Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-11

Freshpet (FRPT)

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.

$12,513,498
William Cyr total, FY2025
99th
CEO pay percentile vs peers
CEO-to-median pay ratio
95.93%
Say-on-pay support, latest vote
Companies that benchmark against FRPT
6 companies name FRPT as a compensation peer

Each company listed discloses FRPT 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 FRPT 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
William Cyr$712,308$0$11,599,846$0$187,344$0$14,000$12,513,498
Chief Executive Officer
Scott Morris572,76904,869,9190105,095014,0005,561,783
President and Co-Founder
Nicola Baty542,76902,434,506085,398014,0003,076,673
Chief Operating Officer
Thembeka Machaba426,15402,343,649067,132014,0002,850,935
Chief Human Resources Officer
Todd Cunfer460,5770824,85900014,0001,299,436
Chief Financial Officer (Former)
Ivan Garcia304,8190674,167035,514013,6651,028,165
Chief Financial Officer (Interim)

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
William Cyr$12,513,498$2,266,662$1,613,885+10,246,836
Scott Morris5,561,7831,469,1971,068,824+4,092,586
Nicola Baty3,076,6733,509,219−432,546
Thembeka Machaba2,850,9351,196,771608,559+1,654,164
Todd Cunfer1,299,4362,140,178−840,742
Ivan Garcia1,028,165

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
Nicola BatyPSU2025-03-111,8883,7759,438$341,864
Nicola BatyPSU2025-12-0811,08613,85827,716875,410
Nicola BatyRSU2025-03-114,080341,822
Nicola BatyRSU2025-12-0813,858
Todd CunferPSU2025-03-112,2774,55411,385412,410
Todd CunferRSU2025-03-114,923412,449
Thembeka MachabaPSU2025-01-035,6657,08114,1621,021,930
Thembeka MachabaPSU2025-03-118281,6564,140149,967
William CyrRSU2025-03-1121,4841,799,930
William CyrPSU2025-01-0322,17327,71655,4323,999,973
William CyrPSU2025-03-119,93819,87649,6901,799,971
William CyrRSU2025-01-0327,716
Ivan GarciaRSU2025-03-1192577,497
Ivan GarciaRSU2025-10-203,000155,160
Ivan GarciaRSU2025-10-018,161441,510
Thembeka MachabaRSU2025-03-111,790149,966
Thembeka MachabaRSU2025-01-037,0801,021,786
Scott MorrisPSU2025-03-112,4024,80312,008434,960
Scott MorrisRSU2025-03-115,192434,986
Scott MorrisPSU2025-01-0311,08613,85827,7161,999,987
Scott MorrisRSU2025-01-0313,858
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Nicola Baty$341,822$1,217,274$078.1%
Todd Cunfer412,449412,410050.0%
Thembeka Machaba1,171,7521,171,897050.0%
William Cyr1,799,9305,799,944076.3%
Ivan Garcia674,167000.0%
Scott Morris434,9862,434,947084.8%

% 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
William CyrRSU27,716$1,688,736
William CyrRSU19,8761,211,045
William CyrRSU21,4841,309,020
Ivan GarciaRSU18,4891,126,535
Scott MorrisRSU13,858844,368
Nicola BatyRSU13,858844,368
Nicola BatyRSU11,439696,978
Scott MorrisRSU4,803292,647
Ivan GarciaRSU8,161497,250
Thembeka MachabaRSU7,080431,384
Scott MorrisRSU5,192316,349
Nicola BatyRSU4,080248,594
Nicola BatyRSU3,775230,011
Ivan GarciaRSU3,000182,790
Thembeka MachabaRSU1,790109,065
Thembeka MachabaRSU1,656100,900
Ivan GarciaRSU92556,360
Ivan GarciaRSU39223,885
Ivan GarciaRSU35521,630
05

Incentive-plan design — the Compensation Discussion & Analysis

Freshpet's compensation philosophy is designed to foster entrepreneurship, align executive compensation with stockholder interests through meaningful long-term equity-based incentives, and attract, motivate, and retain talented executives by reinforcing a strong pay-for-performance orientation tied to financial and strategic goals.

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1040,844,4961,682,72651,28195.93%Passed
20252025-06-2441,297,647870,642244,01397.94%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
20262026-06-1095.93%a
20252025-06-2497.94%b

a. Approved under the standard stated in the filing — “FOR Abstentions have the same effect as a vote against the proposal.”.

b. Approved under the standard stated in the filing — “EVERY YEAR Abstentions will have no effect on the outcome of this proposal.”.

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
William B. CyrEmployee director$0
09

Board fee structure and ownership guideline

Annual cash retainer$70,000
Annual equity retainer$120,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 15,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

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

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.

VITL Vital Farms, Inc.JBSS John B. Sanfilippo & Son, Inc.SMPL The Simply Good Foods CompanyFARM Farmer Bros. Co.UTZ Utz Brands, Inc.BRBR BellRing Brands, Inc.LFCR Lifecore Biomedical, Inc.MED Medifast, Inc.CELH Celsius Holdings, Inc.NATR Nature's Sunshine Products, Inc.YETI YETI Holdings, Inc.BYND Beyond Meat, Inc.PETQ PetIQ, Inc.LANC Lancaster Colony CorporationSTKL SunOpta Inc.CENT Central Garden & Pet Company
10a

Peer reciprocity

Of the companies Freshpet 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.

Vital Farms, Inc. (VITL)43 John B. Sanfilippo & Son, Inc. (JBSS) The Simply Good Foods Company (SMPL) Farmer Bros. Co. (FARM) Utz Brands, Inc. (UTZ) BellRing Brands, Inc. (BRBR) Lifecore Biomedical, Inc. (LFCR)44 Medifast, Inc. (MED) Celsius Holdings, Inc. (CELH)45 Nature's Sunshine Products, Inc. (NATR)46 YETI Holdings, Inc. (YETI)47 Beyond Meat, Inc. (BYND) PetIQ, Inc. (PETQ) Lancaster Colony Corporation (LANC) SunOpta Inc. (STKL) Central Garden & Pet Company (CENT)

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 Freshpet.

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
1Freshpet2025William Cyr$712,308$11,599,846$0$187,344$12,513,498
2Celsius Holdings, Inc.2025John Fieldly1,016,5006,648,39601,899,2409,607,616
3YETI Holdings, Inc.2025Matthew Reintjes1,057,3085,500,18701,126,0337,697,528
4BellRing Brands, Inc.2025Darcy Horn Davenport950,0254,400,00001,055,7156,563,539
5Utz Brands, Inc.2025Howard Friedman968,2892,699,0440609,9364,391,269
6Nature's Sunshine Products, Inc.2025Ken Romanzi107,8853,600,5620147,8363,863,880
7Vital Farms, Inc.2025Russell Diez-Canseco749,8082,149,9750697,5003,616,512
8Central Garden & Pet Company2025Nicholas Lahanas893,3651,000,022001,905,762
9Lifecore Biomedical, Inc.2025Paul Josephs550,000274,9961,115,305
John B. Sanfilippo & Son, Inc.not in coverage universe
The Simply Good Foods Companynot in coverage universe
Farmer Bros. Co.not in coverage universe
Medifast, Inc.not in coverage universe
Beyond Meat, Inc.not in coverage universe
PetIQ, Inc.not in coverage universe
Lancaster Colony Corporationnot in coverage universe
SunOpta 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
Freshpetnot disclosedPSU 50 · RSU 50not disclosedWTW
BellRing Brands, Inc.not disclosednot disclosednot disclosednot disclosed
Beyond Meat, Inc.not disclosednot disclosednot disclosednot disclosed
Celsius Holdings, Inc.not disclosednot disclosednot disclosedFarient Advisors LLC
Central Garden & Pet Companynot disclosednot disclosednot disclosednot disclosed
Farmer Bros. Co.not disclosednot disclosednot disclosednot disclosed
John B. Sanfilippo & Son, Inc.not disclosednot disclosednot disclosednot disclosed
Lancaster Colony Corporationnot disclosednot disclosednot disclosednot disclosed
Lifecore Biomedical, Inc.not disclosednot disclosednot disclosedFrederic W. Cook & Co.
Medifast, Inc.not disclosednot disclosednot disclosednot disclosed
Nature's Sunshine Products, Inc.not disclosedRSU 50 · PRSU 50not disclosedF.W. Cook
PetIQ, Inc.not disclosednot disclosednot disclosednot disclosed
SunOpta Inc.not disclosednot disclosednot disclosednot disclosed
The Simply Good Foods Companynot disclosednot disclosednot disclosednot disclosed
Utz Brands, Inc.not disclosednot disclosednot disclosednot disclosed
Vital Farms, Inc.not disclosedPSU 50 · RSU 50not disclosedFrederic W. Cook & Co., Inc.
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, William CyrDEF 14A2026-04-270001140361-26-017084Section “Executive Compensation Tables” · page 52. As printed: 12,513,498. Filing ↗machine: r2 · c22 · span 1165312–1165322
2Section 01, Scott MorrisDEF 14A2026-04-270001140361-26-017084Section “Executive Compensation Tables” · page 52. As printed: 5,561,783. Filing ↗machine: r5 · c22 · span 1179126–1179135
3Section 01, Nicola BatyDEF 14A2026-04-270001140361-26-017084Section “Executive Compensation Tables” · page 52. As printed: 3,076,673. Filing ↗machine: r8 · c22 · span 1192752–1192761
4Section 01, Thembeka MachabaDEF 14A2026-04-270001140361-26-017084Section “Executive Compensation Tables” · page 52. As printed: 2,850,935. Filing ↗machine: r10 · c22 · span 1202071–1202080
5Section 01, Todd CunferDEF 14A2026-04-270001140361-26-017084Section “Executive Compensation Tables” · page 52. As printed: 1,299,436. Filing ↗machine: r14 · c22 · span 1220714–1220723
6Section 01, Ivan GarciaDEF 14A2026-04-270001140361-26-017084Section “Executive Compensation Tables” · page 52. As printed: 1,028,165. Filing ↗machine: r13 · c22 · span 1215560–1215569
7Section 03, Nicola Baty PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1375970–1375977
8Section 03, Nicola Baty PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1353841–1353848
9Section 03, Nicola Baty RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1368699–1368706
10Section 03, Nicola Baty RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
11Section 03, Todd Cunfer PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1466196–1466203
12Section 03, Todd Cunfer RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1459212–1459219
13Section 03, Thembeka Machaba PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1413576–1413585
14Section 03, Thembeka Machaba PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1398959–1398966
15Section 03, William Cyr RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1279106–1279115
16Section 03, William Cyr PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1293838–1293847
17Section 03, William Cyr PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1286456–1286465
18Section 03, William Cyr RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1292034–1292040
19Section 03, Ivan Garcia RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1443726–1443732
20Section 03, Ivan Garcia RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
21Section 03, Ivan Garcia RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1436467–1436474
22Section 03, Thembeka Machaba RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1391486–1391493
23Section 03, Thembeka Machaba RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1406388–1406397
24Section 03, Scott Morris PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1323841–1323848
25Section 03, Scott Morris RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1316408–1316415
26Section 03, Scott Morris PSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1331228–1331237
27Section 03, Scott Morris RSUDEF 14A2026-04-270001140361-26-017084Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1329424–1329430
28Section 08, William B. CyrDEF 14A2026-04-270001140361-26-017084Section “Director Compensation”. As printed: 0. Filing ↗
29Section 06, 2026 voteForm 8-K2026-06-110000929638-26-002206Item 5.07 · say-on-pay result. As reported: 95.93% (votes for as printed: 40,844,496). Filing ↗
30Section 06, 2025 voteForm 8-K2025-06-240000929638-25-002294Item 5.07 · say-on-pay result. As reported: 97.94% (votes for as printed: 41,297,647). Filing ↗
31Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
32Section 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
33Section 09b board cost (computed)ComputedcomputedCash 0 + equity 0 + all other 0 = 0, summed across the director compensation table rows.machine: formula: Σ = 0
34Freshpet (subject), Section 10b CEO totalDEF 14A2026-04-270001140361-26-017084CEO total compensation as printed in Freshpet's own proxy. As printed: 12,513,498. Filing ↗machine: r2 · c22 · span 1165312–1165322
35Celsius Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-140001193125-26-154918CEO total compensation as printed in Celsius Holdings, Inc.'s own proxy. As printed: 9,607,616. Filing ↗machine: r4 · c39 · span 882165–882175
36YETI 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
37BellRing Brands, Inc., Section 10b CEO totalDEF 14A2025-12-160001193125-25-320827CEO total compensation as printed in BellRing Brands, Inc.'s own proxy. As printed: 6,563,539. Filing ↗machine: r3 · c35 · span 516110–516119
38Utz Brands, Inc., Section 10b CEO totalDEF 14A2026-03-120001193125-26-103020CEO total compensation as printed in Utz Brands, Inc.'s own proxy. As printed: 4,391,269. Filing ↗machine: r5 · c22 · span 1911475–1911484
39Nature's Sunshine Products, Inc., Section 10b CEO totalDEF 14A2026-03-270001628280-26-021776CEO total compensation as printed in Nature's Sunshine Products, Inc.'s own proxy. As printed: 3,863,880. Filing ↗machine: r2 · c24 · span 523883–523892
40Vital Farms, Inc., Section 10b CEO totalDEF 14A2026-04-270001193125-26-182023CEO total compensation as printed in Vital Farms, Inc.'s own proxy. As printed: 3,616,512. Filing ↗machine: r4 · c38 · span 770826–770835
41Central Garden & Pet Company, Section 10b CEO totalDEF 14A2025-12-220001140361-25-046376CEO total compensation as printed in Central Garden & Pet Company's own proxy. As printed: 1,905,762. Filing ↗machine: r2 · c25 · span 422534–422543
42Lifecore Biomedical, Inc., Section 10b CEO totalDEF 14A2026-04-240001005286-26-000012CEO total compensation as printed in Lifecore Biomedical, Inc.'s own proxy. As printed: 1,115,305. Filing ↗
43Section 10a, Vital Farms, Inc. reciprocityDEF 14A0001193125-26-182023Vital Farms, Inc. names Freshpet in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Lifecore Biomedical, Inc. reciprocityDEF 14A0001005286-26-000012Lifecore Biomedical, Inc.'s most recent proxy was read; its disclosed peer group does not include Freshpet. Filing ↗
45Section 10a, Celsius Holdings, Inc. reciprocityDEF 14A0001193125-26-154918Celsius Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Freshpet. Filing ↗
46Section 10a, Nature's Sunshine Products, Inc. reciprocityDEF 14A0001628280-26-021776Nature's Sunshine Products, Inc.'s most recent proxy was read; its disclosed peer group does not include Freshpet. Filing ↗
47Section 10a, YETI Holdings, Inc. reciprocityDEF 14A0001140361-26-011375YETI Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Freshpet. Filing ↗