Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-11

Enovix (ENVX)

CEO Raj Talluri was paid $7,996,489 in fiscal year 2025, ↓ down 30.2% from fiscal year 2024, the 46th percentile of its disclosed peer group (SEC filing 0001828318-26-000018 ↗): 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.

$7,996,489 ↓
Raj Talluri total, FY2025
46th
CEO pay percentile vs peers
47:1
CEO-to-median pay ratio
82.48%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Raj Talluri (President and Chief Executive Officer), FY2025 total compensation $7,996,489 (base salary $617,505) [exec_comp, SEC accession 0001828318-26-000018, filed 2026-04-24]

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ENVX's next annual pay disclosure, estimated April 24, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Raj Talluri$617,505$0$6,999,998$0$375,422$0$3,564$7,996,489
President and Chief Executive Officer
Ryan Benton301,04204,500,000096,74001,5184,899,299
Chief Financial Officer
Ajay Marathe473,92903,999,9830216,07803,9774,693,967
Former Chief Operating Officer
Arthi Chakravarthy365,308—1,499,9930145,84508102,011,955
Chief Legal 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 FY2024→2025
Raj Talluri$7,996,489$11,452,248—↓ −3,455,759
Ryan Benton4,899,299———
Ajay Marathe4,693,9674,240,760585,208↑ +453,207
Arthi Chakravarthy2,011,9552,990,192—↓ −978,237

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against ENVX
4 companies name ENVX as a compensation peer

Each company listed discloses ENVX 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 ENVX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Ajay MaratheCOO$4,693,967
Arthi ChakravarthyGeneral Counsel$2,011,955
Raj TalluriCEO$7,996,489
Ryan BentonCFO$4,899,299
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Bernard GutmannIndependent Director$266,997
Betsy AtkinsIndependent Director$265,830
Gregory ReichowIndependent Director$268,330
J. Daniel McCranieIndependent Director$458,886
Joseph MalchowIndependent Director$274,164
Pegah EbrahimiIndependent Director$259,997
Thurman John RodgersChair of the Board$291,997
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
Ajay MarathePSU2025-04-11—134,408—268,816$999,996
Arthi ChakravarthyPSU2025-04-11—100,806—201,612749,997
Arthi ChakravarthyRSU2025-04-11——100,806—749,997
Ryan BentonRSU2025-04-14——748,752—4,500,000
Ajay MaratheRSU2025-01-06——160,513—1,999,992
Raj TalluriPSU2025-04-01—470,430—940,8603,499,999
Ajay MaratheRSU2025-04-01——134,408—999,996
Raj TalluriRSU2025-04-01——470,430—3,499,999
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Ajay Marathe$2,999,988$999,996$025.0%
Arthi Chakravarthy749,997749,997050.0%
Ryan Benton4,500,000000.0%
Raj Talluri3,499,9993,499,999050.0%

% 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
Ryan BentonRSU748,752—$5,712,978
TalluriRSU235,215—1,794,690
Arthi ChakravarthyRSU20,786—158,597
TalluriRSU95,551—729,054
Ajay MaratheRSU67,204—512,767
TalluriRSU833,334—6,358,338
Arthi ChakravarthyRSU117,414—895,869
TalluriRSU411,626—3,140,706
Ajay MaratheRSU319,317—2,436,389
TalluriRSU257,949—1,968,151
TalluriRSU168,813—1,288,043
Ajay MaratheRSU160,513—1,224,714
TalluriRSU129,931—991,374
Ajay MaratheRSU117,607—897,341
TalluriRSU90,798—692,789
Arthi ChakravarthyRSU88,205—673,004
Ajay MaratheRSU84,573—645,292
Ajay MaratheRSU45,106—344,159
Arthi ChakravarthyRSU63,430—483,971
Arthi ChakravarthyRSU28,267—215,677
Arthi ChakravarthyRSU50,403—384,575
Arthi ChakravarthyRSU36,174—276,008
Ajay MaratheRSU33,170—253,087
Arthi ChakravarthyRSU22,326—170,347
05

Incentive-plan design — the Compensation Discussion & Analysis

Our current executive compensation program is intended to align executive compensation with our business objectives and to enable us to attract, retain and reward executive officers who contribute to our long-term success. We seek to accomplish this goal in a way that is aligned with the long-term interests of our stockholders.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantCompensia, Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1172,717,91015,443,5771,289,79082.48%Passed
20252025-06-1255,047,45216,563,470583,65376.87%Passed
20242024-06-1353,605,77413,838,578544,47979.48%Passed
20232023-06-1557,996,6784,642,442286,12992.17%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
20262026-06-1182.48%a
20252025-06-1276.87%b
20242024-06-1379.48%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)47 : 1
CEO total compensation$7,996,489
Median employee compensation$169,800
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
J. Daniel McCranieIndependent · Audit · Compensation$21,491$437,395———$458,886
Thurman John RodgersNot independent · Board Chair97,000194,997———291,997
Joseph MalchowIndependent · Audit · Compensation · Cybersecurity (Chair) · Nominating and Corporate Governance79,167194,997———274,164
Gregory ReichowIndependent · Cybersecurity73,333194,997———268,330
Bernard GutmannIndependent · Audit (Chair)72,000194,997———266,997
Betsy AtkinsIndependent · Compensation · Cybersecurity · Nominating and Corporate Governance (Chair)70,833194,997———265,830
Pegah EbrahimiIndependent · Audit · Nominating and Corporate Governance65,000194,997———259,997
Dr. Raj TalluriEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$195,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)22,000 / 15,000 / 10,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$478,824
Equity awards (grant-date value)$1,607,377
All other compensation$0
Total cost of the board$2,086,201

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 Enovix 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 Enovix.

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
1IonQ2025Niccolo de Masi$501,705$88,287,225$0$772,625$89,581,725
2Credo Technology Group2026William Brennan650,00012,641,00001,137,50014,428,500
3SiTime2025Rajesh Vashist850,00011,456,63701,700,00014,261,046
4Wolfspeed2026Robert Feurle750,00010,929,6450012,496,953
5Rambus2025Luc Seraphin726,2507,898,0720869,6529,507,546
6QuantumScape2025Siva Sivaram821,5387,547,987008,377,033
7Semtech2026Hong Hou692,3506,582,3430875,0638,177,250
8Enovix2025Raj Talluri617,5056,999,9980375,4227,996,489
9MaxLinear2025Kishore Seendripu721,4447,095,625007,817,568
10Ambarella2026Feng-Ming (Fermi) Wang575,0005,933,3300846,0007,354,330
11Impinj2025Chris Diorio449,7706,643,537007,108,558
12Shoals Technologies Group2025Brandon Moss791,6664,400,0020699,2005,961,218
13Cohu2025Luis Müller715,0003,508,4930250,3454,498,059
14Amprius Technologies2025Thomas Stepien319,7122,746,000003,354,715

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
Enovixnot disclosedRSU 50 · PRSU 50not disclosedCompensia, Inc.
Ambarella147%RSU 50 · PSU 50Yes — Three-year relative total shareholder return (TSR)Semler Brossy Consulting Group, LLC
Amprius Technologies108% of target for Mr. Stepien and Dr. Sun%RSUs 100not disclosedCompensia
Cohu31.8%PSU 60 · RSU 40Yes — TSR performance relative to the Russell 2000 IndexCompensia
Credo Technology Groupnot disclosedPSU 100NoCompensia
Impinjnot disclosedRSU 50 · PSU 50Yes — TSR relative to S&P Semiconductor Select Industry IndexCompensia
IonQ154%PSU 100NoMeridian Compensation Partners LLC
MaxLinear131%PSU 50 · RSU 50NoCompensia
QuantumScape100%PSU 70 · RSU 30NoCompensia
Rambus98.6%PSU 60 · RSU 40Yes — TSR relative to SOX semiconductor index minus Equipment CompaniesFarient
Semtech100%PSU 50 · RSU 50NoCompensia
Shoals Technologies Group74%not disclosedNoPay Governance
SiTime200%PSU 65 · RSU 35NoPearl Meyer
Wolfspeednot disclosedPSU 60 · RSU 40Yes — Relative Total Stockholder Return ("rTSR")Pearl 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.

10d

Frequently asked questions

Who was the highest-paid executive at Enovix in fiscal 2025?
As disclosed, Raj Talluri (President and Chief Executive Officer) was the highest-paid executive at Enovix in fiscal 2025, with total compensation of $7,996,489.
How does Enovix's chief executive pay compare to its disclosed peer group?
As disclosed, Raj Talluri's total compensation ranked at the 46th percentile of Enovix's disclosed peer group.
What is Enovix's CEO-to-median employee pay ratio?
As disclosed, Enovix's CEO-to-median employee pay ratio was 47:1.
How did shareholders vote on Enovix's executive compensation?
As disclosed, 82.48% of shareholders supported Enovix's executive compensation in the latest say-on-pay vote.
How much does Enovix spend in total on board compensation for fiscal 2025?
As disclosed, Enovix reported total board compensation of $2,086,201 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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, Raj TalluriDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation Tables” · page 55. As printed: 7,996,489. Filing ↗machine: r3 · c27 · span 984909–984918
2Section 01, Ryan BentonDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation Tables” · page 55. As printed: 4,899,299. Filing ↗machine: r7 · c27 · span 992222–992231
3Section 01, Ajay MaratheDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation Tables” · page 55. As printed: 4,693,967. Filing ↗machine: r10 · c27 · span 996348–996357
4Section 01, Arthi ChakravarthyDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation Tables” · page 55. As printed: 2,011,955. Filing ↗machine: r15 · c27 · span 1004510–1004519
5Section 03, Ajay Marathe PSUDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1067511–1067518
6Section 03, Arthi Chakravarthy PSUDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1079059–1079066
7Section 03, Arthi Chakravarthy RSUDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 03, Ryan Benton RSUDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, Ajay Marathe RSUDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Raj Talluri PSUDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1042624–1042633
11Section 03, Ajay Marathe RSUDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1063514–1063521
12Section 03, Raj Talluri RSUDEF 14A2026-04-240001828318-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1038692–1038701
13Section 07, pay ratioDEF 14A2026-04-240001828318-26-000018Section “CEO Pay Ratio”. As printed: 47 : 1. Filing ↗
14Section 08, J. Daniel McCranieDEF 14A2026-04-240001828318-26-000018Section “Director Compensation”. As printed: 458,886. Filing ↗machine: span 480492–480678
15Section 08, Thurman John RodgersDEF 14A2026-04-240001828318-26-000018Section “Director Compensation”. As printed: 291,997. Filing ↗machine: span 471330–471516
16Section 08, Joseph MalchowDEF 14A2026-04-240001828318-26-000018Section “Director Compensation”. As printed: 274,164. Filing ↗machine: span 478656–478842
17Section 08, Gregory ReichowDEF 14A2026-04-240001828318-26-000018Section “Director Compensation”. As printed: 268,330. Filing ↗machine: span 482563–482749
18Section 08, Bernard GutmannDEF 14A2026-04-240001828318-26-000018Section “Director Compensation”. As printed: 266,997. Filing ↗machine: span 476824–477010
19Section 08, Betsy AtkinsDEF 14A2026-04-240001828318-26-000018Section “Director Compensation”. As printed: 265,830. Filing ↗machine: span 473159–473345
20Section 08, Pegah EbrahimiDEF 14A2026-04-240001828318-26-000018Section “Director Compensation”. As printed: 259,997. Filing ↗machine: span 474991–475177
21Section 08, Dr. Raj TalluriDEF 14A2026-04-240001828318-26-000018Section “Director Compensation”. As printed: 0. Filing ↗
22Section 06, 2026 voteForm 8-K2026-06-120001828318-26-000046Item 5.07 · say-on-pay result. As reported: 82.48% (votes for as printed: 72,717,910). Filing ↗
23Section 06, 2025 voteForm 8-K2025-06-160001828318-25-000209Item 5.07 · say-on-pay result. As reported: 76.87% (votes for as printed: 55,047,452). Filing ↗
24Section 06, 2024 voteForm 8-K2024-06-180001828318-24-000126Item 5.07 · say-on-pay result. As reported: 79.48% (votes for as printed: 53,605,774). Filing ↗
25Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
26Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
27Section 09b board cost (computed)Computed——Cash 478,824 + equity 1,607,377 + all other 0 = 2,086,201, summed across the director compensation table rows.machine: formula: Σ = 2,086,201
28IonQ, Section 10b CEO totalDEF 14A2026-04-300001193125-26-197487CEO total compensation as printed in IonQ's own proxy. As printed: 89,581,725. Filing ↗machine: t32 · r2 · c14 · span 1076914–1076924
29Credo Technology Group, Section 10b CEO totalDEF 14A2026-08-250001628280-26-058936CEO total compensation as printed in Credo Technology Group's own proxy. As printed: 14,428,500. Filing ↗machine: r2 · c33 · span 515386–515396
30SiTime, Section 10b CEO totalDEF 14A2026-04-150001451809-26-000026CEO total compensation as printed in SiTime's own proxy. As printed: 14,261,046. Filing ↗machine: r2 · c42 · span 517107–517117
31Wolfspeed, Section 10b CEO totalDEF 14A2026-09-110000895419-26-000065CEO total compensation as printed in Wolfspeed's own proxy. As printed: 12,496,953. Filing ↗machine: r3 · c46 · span 496868–496878
32Rambus, Section 10b CEO totalDEF 14A2026-03-060001193125-26-096458CEO total compensation as printed in Rambus's own proxy. As printed: 9,507,546. Filing ↗machine: r2 · c25 · span 447500–447509
33QuantumScape, Section 10b CEO totalDEF 14A2026-04-230001193125-26-173828CEO total compensation as printed in QuantumScape's own proxy. As printed: 8,377,033. Filing ↗machine: r2 · c6 · span 1137194–1137203
34Semtech, Section 10b CEO totalDEF 14A2026-04-210001140361-26-015949CEO total compensation as printed in Semtech's own proxy. As printed: 8,177,250. Filing ↗machine: r2 · c25 · span 1219054–1219063
35Enovix (subject), Section 10b CEO totalDEF 14A2026-04-240001828318-26-000018CEO total compensation as printed in Enovix's own proxy. As printed: 7,996,489. Filing ↗machine: r3 · c27 · span 984909–984918
36MaxLinear, Section 10b CEO totalDEF 14A2026-04-020001288469-26-000021CEO total compensation as printed in MaxLinear's own proxy. As printed: 7,817,568. Filing ↗machine: r2 · c33 · span 860942–860951
37Ambarella, Section 10b CEO totalDEF 14A2026-05-150001193125-26-227183CEO total compensation as printed in Ambarella's own proxy. As printed: 7,354,330. Filing ↗machine: r2 · c23 · span 523548–523557
38Impinj, Section 10b CEO totalDEF 14A2026-04-160001193125-26-159032CEO total compensation as printed in Impinj's own proxy. As printed: 7,108,558. Filing ↗machine: span 767852–767861
39Shoals Technologies Group, Section 10b CEO totalDEF 14A2026-03-200001831651-26-000041CEO total compensation as printed in Shoals Technologies Group's own proxy. As printed: 5,961,218. Filing ↗machine: span 828604–828613
40Cohu, Section 10b CEO totalDEF 14A2026-04-020001437749-26-010960CEO total compensation as printed in Cohu's own proxy. As printed: 4,498,059. Filing ↗machine: r1 · c15 · span 853738–853747
41Amprius Technologies, Section 10b CEO totalDEF 14A2026-04-290001899287-26-000026CEO total compensation as printed in Amprius Technologies's own proxy. As printed: 3,354,715. Filing ↗machine: r2 · c45 · span 309212–309221
42Section 10a, IonQ reciprocityDEF 14A—0001193125-26-197487IonQ's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
43Section 10a, Shoals Technologies Group reciprocityDEF 14A—0001831651-26-000041Shoals Technologies Group's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
44Section 10a, SiTime reciprocityDEF 14A—0001451809-26-000026SiTime's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
45Section 10a, Ambarella reciprocityDEF 14A—0001193125-26-227183Ambarella's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
46Section 10a, MaxLinear reciprocityDEF 14A—0001288469-26-000021MaxLinear's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
47Section 10a, Rambus reciprocityDEF 14A—0001193125-26-096458Rambus's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
48Section 10a, Semtech reciprocityDEF 14A—0001140361-26-015949Semtech's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
49Section 10a, Wolfspeed reciprocityDEF 14A—0000895419-26-000065Wolfspeed's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
50Section 10a, QuantumScape reciprocityDEF 14A—0001193125-26-173828QuantumScape names Enovix in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Impinj reciprocityDEF 14A—0001193125-26-159032Impinj's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
52Section 10a, Credo Technology Group reciprocityDEF 14A—0001628280-26-058936Credo Technology Group's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗
53Section 10a, Cohu reciprocityDEF 14A—0001437749-26-010960Cohu's most recent proxy was read; its disclosed peer group does not include Enovix. Filing ↗