Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-20

DNOW Inc (DNOW)

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.

$7,118,605
David Cherechinsky total, FY2025
44th
CEO pay percentile vs peers
CEO-to-median pay ratio
96.18%
Say-on-pay support, latest vote
Companies that benchmark against DNOW
8 companies name DNOW as a compensation peer

Each company listed discloses DNOW 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 DNOW 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
David Cherechinsky$999,173$4,555,071$1,550,548$13,813$7,118,605
President & Chief Executive Officer
Mark Johnson548,6541,252,626620,21921,9462,443,445
Senior Vice President & Chief Financial Officer
Raymond Chang489,45650,000916,004552,76314,0002,022,223
VP, General Counsel, & Secretary
Kelly Munson390,798665,591459,02516,2581,531,672
Chief Administrative and Information Officer
Rocio Surratt296,779332,871274,87010,487915,007
VP – Finance and Corporate Controller
Gillian Anderson274,8120154,658123,755010,887564,112
Vice President & Chief Accounting 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
David Cherechinsky$7,118,605$6,081,037$5,580,418+1,037,568
Mark Johnson2,443,4452,069,9811,832,284+373,464
Raymond Chang2,022,2231,860,8851,794,480+161,338
Kelly Munson1,531,6721,424,2671,361,611+107,405
Rocio Surratt915,007837,012805,139+77,995
Gillian Anderson564,112

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
Gillian AndersonPSU8226,57013,140$154,658
Raymond ChangPSU2025-02-2512,20824,41748,834916,004
David CherechinskyPSU2025-02-2560,710121,420242,8404,555,071
Kelly MunsonPSU2025-02-258,87117,74235,484656,591
Rocio SurrattPSU2025-02-254,4368,87317,746332,871
Mark JohnsonPSU2025-02-2516,69533,39066,7801,252,626
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gillian Anderson$0$154,658$0100.0%
Raymond Chang0916,0040100.0%
David Cherechinsky04,555,0710100.0%
Kelly Munson0656,5910100.0%
Rocio Surratt0332,8710100.0%
Mark Johnson01,252,6260100.0%

% 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
David CherechinskyRSU125,865$1,667,711
David CherechinskyPSU125,8651,667,711
David CherechinskyRSU121,4201,608,815
David CherechinskyPSU121,4201,608,815
David CherechinskyRSU115,3851,528,851
David CherechinskyPSU115,3851,528,851
Mark JohnsonRSU34,589458,304
Mark JohnsonPSU34,589458,304
Mark JohnsonRSU33,390442,418
Mark JohnsonPSU33,390442,418
Raymond ChangRSU32,667432,838
Raymond ChangPSU28,824381,918
Mark JohnsonRSU26,923356,730
Mark JohnsonPSU26,923356,730
Raymond ChangRSU26,923356,730
Raymond ChangPSU26,923356,730
Raymond ChangRSU24,417323,525
Raymond ChangPSU24,417323,525
Kelly MunsonRSU21,138280,079
Kelly MunsonPSU21,138280,079
Kelly MunsonRSU19,231254,811
Kelly MunsonPSU19,231254,811
Kelly MunsonRSU17,742235,082
Kelly MunsonPSU17,742235,082
Gillian AndersonRSU12,864170,448
Rocio SurrattRSU10,569140,039
Rocio SurrattPSU10,569140,039
Rocio SurrattRSU9,615127,399
Rocio SurrattPSU9,615127,399
Rocio SurrattRSU8,873117,567
Rocio SurrattPSU8,873117,567
Gillian AndersonRSU7,10794,168
Gillian AndersonRSU6,23482,600
Gillian AndersonRSU5,58674,014
David CherechinskyOption27,59315.3
David CherechinskyOption57,9299.53
Kelly MunsonOption3,96515.3
David CherechinskyOption198,21310.26
Raymond ChangOption43,6219.53
Mark JohnsonOption10,47215.3
Mark JohnsonOption21,9859.53
Mark JohnsonOption50,18110.26
Raymond ChangOption20,77815.3
Raymond ChangOption32,61710.26
Kelly MunsonOption20,9859.53
Kelly MunsonOption27,59910.26
Rocio SurrattOption12,54510.26
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company believes that a well designed and implemented compensation program is the key to attracting, retaining, developing, and motivating highly qualified talent that will successfully execute on the long-term strategy and in turn create value for its shareholders. Consistent with its “pay for performance” philosophy, the Company believes that compensation should be directly linked to performance and aligned with the shareholders experience, with a significant portion of NEO compensation being at-risk and only realized if performance goals are achieved.

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-20155,128,9686,013,091144,34396.18%Passed
20252025-05-2187,714,6514,153,98547,08395.43%Passed
20242024-05-2289,535,5304,943,47731,77894.74%Passed
20232023-05-2490,087,2934,935,478365,21394.44%Passed
20222022-05-2585,006,5218,048,708149,92091.2%Passed
20212021-05-1991,207,5124,360,23380,92995.36%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
20262026-05-2096.18%a
20252025-05-2195.43%b
20242024-05-2294.74%c

a. Approved under the standard stated in the filing — “An abstention will have the same effect as a vote AGAINST for each such proposal.”.

b. Approved under the standard stated in the filing — “An abstention will have the same effect as a vote AGAINST for each such proposal.”.

c. Approved under the standard stated in the filing — “An abstention will have the same effect as a vote AGAINST for each such proposal.”.

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
Richard AlarioIndependent · Board Chair · Audit · Compensation$149,000$216,011$0$365,011
Rodney EadsIndependent · Audit · Not standing for re-election120,000150,0040270,004
Paul CoppingerIndependent · Environmental, Social, Governance, and Nominating Committee (Chair)117,500150,0040267,504
Terry BonnoIndependent · Audit115,000150,0040265,004
Sonya ReedIndependent · Compensation Committee (Chair)110,000150,0040260,004
Galen CobbIndependent · Audit107,500150,0040257,504
Karen David-GreenIndependent · Audit Committee (Chair)107,500150,0040257,504
Ronald JadinIndependent · Audit22,500022,50022,500
George DamirisIndependent · Audit22,500022,50022,500
David CherechinskyEmployee director · Audit0
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer
Per board meeting fee$0
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000
Stock ownership guideline$450,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$871,500
Equity awards (grant-date value)$1,116,035
All other compensation$45,000
Total cost of the board$2,032,535

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 DNOW Inc 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 DNOW Inc.

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
1NOV Inc.2025Clay Williams$1,000,000$9,576,940$899,208$1,129,492$12,713,187
2Flowserve Corp.2025R. Scott Rowe1,236,5387,245,11401,901,25010,914,232
3Rush Enterprises, Inc.2025Joyce Mullen1,000,0008,085,32601,383,00010,498,947
4Oceaneering International, Inc.2025Roderick Larson910,0002,027,79604,282,4257,735,670
5Boise Cascade Company2025Nate Jorgensen1,104,8465,249,9640689,4247,236,278
6DNOW Inc2025David Cherechinsky999,1734,555,0711,550,5487,118,605
7Applied Industrial Technologies, Inc.2025Neil Schrimsher801,4033,162,6271,175,6511,173,7246,517,480
8MSC Industrial Direct Co. Inc.2025Erik Gershwind871,4113,549,96601,425,7505,873,837
9Liberty Energy2025Ron Gusek591,2822,943,85501,057,7184,793,487
10Resideo Technologies, Inc.2025Jay Geldmacher1,066,000001,622,9852,714,465
Core & Main, Inc.not in coverage universe
BlueLinx Holdings Inc.not in coverage universe
DXP Enterprises, 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
DNOW Incnot disclosedRSU 50 · PSU 50not disclosedZayla Partners
Applied Industrial Technologies, Inc.106.2%PSU 55 · Options 23 · RSU 23NoPay Governance
BlueLinx Holdings Inc.not disclosednot disclosednot disclosednot disclosed
Boise Cascade Companynot disclosedRSU 50 · PSU 50not disclosedFrederic W. Cook & Co., Inc. (FW Cook)
Core & Main, Inc.not disclosednot disclosednot disclosednot disclosed
DXP Enterprises, Inc.not disclosednot disclosednot disclosednot disclosed
Flowserve Corp.117%not disclosedNoF.W. Cook
Liberty Energynot disclosednot disclosednot disclosednot disclosed
MSC Industrial Direct Co. Inc.95%PSU 50 · RSU 50NoFW Cook
NOV Inc.87%PSU 50 · RSU 40 · Options 10Yes — TSR (total shareholder return) goalMeridian Compensation Partners
Oceaneering International, Inc.124%PSU 50 · RSU 50Yes — Relative TSRMeridian
Resideo Technologies, Inc.101.5%PSU 50 · RSU 50NoFW Cook
Rush Enterprises, Inc.92.2%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Compensation Consultant

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, David CherechinskyDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation”. As printed: 7,118,605. Filing ↗
2Section 01, Mark JohnsonDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation”. As printed: 2,443,445. Filing ↗
3Section 01, Raymond ChangDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation”. As printed: 2,022,223. Filing ↗
4Section 01, Kelly MunsonDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation”. As printed: 1,531,672. Filing ↗
5Section 01, Rocio SurrattDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation”. As printed: 915,007. Filing ↗
6Section 01, Gillian AndersonDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation”. As printed: 564,112. Filing ↗
7Section 03, Gillian Anderson PSUDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1052743–1052751
8Section 03, Raymond Chang PSUDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1045421–1045429
9Section 03, David Cherechinsky PSUDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Kelly Munson PSUDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1049002–1049010
11Section 03, Rocio Surratt PSUDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1056322–1056330
12Section 03, Mark Johnson PSUDEF 14A2026-04-090001193125-26-148976Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1041836–1041846
13Section 08, Richard AlarioDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 365,011. Filing ↗machine: span 1398187–1398195
14Section 08, Rodney EadsDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 270,004. Filing ↗machine: span 1407946–1407954
15Section 08, Paul CoppingerDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 267,504. Filing ↗machine: span 1403094–1403102
16Section 08, Terry BonnoDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 265,004. Filing ↗machine: span 1399822–1399830
17Section 08, Sonya ReedDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 260,004. Filing ↗machine: span 1411154–1411162
18Section 08, Galen CobbDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 257,504. Filing ↗machine: span 1401456–1401464
19Section 08, Karen David-GreenDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 257,504. Filing ↗machine: span 1406311–1406319
20Section 08, Ronald JadinDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 22,500. Filing ↗machine: span 1408505–1408512
21Section 08, George DamirisDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 22,500. Filing ↗machine: span 1403655–1403662
22Section 08, David CherechinskyDEF 14A2026-04-090001193125-26-148976Section “Director Compensation”. As printed: 0. Filing ↗
23Section 06, 2026 voteForm 8-K2026-05-200001193125-26-232622Item 5.07 · say-on-pay result. As reported: 96.18% (votes for as printed: 155,128,968). Filing ↗
24Section 06, 2025 voteForm 8-K2025-05-210001193125-25-123972Item 5.07 · say-on-pay result. As reported: 95.43% (votes for as printed: 87,714,651). Filing ↗
25Section 06, 2024 voteForm 8-K2024-05-220001193125-24-144941Item 5.07 · say-on-pay result. As reported: 94.74% (votes for as printed: 89,535,530). Filing ↗
26Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
27Section 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
28Section 09b board cost (computed)ComputedcomputedCash 871,500 + equity 1,116,035 + all other 45,000 = 2,032,535, summed across the director compensation table rows.machine: formula: Σ = 2,032,535
29NOV Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-148884CEO total compensation as printed in NOV Inc.'s own proxy. As printed: 12,713,187. Filing ↗machine: t130 · r2 · c35 · span 574372–574382
30Flowserve Corp., Section 10b CEO totalDEF 14A2026-04-020001628280-26-022933CEO total compensation as printed in Flowserve Corp.'s own proxy. As printed: 10,914,232. Filing ↗machine: r2 · c8 · span 2203312–2203322
31Rush Enterprises, Inc., Section 10b CEO totalDEF 14A2026-04-020000932696-26-000029CEO total compensation as printed in Rush Enterprises, Inc.'s own proxy. As printed: 10,498,947. Filing ↗machine: r2 · c21 · span 782672–782682
32Oceaneering International, Inc., Section 10b CEO totalDEF 14A2026-04-020000073756-26-000073CEO total compensation as printed in Oceaneering International, Inc.'s own proxy. As printed: 7,735,670. Filing ↗machine: r2 · c14 · span 1452178–1452187
33Boise Cascade Company, Section 10b CEO totalDEF 14A2026-03-170001104659-26-029440CEO total compensation as printed in Boise Cascade Company's own proxy. As printed: 7,236,278. Filing ↗machine: r1 · c42 · span 1228550–1228559
34DNOW Inc (subject), Section 10b CEO totalDEF 14A2026-04-090001193125-26-148976CEO total compensation as printed in DNOW Inc's own proxy. As printed: 7,118,605. Filing ↗
35Applied Industrial Technologies, Inc., Section 10b CEO totalDEF 14A2025-09-100001193125-25-200079CEO total compensation as printed in Applied Industrial Technologies, Inc.'s own proxy. As printed: 6,517,480. Filing ↗machine: r3 · c31 · span 736163–736172
36MSC Industrial Direct Co. Inc., Section 10b CEO totalDEF 14A2025-12-110001003078-25-000174CEO total compensation as printed in MSC Industrial Direct Co. Inc.'s own proxy. As printed: 5,873,837. Filing ↗machine: t26 · r2 · c16 · span 209861–209870
37Liberty Energy, Section 10b CEO totalDEF 14A2026-03-050001999371-26-005123CEO total compensation as printed in Liberty Energy's own proxy. As printed: 4,793,487. Filing ↗machine: r5 · c14 · span 606395–606404
38Resideo Technologies, Inc., Section 10b CEO totalDEF 14A2026-04-220001140361-26-016160CEO total compensation as printed in Resideo Technologies, Inc.'s own proxy. As printed: 2,714,465. Filing ↗machine: t196 · r2 · c28 · span 1411904–1411913
39Section 10a, Rush Enterprises, Inc. reciprocityDEF 14A0000932696-26-000029Rush Enterprises, Inc.'s most recent proxy was read; its disclosed peer group does not include DNOW Inc. Filing ↗
40Section 10a, MSC Industrial Direct Co. Inc. reciprocityDEF 14A0001003078-25-000174MSC Industrial Direct Co. Inc. names DNOW Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Oceaneering International, Inc. reciprocityDEF 14A0000073756-26-000073Oceaneering International, Inc. names DNOW Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Resideo Technologies, Inc. reciprocityDEF 14A0001140361-26-016160Resideo Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include DNOW Inc. Filing ↗
43Section 10a, NOV Inc. reciprocityDEF 14A0001193125-26-148884NOV Inc.'s most recent proxy was read; its disclosed peer group does not include DNOW Inc. Filing ↗
44Section 10a, Flowserve Corp. reciprocityDEF 14A0001628280-26-022933Flowserve Corp.'s most recent proxy was read; its disclosed peer group does not include DNOW Inc. Filing ↗
45Section 10a, Liberty Energy reciprocityDEF 14A0001999371-26-005123Liberty Energy's most recent proxy was read; its disclosed peer group does not include DNOW Inc. Filing ↗
46Section 10a, Applied Industrial Technologies, Inc. reciprocityDEF 14A0001193125-25-200079Applied Industrial Technologies, Inc. names DNOW Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Boise Cascade Company reciprocityDEF 14A0001104659-26-029440Boise Cascade Company's most recent proxy was read; its disclosed peer group does not include DNOW Inc. Filing ↗