Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2024-11-14

Instructure Holdings (INST)

CEO Steve Daly was paid $6,400,555 in fiscal year 2023, ↑ up 44.4% from fiscal year 2022 (SEC filing 0000950170-24-046440 ↗): 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.

$7,690,457
Peter Walker total, FY2023
Chief Financial Officer — highest-paid officer; CEO Steve Daly: $6,400,555
—
CEO (Steve Daly) pay percentile vs peers
68:1
CEO-to-median pay ratio
99.14%
Say-on-pay support, latest vote

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01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Peter Walker$59,375$26,301$7,536,731$0$33,794$0$34,256$7,690,457
Chief Financial Officer
Steve Daly482,81305,651,9510263,29102,5006,400,555
Chief Executive Officer
Chris Ball386,11105,138,1450158,29802,5005,685,054
President and Chief Operating Officer
Dale Bowen320,78902,569,059000890,1693,780,017
Former CFO
Matthew Kaminer355,83301,811,700097,3800173,4122,438,325
Chief People and Legal Officer
Mitch Benson345,83301,875,427094,675058,5072,374,442
Chief Strategy 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 officerFY2023 totalFY2022 totalFY2021 totalΔ FY2022→2023
Peter Walker$7,690,457———
Steve Daly6,400,5554,432,0935,604,570↑ +1,968,462
Chris Ball5,685,054———
Dale Bowen3,780,0172,509,0361,829,350↑ +1,270,981
Matthew Kaminer2,438,3252,676,4491,970,200↓ −238,124
Mitch Benson2,374,4422,190,6311,455,641↑ +183,811

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against INST
7 companies name INST as a compensation peer

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2023 total
Dale BowenCFO$3,780,017
Peter WalkerCFO$7,690,457
Chris BallPresident$5,685,054
Matthew KaminerChief People and Legal Officer$2,438,325
Mitch BensonChief Strategy Officer$2,374,442
Steve DalyCEO$6,400,555
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2023 total
Brian JaffeeDirector$36,000
Charles GoodmanChair of the Board$62,000
Erik AkopiantzIndependent Director$50,000
James HutterDirector$30,000
Lloyd Buzz WaterhouseIndependent Director$40,000
Ossa FisherIndependent Director$40,000
Paul Holden Spaht, JrDirector$36,000
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2023 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Kara RogersChief Accounting Officer2024-05-10A12,093$0$0CommonForm 4 ↗
Erik AkopiantzDirector2024-05-23A21,718——CommonForm 4 ↗
Ossa FisherDirector2024-05-23A21,718——CommonForm 4 ↗
Charles GoodmanDirector2024-05-23A21,718——RSUForm 4 ↗
Lloyd Buzz WaterhouseDirector2024-05-23A21,718——CommonForm 4 ↗
Chris BallSee Remarks2024-06-01D9,20422202,304CommonForm 4 ↗
Steve DalyDirector2024-06-01D61,613221,354,254CommonForm 4 ↗
Mitch BensonChief Strategy Officer2024-06-01D4,62322101,614CommonForm 4 ↗
Kara RogersChief Accounting Officer2024-06-01D1,0682223,475CommonForm 4 ↗
Matthew KaminerChief Legal Officer2024-09-01D6,18223144,597CommonForm 4 ↗
Mitch BensonChief Strategy Officer2024-09-01D6,56423153,532CommonForm 4 ↗
Steve DalyDirector2024-09-01D22,97323537,338CommonForm 4 ↗
Chris BallSee Remarks2024-09-01D9,20423215,282CommonForm 4 ↗
Kara RogersChief Accounting Officer2024-09-01D1,0682324,981CommonForm 4 ↗
Erik AkopiantzDirector2024-09-04D4,300——CommonForm 4 ↗
Steve DalyDirector2024-09-09D202,000——CommonForm 4 ↗
Matthew KaminerChief Legal Officer2024-09-11D5,100——CommonForm 4 ↗
Peter WalkerCFO2024-11-13D305,998247,221,553CommonForm 4 ↗
Matthew KaminerChief Legal Officer2024-11-13D451,7212410,660,616CommonForm 4 ↗
Erik AkopiantzDirector2024-11-13D55,915241,319,594CommonForm 4 ↗
Kara RogersChief Accounting Officer2024-11-13D89,665242,116,094CommonForm 4 ↗
Chris BallSee Remarks2024-11-13D297,577247,022,817CommonForm 4 ↗
Ossa FisherDirector2024-11-13D44,218241,043,545CommonForm 4 ↗
Mitch BensonChief Strategy Officer2024-11-13D261,908246,181,029CommonForm 4 ↗
Charles GoodmanDirector2024-11-13D140,270243,310,372CommonForm 4 ↗
Steve DalyDirector2024-11-13D1,784,3582442,110,849CommonForm 4 ↗
Lloyd Buzz WaterhouseDirector2024-11-13D53,491241,262,388CommonForm 4 ↗
THOMA BRAVO UGP, LLCGreater-than-10% holder2024-11-13D122,065,804242,880,752,974Common, indirectForm 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 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Peter WalkerRSU2023-11-13——305,998—$7,536,731
Dale BowenRSU2023-01-24——97,276—2,569,059
Chris BallRSU2023-01-24——194,553—5,138,145
Matthew KaminerRSU2023-01-24——68,599—1,811,700
Matthew KaminerRSU2022-01-23——68,599—1,811,700
Steve DalyRSU2023-01-24——214,008—5,651,951
Frank MaylettRSU2022-01-23——76,082—1,606,852
Mitch BensonRSU2023-01-24——71,012—1,875,427
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Peter Walker$7,536,731$0$00.0%
Dale Bowen2,569,059000.0%
Chris Ball5,138,145000.0%
Matthew Kaminer3,623,400000.0%
Steve Daly5,651,951000.0%
Frank Maylett1,606,852000.0%
Mitch Benson1,875,427000.0%

% 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 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Chris BallRSU194,553—$5,254,877
Peter WalkerRSU305,998—8,265,006
Steve DalyRSU177,826—4,803,080
Steve DalyRSU173,880—4,696,499
Steve DalyRSU171,184—4,623,680
Mitch BensonRSU57,695—1,558,342
Matthew KaminerRSU55,735—1,505,402
Mitch BensonRSU53,490—1,444,765
Matthew KaminerRSU42,793—1,155,839
Dale BowenRSU26,290—710,093
Matthew KaminerRSU13,145—355,046
Mitch BensonRSU13,145—355,046
05

Incentive-plan design — the Compensation Discussion & Analysis

The executive compensation program is designed to provide meaningful incentives and rewards while balancing short-term and long-term stockholder interests, utilizing a mix of cash and equity, fixed and performance-based contingent payments to align executive financial interests with stockholders and attract/retain talent.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)—
Independent consultantCompensia
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-05-25135,129,9261,142,28725,93099.14%Passed
20222022-05-26133,339,181325,9127,34099.75%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
20232023-05-2599.14%a
20222022-05-2699.75%b

a. Approved under the standard stated in the filing — “Abstentions will be counted as present and entitled to vote on this proposal and will therefore have the effect of a negative vote.”.

b. Approved under the standard stated in the filing — “Abstentions will be counted as present and entitled to vote on these proposals and will therefore have the effect of a negative vote.”.

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)68 : 1
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Charles GoodmanIndependent · Board Chair · Compensation and Nominating Committee (Chair)$62,000————$62,000
Erik AkopiantzIndependent · Audit Committee (Chair)50,000————50,000
Ossa FisherIndependent · Audit Committee40,000————40,000
Lloyd Buzz WaterhouseIndependent · Audit Committee40,000————40,000
Paul Holden Spaht JrIndependent · Compensation and Nominating36,000————36,000
Brian JaffeeIndependent · Compensation and Nominating Committee36,000————36,000
James HutterNot independent30,000————30,000
Steve DalyEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$30,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 12,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$294,000
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$294,000

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
1Instructure Holdings2023Steve Daly$482,813$5,651,951$0$263,291$6,400,555

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.

10d

Frequently asked questions

Who was the highest-paid executive at Instructure Holdings in fiscal 2023?
As disclosed, Peter Walker (Chief Financial Officer) was the highest-paid executive at Instructure Holdings in fiscal 2023, with total compensation of $7,690,457.
What is Instructure Holdings's CEO-to-median employee pay ratio?
As disclosed, Instructure Holdings's CEO-to-median employee pay ratio was 68:1.
How did shareholders vote on Instructure Holdings's executive compensation?
As disclosed, 99.14% of shareholders supported Instructure Holdings's executive compensation in the latest say-on-pay vote.
How much does Instructure Holdings spend in total on board compensation for fiscal 2023?
As disclosed, Instructure Holdings reported total board compensation of $294,000 for fiscal 2023.

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, Peter WalkerDEF 14A2024-04-220000950170-24-046440Section “Executive Compensation”. As printed: 7,690,457. Filing ↗machine: r5 · c25 · span 452066–452075
2Section 01, Steve DalyDEF 14A2024-04-220000950170-24-046440Section “Executive Compensation”. As printed: 6,400,555. Filing ↗machine: r2 · c25 · span 432265–432274
3Section 01, Chris BallDEF 14A2024-04-220000950170-24-046440Section “Executive Compensation”. As printed: 5,685,054. Filing ↗machine: r7 · c25 · span 463835–463844
4Section 01, Dale BowenDEF 14A2024-04-220000950170-24-046440Section “Executive Compensation”. As printed: 3,780,017. Filing ↗machine: r15 · c25 · span 514835–514844
5Section 01, Matthew KaminerDEF 14A2024-04-220000950170-24-046440Section “Executive Compensation”. As printed: 2,438,325. Filing ↗machine: r9 · c25 · span 475498–475507
6Section 01, Mitch BensonDEF 14A2024-04-220000950170-24-046440Section “Executive Compensation”. As printed: 2,374,442. Filing ↗machine: r12 · c25 · span 495168–495177
7Section 03, Peter Walker RSUDEF 14A2024-04-220000950170-24-046440Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t11 · r5 · c13 · span 449222–449231
8Section 03, Dale Bowen RSUDEF 14A2024-04-220000950170-24-046440Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t11 · r15 · c13 · span 511989–511998
9Section 03, Chris Ball RSUDEF 14A2024-04-220000950170-24-046440Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t11 · r7 · c13 · span 460991–461000
10Section 03, Matthew Kaminer RSUDEF 14A2024-04-220000950170-24-046440Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t11 · r9 · c13 · span 472653–472662
11Section 03, Matthew Kaminer RSUDEF 14A2024-04-220000950170-24-046440Section “EACH OF THE DIRECTOR NOMINEES.” · grants of plan-based awards table. Filing ↗
12Section 03, Steve Daly RSUDEF 14A2024-04-220000950170-24-046440Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 602342–602351
13Section 03, Frank Maylett RSUDEF 14A——Section “Executive Compensation” · grants of plan-based awards table.
14Section 03, Mitch Benson RSUDEF 14A2024-04-220000950170-24-046440Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 647732–647741
15Section 07, pay ratioDEF 14A2024-04-220000950170-24-046440Section “CEO Pay Ratio”. As printed: 68 : 1. Filing ↗machine: span 1190136–1190138
16Section 08, Charles GoodmanDEF 14A2024-04-220000950170-24-046440Section “Director Compensation”. As printed: 62,000. Filing ↗machine: span 901159–901349
17Section 08, Erik AkopiantzDEF 14A2024-04-220000950170-24-046440Section “Director Compensation”. As printed: 50,000. Filing ↗machine: span 902455–902645
18Section 08, Ossa FisherDEF 14A2024-04-220000950170-24-046440Section “Director Compensation”. As printed: 40,000. Filing ↗machine: span 903760–903950
19Section 08, Lloyd Buzz WaterhouseDEF 14A2024-04-220000950170-24-046440Section “Director Compensation”. As printed: 40,000. Filing ↗machine: span 905057–905247
20Section 08, Paul Holden Spaht JrDEF 14A2024-04-220000950170-24-046440Section “Director Compensation”. As printed: 36,000. Filing ↗machine: span 908949–909139
21Section 08, Brian JaffeeDEF 14A2024-04-220000950170-24-046440Section “Director Compensation”. As printed: 36,000. Filing ↗machine: span 907645–907835
22Section 08, James HutterDEF 14A2024-04-220000950170-24-046440Section “Director Compensation”. As printed: 30,000. Filing ↗machine: span 906351–906541
23Section 08, Steve DalyDEF 14A2024-04-220000950170-24-046440Section “Director Compensation”. As printed: 0. Filing ↗
24Section 02, Kara Rogers 2024-05-10Form 42024-05-140001562180-24-004036Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Erik Akopiantz 2024-05-23Form 42024-05-280001562180-24-004487Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Ossa Fisher 2024-05-23Form 42024-05-280001562180-24-004489Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Charles Goodman 2024-05-23Form 42024-05-280001562180-24-004486Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Lloyd Buzz Waterhouse 2024-05-23Form 42024-05-280001562180-24-004488Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Chris Ball 2024-06-01Form 42024-06-040001562180-24-004643Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Steve Daly 2024-06-01Form 42024-06-040001562180-24-004641Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Mitch Benson 2024-06-01Form 42024-06-040001562180-24-004642Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Kara Rogers 2024-06-01Form 42024-06-040001562180-24-004644Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Matthew Kaminer 2024-09-01Form 42024-09-040001562180-24-006642Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Mitch Benson 2024-09-01Form 42024-09-040001562180-24-006643Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Steve Daly 2024-09-01Form 42024-09-040001562180-24-006641Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Chris Ball 2024-09-01Form 42024-09-040001562180-24-006640Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Kara Rogers 2024-09-01Form 42024-09-040001562180-24-006644Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Erik Akopiantz 2024-09-04Form 42024-09-060001562180-24-006711Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Steve Daly 2024-09-09Form 42024-09-110001562180-24-006778Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Matthew Kaminer 2024-09-11Form 42024-09-110001562180-24-006779Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Peter Walker 2024-11-13Form 42024-11-140000950170-24-127254Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Matthew Kaminer 2024-11-13Form 42024-11-140000950170-24-127268Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Erik Akopiantz 2024-11-13Form 42024-11-140000950170-24-127249Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Kara Rogers 2024-11-13Form 42024-11-140000950170-24-127239Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Chris Ball 2024-11-13Form 42024-11-140000950170-24-127242Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Ossa Fisher 2024-11-13Form 42024-11-140000950170-24-127245Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Mitch Benson 2024-11-13Form 42024-11-140000950170-24-127250Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Charles Goodman 2024-11-13Form 42024-11-140000950170-24-127259Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Steve Daly 2024-11-13Form 42024-11-140000950170-24-127260Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Lloyd Buzz Waterhouse 2024-11-13Form 42024-11-140000950170-24-127267Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, THOMA BRAVO UGP, LLC 2024-11-13Form 42024-11-140000950170-24-127272Insider equity transaction reported since the proxy statement. Filing ↗
52Section 06, 2023 voteForm 8-K2023-05-260000950170-23-024562Item 5.07 · say-on-pay result. As reported: 99.14% (votes for as printed: 135,129,926). Filing ↗
53Section 06, 2022 voteForm 8-K2022-05-270001193125-22-162347Item 5.07 · say-on-pay result. As reported: 99.75% (votes for as printed: 133,339,181). Filing ↗
54Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
55Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
56Section 09b board cost (computed)Computed——Cash 294,000 + equity 0 + all other 0 = 294,000, summed across the director compensation table rows.machine: formula: Σ = 294,000
57Instructure Holdings (subject), Section 10b CEO totalDEF 14A2024-04-220000950170-24-046440CEO total compensation as printed in Instructure Holdings's own proxy. As printed: 6,400,555. Filing ↗machine: r2 · c25 · span 432265–432274

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