Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-08

Firefly Aerospace (FLY)

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.

$38,219,515
Jason Kim total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against FLY
2 companies name FLY as a compensation peer

Each company listed discloses FLY 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 FLY 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
Jason Kim$488,462$500,000$36,053,338$1,134,849$0$0$42,866$38,219,515
Chief Executive Officer
Darren Ma408,308252,0009,048,7371,613,963003,43311,326,441
Chief Financial Officer
Ramon Sanchez13,077175,00011,122,1970001,63511,311,909
Chief Operating 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
Jason Kim$38,219,515$2,244,074+35,975,441
Darren Ma11,326,441581,223+10,745,218
Ramon Sanchez11,311,909

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
David Leigh WheelerGeneral Counsel2026-04-17D3,766$45$169,608Common, open-market saleForm 4 ↗
David Leigh WheelerGeneral Counsel2026-04-17A3,76628,702CommonForm 4 ↗
David Leigh WheelerGeneral Counsel2026-04-17D3,76600Derivative, Class A CommonForm 4 ↗
David Leigh WheelerGeneral Counsel2026-05-18D3,76545169,885Common, open-market saleForm 4 ↗
David Leigh WheelerGeneral Counsel2026-05-18A3,76528,699CommonForm 4 ↗
David Leigh WheelerGeneral Counsel2026-05-18D3,76500Derivative, Class A CommonForm 4 ↗
AEROEQUITY GP, LLCGreater-than-10% holder2026-06-01D2,801,12848134,454,144Common, indirectForm 4 ↗
AEROEQUITY GP, LLCGreater-than-10% holder2026-06-01D5,198,87248249,545,856Common, indirectForm 4 ↗
Kirk KonertDirector2026-06-04A3,63000CommonForm 4 ↗
Thomas ZurbuchenDirector2026-06-04A3,63000CommonForm 4 ↗
Christopher EmersonDirector2026-06-04A3,63000CommonForm 4 ↗
Kevin McAllisterDirector2026-06-04A3,63000CommonForm 4 ↗
Pamela BradenDirector2026-06-04A3,63000CommonForm 4 ↗
Jon LusczakoskiDirector2026-06-04A3,63000CommonForm 4 ↗
Ryan BolandDirector2026-06-04A3,63000CommonForm 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
Darren MaPSU$9,048,737
Jason KimOption1,134,849
Ramon SanchezPSU11,122,197
Jason KimPSU36,053,338
Darren MaOption1,613,963
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Darren Ma$0$9,048,737$1,613,96384.9%
Jason Kim036,053,3381,134,84996.9%
Ramon Sanchez011,122,1970100.0%

% 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
Ramon SanchezRSU100,000$2,237,000
Jason KimRSU888,88919,884,447
Ramon SanchezRSU228,8335,118,994
Darren MaRSU222,2224,971,106
Darren MaRSU76817,180
05

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Kirk KonertIndependent · Board Chair · Compensation Committee$104,946$0$0$104,946
Thomas ZurbuchenIndependent · Nominating and Corporate Governance Committee86,708010,835097,543
Christopher EmersonIndependent · Audit Committee · Nominating and Corporate Governance Committee69,9730069,973
Ryan BolandIndependent · Audit Committee (Chair)59,9460059,946
Kevin McAllisterIndependent · Compensation Committee54,9460054,946
Jon LusczakoskiIndependent · Compensation Committee39,9460039,946
Pamela BradenIndependent · Audit Committee39,9460039,946
Marc WeiserIndependent · Compensation Committee · Departed during FY39,9460039,946
Jed McCalebNot independent · Departed during FY00000
Thomas MarkusicNot independent · Departed during FY00000
Jason KimEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 50,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$496,357
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$496,357

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
1Firefly Aerospace2025Jason Kim$488,462$36,053,338$1,134,849$0$38,219,515

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, Jason KimDEF 14A2026-04-170001193125-26-161474Section “Summary Compensation Table” · page 17. As printed: 38,219,515. Filing ↗machine: t5 · r2 · c18 · span 333323–333333
2Section 01, Darren MaDEF 14A2026-04-170001193125-26-161474Section “Summary Compensation Table” · page 17. As printed: 11,326,441. Filing ↗machine: t5 · r4 · c18 · span 347859–347869
3Section 01, Ramon SanchezDEF 14A2026-04-170001193125-26-161474Section “Summary Compensation Table” · page 17. As printed: 11,311,909. Filing ↗machine: t5 · r6 · c18 · span 362570–362580
4Section 03, Darren Ma PSUDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r4 · c9 · span 344442–344451
5Section 03, Jason Kim OptionDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r2 · c11 · span 330652–330661
6Section 03, Ramon Sanchez PSUDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r6 · c9 · span 359153–359163
7Section 03, Jason Kim PSUDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r2 · c9 · span 329904–329914
8Section 03, Darren Ma OptionDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r4 · c11 · span 345189–345198
9Section 07, pay ratio10-K2026-03-200001193125-26-116309Section “CEO Pay Ratio”. As printed: —. Filing ↗
10Section 08, Kirk KonertDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 104,946. Filing ↗machine: t7 · r2 · c2 · span 544110–544117
11Section 08, Thomas ZurbuchenDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 97,543. Filing ↗machine: t7 · r5 · c6 · span 554310–554316
12Section 08, Christopher EmersonDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 69,973. Filing ↗machine: t7 · r4 · c2 · span 549918–549924
13Section 08, Ryan BolandDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 59,946. Filing ↗machine: t7 · r9 · c2 · span 564428–564434
14Section 08, Kevin McAllisterDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 54,946. Filing ↗machine: t7 · r7 · c2 · span 558626–558632
15Section 08, Jon LusczakoskiDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 39,946. Filing ↗machine: t7 · r8 · c2 · span 561529–561535
16Section 08, Pamela BradenDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 39,946. Filing ↗machine: t7 · r6 · c2 · span 555722–555728
17Section 08, Marc WeiserDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 39,946. Filing ↗machine: t7 · r3 · c2 · span 547011–547017
18Section 08, Jed McCalebDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 0. Filing ↗machine: t7 · r10 · c6 · span 568631–568632
19Section 08, Thomas MarkusicDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 0. Filing ↗machine: t7 · r11 · c6 · span 571536–571537
20Section 08, Jason KimDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 0. Filing ↗
21Section 02, David Leigh Wheeler 2026-04-17Form 42026-04-200001193125-26-164616Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, David Leigh Wheeler 2026-04-17Form 42026-04-200001193125-26-164616Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, David Leigh Wheeler 2026-04-17Form 42026-04-200001193125-26-164616Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, David Leigh Wheeler 2026-05-18Form 42026-05-190001193125-26-231242Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, David Leigh Wheeler 2026-05-18Form 42026-05-190001193125-26-231242Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, David Leigh Wheeler 2026-05-18Form 42026-05-190001193125-26-231242Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, AEROEQUITY GP, LLC 2026-06-01Form 42026-06-030001193125-26-255718Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, AEROEQUITY GP, LLC 2026-06-01Form 42026-06-030001193125-26-255718Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Kirk Konert 2026-06-04Form 42026-06-080001193125-26-260765Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Thomas Zurbuchen 2026-06-04Form 42026-06-080001193125-26-260774Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Christopher Emerson 2026-06-04Form 42026-06-080001193125-26-260772Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Kevin McAllister 2026-06-04Form 42026-06-080001193125-26-260779Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Pamela Braden 2026-06-04Form 42026-06-080001193125-26-260768Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Jon Lusczakoski 2026-06-04Form 42026-06-080001193125-26-260766Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Ryan Boland 2026-06-04Form 42026-06-080001193125-26-260769Insider equity transaction reported since the proxy statement. Filing ↗
36Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
37Section 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
38Section 09b board cost (computed)ComputedcomputedCash 496,357 + equity 0 + all other 0 = 496,357, summed across the director compensation table rows.machine: formula: Σ = 496,357
39Firefly Aerospace (subject), Section 10b CEO totalDEF 14A2026-04-170001193125-26-161474CEO total compensation as printed in Firefly Aerospace's own proxy. As printed: 38,219,515. Filing ↗machine: t5 · r2 · c18 · span 333323–333333