Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-29

Matson (MATX)

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.

$6,490,287
Matthew Cox total, FY2025
50th
CEO pay percentile vs peers
CEO-to-median pay ratio
98.81%
Say-on-pay support, latest vote
Companies that benchmark against MATX
6 companies name MATX as a compensation peer

Each company listed discloses MATX 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 MATX 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
Matthew Cox$963,696$4,016,507$1,231,344$205,577$73,162$6,490,287
Chairman and Chief Executive Officer
Joel Wine625,065963,973522,247146,79338,7012,296,779
Executive Vice President and Chief Financial Officer
Peter Heilmann536,248857,000464,78987,57334,7471,980,357
Executive Vice President, Chief Administrative Officer and General Counsel
John Lauer501,660749,949426,26679,79733,5641,791,236
Executive Vice President and Chief Commercial Officer
Vicente Angoco Jr.435,479637,183234,180139,299109,2841,555,425
Executive Vice President

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
Matthew Cox$6,490,287$6,146,934$6,165,815+343,353
Joel Wine2,296,7792,625,7032,512,313−328,924
Peter Heilmann1,980,3572,073,1571,973,161−92,800
John Lauer1,791,2362,002,1781,972,113−210,942
Vicente Angoco Jr.1,555,425

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
Vicente Angoco Jr.RSU2025-08-28475$50,089
Vicente Angoco Jr.PSU2025-01-223401,3593,398187,542
Vicente Angoco Jr.PSU2025-08-283011929813,904
Vicente Angoco Jr.PSU2025-01-221134531,13398,052
Vicente Angoco Jr.PSU2025-08-288935689037,540
Vicente Angoco Jr.RSU2025-01-221,812250,056
Matthew CoxPSU2025-01-222,54810,19025,4751,406,220
Matthew CoxPSU2025-01-228493,3978,493735,281
Matthew CoxRSU2025-01-2213,5871,875,006
Peter HeilmannPSU2025-01-221817251,813156,926
Peter HeilmannRSU2025-01-222,899400,062
Peter HeilmannPSU2025-01-225442,1745,435300,012
John LauerPSU2025-01-221596341,585137,229
John LauerRSU2025-01-222,537350,106
John LauerPSU2025-01-224761,9034,758262,614
Joel WineRSU2025-01-223,261450,018
Joel WinePSU2025-01-226122,4466,115337,548
Joel WinePSU2025-01-222048152,038176,407
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Vicente Angoco Jr.$300,145$337,038$052.9%
Matthew Cox1,875,0062,141,501053.3%
Peter Heilmann400,062456,938053.3%
John Lauer350,106399,843053.3%
Joel Wine450,018513,955053.3%

% 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
Joel WinePSU25,008$3,089,738
Matthew CoxPSU86,07810,634,937
Matthew CoxRSU30,1363,723,303
Peter HeilmannPSU19,8142,448,020
John LauerPSU19,4522,403,295
Joel WineRSU8,2251,016,199
Peter HeilmannRSU6,760835,198
John LauerRSU6,398790,473
05

Incentive-plan design — the Compensation Discussion & Analysis

Matson's executive compensation program is designed to attract, retain, and motivate talented executives by emphasizing pay-for-performance, making the majority of NEO compensation 'at risk' and aligning incentive pay with key annual and long-term operating goals, growth in shareholder value, and individual performance goals.

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2324,143,908290,72656,60998.81%Passed
20252025-04-2426,101,671597,49665,68997.76%Passed
20242024-04-2527,744,276515,35281,79198.18%Passed
20232023-04-2728,608,164318,559371,01598.9%Passed
20222022-04-2832,656,558572,87783,83498.28%Passed
20212021-04-2236,615,097939,426103,39897.5%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
20262026-04-2398.81%a
20252025-04-2497.76%b
20242024-04-2598.18%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “How will abstentions and broker non-votes affect the votes? Abstentions and broker non-votes, if any, will generally have no effect on the voting results for any proposal, as they are not considered to be votes cast under Hawaii corporate law.”.

c. Approved under the standard stated in the filing — “| 2024 Proxy Statement Table of Contents How will abstentions and broker non-votes affect the votes? Abstentions and broker non-votes, if any, will generally have no effect on the voting results for any proposal, as they are not considered to be votes cast under Hawaii corporate law.”.

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
Stanley M. KuriyamaIndependent · Lead Independent Director$116,500$165,059$1,588$283,147
Constance H. LauIndependent · Audit (Chair) · Nominating and Corporate Governance116,500165,0591,588283,147
Mark H. FukunagaIndependent · Audit · Compensation (Chair)113,000165,0591,588279,647
Jenai S. WallIndependent · Audit · Nominating and Corporate Governance (Chair)111,500165,0591,588278,147
Bradley D. TildenIndependent · Audit · Compensation103,000165,0591,588269,647
Meredith J. ChingIndependent · Compensation · Nominating and Corporate Governance100,000165,0591,588266,647
Matthew J. CoxEmployee director · Board Chair0
09

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer$165,000
Per board meeting fee$1,500
Committee chair fees (audit / comp / nom-gov)24,000 / 17,500 / 16,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$660,500
Equity awards (grant-date value)$990,354
All other compensation$9,528
Total cost of the board$1,660,382

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 Matson 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 Matson.

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
1XPO, Inc.2025Mario Harik$872,198$9,876,760$0$1,236,906$12,001,545
2Old Dominion Freight Line, Inc.2025Kevin Freeman1,033,6802,377,60608,167,84711,615,896
3Ryder System, Inc.2025Robert Sanchez1,100,0017,159,49501,675,89410,178,386
4RXO, Inc.2025Drew Wilkerson703,1546,339,646529,2497,589,549
5Schneider National, Inc.2025Mark Rourke1,000,0005,704,1740569,1207,380,101
6Kirby Corporation2025David Grzebinski1,091,7542,250,12703,349,2556,735,134
7Matson2025Matthew Cox963,6964,016,5071,231,3446,490,287
8Saia, Inc.2025Frederick Holzgrefe980,0005,176,716006,312,241
9Werner Enterprises, Inc.2025Derek Leathers974,0774,200,0000745,1066,048,549
10Forward Air Corporation2025Shawn Stewart900,0004,037,9900617,4005,561,309
11Knight-Swift Transportation Holdings Inc.2025Adam Miller950,0003,242,667803,1305,011,329
12Landstar System, Inc.2025Frank Lonegro800,0003,473,0490210,0004,574,887
13Hub Group, Inc.2024Phillip Yeager850,0002,400,342552,5003,964,450
Air Transport Services Group, Inc.not in coverage universe
ArcBest Corporationnot 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
Matsonnot disclosedRSU 50 · PSU 50not disclosedPay Governance LLC
Air Transport Services Group, Inc.not disclosednot disclosednot disclosednot disclosed
ArcBest Corporationnot disclosednot disclosednot disclosednot disclosed
Forward Air Corporation68%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
Hub Group, Inc.not disclosednot disclosednot disclosedAon
Kirby Corporationnot disclosedRSU 50 · Long-term Performance Cash 50not disclosedMeridian Compensation Partners
Knight-Swift Transportation Holdings Inc.not disclosedPRSU 60 · RSU 40not disclosedPearl Meyer
Landstar System, Inc.not disclosednot disclosednot disclosedFW Cook; Compensation Strategies, Inc.
Old Dominion Freight Line, Inc.not disclosednot disclosedYes — Three-year relative TSR compared to companies in the Dow Jones Transportation AveragePearl Meyer
RXO, Inc.not disclosedPRSU 50 · RSU 50not disclosedPearl Meyer & Partners, LLC
Ryder System, Inc.90%PSU 60 · RSU 40NoFW Cook
Saia, Inc.not disclosedPSU 50 · Restricted Stock 50not disclosedMercer
Schneider National, Inc.not disclosedPSU 60 · RSU 40not disclosedFrederic W. Cook & Co, Inc.
Werner Enterprises, Inc.not disclosedRestricted Stock 50 · Performance Stock 50not disclosedFrederic W. Cook & Co.
XPO, Inc.not disclosedPSU 80 · RSU 20not disclosedExequity LLP

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 CoxDEF 14A2026-03-090001104659-26-025266Section “Summary Compensation Table” · page 39. As printed: 6,490,287. Filing ↗
2Section 01, Joel WineDEF 14A2026-03-090001104659-26-025266Section “Summary Compensation Table” · page 39. As printed: 2,296,779. Filing ↗
3Section 01, Peter HeilmannDEF 14A2026-03-090001104659-26-025266Section “Summary Compensation Table” · page 39. As printed: 1,980,357. Filing ↗
4Section 01, John LauerDEF 14A2026-03-090001104659-26-025266Section “Summary Compensation Table” · page 39. As printed: 1,791,236. Filing ↗
5Section 01, Vicente Angoco Jr.DEF 14A2026-03-090001104659-26-025266Section “Summary Compensation Table” · page 39. As printed: 1,555,425. Filing ↗
6Section 03, Vicente Angoco Jr. RSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1242641–1242647
7Section 03, Vicente Angoco Jr. PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1216460–1216467
8Section 03, Vicente Angoco Jr. PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1237230–1237236
9Section 03, Vicente Angoco Jr. PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1221810–1221816
10Section 03, Vicente Angoco Jr. PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1232126–1232132
11Section 03, Vicente Angoco Jr. RSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1226781–1226788
12Section 03, Matthew Cox PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
13Section 03, Matthew Cox PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1118979–1118986
14Section 03, Matthew Cox RSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1123952–1123961
15Section 03, Peter Heilmann PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1170393–1170400
16Section 03, Peter Heilmann RSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1175365–1175372
17Section 03, Peter Heilmann PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
18Section 03, John Lauer PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1195926–1195933
19Section 03, John Lauer RSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1201240–1201247
20Section 03, John Lauer PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
21Section 03, Joel Wine RSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1149828–1149835
22Section 03, Joel Wine PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
23Section 03, Joel Wine PSUDEF 14A2026-03-090001104659-26-025266Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1144514–1144521
24Section 08, Stanley M. KuriyamaDEF 14A2026-03-090001104659-26-025266Section “Director Compensation”. As printed: 283,147. Filing ↗machine: span 391293–391464
25Section 08, Constance H. LauDEF 14A2026-03-090001104659-26-025266Section “Director Compensation”. As printed: 283,147. Filing ↗machine: span 393300–393471
26Section 08, Mark H. FukunagaDEF 14A2026-03-090001104659-26-025266Section “Director Compensation”. As printed: 279,647. Filing ↗machine: span 389112–389283
27Section 08, Jenai S. WallDEF 14A2026-03-090001104659-26-025266Section “Director Compensation”. As printed: 278,147. Filing ↗machine: span 397606–397777
28Section 08, Bradley D. TildenDEF 14A2026-03-090001104659-26-025266Section “Director Compensation”. As printed: 269,647. Filing ↗machine: span 395561–395732
29Section 08, Meredith J. ChingDEF 14A2026-03-090001104659-26-025266Section “Director Compensation”. As printed: 266,647. Filing ↗machine: span 387105–387276
30Section 08, Matthew J. CoxDEF 14A2026-03-090001104659-26-025266Section “Director Compensation”. As printed: 0. Filing ↗
31Section 06, 2026 voteForm 8-K2026-04-270001104659-26-049459Item 5.07 · say-on-pay result. As reported: 98.81% (votes for as printed: 24,143,908). Filing ↗
32Section 06, 2025 voteForm 8-K2025-04-280001558370-25-005686Item 5.07 · say-on-pay result. As reported: 97.76% (votes for as printed: 26,101,671). Filing ↗
33Section 06, 2024 voteForm 8-K2024-04-290001558370-24-006122Item 5.07 · say-on-pay result. As reported: 98.18% (votes for as printed: 27,744,276). Filing ↗
34Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
35Section 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
36Section 09b board cost (computed)ComputedcomputedCash 660,500 + equity 990,354 + all other 9,528 = 1,660,382, summed across the director compensation table rows.machine: formula: Σ = 1,660,382
37XPO, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040425CEO total compensation as printed in XPO, Inc.'s own proxy. As printed: 12,001,545. Filing ↗machine: r4 · c49 · span 1080319–1080329
38Old Dominion Freight Line, Inc., Section 10b CEO totalDEF 14A2026-04-200000878927-26-000006CEO total compensation as printed in Old Dominion Freight Line, Inc.'s own proxy. As printed: 11,615,896. Filing ↗machine: t7 · r4 · c12 · span 336288–336298
39Ryder System, Inc., Section 10b CEO totalDEF 14A2026-03-110001628280-26-016651CEO total compensation as printed in Ryder System, Inc.'s own proxy. As printed: 10,178,386. Filing ↗machine: t211 · r2 · c8 · span 970489–970499
40RXO, Inc., Section 10b CEO totalDEF 14A2026-03-300001140361-26-011983CEO total compensation as printed in RXO, Inc.'s own proxy. As printed: 7,589,549. Filing ↗
41Schneider National, Inc., Section 10b CEO totalDEF 14A2026-03-170001104659-26-029426CEO total compensation as printed in Schneider National, Inc.'s own proxy. As printed: 7,380,101. Filing ↗machine: r1 · c42 · span 1012102–1012111
42Kirby Corporation, Section 10b CEO totalDEF 14A2026-03-060001193125-26-096979CEO total compensation as printed in Kirby Corporation's own proxy. As printed: 6,735,134. Filing ↗machine: span 1663227–1663236
43Matson (subject), Section 10b CEO totalDEF 14A2026-03-090001104659-26-025266CEO total compensation as printed in Matson's own proxy. As printed: 6,490,287. Filing ↗
44Saia, Inc., Section 10b CEO totalDEF 14A2026-03-160001193125-26-107135CEO total compensation as printed in Saia, Inc.'s own proxy. As printed: 6,312,241. Filing ↗machine: r2 · c19 · span 1046323–1046332
45Werner Enterprises, Inc., Section 10b CEO totalDEF 14A2026-03-310000793074-26-000083CEO total compensation as printed in Werner Enterprises, Inc.'s own proxy. As printed: 6,048,549. Filing ↗machine: r3 · c24 · span 647131–647140
46Forward Air Corporation, Section 10b CEO totalDEF 14A2026-04-290001104659-26-051569CEO total compensation as printed in Forward Air Corporation's own proxy. As printed: 5,561,309. Filing ↗machine: t28 · r1 · c47 · span 679731–679740
47Knight-Swift Transportation Holdings Inc., Section 10b CEO totalDEF 14A2026-04-020001492691-26-000025CEO total compensation as printed in Knight-Swift Transportation Holdings Inc.'s own proxy. As printed: 5,011,329. Filing ↗
48Landstar System, Inc., Section 10b CEO totalDEF 14A2026-03-230001193125-26-118697CEO total compensation as printed in Landstar System, Inc.'s own proxy. As printed: 4,574,887. Filing ↗machine: r3 · c39 · span 755488–755497
49Hub Group, Inc., Section 10b CEO totalDEF 14A2025-04-030001140361-25-012045CEO total compensation as printed in Hub Group, Inc.'s own proxy. As printed: 3,964,450. Filing ↗
50Section 10a, Schneider National, Inc. reciprocityDEF 14A0001104659-25-024115Schneider National, Inc.'s most recent proxy was read; its disclosed peer group does not include Matson. Filing ↗
51Section 10a, Kirby Corporation reciprocityDEF 14A0001193125-26-096979Kirby Corporation names Matson in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, XPO, Inc. reciprocityDEF 14A0001104659-26-040425XPO, Inc.'s most recent proxy was read; its disclosed peer group does not include Matson. Filing ↗
53Section 10a, Ryder System, Inc. reciprocityDEF 14A0001628280-26-016651Ryder System, Inc.'s most recent proxy was read; its disclosed peer group does not include Matson. Filing ↗
54Section 10a, Forward Air Corporation reciprocityDEF 14A0001104659-26-051569Forward Air Corporation's most recent proxy was read; its disclosed peer group does not include Matson. Filing ↗
55Section 10a, Saia, Inc. reciprocityDEF 14A0001193125-26-107135Saia, Inc. names Matson in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Knight-Swift Transportation Holdings Inc. reciprocityDEF 14A0001492691-26-000025Knight-Swift Transportation Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include Matson. Filing ↗
57Section 10a, RXO, Inc. reciprocityDEF 14A0001140361-26-011983RXO, Inc. names Matson in its own disclosed peer group (read from its most recent proxy). Filing ↗
58Section 10a, Hub Group, Inc. reciprocityDEF 14A0001140361-25-012045Hub Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Matson. Filing ↗
59Section 10a, Landstar System, Inc. reciprocityDEF 14A0001193125-26-118697Landstar System, Inc. names Matson in its own disclosed peer group (read from its most recent proxy). Filing ↗
60Section 10a, Werner Enterprises, Inc. reciprocityDEF 14A0000793074-26-000083Werner Enterprises, Inc.'s most recent proxy was read; its disclosed peer group does not include Matson. Filing ↗
61Section 10a, Old Dominion Freight Line, Inc. reciprocityDEF 14A0000878927-26-000006Old Dominion Freight Line, Inc.'s most recent proxy was read; its disclosed peer group does not include Matson. Filing ↗