Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-26

Commercial Vehicle Group (CVGI)

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.

$3,949,428
James Ray total, FY2025
20th
CEO pay percentile vs peers
CEO-to-median pay ratio
89.5%
Say-on-pay support, latest vote
Companies that benchmark against CVGI
6 companies name CVGI as a compensation peer

Each company listed discloses CVGI 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 CVGI 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 Ray$879,231$0$3,059,120$0$0$0$11,077$3,949,428
President and Chief Executive Officer and Director
Andy Cheung468,92390,833208,30200010,367778,425
Chief Financial Officer
Aneezal Mohamed376,1160111,3830008,885496,384
Chief Legal Officer, Compliance Officer and Secretary
Kristin Mathers371,231098,9440005,846476,021
Chief Human Resource 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
James Ray$3,949,428$1,983,800$1,894,587+1,965,628
Andy Cheung778,425861,6441,358,302−83,219
Aneezal Mohamed496,384585,4591,116,725−89,075
Kristin Mathers476,021568,431824,958−92,410

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
Andy CheungRSU2025-03-31181,132$208,302
Kristin MathersRSU2025-03-3186,03898,944
Aneezal MohamedRSU2025-03-3196,855111,383
James RayRSU2025-06-10805,0311,223,647
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Andy Cheung$208,302$0$00.0%
Kristin Mathers98,944000.0%
Aneezal Mohamed111,383000.0%
James Ray1,223,647000.0%

% 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
James RayRSU877,397$1,263,452
James RayRSU743,8341,071,121
Andy CheungRSU200,231288,333
Kristin MathersRSU95,110136,958
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy is designed to attract and retain exceptional leaders who will deliver the Company’s annual business plan, execute our long-term diversification and growth strategy, and create long-term shareholder value. The Committee has a pay for performance philosophy that places a majority of each executive officer’s total compensation at risk each year and defers the delivery of significant portions of incentive compensation to link management interests to long-term value creation.

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1416,004,6231,565,305312,20489.5%Passed
20252025-05-1517,083,5223,031,04043,16884.75%Passed
20242024-05-1623,243,0863,092,9956,75288.23%Passed
20232023-05-1116,215,389408,62228,95297.37%Passed
20222022-05-1918,591,071441,71249,76997.42%Passed
20212021-05-2622,833,699306,157235,26597.68%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
20262026-05-1489.5%a
20252025-05-1584.75%b
20242024-05-1688.23%c

a. Approved under the standard stated in the filing — “Abstentions will have the same effect as votes "AGAINST" this proposal, whereas "broker non-votes" will not be counted for purposes of determining whether this proposal has been approved.”.

b. Approved under the standard stated in the filing — “Abstentions will have the same effect as votes "AGAINST" this proposal, whereas "broker non-votes" will not be counted for purposes of determining whether this proposal has been approved.”.

c. Approved under the standard stated in the filing — “Abstentions will count as a vote against the proposal and broker non-votes will have no effect on the outcome of the vote.”.

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
William C. JohnsonIndependent · Board Chair$126,750$29,216$0$0$0$155,966
Jeffrey S. NiewIndependent · Compensation · Nominating, Governance and Sustainability80,75071,233000151,983
Wayne M. RancourtIndependent · Audit (Chair) · Compensation · Nominating, Governance and Sustainability99,75029,216000128,966
Melanie K. CookIndependent · Audit · Compensation (Chair)95,00029,216000124,216
J. Michael NaumanIndependent · Audit · Nominating, Governance and Sustainability (Chair)90,25029,216000119,466
Robert C. GriffinIndependent · Departed during FY72,50029,216000101,716
Ruth GratzkeIndependent · Departed during FY63,75029,21600092,966
Ari B. LevyIndependent · Audit · Nominating, Governance and Sustainability · Newly elected000000
James R. RayEmployee director0
09

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer$120,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 15,000 / 10,000
Stock ownership guidelinestock ownership requirements
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$628,750
Equity awards (grant-date value)$246,529
All other compensation$0
Total cost of the board$875,279

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.

BLBD Blue Bird CorporationMOD Modine Manufacturing CompanyCMCO Columbus McKinnon CorporationFSS Federal Signal CorporationCPS Cooper-Standard Holdings Inc.ASTE Astec Industries, Inc.NPO EnPro Industries, Inc.THRM Gentherm IncorporatedFSTR L.B. Foster Company
10a

Peer reciprocity

Of the companies Commercial Vehicle Group 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.

Blue Bird Corporation (BLBD)30 Modine Manufacturing Company (MOD) Columbus McKinnon Corporation (CMCO)31 Federal Signal Corporation (FSS)32 Cooper-Standard Holdings Inc. (CPS) Astec Industries, Inc. (ASTE) EnPro Industries, Inc. (NPO)33 Gentherm Incorporated (THRM)34 L.B. Foster Company (FSTR)

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 Commercial Vehicle Group.

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
1Gentherm Incorporated2025William Presley$950,000$7,804,910$0$1,487,938$12,966,927
2Federal Signal Corporation2025Jennifer Sherman1,016,6173,635,6461,211,8522,255,0008,421,321
3EnPro Industries, Inc.2025Eric Vaillancourt934,6163,678,2311,390,7161,341,9497,457,747
4Columbus McKinnon Corporation2026David Wilson925,0003,111,978925,000925,0005,971,066
5Commercial Vehicle Group2025James Ray879,2313,059,120003,949,428
6Blue Bird Corporation2025John Wyskiel524,7121,176,37401,306,8753,432,264
Modine Manufacturing Companynot in coverage universe
Cooper-Standard Holdings Inc.not in coverage universe
Astec Industries, Inc.not in coverage universe
L.B. Foster Companynot 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
Commercial Vehicle Groupnot disclosedLTIP Units 60 · Restricted Stock 40not disclosedMeridian
Astec Industries, Inc.not disclosednot disclosednot disclosednot disclosed
Blue Bird Corporationnot disclosedPRSU 67 · RSU 33not disclosednot disclosed
Columbus McKinnon Corporation100%PSU 50 · RSU 25 · Options 25NoMeridian Compensation Partners
Cooper-Standard Holdings Inc.not disclosednot disclosednot disclosednot disclosed
EnPro Industries, Inc.130.5%RSU 40 · PSU 30 · Options 30Yes — rTSRPearl Meyer & Partners, LLC
Federal Signal Corporationnot disclosedPSU 50 · Option 25 · Restricted Stock 25not disclosedMeridian
Gentherm Incorporated125.3%PSU 70 · RSU 30NoMeridian Compensation Partners
L.B. Foster Companynot disclosednot disclosednot disclosednot disclosed
Modine Manufacturing Companynot 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, James RayDEF 14A2026-04-270001628280-26-027295Section “Summary Compensation Table” · page 63. As printed: 3,949,428. Filing ↗machine: r3 · c45 · span 663533–663542
2Section 01, Andy CheungDEF 14A2026-04-270001628280-26-027295Section “Summary Compensation Table” · page 63. As printed: 778,425. Filing ↗machine: r13 · c45 · span 678090–678097
3Section 01, Aneezal MohamedDEF 14A2026-04-270001628280-26-027295Section “Summary Compensation Table” · page 63. As printed: 496,384. Filing ↗machine: r20 · c45 · span 691235–691242
4Section 01, Kristin MathersDEF 14A2026-04-270001628280-26-027295Section “Summary Compensation Table” · page 63. As printed: 476,021. Filing ↗machine: r24 · c45 · span 702505–702512
5Section 03, Andy Cheung RSUDEF 14A2026-04-270001628280-26-027295Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 791619–791626
6Section 03, Kristin Mathers RSUDEF 14A2026-04-270001628280-26-027295Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 828948–828954
7Section 03, Aneezal Mohamed RSUDEF 14A2026-04-270001628280-26-027295Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 808278–808285
8Section 03, James Ray RSUDEF 14A2026-04-270001628280-26-027295Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 770929–770938
9Section 08, William C. JohnsonDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 155,966. Filing ↗
10Section 08, Jeffrey S. NiewDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 151,983. Filing ↗
11Section 08, Wayne M. RancourtDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 128,966. Filing ↗
12Section 08, Melanie K. CookDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 124,216. Filing ↗
13Section 08, J. Michael NaumanDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 119,466. Filing ↗
14Section 08, Robert C. GriffinDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 101,716. Filing ↗
15Section 08, Ruth GratzkeDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 92,966. Filing ↗
16Section 08, Ari B. LevyDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, James R. RayDEF 14A2026-04-270001628280-26-027295Section “Director Compensation”. As printed: 0. Filing ↗
18Section 06, 2026 voteForm 8-K2026-05-180001628280-26-036067Item 5.07 · say-on-pay result. As reported: 89.5% (votes for as printed: 16,004,623). Filing ↗
19Section 06, 2025 voteForm 8-K2025-05-190001628280-25-026595Item 5.07 · say-on-pay result. As reported: 84.75% (votes for as printed: 17,083,522). Filing ↗
20Section 06, 2024 voteForm 8-K2024-05-160001628280-24-023851Item 5.07 · say-on-pay result. As reported: 88.23% (votes for as printed: 23,243,086). Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 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
23Section 09b board cost (computed)ComputedcomputedCash 628,750 + equity 246,529 + all other 0 = 875,279, summed across the director compensation table rows.machine: formula: Σ = 875,279
24Gentherm Incorporated, Section 10b CEO totalDEF 14A2026-04-010001140361-26-012756CEO total compensation as printed in Gentherm Incorporated's own proxy. As printed: 12,966,927. Filing ↗machine: r2 · c8 · span 903625–903635
25Federal Signal Corporation, Section 10b CEO totalDEF 14A2026-03-060001628280-26-015646CEO total compensation as printed in Federal Signal Corporation's own proxy. As printed: 8,421,321. Filing ↗machine: span 649769–649778
26EnPro 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
27Columbus McKinnon Corporation, Section 10b CEO totalDEF 14A2026-06-260001005229-26-000032CEO total compensation as printed in Columbus McKinnon Corporation's own proxy. As printed: 5,971,066. Filing ↗machine: r4 · c24 · span 1007169–1007178
28Commercial Vehicle Group (subject), Section 10b CEO totalDEF 14A2026-04-270001628280-26-027295CEO total compensation as printed in Commercial Vehicle Group's own proxy. As printed: 3,949,428. Filing ↗machine: r3 · c45 · span 663533–663542
29Blue Bird Corporation, Section 10b CEO totalDEF 14A2026-01-260001140361-26-002269CEO total compensation as printed in Blue Bird Corporation's own proxy. As printed: 3,432,264. Filing ↗machine: r2 · c27 · span 722573–722582
30Section 10a, Blue Bird Corporation reciprocityDEF 14A0001140361-26-002269Blue Bird Corporation names Commercial Vehicle Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
31Section 10a, Columbus McKinnon Corporation reciprocityDEF 14A0001005229-26-000032Columbus McKinnon Corporation names Commercial Vehicle Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
32Section 10a, Federal Signal Corporation reciprocityDEF 14A0001628280-26-015646Federal Signal Corporation's most recent proxy was read; its disclosed peer group does not include Commercial Vehicle Group. Filing ↗
33Section 10a, EnPro Industries, Inc. reciprocityDEF 14A0002071876-26-000038EnPro Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include Commercial Vehicle Group. Filing ↗
34Section 10a, Gentherm Incorporated reciprocityDEF 14A0001140361-26-012756Gentherm Incorporated's most recent proxy was read; its disclosed peer group does not include Commercial Vehicle Group. Filing ↗