Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-02

Flowers Foods (FLO)

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.

$7,776,698
A. Ryals McMullian total, FY2025
8th
CEO pay percentile vs peers
104.1:1
CEO-to-median pay ratio
84.41%
Say-on-pay support, latest vote
Companies that benchmark against FLO
9 companies name FLO as a compensation peer

Each company listed discloses FLO 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 FLO 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
A. Ryals McMullian$1,041,730$0$5,735,842$0$733,524$55,811$209,791$7,776,698
Chairman and Chief Executive Officer
R. Steve Kinsey734,05101,291,8720326,12129,47979,8332,461,356
Former Chief Financial Officer
Heeth Varnedoe IV729,21201,291,8720328,6193,94566,0082,419,656
President and Chief Operating Officer
Terry Thomas677,12501,102,4480267,00351662,9652,110,057
Chief Growth Officer
Stephanie Tillman583,3690949,6210230,0335,65070,9631,839,636
Chief Legal Counsel
D. Anthony Scaglione57,70401,400,03803,400001,461,142
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
A. Ryals McMullian$7,776,698$7,944,533$6,393,039−167,835
R. Steve Kinsey2,461,3562,640,6352,285,058−179,279
Heeth Varnedoe IV2,419,6562,629,1601,784,631−209,504
Terry Thomas2,110,057
Stephanie Tillman1,839,636
D. Anthony Scaglione1,461,142

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
Stephanie TillmanPSA2024-11-131,89515,16030,320$373,391
Special Time-BasedRSU2024-11-13128,6801,400,038
R. Steve KinseyPSA2024-11-1310,31020,62030,931422,091
R. Steve KinseyRSU2024-11-1317,680361,910
A. Ryals McMullianPSA2024-11-1345,78091,560137,3401,874,233
Terry ThomasPSA2024-11-138,80017,60026,400360,272
A. Ryals McMullianPSA2024-11-1311,44591,560183,1202,255,123
Heeth Varnedoe IVPSA2024-11-1310,31020,62030,930422,091
R. Steve KinseyPSA2024-11-132,57820,62041,240507,871
Heeth Varnedoe IVPSA2024-11-132,57820,62041,240507,871
Heeth Varnedoe IVRSU2024-11-1317,680361,910
Terry ThomasRSU2024-11-1315,080308,688
Stephanie TillmanPSA2024-11-137,58015,16022,740310,325
A. Ryals McMullianRSU2024-11-1378,4801,606,486
Terry ThomasPSA2024-11-132,20017,60035,200433,488
Stephanie TillmanRSU2024-11-1312,990265,905
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Stephanie Tillman$265,905$0$00.0%
Special Time-Based1,400,038000.0%
R. Steve Kinsey361,910000.0%
A. Ryals McMullian1,606,486000.0%
Terry Thomas308,688000.0%
Heeth Varnedoe IV361,910000.0%

% 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
Heeth Varnedoe IVPSU18,575$200,424
Stephanie TillmanPSU12,990140,162
A. Ryals McMullianPSU78,480846,799
A. Ryals McMullianPSU9,475102,236
Terry ThomasPSU9,354100,930
Stephanie TillmanPSU8,06186,978
R. Steve KinseyPSU23,687255,583
R. Steve KinseyPSU2,51027,083
Terry ThomasPSU2,20023,738
Terry ThomasPSU24,420263,492
Stephanie TillmanPSU22,740245,365
Terry ThomasPSU2,03521,958
Stephanie TillmanPSU1,89520,447
Stephanie TillmanPSU21,045227,076
A. Ryals McMullianPSU121,3801,309,690
R. Steve KinseyPSU1,59017,156
A. Ryals McMullianPSU46,472501,433
Heeth Varnedoe IVPSU17,680190,767
Terry ThomasPSU15,080162,713
Stephanie TillmanPSU16,912182,480
A. Ryals McMullianPSU137,3401,481,899
A. Ryals McMullianPSU89,387964,486
Terry ThomasPSU31,300337,727
Heeth Varnedoe IVPSU30,930333,735
Terry ThomasPSU26,400284,856
R. Steve KinseyPSU19,080205,873
A. Ryals McMullianPSU11,445123,492
Heeth Varnedoe IVPSU10,962118,280
R. Steve KinseyPSU10,310111,245
A. Ryals McMullianPSU10,115109,141
Terry ThomasPSU3,31735,790
Heeth Varnedoe IVPSU2,57827,817
Heeth Varnedoe IVPSU2,38525,734
Heeth Varnedoe IVPSU1,96821,235
Stephanie TillmanPSU1,79219,336
Stephanie TillmanPSU1,75418,926
R. Steve KinseyPSU8609,279
Heeth Varnedoe IVPSU28,620308,810
05

Incentive-plan design — the Compensation Discussion & Analysis

Pay evaluated with reference to a reasonable range around the size-adjusted 50th percentile of market data

CEO STI target (% of salary)125%
CEO LTI target (% of salary)
Independent consultantMeridian
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-29127,244,76723,492,4249,867,06384.41%Passed
20252025-05-22172,122,1465,465,3641,459,34496.92%Passed
20242024-05-23171,768,7702,376,388328,70898.64%Passed
20232023-05-25173,102,0733,391,868372,79198.08%Passed
20222022-05-26175,682,6721,650,2401,267,41599.07%Passed
20212021-05-27173,411,6712,300,7011,010,17798.69%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
20262026-05-2984.41%a
20252025-05-2296.92%b
20242024-05-2398.64%c

a. Approved under the standard stated in the filing — “HOW WILL ABSTENTIONS BE TREATED? Abstentions will be counted as present in determining whether the quorum requirement is satisfied, but will not be included in vote totals and will not affect the outcome of the vote with respect to Proposals 1, 2, 3, and 4.”.

b. Approved under the standard stated in the filing — “How will abstentions be treated? Abstentions will be counted as present in determining whether the quorum requirement is satisfied, but will not be included in vote totals and will not affect the outcome of the vote with respect to Proposals I, II, and III.”.

c. Approved under the standard stated in the filing — “How will abstentions be treated? Abstentions will be counted as present in determining whether the quorum requirement is satisfied, but will not be included in vote totals and will not affect the outcome of the vote with respect to Proposals I, II, and III.”.

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)104.1 : 1
CEO total compensation$7,802,574
Median employee compensation$74,983
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Thomas C. Chubb, IIIIndependent · Lead Independent Director · Compensation and Human Capital · Nominating/Corporate Governance$140,000$155,117$0$0$0$295,117
Margaret G. LewisIndependent · Compensation and Human Capital (Chair) · Nominating/Corporate Governance120,000155,117000281,029
James T. SpearIndependent · Audit (Chair) · Finance125,000155,117000280,117
Rhonda O. GassIndependent · Audit · Finance110,000155,117000272,084
Edward J. Casey, JrIndependent · Compensation and Human Capital · Audit · Not standing for re-election114,583155,117000269,700
Brigitte H. KingIndependent · Audit110,000155,117000267,683
Melvin T. Stith, Ph.DIndependent · Compensation and Human Capital · Nominating/Corporate Governance · Departed during FY100,000155,1170010,000265,117
W. Jameson McFaddenIndependent · Audit · Finance110,000155,117000265,117
Joanne D. SmithIndependent · Audit · Compensation and Human Capital104,167155,117000259,501
George E. DeeseIndependent · Nominating/Corporate Governance (Chair) · Finance (Chair) · Not standing for re-election100,000155,117000255,117
Sterling A. SpainhourIndependent · Audit · Partial-year service · Newly elected27,500103,411000130,911
C. Martin Wood IIIIndependent · Audit · Finance (Chair) · Departed during FY52,083000052,083
A. Ryals McMullianEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$155,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,213,333
Equity awards (grant-date value)$1,654,581
All other compensation$10,000
Total cost of the board$2,877,914

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

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
1Flowers Foods2025A. Ryals McMullian$1,041,730$5,735,842$0$733,524$7,776,698

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.

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, A. Ryals McMullianDEF 14A2026-04-140001104659-26-043025Section “FISCAL 2025 SUMMARY COMPENSATION TABLE”. As printed: 7,776,698. Filing ↗machine: r1 · c48 · span 1362376–1362385
2Section 01, R. Steve KinseyDEF 14A2026-04-140001104659-26-043025Section “Executive Compensation”. As printed: 2,461,356. Filing ↗
3Section 01, Heeth Varnedoe IVDEF 14A2026-04-140001104659-26-043025Section “FISCAL 2025 SUMMARY COMPENSATION TABLE”. As printed: 2,419,656. Filing ↗machine: t134 · r5 · c48 · span 1392074–1392083
4Section 01, Terry ThomasDEF 14A2026-04-140001104659-26-043025Section “Executive Compensation”. As printed: 2,110,057. Filing ↗
5Section 01, Stephanie TillmanDEF 14A2026-04-140001104659-26-043025Section “Executive Compensation”. As printed: 1,839,636. Filing ↗
6Section 01, D. Anthony ScaglioneDEF 14A2026-04-140001104659-26-043025Section “FISCAL 2025 SUMMARY COMPENSATION TABLE”. As printed: 1,461,142. Filing ↗machine: r4 · c48 · span 1384132–1384141
7Section 03, Stephanie Tillman PSADEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t117 · r6 · c6 · span 1225249–1225255
8Section 03, Special Time-Based RSUDEF 14A2026-04-140001104659-26-043025Section “FISCAL 2025 GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t139 · r9 · c60 · span 1593453–1593462
9Section 03, R. Steve Kinsey PSADEF 14A0001104659-26-043025Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION EQUITY AND PERFORMANCE COMPENSATION AWARDS” · grants of plan-based awards table. Filing ↗machine: t117 · r7 · c6 · span 1227545–1227551
10Section 03, R. Steve Kinsey RSUDEF 14A0001104659-26-043025Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t127 · r6 · c6 · span 1298999–1299005
11Section 03, A. Ryals McMullian PSADEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t117 · r2 · c6 · span 1216000–1216006
12Section 03, Terry Thomas PSADEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t117 · r5 · c6 · span 1222916–1222922
13Section 03, A. Ryals McMullian PSADEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t117 · r2 · c6 · span 1216000–1216006
14Section 03, Heeth Varnedoe IV PSADEF 14A0001104659-26-043025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
15Section 03, R. Steve Kinsey PSADEF 14A0001104659-26-043025Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION EQUITY AND PERFORMANCE COMPENSATION AWARDS” · grants of plan-based awards table. Filing ↗machine: t117 · r7 · c6 · span 1227545–1227551
16Section 03, Heeth Varnedoe IV PSADEF 14A0001104659-26-043025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
17Section 03, Heeth Varnedoe IV RSUDEF 14A0001104659-26-043025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
18Section 03, Terry Thomas RSUDEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t127 · r4 · c6 · span 1296105–1296111
19Section 03, Stephanie Tillman PSADEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t117 · r6 · c6 · span 1225249–1225255
20Section 03, A. Ryals McMullian RSUDEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t127 · r1 · c6 · span 1291716–1291722
21Section 03, Terry Thomas PSADEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t117 · r5 · c6 · span 1222916–1222922
22Section 03, Stephanie Tillman RSUDEF 14A2026-04-140001104659-26-043025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t127 · r5 · c6 · span 1297507–1297513
23Section 07, pay ratioDEF 14A2026-04-140001104659-26-043025Section “CEO Pay Ratio”. As printed: 104.1 : 1. Filing ↗
24Section 08, Thomas C. Chubb, IIIDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 295,117. Filing ↗machine: t85 · r2 · c30 · span 872749–872756
25Section 08, Margaret G. LewisDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 281,029. Filing ↗machine: t85 · r6 · c30 · span 892319–892326
26Section 08, James T. SpearDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 280,117. Filing ↗machine: t85 · r10 · c30 · span 912017–912024
27Section 08, Rhonda O. GassDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 272,084. Filing ↗machine: t85 · r4 · c30 · span 882533–882540
28Section 08, Edward J. Casey, JrDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 269,700. Filing ↗machine: t85 · r1 · c30 · span 867575–867582
29Section 08, Brigitte H. KingDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 267,683. Filing ↗machine: t85 · r5 · c30 · span 887150–887157
30Section 08, Melvin T. Stith, Ph.DDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 265,117. Filing ↗machine: t85 · r11 · c30 · span 916725–916732
31Section 08, W. Jameson McFaddenDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 265,117. Filing ↗machine: t85 · r7 · c30 · span 896953–896960
32Section 08, Joanne D. SmithDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 259,501. Filing ↗machine: t85 · r8 · c30 · span 902130–902137
33Section 08, George E. DeeseDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 255,117. Filing ↗machine: t85 · r3 · c30 · span 877367–877374
34Section 08, Sterling A. SpainhourDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 130,911. Filing ↗machine: t85 · r9 · c30 · span 906837–906844
35Section 08, C. Martin Wood IIIDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 52,083. Filing ↗machine: t85 · r12 · c6 · span 918314–918320
36Section 08, A. Ryals McMullianDEF 14A2026-04-140001104659-26-043025Section “Director Compensation”. As printed: 0. Filing ↗
37Section 06, 2026 voteForm 8-K2026-06-020001193125-26-253700Item 5.07 · say-on-pay result. As reported: 84.41% (votes for as printed: 127,244,767). Filing ↗
38Section 06, 2025 voteForm 8-K2025-05-290000950170-25-078720Item 5.07 · say-on-pay result. As reported: 96.92% (votes for as printed: 172,122,146). Filing ↗
39Section 06, 2024 voteForm 8-K2024-05-300000950170-24-066289Item 5.07 · say-on-pay result. As reported: 98.64% (votes for as printed: 171,768,770). Filing ↗
40Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
41Section 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
42Section 09b board cost (computed)ComputedcomputedCash 1,213,333 + equity 1,654,581 + all other 10,000 = 2,877,914, summed across the director compensation table rows.machine: formula: Σ = 2,877,914
43Flowers Foods (subject), Section 10b CEO totalDEF 14A2026-04-140001104659-26-043025CEO total compensation as printed in Flowers Foods's own proxy. As printed: 7,776,698. Filing ↗machine: r1 · c48 · span 1362376–1362385