Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-30

Cantaloupe (CTLP)

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.

$1,104,604
Scott Stewart total, FY2025
Chief Financial Officerhighest-paid officer; CEO Ravi Venkatesan: $957,707
7th
CEO (Ravi Venkatesan) pay percentile vs peers
12:1
CEO-to-median pay ratio
95.31%
Say-on-pay support, latest vote
Companies that benchmark against CTLP
7 companies name CTLP as a compensation peer

Each company listed discloses CTLP 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 CTLP 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
Scott Stewart$408,000$0$333,360$0$149,344$0$213,900$1,104,604
Chief Financial Officer
Ravi Venkatesan450,000323,100172,23800012,369957,707
Chief Executive Officer
Jeffrey Dumbrell408,0000333,3600149,344013,200903,904
Chief Revenue Officer
Anna Novoseletsky337,500074,6330125,6500113,200650,983
Chief Legal and Compliance Officer and General Counsel
Gaurav Singal367,683082,1920133,949013,200597,024
Former Chief Technology 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 FY20242025
Scott Stewart$1,104,604$1,103,823$1,575,317+781
Ravi Venkatesan957,707957,7072,802,535+0
Jeffrey Dumbrell903,904903,8231,572,174+81
Anna Novoseletsky650,983648,152535,253+2,831
Gaurav Singal597,024594,600844,782+2,424

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
Scott StewartPSU2024-09-2014,26414,264$91,860
Gaurav SingalPSU2025-09-2012,91812,91882,192
Anna NovoseletskyPSU2025-09-2011,58911,58974,633
Ravi VenkatesanPSU2024-09-2026,74526,745172,238
Jeffrey DumbrellPSU2025-09-2014,26414,26491,860
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Scott Stewart$0$91,860$0100.0%
Gaurav Singal082,1920100.0%
Anna Novoseletsky074,6330100.0%
Ravi Venkatesan0172,2380100.0%
Jeffrey Dumbrell091,8600100.0%

% 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
Jeffrey DumbrellOption75,0006.68
Gaurav SingalOption66,6673.27
Scott StewartRSU104,3171,146,444
Ravi VenkatesanRSU52,684578,997
Gaurav SingalRSU23,154254,462
Anna NovoseletskyRSU21,094231,823
Jeffrey DumbrellRSU104,3171,146,444
Ravi VenkatesanOption400,0003.48
Scott StewartOption75,0006.68
Anna NovoseletskyOption33,3335.19
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation philosophy is designed to attract and retain key executives responsible for our success, reflect pay-for-performance, and align management's interests with the creation of long-term shareholder value. The Compensation Committee believes that these goals are best accomplished by tying a significant portion of compensation to the achievement of performance goals and equity incentives.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantAon Human Capital Solutions (McLagan)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-11-1943,273,0382,131,446114,64195.31%Passed
20242024-11-2055,756,452563,65294,02299%Passed
20222022-11-3050,344,1541,632,579371,52096.86%Passed
20212021-11-1050,294,602249,765301,09299.51%Passed
20202020-05-215,739,96729,126,917236,65916.46%Failed
20182018-04-2628,392,7701,123,5283,229,12186.71%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
20252025-11-1995.31%a
20242024-11-2099%b
20222022-11-3096.86%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)12 : 1
CEO total compensation$957,707
Median employee compensation$80,000
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Douglas BergeronIndependent · Compensation · Finance$100,000$85,000$185,000
Douglas G. BergeronIndependent · Board Chair · Compensation · Finance85,000100,000000185,000
Shannon S. WarrenIndependent · Audit and Risk (Chair)75,000100,000000175,000
Shannon WarrenIndependent · Audit and Risk100,00075,000175,000
Michael K. PassillaIndependent · Compensation (Chair)60,000100,000000160,000
Michael PassillaIndependent · Compensation100,00060,000160,000
Ellen RicheyIndependent · Audit and Risk · Finance60,000100,000000160,000
Anne SmallingIndependent · NCG · Audit and Risk100,00057,500157,500
Jacob LammIndependent · Nominating and Corporate Governance · Finance (Chair)57,500100,000000157,500
Anne M. SmallingIndependent · Audit and Risk · Nominating and Corporate Governance (Chair)57,500100,000000157,500
Lisa BairdIndependent · Compensation · NCG100,00050,000150,000
Ian HarrisIndependent · Finance · Compensation50,000100,000000150,000
Lisa P. BairdIndependent · Compensation · Nominating and Corporate Governance50,000100,000000150,000
Ravi VenkatesanNot independent00
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 10,000 / 7,500
Stock ownership guideline$250,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$495,000
Equity awards (grant-date value)$1,300,000
All other compensation$327,500
Total cost of the board$2,122,500

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 Cantaloupe 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 Cantaloupe.

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
1Bakkt Holdings, Inc.2025Akshay Naheta$77,800$8,046,648$27,092,620$0$35,217,068
2PAR Technology Corporation2025Savneet Singh645,00012,875,7020615,03414,164,778
3Flywire Corporation2025Michael Massaro450,0007,732,0550610,0008,803,495
4Repay Holdings Corporation2024John Morris500,0007,615,7140488,7508,614,814
5Priority Technology Holdings, Inc.2025Thomas Priore1,200,0002,996,498008,004,152
6AvidXchange Holdings, Inc.2024Michael Praeger520,1924,836,1082,099,998231,5257,701,587
7International Money Express, Inc.2024Robert Lisy1,000,0004,200,0000837,5006,042,098
8Cardlytics, Inc.2025Amit Gupta550,0023,996,0000166,1005,030,252
9CPI Card Group, Inc.2025John Lowe648,3652,611,9440520,0003,794,309
10PaySign, Inc.2025Mark Newcomer1,050,0001,398,000002,754,265
11Sezzle, Inc.2024Charles Youakim536,510463,920682,642540,7502,224,113
12Atlanticus Holding Corporation2025Jeffrey Howard850,000238,503002,099,003
13Cass Information Systems, Inc.2025Martin Resch683,675860,6260453,7002,046,984
14Usio, Inc.2025Louis Hoch878,846462,240001,371,589
15Cantaloupe2025Ravi Venkatesan450,000172,23800957,707
16i3 Verticals, Inc.2025Gregory Daily341,250000351,182
CoreCard Corporationnot 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
Cantaloupe71.8%RSU 100not disclosedAon Human Capital Solutions (McLagan)
Atlanticus Holding Corporationnot disclosedRSU 100not disclosednot disclosed
AvidXchange Holdings, Inc.44.1%RSU 70 · Options 30not disclosedCompensia, Inc.
Bakkt Holdings, Inc.not disclosednot disclosedNoMercer
Cardlytics, Inc.30%not disclosedNoMeridian Compensation Partners
Cass Information Systems, Inc.not disclosedPSU 60 · RSU 40NoPay Governance
CoreCard Corporationnot disclosednot disclosednot disclosednot disclosed
CPI Card Group, Inc.80%RSU 67 · Cash LTI 33Yes — Relative TSRWillis Towers Watson
Flywire Corporation122%RSU 100not disclosedClearBridge Compensation Group LLC
i3 Verticals, Inc.not disclosedRSU 100not disclosedFW Cook
International Money Express, Inc.67.0%RSA 50 · PSU 50NoFW Cook
PAR Technology Corporation95.4%RSU 50 · PSU 50Yes — Relative TSR compared to the Information Technology sector of the Russell 2000 Index companiesFW Cook
PaySign, Inc.not disclosedPSU 67 · RSU 33Nonot disclosed
Priority Technology Holdings, Inc.not disclosednot disclosedNonot disclosed
Repay Holdings Corporation96%not disclosedNoFrederic W. Cook & Co., Inc.
Sezzle, Inc.not disclosednot disclosednot disclosedFW Cook
Usio, Inc.not disclosednot disclosednot disclosednot disclosed

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, Scott StewartDEF 14A2025-10-100001628280-25-044777Section “Executive Compensation”. As printed: 1,104,604. Filing ↗
2Section 01, Ravi VenkatesanDEF 14A2025-10-100001628280-25-044777Section “Summary Compensation Table” · page 62. As printed: 957,707. Filing ↗machine: span 849423–849430
3Section 01, Jeffrey DumbrellDEF 14A2025-10-100001628280-25-044777Section “Executive Compensation”. As printed: 903,904. Filing ↗
4Section 01, Anna NovoseletskyDEF 14A2025-10-100001628280-25-044777Section “Summary Compensation Table” · page 62. As printed: 650,983. Filing ↗machine: span 884073–884079
5Section 01, Gaurav SingalDEF 14A2025-10-100001628280-25-044777Section “Summary Compensation Table” · page 62. As printed: 597,024. Filing ↗machine: span 875153–875159
6Section 03, Scott Stewart PSUDEF 14A2025-10-100001628280-25-044777Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r6 · c6 · span 856697–856703
7Section 03, Gaurav Singal PSUDEF 14A2025-10-100001628280-25-044777Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r10 · c6 · span 873350–873356
8Section 03, Anna Novoseletsky PSUDEF 14A2025-10-100001628280-25-044777Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r12 · c6 · span 882270–882276
9Section 03, Ravi Venkatesan PSUDEF 14A2025-10-100001628280-25-044777Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r4 · c6 · span 847671–847677
10Section 03, Jeffrey Dumbrell PSUDEF 14A2025-10-100001628280-25-044777Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r8 · c6 · span 864986–864992
11Section 07, pay ratioDEF 14A0001628280-25-044777Section “CEO Pay Ratio”. As printed: 12 : 1.machine: span 988256–988260
12Section 08, Douglas BergeronDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 185,000. Filing ↗machine: t95 · r2 · c8 · span 561337–561344
13Section 08, Douglas G. BergeronDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 185,000. Filing ↗machine: t95 · r2 · c8 · span 561337–561344
14Section 08, Shannon S. WarrenDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 175,000. Filing ↗machine: t95 · r9 · c8 · span 575887–575894
15Section 08, Shannon WarrenDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 175,000. Filing ↗machine: t95 · r9 · c8 · span 575887–575894
16Section 08, Michael K. PassillaDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 160,000. Filing ↗machine: t95 · r6 · c8 · span 569473–569480
17Section 08, Michael PassillaDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 160,000. Filing ↗machine: t95 · r6 · c8 · span 569473–569480
18Section 08, Ellen RicheyDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 160,000. Filing ↗machine: t95 · r7 · c8 · span 571506–571513
19Section 08, Anne SmallingDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 157,500. Filing ↗machine: t95 · r8 · c8 · span 573543–573550
20Section 08, Jacob LammDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 157,500. Filing ↗machine: t95 · r5 · c8 · span 567433–567440
21Section 08, Anne M. SmallingDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 157,500. Filing ↗machine: t95 · r8 · c8 · span 573543–573550
22Section 08, Lisa BairdDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 150,000. Filing ↗machine: t95 · r3 · c8 · span 563371–563378
23Section 08, Ian HarrisDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 150,000. Filing ↗machine: t95 · r4 · c8 · span 565402–565409
24Section 08, Lisa P. BairdDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 150,000. Filing ↗machine: t95 · r3 · c8 · span 563371–563378
25Section 08, Ravi VenkatesanDEF 14A2025-10-100001628280-25-044777Section “Director Compensation”. As printed: 0. Filing ↗
26Section 06, 2025 voteForm 8-K2025-11-210001628280-25-053488Item 5.07 · say-on-pay result. As reported: 95.31% (votes for as printed: 43,273,038). Filing ↗
27Section 06, 2024 voteForm 8-K2024-11-250001628280-24-049145Item 5.07 · say-on-pay result. As reported: 99% (votes for as printed: 55,756,452). Filing ↗
28Section 06, 2022 voteForm 8-K2022-12-020001628280-22-031264Item 5.07 · say-on-pay result. As reported: 96.86%. Filing ↗
29Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 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
31Section 09b board cost (computed)ComputedcomputedCash 495,000 + equity 1,300,000 + all other 327,500 = 2,122,500, summed across the director compensation table rows.machine: formula: Σ = 2,122,500
32Bakkt Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001628280-26-029018CEO total compensation as printed in Bakkt Holdings, Inc.'s own proxy. As printed: 35,217,068. Filing ↗machine: r2 · c21 · span 331553–331563
33PAR Technology Corporation, Section 10b CEO totalDEF 14A2026-04-160000708821-26-000048CEO total compensation as printed in PAR Technology Corporation's own proxy. As printed: 14,164,778. Filing ↗machine: t104 · r3 · c14 · span 575281–575291
34Flywire Corporation, Section 10b CEO totalDEF 14A2026-04-230001193125-26-173788CEO total compensation as printed in Flywire Corporation's own proxy. As printed: 8,803,495. Filing ↗machine: span 529916–529925
35Repay Holdings Corporation, Section 10b CEO totalDEF 14A2025-04-300000950170-25-061022CEO total compensation as printed in Repay Holdings Corporation's own proxy. As printed: 8,614,814. Filing ↗machine: r4 · c35 · span 1541867–1541876
36Priority Technology Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-280001653558-26-000090CEO total compensation as printed in Priority Technology Holdings, Inc.'s own proxy. As printed: 8,004,152. Filing ↗machine: t5 · r2 · c19 · span 192936–192945
37AvidXchange Holdings, Inc., Section 10b CEO totalDEF 14A2025-04-300001193125-25-107131CEO total compensation as printed in AvidXchange Holdings, Inc.'s own proxy. As printed: 7,701,587. Filing ↗machine: r2 · c69 · span 488055–488065
38International Money Express, Inc., Section 10b CEO totalDEF 14A2025-04-300001683695-25-000058CEO total compensation as printed in International Money Express, Inc.'s own proxy. As printed: 6,042,098. Filing ↗machine: r2 · c24 · span 571419–571429
39Cardlytics, Inc., Section 10b CEO totalDEF 14A2026-04-090001628280-26-024446CEO total compensation as printed in Cardlytics, Inc.'s own proxy. As printed: 5,030,252. Filing ↗machine: span 289415–289424
40CPI Card Group, Inc., Section 10b CEO totalDEF 14A2026-04-080001104659-26-040936CEO total compensation as printed in CPI Card Group, Inc.'s own proxy. As printed: 3,794,309. Filing ↗machine: t60 · r6 · c25 · span 604980–604989
41PaySign, Inc., Section 10b CEO totalDEF 14A2026-03-260001683168-26-002222CEO total compensation as printed in PaySign, Inc.'s own proxy. As printed: 2,754,265. Filing ↗machine: span 152267–152276
42Sezzle, Inc., Section 10b CEO totalDEF 14A2025-04-300001662991-25-000081CEO total compensation as printed in Sezzle, Inc.'s own proxy. As printed: 2,224,113. Filing ↗machine: span 332930–332939
43Atlanticus Holding Corporation, Section 10b CEO totalDEF 14A2026-04-100001437749-26-012028CEO total compensation as printed in Atlanticus Holding Corporation's own proxy. As printed: 2,099,003. Filing ↗machine: r5 · c23 · span 228717–228726
44Cass Information Systems, Inc., Section 10b CEO totalDEF 14A2026-03-060000708781-26-000013CEO total compensation as printed in Cass Information Systems, Inc.'s own proxy. As printed: 2,046,984. Filing ↗machine: r2 · c21 · span 469313–469322
45Usio, Inc., Section 10b CEO totalDEF 14A2026-04-290001437749-26-013853CEO total compensation as printed in Usio, Inc.'s own proxy. As printed: 1,371,589. Filing ↗machine: r1 · c6 · span 254821–254830
46Cantaloupe (subject), Section 10b CEO totalDEF 14A2025-10-100001628280-25-044777CEO total compensation as printed in Cantaloupe's own proxy. As printed: 957,707. Filing ↗machine: span 849423–849430
47i3 Verticals, Inc., Section 10b CEO totalDEF 14A2026-01-150001728688-26-000009CEO total compensation as printed in i3 Verticals, Inc.'s own proxy. As printed: 351,182. Filing ↗machine: r2 · c42 · span 375924–375931
48Section 10a, PAR Technology Corporation reciprocityDEF 14A0000708821-26-000048PAR Technology Corporation's most recent proxy was read; its disclosed peer group does not include Cantaloupe. Filing ↗
49Section 10a, Flywire Corporation reciprocityDEF 14A0001193125-26-173788Flywire Corporation's most recent proxy was read; its disclosed peer group does not include Cantaloupe. Filing ↗
50Section 10a, Cass Information Systems, Inc. reciprocityDEF 14A0000708781-26-000013Cass Information Systems, Inc. names Cantaloupe in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, i3 Verticals, Inc. reciprocityDEF 14A0001728688-24-000006i3 Verticals, Inc. names Cantaloupe in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Repay Holdings Corporation reciprocityDEF 14A0000950170-25-061022Repay Holdings Corporation names Cantaloupe in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, AvidXchange Holdings, Inc. reciprocityDEF 14A0001193125-25-107131AvidXchange Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Cantaloupe. Filing ↗
54Section 10a, International Money Express, Inc. reciprocityDEF 14A0001683695-25-000058International Money Express, Inc.'s most recent proxy was read; its disclosed peer group does not include Cantaloupe. Filing ↗