Group Inc.not disclosedPSA 50 · RSU 30 · Option 20not disclosedMeridian Compensation Partners, LLC
Columbus McKinnon Corp.not disclosednot disclosednot disclosedMeridian
EnPro Industries, Inc.130.5%RSU 40 · PSU 30 · Options 30Yes — rTSRPearl Meyer & Partners, LLC
ESCO Technologies Inc.not disclosednot disclosednot disclosednot disclosed
Franklin Electric Co., Inc.not disclosedPSU 50 · Option 25 · RSU 25not disclosedMeridian
Gibraltar Industries, Inc.25%PSU 64 · RSU 36NoWTW
Helios Technologies, Inc.140%RSU 50 · Options 50NoMercer
Innospec Inc.not disclosednot disclosednot disclosedWillis Towers Watson
Kadant Inc.148%PSU 80 · RSU 20NoWillis Towers Watson
Mueller Water Products, Inc.199%PSU 50 · RSU 25 · Options 25Yes — relative total shareholder return (rTSR)Farient Advisors, LLC
SPX Technologies, Inc.163.9%PSU 50 · Options 25 · RSU 25Yes — Relative TSRMeridian Compensation Partners, LLC
Standex International Corp.not disclosedRSU 50 · PSU 50not disclosedMeridian

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.

FAQ

Frequently asked questions

Who was the highest-paid executive at CSW Industrials in fiscal 2026?
Joseph Armes, serving as Chairman, CEO and President, was the highest-paid executive at CSW Industrials in fiscal 2026 with total compensation of $7,273,615.
How does CSW Industrials's chief executive pay compare to its disclosed peer group?
The filing shows that the chief executive's pay ranked at the 64th percentile among the company's disclosed peers.
What is CSW Industrials's CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 178:1.
How did shareholders vote on CSW Industrials's executive compensation?
Shareholders supported the executive compensation proposal with a vote of 96.77%.
How much does CSW Industrials spend in total on board compensation for fiscal 2026?
The company reported total board compensation of $1,770,507 for fiscal 2026.

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, Joseph ArmesDEF 14A2026-07-160001193125-26-306099Section “Summary Compensation Table”. As printed: 7,273,615. Filing ↗machine: span 987637–987646
2Section 01, James PerryDEF 14A2026-07-160001193125-26-306099Section “Summary Compensation Table”. As printed: 2,112,413. Filing ↗machine: span 996807–996816
3Section 01, Jeff UnderwoodDEF 14A2026-07-160001193125-26-306099Section “Summary Compensation Table”. As printed: 1,602,640. Filing ↗machine: span 1006046–1006055
4Section 01, Danielle GardeDEF 14A2026-07-160001193125-26-306099Section “Summary Compensation Table”. As printed: 1,416,694. Filing ↗
5Section 01, Luke AlversonDEF 14A2026-07-160001193125-26-306099Section “Summary Compensation Table”. As printed: 1,415,831. Filing ↗
6Section 07, pay ratioDEF 14A2025-07-170001193125-25-160208Section “CEO Pay Ratio”. As printed: 178 : 1. Filing ↗machine: span 1273833–1273836
7Section 08, Linda A. LivingstoneDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 258,971. Filing ↗machine: span 514565–514607
8Section 08, J. Kent SweezeyDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 250,199. Filing ↗machine: span 520536–520578
9Section 08, Anne B. MotsenbockerDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 245,199. Filing ↗machine: span 516416–516458
10Section 08, Terry L. JohnstonDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 243,199. Filing ↗machine: span 512764–512806
11Section 08, Darron K. AshDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 243,199. Filing ↗machine: span 507272–507314
12Section 08, Bobby GriffinDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 241,199. Filing ↗machine: span 510916–510958
13Section 08, Michael R. GambrellDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 235,199. Filing ↗machine: span 509122–509164
14Section 08, Robert M. SwartzDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 53,342. Filing ↗machine: span 517409–517450
15Section 08, Joseph B. ArmesDEF 14A2026-07-160001193125-26-306099Section “Director Compensation”. As printed: 0. Filing ↗
16Section 06, 2026 voteForm 8-K2026-08-310001624794-26-000051Item 5.07 · say-on-pay result. As reported: 96.77% (votes for as printed: 13,611,391 (96.76%)). Filing ↗
17Section 06, 2025 voteForm 8-K2025-09-020001624794-25-000085Item 5.07 · say-on-pay result. As reported: 96.35% (votes for as printed: 14,162,450 (96.34%)). Filing ↗
18Section 06, 2024 voteForm 8-K2024-08-160001624794-24-000064Item 5.07 · say-on-pay result. As reported: 97.63% (votes for as printed: 13,051,280 (97.63%)). Filing ↗
19Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
20Section 09b board cost (computed)Computed——Cash 824,114 + equity 946,393 + all other 0 = 1,770,507, summed across the director compensation table rows.machine: formula: Σ = 1,770,507
21SPX Technologies, Inc., Section 10b CEO totalDEF 14A2026-03-310000088205-26-000019CEO total compensation as printed in SPX Technologies, Inc.'s own proxy. As printed: 9,338,813. Filing ↗machine: t119 · r2 · c11 · span 620400–620409
22Armstrong World Industries, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-193741CEO total compensation as printed in Armstrong World Industries, Inc.'s own proxy. As printed: 8,537,000. Filing ↗machine: r2 · c31 · span 849008–849017
23Innospec Inc., Section 10b CEO totalDEF 14A2026-03-260001174947-26-000427CEO total compensation as printed in Innospec Inc.'s own proxy. As printed: 8,252,747. Filing ↗machine: r4 · c9 · span 1939600–1939609
24EnPro Industries, Inc., Section 10b CEO totalDEF 14A2026-03-230002071876-26-000038CEO total compensation as printed in EnPro Industries, Inc.'s own proxy. As printed: 7,457,747. Filing ↗machine: t281 · r1 · c9 · span 898791–898800
25Barnes Group Inc., Section 10b CEO totalDEF 14A2024-03-290001140361-24-016599CEO total compensation as printed in Barnes Group Inc.'s own proxy. As printed: 7,305,338. Filing ↗
26CSW Industrials (subject), Section 10b CEO totalDEF 14A2026-07-160001193125-26-306099CEO total compensation as printed in CSW Industrials's own proxy. As printed: 7,273,615. Filing ↗machine: span 987637–987646
27Mueller Water Products, Inc., Section 10b CEO totalDEF 14A2025-12-190001350593-25-000069CEO total compensation as printed in Mueller Water Products, Inc.'s own proxy. As printed: 6,855,283. Filing ↗machine: t85 · r2 · c8 · span 974013–974022
28Standex International Corp., Section 10b CEO totalDEF 14A2026-09-040001437749-26-029660CEO total compensation as printed in Standex International Corp.'s own proxy. As printed: 6,407,973. Filing ↗machine: r1 · c28 · span 1051988–1051997
29Columbus McKinnon Corp., Section 10b CEO totalDEF 14A2026-06-260001005229-26-000032CEO total compensation as printed in Columbus McKinnon Corp.'s own proxy. As printed: 5,971,066. Filing ↗machine: r4 · c24 · span 1007169–1007178
30Kadant Inc., Section 10b CEO totalDEF 14A2026-04-010000886346-26-000027CEO total compensation as printed in Kadant Inc.'s own proxy. As printed: 5,519,261. Filing ↗machine: t17 · r2 · c18 · span 358569–358578
31AZZ Inc., Section 10b CEO totalDEF 14A2026-05-260001104659-26-066068CEO total compensation as printed in AZZ Inc.'s own proxy. As printed: 5,513,156. Filing ↗machine: r1 · c63 · span 1601330–1601339
32Franklin Electric Co., Inc., Section 10b CEO totalDEF 14A2026-03-250000038725-26-000017CEO total compensation as printed in Franklin Electric Co., Inc.'s own proxy. As printed: 5,072,064. Filing ↗machine: r2 · c30 · span 440975–440984
33Gibraltar Industries, Inc., Section 10b CEO totalDEF 14A2026-04-060000912562-26-000083CEO total compensation as printed in Gibraltar Industries, Inc.'s own proxy. As printed: 4,731,001. Filing ↗machine: t256 · r4 · c11 · span 854722–854731
34AAON, Inc., Section 10b CEO totalDEF 14A2026-04-010000824142-26-000011CEO total compensation as printed in AAON, Inc.'s own proxy. As printed: 3,656,082. Filing ↗machine: r2 · c8 · span 1240752–1240761
35Helios Technologies, Inc., Section 10b CEO totalDEF 14A2026-05-040001193125-26-204115CEO total compensation as printed in Helios Technologies, Inc.'s own proxy. As printed: 3,383,351. Filing ↗machine: r2 · c31 · span 1486387–1486396
36Section 10a, SPX Technologies, Inc. reciprocityDEF 14A—0000088205-26-000019SPX Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
37Section 10a, Armstrong World Industries, Inc. reciprocityDEF 14A—0001193125-26-193741Armstrong World Industries, Inc. names CSW Industrials in its own disclosed peer group (read from its most recent proxy). Filing ↗
38Section 10a, Standex International Corp. reciprocityDEF 14A—0001437749-26-029660Standex International Corp.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
39Section 10a, Columbus McKinnon Corp. reciprocityDEF 14A—0001005229-26-000032Columbus McKinnon Corp.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
40Section 10a, Helios Technologies, Inc. reciprocityDEF 14A—0001193125-26-204115Helios Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
41Section 10a, Barnes Group Inc. reciprocityDEF 14A—0001140361-24-016599Barnes Group Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
42Section 10a, Franklin Electric Co., Inc. reciprocityDEF 14A—0000038725-26-000017Franklin Electric Co., Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
43Section 10a, Gibraltar Industries, Inc. reciprocityDEF 14A—0000912562-26-000083Gibraltar Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
44Section 10a, EnPro Industries, Inc. reciprocityDEF 14A—0002071876-26-000038EnPro Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
45Section 10a, Kadant Inc. reciprocityDEF 14A—0000886346-26-000027Kadant Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
46Section 10a, AAON, Inc. reciprocityDEF 14A—0000824142-26-000011AAON, Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
47Section 10a, AZZ Inc. reciprocityDEF 14A—0001104659-26-066068AZZ Inc. names CSW Industrials in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Mueller Water Products, Inc. reciprocityDEF 14A—0001350593-25-000069Mueller Water Products, Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗
49Section 10a, Innospec Inc. reciprocityDEF 14A—0001174947-26-000427Innospec Inc.'s most recent proxy was read; its disclosed peer group does not include CSW Industrials. Filing ↗

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