Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-16

Camping World Holdings (CWH)

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.

$30,404,864
Marcus Lemonis total, FY2025
Co-Founder and Special Advisor and Former CEO and Chairmanhighest-paid officer; CEO Matthew Wagner: $1,282,701
1st
CEO (Matthew Wagner) pay percentile vs peers
CEO-to-median pay ratio
94.95%
Say-on-pay support, latest vote
Companies that benchmark against CWH
No companies currently name CWH as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Marcus Lemonis$1,500,000$3,000,000$25,903,782$1,082$30,404,864
Co-Founder and Special Advisor and Former CEO and Chairman
Matthew Wagner300,000925,11457,5871,282,701
Chief Executive Officer and President
Thomas Kirn400,000800,0001,200,000
Chief Financial Officer
Lindsey Christen300,000600,00050,038950,038
Chief Administrative and Legal Officer 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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Marcus Lemonis$30,404,864
Matthew Wagner1,282,701
Thomas Kirn1,200,000
Lindsey Christen950,038

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
Marcus LemonisPSU2025-01-26187,500750,000750,000$10,378,125
Marcus LemonisRSU2025-01-26600,00013,275,660
Marcus LemonisPSU2025-01-262,250,0003,000,0002,249,997
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Marcus Lemonis$13,275,660$12,628,122$048.8%

% 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
Marcus LemonisRSU750,000$7,297,500
Thomas KirnRSU80,000778,400
Matthew WagnerRSU80,000778,400
Lindsey ChristenRSU80,000778,400
Matthew WagnerRSU45,000437,850
Lindsey ChristenRSU18,000175,140
Thomas KirnRSU12,000116,760
Matthew WagnerRSU10,00097,300
Thomas KirnRSU4,00038,920
Lindsey ChristenRSU4,00038,920
Thomas KirnRSU1,0009,730
05

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policy
Anti-hedging
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-21114,352,3686,076,560158,32394.95%Passed
20252025-05-15125,103,137547,269958,34099.56%Passed
20242024-05-1492,162,339447,806167,70899.52%Passed
20232023-05-1983,687,689970,342160,80298.85%Passed
20222022-05-1375,740,6445,707,724407,76392.99%Passed
20212021-05-1492,937,696951,93176,40798.99%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
20262026-05-2194.95%a
20252025-05-1599.56%b
20242024-05-1499.52%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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Brent MoodyNot independent · Board Chair$100,000$249,973$349,973
Mary J. GeorgeIndependent · Lead Independent Director · Compensation165,302149,987315,289
Michael W. MaloneIndependent · Audit (Chair) · Nominating and Corporate Governance137,500149,987287,487
K. Dillon SchickliIndependent · Audit · Nominating and Corporate Governance (Chair) · Compensation131,566149,987281,553
Andris A. BaltinsIndependent · Compensation (Chair) · Nominating and Corporate Governance122,830149,987272,817
Kathleen S. LaneIndependent · Audit117,500149,987267,487
Brian P. CassidyIndependent · Compensation112,500149,987262,487
Matthew D. WagnerEmployee director0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000 / 15,000
Stock ownership guideline$500,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$887,198
Equity awards (grant-date value)$1,149,895
All other compensation$0
Total cost of the board$2,037,093

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.

CVCO Cavco Industries Inc.(1)THO Thor Industries Inc.PATK Patrick Industries, Inc.(1)BC Brunswick Corp.(1)AAP Advance Auto Parts Inc.(1)TSCO Tractor Supply Co.ABG Asbury Automotive Group Inc.GPI Group 1 Automotive Inc.SAH Sonic Automotive Inc.DKS Dicks Sporting Goods Inc.LCII LCI Industries(1)DORM Dorman Products Inc.(1)ORLY O Reilly Automotive Inc.AZO Autozone Inc.LAD Lithia Motors Inc. Polaris Inc.(1)
10a

Peer reciprocity

Of the companies Camping World Holdings 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.

Cavco Industries Inc.(1) (CVCO)30 Thor Industries Inc. (THO) Patrick Industries, Inc.(1) (PATK) Brunswick Corp.(1) (BC) Advance Auto Parts Inc.(1) (AAP)31 Tractor Supply Co. (TSCO)32 Asbury Automotive Group Inc. (ABG) Group 1 Automotive Inc. (GPI) Sonic Automotive Inc. (SAH) Dicks Sporting Goods Inc. (DKS)33 LCI Industries(1) (LCII) Dorman Products Inc.(1) (DORM)34 O Reilly Automotive Inc. (ORLY)35 Autozone Inc. (AZO)36 Lithia Motors Inc. (LAD)37

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 Camping World Holdings.

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
1Tractor Supply Co.2025Harry Lawton III$1,344,231$26,937,383$2,311,740$1,635,837$32,277,194
2Lithia Motors Inc.2025Bryan DeBoer1,300,00010,736,20303,783,00015,895,468
3Dicks Sporting Goods Inc.2025Lauren Hobart1,393,26911,000,16602,438,22115,103,545
4Autozone Inc.2025Philip Daniele III1,000,00027,7547,198,7891,257,7519,636,414
5Advance Auto Parts Inc.(1)2025Shane O'Kelly1,125,0006,335,52901,640,0819,121,929
6Cavco Industries Inc.(1)2026Bill Boor1,100,0004,729,90702,120,9157,958,712
7Dorman Products Inc.(1)2025Kevin Olsen970,1924,206,02401,522,9506,745,783
8O Reilly Automotive Inc.2025Brad Beckham1,098,79801,415,6571,645,8074,231,108
9Camping World Holdings2025Matthew Wagner300,000925,1141,282,701
Thor Industries Inc.not in coverage universe
Patrick Industries, Inc.(1)not in coverage universe
Brunswick Corp.(1)not in coverage universe
Asbury Automotive Group Inc.not in coverage universe
Group 1 Automotive Inc.not in coverage universe
Sonic Automotive Inc.not in coverage universe
LCI Industries(1)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
Camping World Holdingsnot disclosednot disclosednot disclosednot disclosed
Advance Auto Parts Inc.(1)97%PSU 50 · RSU 50NoF.W. Cook
Asbury Automotive Group Inc.not disclosednot disclosednot disclosednot disclosed
Autozone Inc.96.75%Options 100not disclosedPearl Meyer
Brunswick Corp.(1)not disclosednot disclosednot disclosednot disclosed
Cavco Industries Inc.(1)not disclosedPSU 60 · RSU 40NoPearl Meyer Partners, LLC
Dicks Sporting Goods Inc.100%PSU 50 · RSU 50NoWillis Towers Watson
Dorman Products Inc.(1)142%RSU 50 · PSU 50NoMeridian Compensation Partners, LLC
Group 1 Automotive Inc.not disclosednot disclosednot disclosednot disclosed
LCI Industries(1)not disclosednot disclosednot disclosednot disclosed
Lithia Motors Inc.194.0%PSU 75 · RSU 25Noindependent compensation consultant
O Reilly Automotive Inc.146.3%not disclosednot disclosedEquilar, Inc.
Patrick Industries, Inc.(1)not disclosednot disclosednot disclosednot disclosed
Sonic Automotive Inc.not disclosednot disclosednot disclosednot disclosed
Thor Industries Inc.not disclosednot disclosednot disclosednot disclosed
Tractor Supply Co.80.8%PSU 50 · Options 25 · RSU 25NoPearl Meyer & Partners, LLC

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, Marcus LemonisDEF 14A2026-04-090001104659-26-041491Section “NARRATIVE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-BASED AWARDS TABLE” · page 37. As printed: 30,404,864. Filing ↗
2Section 01, Matthew WagnerDEF 14A2026-04-090001104659-26-041491Section “NARRATIVE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-BASED AWARDS TABLE” · page 37. As printed: 1,282,701. Filing ↗
3Section 01, Thomas KirnDEF 14A2026-04-090001104659-26-041491Section “NARRATIVE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-BASED AWARDS TABLE” · page 37. As printed: 1,200,000. Filing ↗
4Section 01, Lindsey ChristenDEF 14A2026-04-090001104659-26-041491Section “NARRATIVE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-BASED AWARDS TABLE” · page 37. As printed: 950,038. Filing ↗
5Section 03, Marcus Lemonis PSUDEF 14A2026-04-090001104659-26-041491Section “NARRATIVE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-BASED AWARDS TABLE” · grants of plan-based awards table. Filing ↗
6Section 03, Marcus Lemonis RSUDEF 14A2026-04-090001104659-26-041491Section “NARRATIVE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-BASED AWARDS TABLE” · grants of plan-based awards table. Filing ↗
7Section 03, Marcus Lemonis PSUDEF 14A2026-04-090001104659-26-041491Section “NARRATIVE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-BASED AWARDS TABLE” · grants of plan-based awards table. Filing ↗
8Section 08, Brent MoodyDEF 14A2026-04-090001104659-26-041491Section “Director Compensation”. As printed: 349,973. Filing ↗machine: span 967927–967934
9Section 08, Mary J. GeorgeDEF 14A2026-04-090001104659-26-041491Section “Director Compensation”. As printed: 315,289. Filing ↗machine: span 962068–962075
10Section 08, Michael W. MaloneDEF 14A2026-04-090001104659-26-041491Section “Director Compensation”. As printed: 287,487. Filing ↗machine: span 965981–965988
11Section 08, K. Dillon SchickliDEF 14A2026-04-090001104659-26-041491Section “Director Compensation”. As printed: 281,553. Filing ↗machine: span 970198–970205
12Section 08, Andris A. BaltinsDEF 14A2026-04-090001104659-26-041491Section “Director Compensation”. As printed: 272,817. Filing ↗machine: span 958116–958123
13Section 08, Kathleen S. LaneDEF 14A2026-04-090001104659-26-041491Section “Director Compensation”. As printed: 267,487. Filing ↗machine: span 963935–963942
14Section 08, Brian P. CassidyDEF 14A2026-04-090001104659-26-041491Section “Director Compensation”. As printed: 262,487. Filing ↗machine: span 960025–960032
15Section 08, Matthew D. WagnerDEF 14A2026-04-090001104659-26-041491Section “Director Compensation”. As printed: 0. Filing ↗
16Section 06, 2026 voteForm 8-K2026-05-260001104659-26-066002Item 5.07 · say-on-pay result. As reported: 94.95% (votes for as printed: 114,352,368). Filing ↗
17Section 06, 2025 voteForm 8-K2025-05-190001558370-25-007964Item 5.07 · say-on-pay result. As reported: 99.56% (votes for as printed: 125,103,137). Filing ↗
18Section 06, 2024 voteForm 8-K2024-05-160001558370-24-008370Item 5.07 · say-on-pay result. As reported: 99.52% (votes for as printed: 92,162,339). Filing ↗
19Section 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
20Section 09b board cost (computed)ComputedcomputedCash 887,198 + equity 1,149,895 + all other 0 = 2,037,093, summed across the director compensation table rows.machine: formula: Σ = 2,037,093
21Tractor Supply Co., Section 10b CEO totalDEF 14A2026-03-260001193125-26-126620CEO total compensation as printed in Tractor Supply Co.'s own proxy. As printed: 32,277,194. Filing ↗machine: t220 · r2 · c25 · span 849102–849112
22Lithia Motors Inc., Section 10b CEO totalDEF 14A2026-03-110001023128-26-000026CEO total compensation as printed in Lithia Motors Inc.'s own proxy. As printed: 15,895,468. Filing ↗machine: t94 · r2 · c7 · span 1572109–1572119
23Dicks Sporting Goods Inc., Section 10b CEO totalDEF 14A2026-05-010001089063-26-000015CEO total compensation as printed in Dicks Sporting Goods Inc.'s own proxy. As printed: 15,103,545. Filing ↗machine: t134 · r3 · c28 · span 969849–969859
24Autozone Inc., Section 10b CEO totalDEF 14A2025-10-280001104659-25-103210CEO total compensation as printed in Autozone Inc.'s own proxy. As printed: 9,636,414. Filing ↗machine: t176 · span 1797509–1797518
25Advance Auto Parts Inc.(1), Section 10b CEO totalDEF 14A2026-04-010001193125-26-138147CEO total compensation as printed in Advance Auto Parts Inc.(1)'s own proxy. As printed: 9,121,929. Filing ↗machine: t53 · r9 · c25 · span 1070819–1070828
26Cavco Industries Inc.(1), Section 10b CEO totalDEF 14A2026-06-160001628280-26-043437CEO total compensation as printed in Cavco Industries Inc.(1)'s own proxy. As printed: 7,958,712. Filing ↗machine: r2 · c18 · span 638872–638881
27Dorman Products Inc.(1), Section 10b CEO totalDEF 14A2026-04-060001140361-26-013339CEO total compensation as printed in Dorman Products Inc.(1)'s own proxy. As printed: 6,745,783. Filing ↗machine: r2 · c25 · span 1163874–1163883
28O Reilly Automotive Inc., Section 10b CEO totalDEF 14A2026-03-270000898173-26-000014CEO total compensation as printed in O Reilly Automotive Inc.'s own proxy. As printed: 4,231,108. Filing ↗machine: t234 · r14 · c14 · span 1809648–1809657
29Camping World Holdings (subject), Section 10b CEO totalDEF 14A2026-04-090001104659-26-041491CEO total compensation as printed in Camping World Holdings's own proxy. As printed: 1,282,701. Filing ↗
30Section 10a, Cavco Industries Inc.(1) reciprocityDEF 14A0001628280-26-043437Cavco Industries Inc.(1)'s most recent proxy was read; its disclosed peer group does not include Camping World Holdings. Filing ↗
31Section 10a, Advance Auto Parts Inc.(1) reciprocityDEF 14A0001193125-26-138147Advance Auto Parts Inc.(1)'s most recent proxy was read; its disclosed peer group does not include Camping World Holdings. Filing ↗
32Section 10a, Tractor Supply Co. reciprocityDEF 14A0001193125-26-126620Tractor Supply Co.'s most recent proxy was read; its disclosed peer group does not include Camping World Holdings. Filing ↗
33Section 10a, Dicks Sporting Goods Inc. reciprocityDEF 14A0001089063-26-000015Dicks Sporting Goods Inc.'s most recent proxy was read; its disclosed peer group does not include Camping World Holdings. Filing ↗
34Section 10a, Dorman Products Inc.(1) reciprocityDEF 14A0001140361-26-013339Dorman Products Inc.(1)'s most recent proxy was read; its disclosed peer group does not include Camping World Holdings. Filing ↗
35Section 10a, O Reilly Automotive Inc. reciprocityDEF 14A0000898173-26-000014O Reilly Automotive Inc.'s most recent proxy was read; its disclosed peer group does not include Camping World Holdings. Filing ↗
36Section 10a, Autozone Inc. reciprocityDEF 14A0001104659-25-103210Autozone Inc.'s most recent proxy was read; its disclosed peer group does not include Camping World Holdings. Filing ↗
37Section 10a, Lithia Motors Inc. reciprocityDEF 14A0001140361-24-012693Lithia Motors Inc.'s most recent proxy was read; its disclosed peer group does not include Camping World Holdings. Filing ↗