Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-11

Fox Factory Holding (FOXF)

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.

$8,234,801
Michael Dennison total, FY2025
44th
CEO pay percentile vs peers
CEO-to-median pay ratio
88.25%
Say-on-pay support, latest vote
Companies that benchmark against FOXF
7 companies name FOXF as a compensation peer

Each company listed discloses FOXF 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 FOXF 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
Michael Dennison$1,029,192$450,625$6,687,528$0$0$0$67,456$8,234,801
CEO and President
Dennis Schemm629,031224,2411,835,55000068,0452,756,867
Chief Compliance Officer
Toby Merchant498,923136,0941,175,04500068,3351,878,397
Chief Compliance Officer
Brendan Enick405,38185,007553,01700061,4881,104,893
Chief Compliance 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
Michael Dennison$8,234,801$7,506,321$6,033,703+728,480
Dennis Schemm2,756,8671,625,357
Toby Merchant1,878,3971,176,275
Brendan Enick1,104,893

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
Christopher J. TuttonPSU2024-03-159,080212,518425,035$850,070
Christopher J. TuttonRSU2024-02-278,396425,006
Michael DennisonRSU2024-02-2751,3642,600,046
Revenue Growth OutperformanceRSU2024-03-1512,818600,011
Revenue Growth OutperformanceRSU2024-03-159,614450,031
Brendan EnickPSU2024-03-153,73987,512175,023350,046
Revenue Growth OutperformanceRSU2024-03-157,478350,045
Revenue Growth OutperformanceRSU2024-03-1526,7041,250,014
Paul W. StecherPSU2024-03-158,012187,521375,042750,084
Brendan EnickRSU2024-02-273,458175,044
Michael DennisonPSU2024-03-1555,5441,300,0082,600,0155,200,030
Dennis SchemmPSU2024-03-1512,711297,501595,0021,190,004
Toby MerchantPSU2024-03-158,012187,521375,042750,084
Dennis SchemmRSU2024-02-2711,755595,038
Toby MerchantRSU2024-02-277,409375,044
Paul W. StecherRSU2024-02-277,409375,044
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Christopher J. Tutton$425,006$850,070$066.7%
Michael Dennison2,600,0465,200,030066.7%
Revenue Growth Outperformance2,650,101000.0%
Brendan Enick175,044350,046066.7%
Paul W. Stecher375,044750,084066.7%
Dennis Schemm595,0381,190,004066.7%
Toby Merchant375,044750,084066.7%

% 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
Michael DennisonPSU103,290$1,799,312
Michael DennisonRSU103,2901,799,312
Michael DennisonPSU55,544967,576
Michael DennisonRSU34,243596,513
Dennis SchemmRSU24,867433,183
Michael DennisonRSU49,255858,022
Michael DennisonPSU26,704465,184
Dennis SchemmPSU24,867433,183
Dennis SchemmRSU20,486356,866
Toby MerchantRSU16,259283,232
Dennis SchemmPSU12,711221,426
Toby MerchantPSU16,259283,232
Toby MerchantRSU12,434216,600
Dennis SchemmPSU12,818223,290
Toby MerchantPSU9,614167,476
Michael DennisonRSU6,932120,755
Toby MerchantPSU8,012139,569
Dennis SchemmRSU7,837136,521
Brendan EnickRSU7,766135,284
Brendan EnickPSU7,478130,267
Brendan EnickRSU6,695116,627
Brendan EnickPSU6,695116,627
Toby MerchantRSU4,94086,055
Brendan EnickPSU3,73965,133
Brendan EnickRSU2,30640,171
Dennis SchemmRSU1,77630,938
Toby MerchantRSU97116,915
Brendan EnickRSU4547,909
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation philosophy is designed to provide a market-competitive pay package that attracts, engages, and retains talent by directly aligning rewards with business strategy to drive long-term stockholder value. This is achieved by emphasizing performance-based annual cash and long-term equity incentive awards, which constitute the majority of the target pay opportunity for Named Executive Officers.

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0827,616,4803,675,32214,41788.25%Passed
20252025-05-0921,709,08910,687,175214,52567.01%Passed
20242024-05-0335,537,1391,890,465189,83494.95%Passed
20232023-05-0538,469,9741,343,87830,59696.55%Passed
20222022-05-0637,743,3221,509,25125,25296.16%Passed
20212021-05-0737,791,9641,452,20922,68496.3%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
20262026-05-0888.25%a
20252025-05-0967.01%b
20242024-05-0394.95%c

a. Approved under the standard stated in the filing — “An abstention is not counted toward the approval, and the effect of an abstention is the same as a vote "Against" the approval.”.

b. Approved under the standard stated in the filing — “An abstention is not counted toward the approval, and the effect of an abstention is the same as a vote "Against" the approval.”.

c. Approved under the standard stated in the filing — “An abstention is not counted toward the approval, and the effect of an abstention is the same as a vote "Against" the approval.”.

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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Dudley W. MendenhallIndependent · Board Chair · Audit · Compensation · Not standing for re-election$190,000$175,000$365,000
Jean H. HlayIndependent · Audit (Chair) · Compensation115,000160,000275,000
Elizabeth A. FetterIndependent · Compensation (Chair) · Nominating and Corporate Governance107,500160,000267,500
Sidney JohnsonIndependent · Compensation · Nominating and Corporate Governance · Transformation (Chair)100,000160,000260,000
Ted D. WaitmanIndependent · Audit · Nominating and Corporate Governance · Not standing for re-election100,000160,000260,000
Thomas E. DuncanIndependent · Nominating and Corporate Governance (Chair)97,500160,000257,500
Michael C. DennisonEmployee director0
Douglas J. GrimmIndependent · Audit · Newly elected
Alan L. BazaarIndependent · Compensation · Nominating and Corporate Governance · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$160,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 17,500 / 17,500
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$710,000
Equity awards (grant-date value)$975,000
All other compensation$0
Total cost of the board$1,685,000

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 Fox Factory Holding 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 Fox Factory Holding.

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
1Gentherm Incorporated2025William Presley$950,000$7,804,910$0$1,487,938$12,966,927
2Wolverine World Wide, Inc.2025Christopher Hufnagel1,192,3085,800,02302,663,85410,854,729
3Acushnet Holdings Corp.2025David Maher1,170,0006,500,07201,501,22710,635,556
4Enphase Energy, Inc.2025Badrinarayanan Kothandaraman450,0008,844,6240306,7529,601,958
5Sonos, Inc.2025Tom Conrad1,225,0006,073,1930227,1618,275,354
6Fox Factory Holding2025Michael Dennison1,029,1926,687,528008,234,801
7YETI Holdings2025Matthew Reintjes1,057,3085,500,18701,126,0337,697,528
8ESCO Technologies Inc.2025Bryan Sayler830,5003,052,88601,661,0005,586,139
9Malibu Boats, Inc.2025Steven Menneto813,8462,886,855004,206,701
10Helios Technologies Inc.2025Sean Bagan713,461692,972705,015987,0003,383,351
11Johnson Outdoors, Inc.2025Helen Johnson-Leipold924,4191,150,0000458,3152,767,128
Winnebago Industries, Inc.not in coverage universe
LCI Industriesnot 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
Fox Factory Holdingnot disclosedRSU 50 · PSU 50not disclosedPay Governance
Acushnet Holdings Corp.not disclosedPSU 60 · RSU 40not disclosedPearl Meyer
Canada Goose Holdings, Inc.not disclosednot disclosednot disclosednot disclosed
Enphase Energy, Inc.68.2%PSU 67 · RSU 33Yes — Relative TSR vs. S&P 500Compensia
ESCO Technologies Inc.200%PSU 70 · RSU 30NoPay Governance LLC
Gentherm Incorporated125.3%PSU 70 · RSU 30NoMeridian Compensation Partners
Helios Technologies Inc.140%RSU 50 · Options 50NoMercer
Johnson Outdoors, Inc.not disclosednot disclosednot disclosedPearl Meyer
LCI Industriesnot disclosednot disclosednot disclosednot disclosed
Malibu Boats, Inc.not disclosedPRSU 60 · RSU 40not disclosedExequity
Sonos, Inc.91.4%PSU 50 · RSU 50Yes — Relative TSRCompensation Advisory Partners
Winnebago Industries, Inc.not disclosednot disclosednot disclosednot disclosed
Wolverine World Wide, Inc.not disclosedPSU 70 · RSU 30not disclosedFrederic W. Cook & Co.
YETI Holdings71.0%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, Michael DennisonDEF 14A2026-03-250001424929-26-000018Section “Summary Compensation Table - Fiscal Years 2025, 2024, and 2023” · page 44. As printed: 8,234,801. Filing ↗
2Section 01, Dennis SchemmDEF 14A2026-03-250001424929-26-000018Section “Summary Compensation Table - Fiscal Years 2025, 2024, and 2023” · page 44. As printed: 2,756,867. Filing ↗
3Section 01, Toby MerchantDEF 14A2026-03-250001424929-26-000018Section “Summary Compensation Table - Fiscal Years 2025, 2024, and 2023” · page 44. As printed: 1,878,397. Filing ↗
4Section 01, Brendan EnickDEF 14A2026-03-250001424929-26-000018Section “Summary Compensation Table - Fiscal Years 2025, 2024, and 2023” · page 44. As printed: 1,104,893. Filing ↗
5Section 03, Christopher J. Tutton PSUDEF 14A0001424929-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
6Section 03, Christopher J. Tutton RSUDEF 14A0001424929-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
7Section 03, Michael Dennison RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t44 · r4 · c12 · span 558225–558234
8Section 03, Revenue Growth Outperformance RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
9Section 03, Revenue Growth Outperformance RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
10Section 03, Brendan Enick PSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t44 · r10 · c15 · span 589686–589693
11Section 03, Revenue Growth Outperformance RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
12Section 03, Revenue Growth Outperformance RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
13Section 03, Paul W. Stecher PSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
14Section 03, Brendan Enick RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t44 · r10 · c12 · span 589142–589149
15Section 03, Michael Dennison PSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t44 · r4 · c15 · span 558771–558780
16Section 03, Dennis Schemm PSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t44 · r7 · c15 · span 574226–574233
17Section 03, Toby Merchant PSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
18Section 03, Dennis Schemm RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t44 · r7 · c12 · span 573682–573689
19Section 03, Toby Merchant RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t37 · r6 · c5 · span 469687–469688
20Section 03, Paul W. Stecher RSUDEF 14A0001424929-26-000018Section “Grants of Plan-Based Awards Table - Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
21Section 08, Dudley W. MendenhallDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: 365,000. Filing ↗machine: span 264827–264834
22Section 08, Jean H. HlayDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: 275,000. Filing ↗machine: span 271067–271074
23Section 08, Elizabeth A. FetterDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: 267,500. Filing ↗machine: span 269000–269007
24Section 08, Sidney JohnsonDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: 260,000. Filing ↗machine: span 273136–273143
25Section 08, Ted D. WaitmanDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: 260,000. Filing ↗machine: span 275557–275564
26Section 08, Thomas E. DuncanDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: 257,500. Filing ↗machine: span 266926–266933
27Section 08, Michael C. DennisonDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: 0. Filing ↗
28Section 08, Douglas J. GrimmDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: —. Filing ↗
29Section 08, Alan L. BazaarDEF 14A2026-03-250001424929-26-000018Section “Director Compensation”. As printed: —. Filing ↗
30Section 06, 2026 voteForm 8-K2026-05-110001424929-26-000039Item 5.07 · say-on-pay result. As reported: 88.25% (votes for as printed: 27,616,480). Filing ↗
31Section 06, 2025 voteForm 8-K2025-05-090001424929-25-000052Item 5.07 · say-on-pay result. As reported: 67.01% (votes for as printed: 21,709,089). Filing ↗
32Section 06, 2024 voteForm 8-K2024-05-030001424929-24-000059Item 5.07 · say-on-pay result. As reported: 94.95% (votes for as printed: 35,537,139). Filing ↗
33Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
34Section 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
35Section 09b board cost (computed)ComputedcomputedCash 710,000 + equity 975,000 + all other 0 = 1,685,000, summed across the director compensation table rows.machine: formula: Σ = 1,685,000
36Gentherm Incorporated, Section 10b CEO totalDEF 14A2026-04-010001140361-26-012756CEO total compensation as printed in Gentherm Incorporated's own proxy. As printed: 12,966,927. Filing ↗machine: r2 · c8 · span 903625–903635
37Wolverine World Wide, Inc., Section 10b CEO totalDEF 14A2026-03-250001140361-26-011157CEO total compensation as printed in Wolverine World Wide, Inc.'s own proxy. As printed: 10,854,729. Filing ↗machine: r2 · c25 · span 1190459–1190470
38Acushnet Holdings Corp., Section 10b CEO totalDEF 14A2026-04-170001672013-26-000106CEO total compensation as printed in Acushnet Holdings Corp.'s own proxy. As printed: 10,635,556. Filing ↗machine: span 960915–960925
39Enphase Energy, Inc., Section 10b CEO totalDEF 14A2026-04-010001463101-26-000026CEO total compensation as printed in Enphase Energy, Inc.'s own proxy. As printed: 9,601,958. Filing ↗machine: span 731757–731766
40Sonos, Inc., Section 10b CEO totalDEF 14A2026-01-220001314727-26-000021CEO total compensation as printed in Sonos, Inc.'s own proxy. As printed: 8,275,354. Filing ↗machine: r2 · c48 · span 699019–699028
41Fox Factory Holding (subject), Section 10b CEO totalDEF 14A2026-03-250001424929-26-000018CEO total compensation as printed in Fox Factory Holding's own proxy. As printed: 8,234,801. Filing ↗
42YETI Holdings, Section 10b CEO totalDEF 14A2026-03-260001140361-26-011375CEO total compensation as printed in YETI Holdings's own proxy. As printed: 7,697,528. Filing ↗machine: r2 · c22 · span 1046975–1046984
43ESCO Technologies Inc., Section 10b CEO totalDEF 14A2025-12-100001104659-25-119876CEO total compensation as printed in ESCO Technologies Inc.'s own proxy. As printed: 5,586,139. Filing ↗machine: t222 · r4 · c8 · span 656741–656751
44Malibu Boats, Inc., Section 10b CEO totalDEF 14A2025-09-110001590976-25-000094CEO total compensation as printed in Malibu Boats, Inc.'s own proxy. As printed: 4,206,701. Filing ↗machine: r3 · c27 · span 537025–537034
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
46Johnson Outdoors, Inc., Section 10b CEO totalDEF 14A2026-01-090001140361-26-000787CEO total compensation as printed in Johnson Outdoors, Inc.'s own proxy. As printed: 2,767,128. Filing ↗machine: r2 · c22 · span 251468–251478
47Section 10a, Enphase Energy, Inc. reciprocityDEF 14A0001463101-26-000026Enphase Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Factory Holding. Filing ↗
48Section 10a, Malibu Boats, Inc. reciprocityDEF 14A0001590976-25-000094Malibu Boats, Inc. names Fox Factory Holding in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Johnson Outdoors, Inc. reciprocityDEF 14A0001140361-26-000787Johnson Outdoors, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Factory Holding. Filing ↗
50Section 10a, Gentherm Incorporated reciprocityDEF 14A0001140361-26-012756Gentherm Incorporated names Fox Factory Holding in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, ESCO Technologies Inc. reciprocityDEF 14A0001104659-25-119876ESCO Technologies Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Factory Holding. Filing ↗
52Section 10a, YETI Holdings reciprocityDEF 14A0001140361-26-011375YETI Holdings names Fox Factory Holding in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Wolverine World Wide, Inc. reciprocityDEF 14A0001140361-26-011157Wolverine World Wide, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Factory Holding. Filing ↗
54Section 10a, Acushnet Holdings Corp. reciprocityDEF 14A0001672013-26-000106Acushnet Holdings Corp.'s most recent proxy was read; its disclosed peer group does not include Fox Factory Holding. Filing ↗
55Section 10a, Helios Technologies Inc. reciprocityDEF 14A0001193125-26-204115Helios Technologies Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Factory Holding. Filing ↗