Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-02

Finward Bancorp (FNWD)

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.

$480,686
Benjamin J. Bochnowski total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
94.12%
Say-on-pay support, latest vote
Companies that benchmark against FNWD
No companies currently name FNWD as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Benjamin J. Bochnowski$416,146$0$0$0$32,868$0$31,672$480,686
President and Chief Executive Officer
Todd M. Scheub316,11306,849021,411027,864372,237
Executive Vice President, Chief Revenue Officer; President of Peoples Bank
Robert T. Lowry275,77405,250015,566030,205326,795
Executive Vice President, Chief Operating Officer
Benjamin L. Schmitt250,16904,690014,120020,537289,516
Executive Vice President, Chief Financial Officer and Treasurer

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
Benjamin J. Bochnowski$480,686
Todd M. Scheub372,237
Robert T. Lowry326,795
Benjamin L. Schmitt289,516

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
Robert E. Johnson IIIDirector2026-05-22A5.45$36$195CommonForm 4 ↗
Robert E. Johnson IIIDirector2026-05-22A3723211,993CommonForm 4 ↗
Jennifer R. EvansDirector2026-05-22A3723211,993CommonForm 4 ↗
Amy Wong HanDirector2026-05-22A3723211,993CommonForm 4 ↗
Anthony PuntilloDirector2026-05-22A3723211,993CommonForm 4 ↗
Robert W. YoumanDirector2026-05-22A3723211,993CommonForm 4 ↗
Joel GorelickDirector2026-05-22A3723211,993CommonForm 4 ↗
Martin P. AlwinDirector2026-05-22A3723211,993CommonForm 4 ↗
Robert T. LowryExecutive Vice President2026-06-30A50.64361,823CommonForm 4 ↗
Benjamin J. BochnowskiDirector2026-06-30A6.2136223CommonForm 4 ↗
Todd M. ScheubExecutive Vice President2026-06-30A38.96361,402CommonForm 4 ↗
Amy Wong HanDirector2026-06-30A3.5936128CommonForm 4 ↗
Anthony PuntilloDirector2026-06-30A6.5236233CommonForm 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
Robert T. LowryPSU$5,250
Todd M. ScheubPSU6,849
Benjamin L. SchmittPSU4,690
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Robert T. Lowry$0$5,250$0100.0%
Todd M. Scheub06,8490100.0%
Benjamin L. Schmitt04,6900100.0%

% 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
Todd M. ScheubRSU257$9,044
Todd M. ScheubRSU1,01735,788
Benjamin J. BochnowskiRSU1,81563,870
Benjamin L. SchmittRSU2,45886,497
Robert T. LowryRSU1976,932
Robert T. LowryRSU1,02436,035
Robert T. LowryRSU93732,973
Benjamin L. SchmittRSU1766,193
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation and Benefits Committee aims to award compensation appropriate for the Bancorp that furthers long-term strategic objectives, remains consistent with the Bancorp's culture, avoids incentive structures encouraging excessive risk-taking, attracts and retains key management, and aligns management's interests with long-term shareholder interests.

CEO STI target (% of salary)35%
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners, LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-222,720,043169,92814,67794.12%Passed
20252025-05-222,520,818338,72967,82688.15%Passed
20242024-05-242,532,835225,11449,87391.84%Passed
20232023-05-052,545,328101,90941,49896.15%Passed
20222022-05-202,299,938258,796146,10889.89%Passed
20202020-05-152,113,95448,162104,94797.77%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
20262026-05-2294.12%a
20252025-05-2288.15%b
20242024-05-2491.84%c

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

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

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the advisory vote on executive compensation.”.

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)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Joel GorelickIndependent · Board Chair · Executive (Chair)$61,625$11,991$0$0$73,616
Robert E. Johnson IIIIndependent · Risk Management and Compliance (Chair) · Compensation and Benefits · Executive32,62511,9910044,616
Robert E. Johnson, IIIIndependent · Risk Management and Compliance (Chair) · Compensation and Benefits · Executive32,62511,99100044,616
Anthony M. Puntillo, D.D.S., M.S.DIndependent · Nominating and Corporate Governance (Chair) · Audit · Executive32,04211,9910044,033
Robert W. YoumanIndependent · Audit (Chair) · Nominating and Corporate Governance · Risk Management and Compliance32,04211,9910044,033
Jennifer R. EvansIndependent · Compensation and Benefits (Chair) · Nominating and Corporate Governance · Risk Management and Compliance30,83311,9910042,824
Martin P. AlwinIndependent · Audit · Compensation and Benefits · Risk Management and Compliance28,50011,9910040,491
Danette Garza, J.D., CPAIndependent · Audit · Compensation and Benefits · Risk Management and Compliance · Not standing for re-election28,50011,9910040,491
Amy W. Han, Ph.DIndependent · Compensation and Benefits · Nominating and Corporate Governance · Executive28,50011,9910040,491
Carolyn M. BurkeIndependent · Audit · Compensation and Benefits · Risk Management and Compliance28,50011,9910040,491
James L. Wieser, J.DIndependent · Departed during FY22,8750022,875
Benjamin J. BochnowskiEmployee director · Executive00000
09

Board fee structure and ownership guideline

Annual cash retainer$28,500
Annual equity retainer$12,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)5,000 / 5,000 / 5,000
Stock ownership guideline$100,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$358,667
Equity awards (grant-date value)$119,910
All other compensation$0
Total cost of the board$478,577

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
1Finward Bancorp2025Benjamin J. Bochnowski$416,146$0$0$32,868$480,686

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.

FAQ

Frequently asked questions

Who was the highest-paid executive at Finward Bancorp in fiscal 2025?
Benjamin J. Bochnowski, serving as President and Chief Executive Officer, was the highest-paid executive at Finward Bancorp in fiscal 2025 with total compensation of $480,686.
How does Finward Bancorp's chief executive pay compare to its disclosed peer group?
The CEO-to-median employee pay ratio is not disclosed in this extract, so the company's chief executive pay relative to its disclosed peer group cannot be determined from the provided data.
What is Finward Bancorp's CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio is not disclosed in this extract, so the company's chief executive pay relative to its disclosed peer group cannot be determined from the provided data.
How did shareholders vote on Finward Bancorp's executive compensation?
As disclosed, shareholders approved Finward Bancorp's executive compensation plan with 94.12% support in the latest vote.
How much does Finward Bancorp spend in total on board compensation for fiscal 2025?
The filing shows that Finward Bancorp spent $478,577 in total on board compensation 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, Benjamin J. BochnowskiDEF 14A2026-04-030001193125-26-142083Section “Summary Compensation Table for 2025” · page 17. As printed: 480,686. Filing ↗machine: r3 · c19 · span 228740–228748
2Section 01, Todd M. ScheubDEF 14A2026-04-030001193125-26-142083Section “Summary Compensation Table for 2025” · page 17. As printed: 372,237. Filing ↗machine: r9 · c19 · span 235712–235720
3Section 01, Robert T. LowryDEF 14A2026-04-030001193125-26-142083Section “Summary Compensation Table for 2025” · page 17. As printed: 326,795. Filing ↗machine: r6 · c19 · span 232252–232260
4Section 01, Benjamin L. SchmittDEF 14A2026-04-030001193125-26-142083Section “Summary Compensation Table for 2025” · page 17. As printed: 289,516. Filing ↗machine: r12 · c19 · span 239160–239168
5Section 03, Robert T. Lowry PSUDEF 14A2026-04-030001193125-26-142083Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t45 · r6 · c11 · span 231754–231759
6Section 03, Todd M. Scheub PSUDEF 14A2026-04-030001193125-26-142083Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t45 · r9 · c11 · span 235214–235219
7Section 03, Benjamin L. Schmitt PSUDEF 14A2026-04-030001193125-26-142083Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t45 · r12 · c11 · span 238662–238667
8Section 07, pay ratio10-K2026-03-250001628280-26-021073Section “CEO Pay Ratio”. As printed: —. Filing ↗
9Section 08, Joel GorelickDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 73,616. Filing ↗machine: t62 · r6 · c7 · span 358801–358807
10Section 08, Robert E. Johnson IIIDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 44,616. Filing ↗machine: r8 · c7 · span 360523–360529
11Section 08, Robert E. Johnson, IIIDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 44,616. Filing ↗machine: t62 · r8 · c7 · span 360523–360529
12Section 08, Anthony M. Puntillo, D.D.S., M.S.DDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 44,033. Filing ↗machine: t62 · r9 · c7 · span 361387–361393
13Section 08, Robert W. YoumanDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 44,033. Filing ↗machine: t62 · r11 · c7 · span 363201–363207
14Section 08, Jennifer R. EvansDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 42,824. Filing ↗machine: t62 · r4 · c7 · span 357081–357087
15Section 08, Martin P. AlwinDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 40,491. Filing ↗machine: t62 · r2 · c7 · span 355365–355371
16Section 08, Danette Garza, J.D., CPADEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 40,491. Filing ↗machine: t62 · r5 · c7 · span 357934–357940
17Section 08, Amy W. Han, Ph.DDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 40,491. Filing ↗machine: t62 · r7 · c7 · span 359647–359653
18Section 08, Carolyn M. BurkeDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 40,491. Filing ↗machine: t62 · r3 · c7 · span 356210–356216
19Section 08, James L. Wieser, J.DDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 22,875. Filing ↗machine: t62 · r10 · c2 · span 362019–362025
20Section 08, Benjamin J. BochnowskiDEF 14A2026-04-030001193125-26-142083Section “Director Compensation”. As printed: 0. Filing ↗
21Section 02, Robert E. Johnson III 2026-05-22Form 42026-07-020001628280-26-046716Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Robert E. Johnson III 2026-05-22Form 42026-07-020001628280-26-046716Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Jennifer R. Evans 2026-05-22Form 42026-05-290001628280-26-039007Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Amy Wong Han 2026-05-22Form 42026-05-270001628280-26-038411Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Anthony Puntillo 2026-05-22Form 42026-05-270001628280-26-038384Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Robert W. Youman 2026-05-22Form 42026-05-270001628280-26-038386Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Joel Gorelick 2026-05-22Form 42026-05-270001628280-26-038380Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Martin P. Alwin 2026-05-22Form 42026-05-270001628280-26-038399Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Robert T. Lowry 2026-06-30Form 42026-07-010001628280-26-046441Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Benjamin J. Bochnowski 2026-06-30Form 42026-07-010001628280-26-046398Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Todd M. Scheub 2026-06-30Form 42026-07-010001628280-26-046413Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Amy Wong Han 2026-06-30Form 42026-07-010001628280-26-046416Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Anthony Puntillo 2026-06-30Form 42026-07-010001628280-26-046401Insider equity transaction reported since the proxy statement. Filing ↗
34Section 06, 2026 voteForm 8-K2026-05-260001628280-26-038070Item 5.07 · say-on-pay result. As reported: 94.12% (votes for as printed: 2,720,043). Filing ↗
35Section 06, 2025 voteForm 8-K2025-05-290001193125-25-130618Item 5.07 · say-on-pay result. As reported: 88.15% (votes for as printed: 2,520,818). Filing ↗
36Section 06, 2024 voteForm 8-K2024-05-290001437749-24-018592Item 5.07 · say-on-pay result. As reported: 91.84% (votes for as printed: 2,532,835). Filing ↗
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 358,667 + equity 119,910 + all other 0 = 478,577, summed across the director compensation table rows.machine: formula: Σ = 478,577
39Finward Bancorp (subject), Section 10b CEO totalDEF 14A2026-04-030001193125-26-142083CEO total compensation as printed in Finward Bancorp's own proxy. As printed: 480,686. Filing ↗machine: r3 · c19 · span 228740–228748