Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-29

Energy Recovery (ERII)

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.

$3,222,147
David Moon total, FY2025
CEO pay percentile vs peers
18.14:1
CEO-to-median pay ratio
85.09%
Say-on-pay support, latest vote
Companies that benchmark against ERII
5 companies name ERII as a compensation peer

Each company listed discloses ERII 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 ERII 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 Moon$614,231$0$2,599,996$0$0$0$7,920$3,222,147
President and Chief Executive Officer
Michael Mancini400,0000999,996070,000060,9121,530,908
Chief Financial Officer
Rodney Clemente398,8460999,996070,000051,0401,519,882
Senior Vice President, Water
Natarajan Ramanan275,9620599,992434,0100038,5111,348,475
Chief Technology Officer
William Yeung391,6920699,99400068,0291,159,715
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 FY20242025
David Moon$3,222,147
Michael Mancini1,530,908
Rodney Clemente1,519,882
Natarajan Ramanan1,348,475
William Yeung1,159,715

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

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Aidan RyanInterim CFO2026-05-06A18,518$12$214,994CommonForm 4 ↗
Pamela L. TondreauDirector2026-05-13A20,0008166,840CommonForm 4 ↗
Arve HanstveitDirector2026-06-04A18,0948149,999CommonForm 4 ↗
Joan K. ChowDirector2026-06-04A18,0948149,999CommonForm 4 ↗
Pamela L. TondreauDirector2026-06-04A22,3168185,000CommonForm 4 ↗
Colin R. SabolDirector2026-06-04A18,0948149,999CommonForm 4 ↗
Alexander J. BuehlerDirector2026-06-15A15,3279131,812CommonForm 4 ↗
Colin R. SabolDirector2026-06-15A11,180999,267CommonForm 4 ↗
Alexander J. BuehlerDirector2026-06-15D14,9009129,779CommonForm 4 ↗
Alexander J. BuehlerDirector2026-06-15D15,3279131,812Derivative, Class A CommonForm 4 ↗
John Joseph MitchellDirector2026-07-09A16,79700CommonForm 4 ↗
William YeungChief Legal Officer2026-07-27D2,048917,531CommonForm 4 ↗
Rodney ClementeSVP, Water2026-07-27D5,387946,113CommonForm 4 ↗
Rodney ClementeSVP, Water2026-07-27D2,320819,534CommonForm 4 ↗
William YeungChief Legal Officer2026-07-27D2,828823,812CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David MoonRSU$2,599,996
Natarajan RamananOPTION434,010
Rodney ClementeRSU999,996
Michael ManciniRSU999,996
William YeungRSU699,994
Natarajan RamananRSU599,992
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Moon$2,599,996$0$00.0%
Natarajan Ramanan599,9920434,0100.0%
Rodney Clemente999,996000.0%
Michael Mancini999,996000.0%
William Yeung699,994000.0%

% 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
Rodney ClementeRSU2,304$31,081
David MoonOption101,45116.16
Rodney ClementeRSU4,08755,134
William YeungRSU5,55874,977
Natarajan RamananRSU39,682535,310
David MoonRSU177,9602,400,680
William YeungRSU47,912646,333
Rodney ClementeRSU7,707103,957
David MoonRSU93,3341,259,076
Michael ManciniOption152,88216.03
William YeungOption42318.99
Rodney ClementeOption49418.99
Natarajan RamananOption65,03015.12
David MoonRSU238,2943,214,586
Rodney ClementeRSU134,9881,820,978
Rodney ClementeRSU68,446923,337
Michael ManciniRSU68,446923,337
William YeungRSU88,6051,195,281
William YeungRSU29,657400,073
William YeungRSU1,97526,643
Michael ManciniRSU76,4401,031,176
David MoonRSU60,334813,906
Rodney ClementeRSU52,444707,470
William YeungRSU3,50347,255
05

Incentive-plan design — the Compensation Discussion & Analysis

The primary objective of the Company's executive compensation program is to attract, retain, and motivate the talent it needs to meet and/or exceed the Company's strategic, operational and financial goals. Additionally, another core principle of our compensation philosophy is to align pay with performance in order to match the long-term interests of its executives with the Company's stockholders.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantCompensia, Inc.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0432,938,2865,770,350822,63885.09%Passed
20252025-06-0535,066,5464,571,7501,092,77788.47%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
20262026-06-0485.09%a
20252025-06-0588.47%b

a. Approved under the standard stated in the filing — “Abstentions have no effect on the outcome of voting for Proposal No.”.

b. Approved under the standard stated in the filing — “Abstentions have no effect on the outcome of voting for Proposal No.”.

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)18.14 : 1
CEO total compensation
Median employee compensation$105,831
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Pamela L. TondreauIndependent · Board Chair · Compensation$100,000$184,994$0$0$0$284,994
Alexander J. BuehlerIndependent · Audit (Chair) · Compensation65,000149,993000214,993
Joan K. ChowIndependent · Compensation (Chair) · Audit60,000149,993000209,993
Arve HanstveitIndependent · Audit · Nominating & Corporate Governance54,250149,993000204,243
Colin R. SabolIndependent · Nominating & Corporate Governance (Chair) · Compensation54,250149,993000204,243
David W. MoonEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 10,000 / 8,500
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$333,500
Equity awards (grant-date value)$784,966
All other compensation$0
Total cost of the board$1,118,466

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 Energy Recovery 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 Energy Recovery.

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
1TransMedics Group2025Waleed Hassanein$776,923$4,364,013$4,360,147$1,400,000$10,915,533
2Alphatec Holdings, Inc.2025Patrick Miles762,0008,859,6500600,00010,260,507
3American Superconductor2025Daniel McGahn715,7695,644,80001,149,1257,529,025
4Mesa Laboratories, Inc.2026Gary Owens808,8464,700,01701,120,0006,643,208
5CEVA, Inc.2025Amir Panush524,4573,686,4400242,5264,691,010
6Altus Power, Inc.2023Lars Norell550,0002,944,134003,494,134
7Aehr Test Systems2025Gayn Erickson473,6542,655,0010245,6773,426,204
8Helios Technologies, Inc.2025Sean Bagan713,461692,972705,015987,0003,383,351
9Energy Recovery2025David Moon614,2312,599,996003,222,147
10Thermon Group Holdings2025Bruce Thames715,0351,299,9630543,6202,579,122
11ACM Research, Inc.2025David Wang267,801000632,769
Aspen Aerogels, Inc.not in coverage universe
Omega Flex, 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
Energy Recoverynot disclosedRSU 50 · PSU 50NoCompensia, Inc.
ACM Research, Inc.not disclosedOptions 100not disclosedAon plc
Aehr Test Systemsnot disclosedRSU 100Nonot disclosed
Alphatec Holdings, Inc.157%PSU 50 · RSU 50NoCompensia, Inc.
Altus Power, Inc.not disclosednot disclosedNoPearl Meyer
American Superconductor159%RSU 50 · PSU 50NoCompensia, Inc.
Aspen Aerogels, Inc.not disclosednot disclosednot disclosednot disclosed
CEVA, Inc.58%PSU 60 · RSU 40NoMeridian Compensation Partners
Helios Technologies, Inc.140%RSU 50 · Options 50NoMercer
Mesa Laboratories, Inc.125%PSU 50 · RSU 50NoFrederic W. Cook & Co, Inc.
Omega Flex, Inc.not disclosednot disclosednot disclosednot disclosed
Thermon Group Holdings76%PSU 65 · RSU 35NoMercer, LLC
TransMedics Group175%Options 50 · RSU 50not disclosedPearl Meyer

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 MoonDEF 14A2026-04-210001421517-26-000033Section “Summary Compensation Table” · page 71. As printed: 3,222,147. Filing ↗machine: t138 · r4 · c14 · span 2344778–2344787
2Section 01, Michael ManciniDEF 14A2026-04-210001421517-26-000033Section “Summary Compensation Table” · page 71. As printed: 1,530,908. Filing ↗machine: t138 · r9 · c14 · span 2358736–2358745
3Section 01, Rodney ClementeDEF 14A2026-04-210001421517-26-000033Section “Summary Compensation Table” · page 71. As printed: 1,519,882. Filing ↗machine: t138 · r14 · c14 · span 2371890–2371899
4Section 01, Natarajan RamananDEF 14A2026-04-210001421517-26-000033Section “Summary Compensation Table” · page 71. As printed: 1,348,475. Filing ↗machine: t138 · r19 · c14 · span 2390492–2390501
5Section 01, William YeungDEF 14A2026-04-210001421517-26-000033Section “Summary Compensation Table” · page 71. As printed: 1,159,715. Filing ↗machine: t138 · r24 · c14 · span 2401005–2401014
6Section 03, David Moon RSUDEF 14A2026-04-210001421517-26-000033Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗machine: t138 · r4 · c6 · span 2342039–2342048
7Section 03, Natarajan Ramanan OPTIONDEF 14A2026-04-210001421517-26-000033Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗machine: t138 · r19 · c8 · span 2388459–2388466
8Section 03, Rodney Clemente RSUDEF 14A2026-04-210001421517-26-000033Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗machine: t138 · r14 · c6 · span 2369122–2369129
9Section 03, Michael Mancini RSUDEF 14A2026-04-210001421517-26-000033Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗machine: t138 · r9 · c6 · span 2356729–2356736
10Section 03, William Yeung RSUDEF 14A2026-04-210001421517-26-000033Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗machine: t138 · r24 · c6 · span 2398262–2398269
11Section 03, Natarajan Ramanan RSUDEF 14A2026-04-210001421517-26-000033Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗machine: t138 · r19 · c6 · span 2387730–2387737
12Section 07, pay ratioDEF 14A2026-04-210001421517-26-000033Section “CEO Pay Ratio”. As printed: 18.14 : 1. Filing ↗
13Section 08, Pamela L. TondreauDEF 14A2026-04-210001421517-26-000033Section “Director Compensation”. As printed: 284,994. Filing ↗machine: t75 · r19 · c6 · span 1233626–1233633
14Section 08, Alexander J. BuehlerDEF 14A2026-04-210001421517-26-000033Section “Director Compensation”. As printed: 214,993. Filing ↗machine: t75 · r4 · c6 · span 1207056–1207063
15Section 08, Joan K. ChowDEF 14A2026-04-210001421517-26-000033Section “Director Compensation”. As printed: 209,993. Filing ↗machine: t75 · r7 · c6 · span 1212366–1212373
16Section 08, Arve HanstveitDEF 14A2026-04-210001421517-26-000033Section “Director Compensation”. As printed: 204,243. Filing ↗machine: t75 · r10 · c6 · span 1217691–1217698
17Section 08, Colin R. SabolDEF 14A2026-04-210001421517-26-000033Section “Director Compensation”. As printed: 204,243. Filing ↗machine: t75 · r16 · c6 · span 1228305–1228312
18Section 08, David W. MoonDEF 14A2026-04-210001421517-26-000033Section “Director Compensation”. As printed: 0. Filing ↗machine: t75 · r13 · c6 · span 1222548–1222550
19Section 02, Aidan Ryan 2026-05-06Form 42026-06-250002135681-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Pamela L. Tondreau 2026-05-13Form 42026-05-150001421517-26-000044Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Arve Hanstveit 2026-06-04Form 42026-06-050001430122-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Joan K. Chow 2026-06-04Form 42026-06-050001390709-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Pamela L. Tondreau 2026-06-04Form 42026-06-050001722237-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Colin R. Sabol 2026-06-04Form 42026-06-050001421517-26-000056Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Alexander J. Buehler 2026-06-15Form 42026-06-170001421517-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Colin R. Sabol 2026-06-15Form 42026-06-170001421517-26-000066Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Alexander J. Buehler 2026-06-15Form 42026-06-170001421517-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Alexander J. Buehler 2026-06-15Form 42026-06-170001421517-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, John Joseph Mitchell 2026-07-09Form 42026-07-220002144584-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, William Yeung 2026-07-27Form 42026-07-290001421517-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Rodney Clemente 2026-07-27Form 42026-07-290001421517-26-000075Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Rodney Clemente 2026-07-27Form 42026-07-290001421517-26-000075Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, William Yeung 2026-07-27Form 42026-07-290001421517-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
34Section 06, 2026 voteForm 8-K2026-06-080001421517-26-000058Item 5.07 · say-on-pay result. As reported: 85.09% (votes for as printed: 32,938,286 (83.3%)). Filing ↗
35Section 06, 2025 voteForm 8-K2025-06-110001421517-25-000100Item 5.07 · say-on-pay result. As reported: 88.47% (votes for as printed: 35,066,546 (86.1%)). Filing ↗
36Section 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
37Section 09b board cost (computed)ComputedcomputedCash 333,500 + equity 784,966 + all other 0 = 1,118,466, summed across the director compensation table rows.machine: formula: Σ = 1,118,466
38TransMedics Group, Section 10b CEO totalDEF 14A2026-04-100001193125-26-150357CEO total compensation as printed in TransMedics Group's own proxy. As printed: 10,915,533. Filing ↗machine: r3 · c39 · span 572169–572179
39Alphatec Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191867CEO total compensation as printed in Alphatec Holdings, Inc.'s own proxy. As printed: 10,260,507. Filing ↗machine: t26 · r2 · c25 · span 858148–858158
40American Superconductor, Section 10b CEO totalDEF 14A2026-06-180001193125-26-275809CEO total compensation as printed in American Superconductor's own proxy. As printed: 7,529,025. Filing ↗machine: span 394587–394596
41Mesa Laboratories, Inc., Section 10b CEO totalDEF 14A2026-07-220000724004-26-000071CEO total compensation as printed in Mesa Laboratories, Inc.'s own proxy. As printed: 6,643,208. Filing ↗machine: r3 · c24 · span 580946–580955
42CEVA, Inc., Section 10b CEO totalDEF 14A2026-04-200001437749-26-012845CEO total compensation as printed in CEVA, Inc.'s own proxy. As printed: 4,691,010. Filing ↗machine: t104 · r1 · c33 · span 536853–536862
43Altus Power, Inc., Section 10b CEO totalDEF 14A2024-04-110001828723-24-000049CEO total compensation as printed in Altus Power, Inc.'s own proxy. As printed: 3,494,134. Filing ↗machine: r3 · c18 · span 252702–252711
44Aehr Test Systems, Section 10b CEO totalDEF 14A2025-09-100001654954-25-010620CEO total compensation as printed in Aehr Test Systems's own proxy. As printed: 3,426,204. Filing ↗machine: r3 · c24 · span 428708–428717
45Helios Technologies, Inc., Section 10b CEO totalDEF 14A2026-05-040001193125-26-204115CEO total compensation as printed in Helios Technologies, Inc.'s own proxy. As printed: 3,383,351. Filing ↗machine: r2 · c31 · span 1486387–1486396
46Energy Recovery (subject), Section 10b CEO totalDEF 14A2026-04-210001421517-26-000033CEO total compensation as printed in Energy Recovery's own proxy. As printed: 3,222,147. Filing ↗machine: t138 · r4 · c14 · span 2344778–2344787
47Thermon Group Holdings, Section 10b CEO totalDEF 14A2025-06-180001489096-25-000097CEO total compensation as printed in Thermon Group Holdings's own proxy. As printed: 2,579,122. Filing ↗machine: span 730045–730054
48ACM Research, Inc., Section 10b CEO totalDEF 14A2026-04-270001628280-26-027358CEO total compensation as printed in ACM Research, Inc.'s own proxy. As printed: 632,769. Filing ↗machine: r9 · c21 · span 556967–556974
49Section 10a, TransMedics Group reciprocityDEF 14A0001193125-26-150357TransMedics Group's most recent proxy was read; its disclosed peer group does not include Energy Recovery. Filing ↗
50Section 10a, Mesa Laboratories, Inc. reciprocityDEF 14A0000724004-26-000071Mesa Laboratories, Inc.'s most recent proxy was read; its disclosed peer group does not include Energy Recovery. Filing ↗
51Section 10a, CEVA, Inc. reciprocityDEF 14A0001437749-26-012845CEVA, Inc.'s most recent proxy was read; its disclosed peer group does not include Energy Recovery. Filing ↗
52Section 10a, Helios Technologies, Inc. reciprocityDEF 14A0001193125-26-204115Helios Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Energy Recovery. Filing ↗
53Section 10a, Thermon Group Holdings reciprocityDEF 14A0001489096-25-000097Thermon Group Holdings's most recent proxy was read; its disclosed peer group does not include Energy Recovery. Filing ↗
54Section 10a, American Superconductor reciprocityDEF 14A0001193125-26-275809American Superconductor names Energy Recovery in its own disclosed peer group (read from its most recent proxy). Filing ↗
55Section 10a, ACM Research, Inc. reciprocityDEF 14A0001628280-26-027358ACM Research, Inc.'s most recent proxy was read; its disclosed peer group does not include Energy Recovery. Filing ↗
56Section 10a, Alphatec Holdings, Inc. reciprocityDEF 14A0001193125-26-191867Alphatec Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Energy Recovery. Filing ↗