Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-06

FIGS Inc (FIGS)

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.

$8,211,946
Catherine Spear total, FY2025
50th
CEO pay percentile vs peers
73:1
CEO-to-median pay ratio
83.88%
Say-on-pay support, latest vote
Companies that benchmark against FIGS
4 companies name FIGS as a compensation peer

Each company listed discloses FIGS 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 FIGS 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
Catherine Spear$1,000,000$1,000,000$4,059,324$631,892$1,500,000$20,730$8,211,946
Director, Co-Founder and Chief Executive Officer
Heather Hasson006,284,3651,799,87600308,084,271
Director, Co-Founder and Executive Chairman
Sarah Oughtred502,874149,1201,537,959447,3612,637,314
Chief Financial 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
Catherine Spear$8,211,946
Heather Hasson8,084,271
Sarah Oughtred2,637,314

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
Heather HassonDirector2026-05-04D32,385$14$464,203CommonForm 4 ↗
Sarah OughtredChief Financial Officer2026-05-04D23,59714338,237CommonForm 4 ↗
Melanie WhelanDirector2026-05-12A22,86300Derivative, Class A CommonForm 4 ↗
Jeffrey WilkeDirector2026-06-03A15,45600CommonForm 4 ↗
Jerry JaoDirector2026-06-03A15,45600CommonForm 4 ↗
Melanie WhelanDirector2026-06-03A15,45600CommonForm 4 ↗
J. Martin WillhiteDirector2026-06-03A15,45600CommonForm 4 ↗
Sheila AntrumDirector2026-06-03A15,45600CommonForm 4 ↗
Mario MarteDirector2026-06-03A15,45600CommonForm 4 ↗
Kenneth LinDirector2026-06-03A15,45600CommonForm 4 ↗
Heather HassonDirector2026-07-01D6,8131068,471CommonForm 4 ↗
Catherine SpearDirector2026-07-01D61,55610618,638CommonForm 4 ↗
Sarah OughtredChief Financial Officer2026-07-01D22,19710223,080CommonForm 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
Heather HassonRSU2025-08-12947,868$6,284,365
Heather HassonOPTION2025-08-122,863,8281,167,984
Heather HassonOPTION2025-08-12727,097631,892
Catherine SpearOPTION2025-08-12727,097631,892
Sarah OughtredRSU2025-03-04321,0771,537,959
Catherine SpearRSU2025-03-04847,4584,059,324
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Heather Hasson$6,284,365$0$1,799,8760.0%
Catherine Spear4,059,3240631,8920.0%
Sarah Oughtred1,537,959000.0%

% 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
Heather HassonOption2,625,1766.63
Heather HassonOption605,9156.63
Heather HassonRSU888,62710,094,803
Catherine SpearRSU407,6094,630,438
Catherine SpearOption605,9156.63
Catherine SpearRSU190,7712,167,159
Sarah OughtredRSU451,5615,129,733
Sarah OughtredRSU280,9433,191,512
Catherine SpearOption295,1407.91
Catherine SpearRSU741,5268,423,735
05

Incentive-plan design — the Compensation Discussion & Analysis

The key objectives of our executive compensation program, as well as the compensation program for all of our employees, are to attract, motivate, reward and retain high caliber talent for their unique skills and contributions in leading and driving the success of our company, while cultivating an inclusive and diverse culture and maximizing stockholder value.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantPay Governance
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-03241,013,86446,312,8791,229,67583.88%Passed
20252025-06-04280,851,5446,295,4211,411,30797.81%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
20262026-06-0383.88%a
20252025-06-0497.81%b

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect.”.

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)73 : 1
CEO total compensation$8,211,946
Median employee compensation$113,195
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Melanie WhelanIndependent · Compensation (Chair) · Nominating/Governance · Newly elected$70,000$213,701$115,000$0$0$398,701
Jerry JaoIndependent · Audit (Chair) · Compensation · Newly elected58,125176,714000234,839
J. Martin WillhiteIndependent · Compensation · Nominating/Governance (Chair)67,500150,00100217,501
Mario MarteIndependent · Audit62,500150,00100212,501
Jeffrey WilkeIndependent · Audit61,875150,00100211,876
Sheila AntrumIndependent · Nominating/Governance55,000150,00100205,001
Kenneth LinIndependent · Lead Independent Director52,500150,00100202,501
Catherine SpearEmployee director00000
Heather HassonEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)10,000 / 20,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$427,500
Equity awards (grant-date value)$1,140,420
All other compensation$0
Total cost of the board$1,567,920

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.

BKE The Buckle, Inc.ETSY Etsy, Inc.SFIX Stitch Fix, Inc.WRBY Warby Parker Inc.JILL J. Jill, Inc.BOOT Boot Barn Holdings, Inc.GOOS Canada Goose Holdings Inc.RVLV Revolve Group, Inc.HNST The Honest Company, Inc. The RealReal, Inc.YETI YETI Holdings, Inc.
10a

Peer reciprocity

Of the companies FIGS 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.

The Buckle, Inc. (BKE) Etsy, Inc. (ETSY)44 Stitch Fix, Inc. (SFIX)45 Warby Parker Inc. (WRBY)46 J. Jill, Inc. (JILL) Boot Barn Holdings, Inc. (BOOT) Canada Goose Holdings Inc. (GOOS) Revolve Group, Inc. (RVLV)47 The Honest Company, Inc. (HNST) YETI Holdings, Inc. (YETI)48

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 FIGS 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
1Etsy, Inc.2025Josh Silverman$690,137$15,814,539$737,591$729,120$18,072,322
2Stitch Fix, Inc.2025Matt Baer850,0007,821,66301,443,36910,129,032
3Warby Parker Inc.2025Neil Blumenthal575,0008,408,680009,000,180
4FIGS Inc2025Catherine Spear1,000,0004,059,324631,8921,500,0008,211,946
5YETI Holdings, Inc.2025Matthew Reintjes1,057,3085,500,18701,126,0337,697,528
6The Honest Company, Inc.2025Carla Vernón773,4623,139,1660219,8004,145,946
7Revolve Group, Inc.2025Mike Karanikolas450,000000484,573
The Buckle, Inc.not in coverage universe
J. Jill, Inc.not in coverage universe
Boot Barn Holdings, Inc.not in coverage universe
Canada Goose Holdings 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
FIGS Inc200%RSU 100not disclosedPay Governance
Boot Barn Holdings, Inc.not disclosednot disclosednot disclosednot disclosed
Canada Goose Holdings Inc.not disclosednot disclosednot disclosednot disclosed
Etsy, Inc.87%PSU 50 · RSU 50Yes — Relative TSRCompensia
J. Jill, Inc.not disclosednot disclosednot disclosednot disclosed
Revolve Group, Inc.175%Options 100not disclosednot disclosed
Stitch Fix, Inc.169.8%not disclosedNoCompensia, Inc. and Meridian Compensation Partners, LLC
The Buckle, Inc.not disclosednot disclosednot disclosednot disclosed
The Honest Company, Inc.28%RSU 100not disclosedSemler Brossy
Warby Parker Inc.73.0%PSU 50 · RSU 50Yes — Relative TSRSemler Brossy
YETI Holdings, Inc.71.0%PBRSU 75 · RSU 25Yes — Relative Total Stockholder Return (TSR)FW Cook

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, Catherine SpearDEF 14A2026-04-230001628280-26-026838Section “Summary Compensation Table” · page 44. As printed: 8,211,946. Filing ↗machine: r2 · c24 · span 472092–472101
2Section 01, Heather HassonDEF 14A2026-04-230001628280-26-026838Section “Summary Compensation Table” · page 44. As printed: 8,084,271. Filing ↗machine: r5 · c24 · span 481893–481902
3Section 01, Sarah OughtredDEF 14A2026-04-230001628280-26-026838Section “Summary Compensation Table” · page 44. As printed: 2,637,314. Filing ↗machine: r8 · c24 · span 492126–492135
4Section 03, Heather Hasson RSUDEF 14A2026-04-230001628280-26-026838Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t31 · r3 · c2 · span 432054–432061
5Section 03, Heather Hasson OPTIONDEF 14A2026-04-230001628280-26-026838Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t33 · r8 · c6 · span 519213–519222
6Section 03, Heather Hasson OPTIONDEF 14A2026-04-230001628280-26-026838Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t33 · r7 · c6 · span 517214–517221
7Section 03, Catherine Spear OPTIONDEF 14A2026-04-230001628280-26-026838Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t33 · r5 · c6 · span 512952–512959
8Section 03, Sarah Oughtred RSUDEF 14A2026-04-230001628280-26-026838Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t31 · r4 · c2 · span 432992–432999
9Section 03, Catherine Spear RSUDEF 14A2026-04-230001628280-26-026838Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t31 · r2 · c2 · span 431191–431198
10Section 07, pay ratioDEF 14A2026-04-230001628280-26-026838Section “CEO Pay Ratio”. As printed: 73 : 1. Filing ↗machine: span 729902–729909
11Section 08, Melanie WhelanDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 398,701. Filing ↗machine: t40 · r7 · c4 · span 751595–751602
12Section 08, Jerry JaoDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 234,839. Filing ↗machine: t40 · r3 · c4 · span 745501–745508
13Section 08, J. Martin WillhiteDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 217,501. Filing ↗machine: t40 · r6 · c4 · span 750237–750244
14Section 08, Mario MarteDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 212,501. Filing ↗machine: t40 · r5 · c4 · span 748753–748760
15Section 08, Jeffrey WilkeDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 211,876. Filing ↗machine: t40 · r2 · c4 · span 744109–744116
16Section 08, Sheila AntrumDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 205,001. Filing ↗machine: t40 · r8 · c4 · span 753222–753229
17Section 08, Kenneth LinDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 202,501. Filing ↗machine: t40 · r4 · c4 · span 747191–747198
18Section 08, Catherine SpearDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, Heather HassonDEF 14A2026-04-230001628280-26-026838Section “Director Compensation”. As printed: 0. Filing ↗
20Section 02, Heather Hasson 2026-05-04Form 42026-05-060001628280-26-031586Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Sarah Oughtred 2026-05-04Form 42026-05-060001628280-26-031588Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Melanie Whelan 2026-05-12Form 42026-05-140001628280-26-035262Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Jeffrey Wilke 2026-06-03Form 42026-06-030001628280-26-040604Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Jerry Jao 2026-06-03Form 42026-06-030001628280-26-040602Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Melanie Whelan 2026-06-03Form 42026-06-030001628280-26-040600Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, J. Martin Willhite 2026-06-03Form 42026-06-030001628280-26-040594Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Sheila Antrum 2026-06-03Form 42026-06-030001628280-26-040592Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Mario Marte 2026-06-03Form 42026-06-030001628280-26-040598Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Kenneth Lin 2026-06-03Form 42026-06-030001628280-26-040596Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Heather Hasson 2026-07-01Form 42026-07-060001628280-26-047413Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Catherine Spear 2026-07-01Form 42026-07-060001628280-26-047417Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Sarah Oughtred 2026-07-01Form 42026-07-060001628280-26-047419Insider equity transaction reported since the proxy statement. Filing ↗
33Section 06, 2026 voteForm 8-K2026-06-080001628280-26-041604Item 5.07 · say-on-pay result. As reported: 83.88% (votes for as printed: 241,013,864). Filing ↗
34Section 06, 2025 voteForm 8-K2025-06-090001846576-25-000004Item 5.07 · say-on-pay result. As reported: 97.81% (votes for as printed: 280,851,544). Filing ↗
35Section 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
36Section 09b board cost (computed)ComputedcomputedCash 427,500 + equity 1,140,420 + all other 0 = 1,567,920, summed across the director compensation table rows.machine: formula: Σ = 1,567,920
37Etsy, Inc., Section 10b CEO totalDEF 14A2026-04-170001370637-26-000026CEO total compensation as printed in Etsy, Inc.'s own proxy. As printed: 18,072,322. Filing ↗machine: r2 · c24 · span 1152296–1152306
38Stitch Fix, Inc., Section 10b CEO totalDEF 14A2025-10-310001628280-25-047825CEO total compensation as printed in Stitch Fix, Inc.'s own proxy. As printed: 10,129,032. Filing ↗machine: r2 · c24 · span 432212–432222
39Warby Parker Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050432CEO total compensation as printed in Warby Parker Inc.'s own proxy. As printed: 9,000,180. Filing ↗machine: t20 · r1 · c32 · span 611995–612004
40FIGS Inc (subject), Section 10b CEO totalDEF 14A2026-04-230001628280-26-026838CEO total compensation as printed in FIGS Inc's own proxy. As printed: 8,211,946. Filing ↗machine: r2 · c24 · span 472092–472101
41YETI Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011375CEO total compensation as printed in YETI Holdings, Inc.'s own proxy. As printed: 7,697,528. Filing ↗machine: r2 · c22 · span 1046975–1046984
42The Honest Company, Inc., Section 10b CEO totalDEF 14A2026-04-090001628280-26-024452CEO total compensation as printed in The Honest Company, Inc.'s own proxy. As printed: 4,145,946. Filing ↗machine: r2 · c21 · span 294221–294230
43Revolve Group, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177284CEO total compensation as printed in Revolve Group, Inc.'s own proxy. As printed: 484,573. Filing ↗machine: r2 · c16 · span 474510–474517
44Section 10a, Etsy, Inc. reciprocityDEF 14A0001370637-26-000026Etsy, Inc.'s most recent proxy was read; its disclosed peer group does not include FIGS Inc. Filing ↗
45Section 10a, Stitch Fix, Inc. reciprocityDEF 14A0001628280-25-047825Stitch Fix, Inc.'s most recent proxy was read; its disclosed peer group does not include FIGS Inc. Filing ↗
46Section 10a, Warby Parker Inc. reciprocityDEF 14A0001104659-26-050432Warby Parker Inc. names FIGS Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Revolve Group, Inc. reciprocityDEF 14A0001193125-26-177284Revolve Group, Inc.'s most recent proxy was read; its disclosed peer group does not include FIGS Inc. Filing ↗
48Section 10a, YETI Holdings, Inc. reciprocityDEF 14A0001140361-26-011375YETI Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include FIGS Inc. Filing ↗