Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-05

Consolidated Water Co. (CWCO)

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.

$1,222,966
Frederick McTaggart total, FY2025
57th
CEO pay percentile vs peers
15:1
CEO-to-median pay ratio
91.53%
Say-on-pay support, latest vote
Companies that benchmark against CWCO
2 companies name CWCO as a compensation peer

Each company listed discloses CWCO 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 CWCO 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
Frederick McTaggart$562,275$0$281,138$0$359,153$0$20,400$1,222,966
Chief Executive Officer
Ramjeet Jerrybandan457,4890160,1210202,139020,400840,149
Chief Operating Officer
David Sasnett457,8880137,3660130,498020,400746,152
Executive VP & Chief Financial Officer
Douglas Vizzini305,41530,542100,02920,400456,386
Executive VP & Chief Accounting Officer
Armando Averhoff250,156025,016049,647014,400339,219
Vice President of Information Technology

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
Frederick McTaggart$1,222,966$1,462,458$1,446,075−239,492
Ramjeet Jerrybandan840,149780,563750,050+59,586
David Sasnett746,152769,269749,785−23,117
Douglas Vizzini456,386445,978388,193+10,408
Armando Averhoff339,219319,846292,133+19,373

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 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Frederick McTaggartPSU3,620$127,750
Frederick McTaggartPSU5,430191,607
Frederick McTaggartPSU3,949139,360
Ramjeet JerrybandanPSU3,093109,134
David SasnettPSU2,65393,624
Ramjeet JerrybandanPSU1,81063,875
Ramjeet JerrybandanPSU2,06272,768
David SasnettPSU1,80263,593
David SasnettPSU1,76862,393
Frederick McTaggartPSU1,31546,406
Douglas VizziniPSU78627,738
Armando AverhoffPSU64422,727
Ramjeet JerrybandanPSU60221,245
David SasnettPSU60021,174
Douglas VizziniPSU2779,775
Armando AverhoffPSU2187,693
05

Incentive-plan design — the Compensation Discussion & Analysis

The Committee believes that compensation paid to Named Executive Officers should be directly aligned with company performance, ensuring a significant portion of compensation is tied to the achievement of financial and operational goals such as revenue, profitability, and shareholder value. The program is designed to attract and retain highly skilled employees while remaining competitive relative to peer companies.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-019,204,562851,79977,27691.53%Passed
20252025-05-279,132,313481,89576,04094.99%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
20262026-06-0191.53%a
20252025-05-2794.99%b

a. Approved under the standard stated in the filing — “With respect to each proposal, abstentions and broker non-votes are not treated as votes cast and, therefore, will not affect the outcome of the vote on such proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and "broker non-votes" are not treated as votes cast and, therefore, will not affect 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.

07

CEO pay ratio

Ratio (CEO : median employee)15 : 1
CEO total compensation
Median employee compensation$83,192
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Wilmer F. PergandeIndependent · Audit Committee · Nominations and Corporate Governance Committee$143,676$46,158$189,834
Raymond WhittakerIndependent · Compensation Committee (Chair) · Audit Committee53,52750,594104,121
Brian E. ButlerIndependent · Compensation Committee · Audit Committee · Environmental and Social Governance Committee47,22356,628103,851
Leonard J. SokolowIndependent · Audit Committee (Chair) · Nominations and Corporate Governance Committee45,15649,13694,292
Clarence B. FlowersIndependent · Compensation Committee · Environmental and Social Governance Committee42,55948,86991,428
Carson K. EbanksIndependent · Compensation Committee · Nominations and Corporate Governance Committee40,81044,80485,614
Maria Elena GinerIndependent8,74508,745
Kimberly AdamsonIndependent8,74508,745
09

Board fee structure and ownership guideline

Annual cash retainer$34,980
Annual equity retainer$35,139
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)7,844 / 5,883 / 3,922
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$390,441
Equity awards (grant-date value)$296,189
All other compensation$0
Total cost of the board$686,630

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 Consolidated Water Co. 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 Consolidated Water Co..

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
1Energy Recovery Inc.2025David Moon$614,231$2,599,996$0$0$3,222,147
2Unitil Corp.2025Thomas Meissner Jr.744,066751,8420662,5913,189,116
3Middlesex Water Company2025Nadine Leslie754,000678,0000427,5251,906,024
4Consolidated Water Co.2025Frederick McTaggart562,275281,1380359,1531,222,966
5RGC Resources Inc.2025Paul Nester467,084288,2250184,8661,014,851
6Pure Cycle Corporation2025Mark Harding525,000114,30000965,016
7Global Water Resources Inc.2025Ron Fleming385,000259,2520156,352819,403
8York Water Company2025Joseph Hand412,175100,07443,960572,275
Genie Energy Ltd.not in coverage universe
SJW Groupnot 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
Consolidated Water Co.not disclosedRSU 50 · PRSU 50not disclosedFrederic W. Cook & Co., Inc.
Energy Recovery Inc.not disclosedRSU 50 · PSU 50NoCompensia, Inc.
Genie Energy Ltd.not disclosednot disclosednot disclosednot disclosed
Global Water Resources Inc.not disclosedRSU 50 · Cash 50not disclosedFW Cook
Middlesex Water Companynot disclosedRestricted Stock 100not disclosednot disclosed
Pure Cycle Corporationnot disclosednot disclosednot disclosednot disclosed
RGC Resources Inc.not disclosednot disclosednot disclosednot disclosed
SJW Groupnot disclosednot disclosednot disclosednot disclosed
Unitil Corp.137%PSU 50 · RSU 50NoWillis Towers
York Water Companynot disclosedRestricted Stock 100not disclosedHerbein + Company, Inc.

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, Frederick McTaggartDEF 14A2026-04-220001104659-26-046528Section “Executive Compensation”. As printed: 1,222,966. Filing ↗machine: r1 · c35 · span 724131–724140
2Section 01, Ramjeet JerrybandanDEF 14A2026-04-220001104659-26-046528Section “Executive Compensation”. As printed: 840,149. Filing ↗machine: r7 · c35 · span 747051–747058
3Section 01, David SasnettDEF 14A2026-04-220001104659-26-046528Section “Executive Compensation”. As printed: 746,152. Filing ↗machine: r4 · c35 · span 735624–735631
4Section 01, Douglas VizziniDEF 14A2026-04-220001104659-26-046528Section “Executive Compensation”. As printed: 456,386. Filing ↗
5Section 01, Armando AverhoffDEF 14A2026-04-220001104659-26-046528Section “Executive Compensation”. As printed: 339,219. Filing ↗machine: r13 · c35 · span 769228–769235
6Section 07, pay ratioDEF 14A2026-04-220001104659-26-046528Section “CEO Pay Ratio”. As printed: 15 : 1. Filing ↗
7Section 08, Wilmer F. PergandeDEF 14A2026-04-220001104659-26-046528Section “Director Compensation”. As printed: 189,834. Filing ↗
8Section 08, Raymond WhittakerDEF 14A2026-04-220001104659-26-046528Section “Director Compensation”. As printed: 104,121. Filing ↗machine: span 969948–969955
9Section 08, Brian E. ButlerDEF 14A2026-04-220001104659-26-046528Section “Director Compensation”. As printed: 103,851. Filing ↗machine: span 955203–955210
10Section 08, Leonard J. SokolowDEF 14A2026-04-220001104659-26-046528Section “Director Compensation”. As printed: 94,292. Filing ↗machine: span 967871–967877
11Section 08, Clarence B. FlowersDEF 14A2026-04-220001104659-26-046528Section “Director Compensation”. As printed: 91,428. Filing ↗machine: span 959389–959395
12Section 08, Carson K. EbanksDEF 14A2026-04-220001104659-26-046528Section “Director Compensation”. As printed: 85,614. Filing ↗machine: span 957280–957286
13Section 08, Maria Elena GinerDEF 14A2026-04-220001104659-26-046528Section “Director Compensation”. As printed: 8,745. Filing ↗machine: span 960469–960474
14Section 08, Kimberly AdamsonDEF 14A2026-04-220001104659-26-046528Section “Director Compensation”. As printed: 8,745. Filing ↗machine: span 950822–950827
15Section 06, 2026 voteForm 8-K2026-06-050001104659-26-071016Item 5.07 · say-on-pay result. As reported: 91.53% (votes for as printed: 9,204,562). Filing ↗
16Section 06, 2025 voteForm 8-K2025-06-020001558370-25-008341Item 5.07 · say-on-pay result. As reported: 94.99% (votes for as printed: 9,132,313). Filing ↗
17Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
18Section 09b board cost (computed)ComputedcomputedCash 390,441 + equity 296,189 + all other 0 = 686,630, summed across the director compensation table rows.machine: formula: Σ = 686,630
19Energy Recovery Inc., Section 10b CEO totalDEF 14A2026-04-210001421517-26-000033CEO total compensation as printed in Energy Recovery Inc.'s own proxy. As printed: 3,222,147. Filing ↗machine: t138 · r4 · c14 · span 2344778–2344787
20Unitil Corp., Section 10b CEO totalDEF 14A2026-03-270001193125-26-128263CEO total compensation as printed in Unitil Corp.'s own proxy. As printed: 3,189,116. Filing ↗machine: t214 · span 819224–819233
21Middlesex Water Company, Section 10b CEO totalDEF 14A2026-04-060001308179-26-000211CEO total compensation as printed in Middlesex Water Company's own proxy. As printed: 1,906,024. Filing ↗machine: r2 · c21 · span 791642–791651
22Consolidated Water Co. (subject), Section 10b CEO totalDEF 14A2026-04-220001104659-26-046528CEO total compensation as printed in Consolidated Water Co.'s own proxy. As printed: 1,222,966. Filing ↗machine: r1 · c35 · span 724131–724140
23RGC Resources Inc., Section 10b CEO totalDEF 14A2025-12-090001437749-25-037188CEO total compensation as printed in RGC Resources Inc.'s own proxy. As printed: 1,014,851. Filing ↗machine: span 253316–253325
24Pure Cycle Corporation, Section 10b CEO totalDEF 14A2025-12-040001104659-25-118311CEO total compensation as printed in Pure Cycle Corporation's own proxy. As printed: 965,016. Filing ↗machine: span 328887–328894
25Global Water Resources Inc., Section 10b CEO totalDEF 14A2026-03-310001628280-26-022461CEO total compensation as printed in Global Water Resources Inc.'s own proxy. As printed: 819,403. Filing ↗machine: r2 · c24 · span 307730–307737
26York Water Company, Section 10b CEO totalDEF 14A2026-03-200000108985-26-000024CEO total compensation as printed in York Water Company's own proxy. As printed: 572,275. Filing ↗
27Section 10a, Energy Recovery Inc. reciprocityDEF 14A0001421517-26-000033Energy Recovery Inc.'s most recent proxy was read; its disclosed peer group does not include Consolidated Water Co.. Filing ↗
28Section 10a, York Water Company reciprocityDEF 14A0000108985-26-000024York Water Company names Consolidated Water Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗
29Section 10a, Unitil Corp. reciprocityDEF 14A0001193125-26-128263Unitil Corp.'s most recent proxy was read; its disclosed peer group does not include Consolidated Water Co.. Filing ↗
30Section 10a, Global Water Resources Inc. reciprocityDEF 14A0001628280-26-022461Global Water Resources Inc. names Consolidated Water Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗