Velarion · Company Intelligence
Compensation Brief
Fiscal year 2026 · Filings through 2026-08-27

Graham (GHM)

Fiscal year 2026 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.

$1,809,120
Matthew Malone total, FY2026
8th
CEO pay percentile vs peers
CEO-to-median pay ratio
99.59%
Say-on-pay support, latest vote
Companies that benchmark against GHM
11 companies name GHM as a compensation peer

Each company listed discloses GHM 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 GHM 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 2026

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Malone$462,769$0$600,004$0$636,308$0$110,039$1,809,120
President & CEO, Former VP and GM - Barber-Nichols
Christopher Thome370,7850259,6970227,106026,788884,376
VP - Finance, CFO, CAO and Corporate Secretary
Alan Smith339,9020203,9640219,152014,582777,600
Former VP and General Manager - Graham Manufacturing
Michael Dixon290,62280,282180,0330121,405024,973697,315
VP and GM - Barber-Nichols
Daniel Thoren304,6060125,0070177,433072,796679,842
Executive Chairman, Former CEO

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 officerFY2026 totalFY2025 totalFY2024 totalΔ FY20252026
Matthew Malone$1,809,120$828,017+981,103
Christopher Thome884,376842,644+41,732
Alan Smith777,600812,401−34,801
Michael Dixon697,315
Daniel Thoren679,8421,853,374−1,173,532

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 2026

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael DixonRSU2025-06-022,287
Michael DixonPSU2025-06-021,1432,2874,57490,016
Matthew MaloneRSU2025-06-027,622
Matthew MalonePSU2025-06-023,8117,62215,244300,002
Alan SmithPSU2025-06-021,2952,5915,182101,982
Alan SmithRSU2025-06-022,591
Christopher ThomePSU2025-06-021,6493,2996,598129,849
Christopher ThomeRSU2025-06-023,299
Daniel ThorenRSU2025-06-021,588
Daniel ThorenPSU2025-06-027941,5883,17662,504
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Dixon$0$90,016$0100.0%
Matthew Malone0300,0020100.0%
Alan Smith0101,9820100.0%
Christopher Thome0129,8490100.0%
Daniel Thoren062,5040100.0%

% 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 2026

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Daniel ThorenPSU36,530$2,882,948
Daniel ThorenPSU33,2562,624,564
Matthew MalonePSU15,2441,203,056
Matthew MalonePSU14,2461,124,294
Christopher ThomePSU14,2461,124,294
Alan SmithPSU14,2461,124,294
Daniel ThorenRSU11,086874,907
Christopher ThomePSU9,860778,151
Matthew MalonePSU7,746611,314
Alan SmithPSU7,746611,314
Matthew MaloneRSU7,622601,528
Christopher ThomePSU6,598520,714
Daniel ThorenRSU6,089480,544
Alan SmithPSU5,182408,963
Michael DixonPSU4,574360,980
Christopher ThomeRSU3,299260,357
Christopher ThomeRSU3,287259,410
Daniel ThorenPSU3,176250,650
Alan SmithRSU2,591204,482
Matthew MaloneRSU2,582203,771
Alan SmithRSU2,582203,771
Matthew MaloneRSU2,375187,435
Christopher ThomeRSU2,375187,435
Alan SmithRSU2,375187,435
Michael DixonRSU2,287180,490
Daniel ThorenRSU1,588125,325
Michael DixonRSU71156,112
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee's philosophy focuses on aligning the interests of named executive officers with those of stockholders by rewarding performance that enhances the objective of increasing both current and long-term stockholder value. The programs are designed to provide a strong link between the amounts earned by executives and Company and individual performance, with a significant portion of compensation being 'at-risk' and dependent on meeting performance-based criteria.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-08-258,848,83136,156141,66599.59%Passed
20252025-08-267,993,843333,75398,41795.99%Passed
20242024-08-206,998,16466,94122,11099.05%Passed
20232023-08-227,403,557370,42523,24795.24%Passed
20222022-07-276,446,055853,60771,05088.31%Passed
20212021-07-287,711,920552,48582,41593.31%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
20262026-08-2599.59%a
20252025-08-2695.99%b
20242024-08-2099.05%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

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 2026

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Matthew J. MaloneEmployee director$0
09

Board fee structure and ownership guideline

Annual cash retainer$57,000
Annual equity retainer$76,988
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 12,500 / 12,500
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2026
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 2026

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 Graham 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 Graham.

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
1Mercury Systems, Inc.2025William Ballhaus$974,115$7,553,696$0$1,669,134$10,229,945
2Cadre Holdings, Inc.2025Warren Kanders1,700,0001,314,9201,317,86806,789,841
3The Eastern Company2025Denis Sheahan800,0003,371,297792,0005,069,867
4Intuitive Machines, Inc.2025Stephen Altemus732,5073,500,0000306,8565,066,113
5Redwire Corporation2025Peter Cannito574,5003,656,333189,5854,432,562
6Allient Inc.2025Richard Warzala740,0001,110,03501,615,2323,530,820
7Energy Recovery, Inc.2025David Moon614,2312,599,996003,222,147
8Astronics Corporation2025Peter Gundermann658,570500,455951,10803,090,552
9Natural Gas Services Group, Inc.2025Justin Jacobs581,2501,631,8620711,7062,968,713
10Thermon Group Holdings, Inc.2025Bruce Thames715,0351,299,9630543,6202,579,122
11The Gorman-Rupp Company2025Scott King717,500750,000002,187,652
12Hurco Companies, Inc.2025Gregory Volovic675,8001,249,991002,023,603
13Graham2026Matthew Malone462,769600,0040636,3081,809,120
14Perma-Pipe International Holdings, Inc.2025Saleh Sagr424,502450,0030649,9701,747,437
SIFCO Industries, Inc.not in coverage universe
Ducommun Incorporatednot in coverage universe
CPI Aerostructures, 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
Grahamnot disclosedRSU 50 · PSU 50not disclosedFrederic W. Cook & Co., Inc.
Allient Inc.not disclosednot disclosedNoBurke Capital Group
Astronics Corporationnot disclosednot disclosedNonot disclosed
Cadre Holdings, Inc.not disclosedRSU 50 · Options 50not disclosednot disclosed
CPI Aerostructures, Inc.not disclosednot disclosednot disclosednot disclosed
Ducommun Incorporatednot disclosednot disclosednot disclosednot disclosed
Energy Recovery, Inc.not disclosedRSU 50 · PSU 50NoCompensia, Inc.
Hurco Companies, Inc.not disclosedPSU 55 · RSU 45NoPay Governance, LLC
Intuitive Machines, Inc.not disclosednot disclosednot disclosedExequity LLP
Mercury Systems, Inc.113.2%PSU 60 · RSU 40NoMeridian Compensation Partners
Natural Gas Services Group, Inc.not disclosednot disclosednot disclosedFrederic W. Cook & Co., Inc.
Perma-Pipe International Holdings, Inc.not disclosedRestricted Stock 100not disclosedWillis Towers Watson
Redwire Corporationnot disclosednot disclosednot disclosedWillis Towers Watson
SIFCO Industries, Inc.not disclosednot disclosednot disclosednot disclosed
The Eastern Company110%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (TSR) vs. KRX BanksPearl Meyer
The Gorman-Rupp Companynot disclosedPSU 60 · RSU 40NoSemler Brossy Consulting Group
Thermon Group Holdings, Inc.76%PSU 65 · RSU 35NoMercer, LLC

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, Matthew MaloneDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 1,809,120. Filing ↗machine: span 1148738–1148747
2Section 01, Christopher ThomeDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 884,376. Filing ↗machine: r6 · c17 · span 1178397–1178404
3Section 01, Alan SmithDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 777,600. Filing ↗machine: r8 · c17 · span 1193179–1193186
4Section 01, Michael DixonDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 697,315. Filing ↗machine: span 1208016–1208023
5Section 01, Daniel ThorenDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 679,842. Filing ↗machine: span 1163644–1163651
6Section 03, Michael Dixon RSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1501128–1501133
7Section 03, Michael Dixon PSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1490036–1490042
8Section 03, Matthew Malone RSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1341127–1341132
9Section 03, Matthew Malone PSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1330023–1330030
10Section 03, Alan Smith PSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1450015–1450022
11Section 03, Alan Smith RSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1461119–1461124
12Section 03, Christopher Thome PSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1409994–1410001
13Section 03, Christopher Thome RSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1421098–1421103
14Section 03, Daniel Thoren RSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1381080–1381085
15Section 03, Daniel Thoren PSUDEF 14A2026-07-140001193125-26-302521Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1369977–1369983
16Section 08, Matthew J. MaloneDEF 14A2026-07-140001193125-26-302521Section “Director Compensation”. As printed: 0. Filing ↗
17Section 06, 2026 voteForm 8-K2026-08-270001193125-26-369611Item 5.07 · say-on-pay result. As reported: 99.59% (votes for as printed: 8,848,831). Filing ↗
18Section 06, 2025 voteForm 8-K2025-08-290001193125-25-191792Item 5.07 · say-on-pay result. As reported: 95.99% (votes for as printed: 7,993,843). Filing ↗
19Section 06, 2024 voteForm 8-K2024-08-230001193125-24-205730Item 5.07 · say-on-pay result. As reported: 99.05% (votes for as printed: 6,998,164). Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 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
22Section 09b board cost (computed)ComputedcomputedCash 0 + equity 0 + all other 0 = 0, summed across the director compensation table rows.machine: formula: Σ = 0
23Mercury Systems, Inc., Section 10b CEO totalDEF 14A2025-09-100001049521-25-000029CEO total compensation as printed in Mercury Systems, Inc.'s own proxy. As printed: 10,229,945. Filing ↗machine: t51 · r4 · c26 · span 817842–817852
24Cadre Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-240001104659-26-048191CEO total compensation as printed in Cadre Holdings, Inc.'s own proxy. As printed: 6,789,841. Filing ↗machine: t4 · r2 · c53 · span 245198–245207
25The Eastern Company, Section 10b CEO totalDEF 14A2026-03-260001193125-26-126283CEO total compensation as printed in The Eastern Company's own proxy. As printed: 5,069,867. Filing ↗machine: span 693146–693155
26Intuitive Machines, Inc., Section 10b CEO totalDEF 14A2026-04-240001628280-26-027022CEO total compensation as printed in Intuitive Machines, Inc.'s own proxy. As printed: 5,066,113. Filing ↗machine: r2 · c27 · span 357792–357801
27Redwire Corporation, Section 10b CEO totalDEF 14A2026-04-100001819810-26-000050CEO total compensation as printed in Redwire Corporation's own proxy. As printed: 4,432,562. Filing ↗
28Allient Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011362CEO total compensation as printed in Allient Inc.'s own proxy. As printed: 3,530,820. Filing ↗machine: r13 · c19 · span 507123–507133
29Energy Recovery, Inc., Section 10b CEO totalDEF 14A2026-04-210001421517-26-000033CEO total compensation as printed in Energy Recovery, Inc.'s own proxy. As printed: 3,222,147. Filing ↗machine: t138 · r4 · c14 · span 2344778–2344787
30Astronics Corporation, Section 10b CEO totalDEF 14A2026-04-170001140361-26-015301CEO total compensation as printed in Astronics Corporation's own proxy. As printed: 3,090,552. Filing ↗machine: r2 · c22 · span 787043–787053
31Natural Gas Services Group, Inc., Section 10b CEO totalDEF 14A2026-04-280001084991-26-000032CEO total compensation as printed in Natural Gas Services Group, Inc.'s own proxy. As printed: 2,968,713. Filing ↗machine: r4 · c21 · span 588917–588926
32Thermon Group Holdings, Inc., Section 10b CEO totalDEF 14A2025-06-180001489096-25-000097CEO total compensation as printed in Thermon Group Holdings, Inc.'s own proxy. As printed: 2,579,122. Filing ↗machine: span 730045–730054
33The Gorman-Rupp Company, Section 10b CEO totalDEF 14A2026-03-230001193125-26-118757CEO total compensation as printed in The Gorman-Rupp Company's own proxy. As printed: 2,187,652. Filing ↗machine: r4 · c31 · span 557814–557823
34Hurco Companies, Inc., Section 10b CEO totalDEF 14A2026-01-280001104659-26-007238CEO total compensation as printed in Hurco Companies, Inc.'s own proxy. As printed: 2,023,603. Filing ↗machine: r1 · c41 · span 754495–754504
35Graham (subject), Section 10b CEO totalDEF 14A2026-07-140001193125-26-302521CEO total compensation as printed in Graham's own proxy. As printed: 1,809,120. Filing ↗machine: span 1148738–1148747
36Perma-Pipe International Holdings, Inc., Section 10b CEO totalDEF 14A2026-05-130001437749-26-016549CEO total compensation as printed in Perma-Pipe International Holdings, Inc.'s own proxy. As printed: 1,747,437. Filing ↗machine: span 515435–515444
37Section 10a, Energy Recovery, Inc. reciprocityDEF 14A0001421517-26-000033Energy Recovery, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham. Filing ↗
38Section 10a, Mercury Systems, Inc. reciprocityDEF 14A0001049521-25-000029Mercury Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham. Filing ↗
39Section 10a, Perma-Pipe International Holdings, Inc. reciprocityDEF 14A0001437749-26-016549Perma-Pipe International Holdings, Inc. names Graham in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Allient Inc. reciprocityDEF 14A0001140361-26-011362Allient Inc.'s most recent proxy was read; its disclosed peer group does not include Graham. Filing ↗
41Section 10a, Natural Gas Services Group, Inc. reciprocityDEF 14A0001084991-26-000032Natural Gas Services Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham. Filing ↗
42Section 10a, Thermon Group Holdings, Inc. reciprocityDEF 14A0001489096-25-000097Thermon Group Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham. Filing ↗
43Section 10a, The Gorman-Rupp Company reciprocityDEF 14A0001193125-26-118757The Gorman-Rupp Company's most recent proxy was read; its disclosed peer group does not include Graham. Filing ↗
44Section 10a, The Eastern Company reciprocityDEF 14A0001193125-26-126283The Eastern Company's most recent proxy was read; its disclosed peer group does not include Graham. Filing ↗