Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-28

Mayville Engineering Company (MEC)

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.

$3,183,288
Jagadeesh (Jag) Reddy total, FY2025
54th
CEO pay percentile vs peers
61:1
CEO-to-median pay ratio
96.97%
Say-on-pay support, latest vote
Companies that benchmark against MEC
4 companies name MEC as a compensation peer

Each company listed discloses MEC 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 MEC 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
Jagadeesh (Jag) Reddy$736,450$2,380,000$66,838$3,183,288
President and Chief Executive Officer
Ryan Raber473,8001,072,00010,5001,556,300
Executive Vice President, Strategy, Sales & Marketing
Todd Butz247,8341,052,7581,300,592
Former Chief Financial Officer
Craig Nichols415,000184,6471,099,647
Senior Vice President, Operations and Supply Chain
Rachele Lehr420,00010,500930,500
Chief Financial Officer
Sean Leuba411,000400,0001,381812,381
Senior Vice President, General Counsel and Secretary

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
Jagadeesh (Jag) Reddy$3,183,288$3,692,318$2,956,326−509,030
Ryan Raber1,556,3001,904,6881,700,700−348,388
Todd Butz1,300,5921,934,7261,698,100−634,134
Craig Nichols1,099,647
Rachele Lehr930,5001,126,960996,428−196,460
Sean Leuba812,3811,133,1151,164,173−320,734

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
Rachele LehrPSU2025-03-1517,42234,844$250,000
Rachele LehrRSU2025-03-1517,422
Sean LeubaPSU2025-03-1513,93827,876200,000
Sean LeubaRSU2025-03-1513,938
Craig NicholsRSU2025-03-1517,422
Craig NicholsPSU2025-03-1517,42234,844250,000
Ryan RaberPSU2025-03-1537,35374,706536,000
Ryan RaberRSU2025-03-1537,353
Jagadeesh (Jag) ReddyRSU2025-03-1582,927
Jagadeesh (Jag) ReddyPSU2025-03-1582,927165,8541,190,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Rachele Lehr$0$250,000$0100.0%
Sean Leuba0200,0000100.0%
Craig Nichols0250,0000100.0%
Ryan Raber0536,0000100.0%
Jagadeesh (Jag) Reddy01,190,0000100.0%

% 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 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jagadeesh (Jag) ReddyRSU155,560$2,912,083
Jagadeesh (Jag) ReddyPSU129,6202,426,486
Ryan RaberRSU72,6531,360,064
Ryan RaberPSU60,0461,124,061
Rachele LehrRSU34,542646,626
Sean LeubaRSU28,464532,846
Rachele LehrPSU26,761500,966
Sean LeubaPSU23,277435,745
Craig NicholsRSU17,422326,140
Craig NicholsPSU17,422326,140
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is guided by principles that support attraction and retention, align with our business strategy, and create long-term shareholder value. Compensation is designed to be competitive, aligned with strategy, performance-driven, and governed with integrity.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantPearl Meyer and Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2116,191,622505,35026,10596.97%Passed
20252025-04-2213,021,820484,1723,175,80496.42%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
20262026-04-2196.97%a
20252025-04-2296.42%b

a. Voting standard not stated in the filing.

b. 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.

07

CEO pay ratio

Ratio (CEO : median employee)61 : 1
CEO total compensation
Median employee compensation$51,848
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Timothy L. ChristenIndependent · Board Chair · Audit · Nominating and Corporate Governance$75,000$150,004$225,004
Steven L. FisherIndependent · Audit (Chair) · Compensation · Not standing for re-election55,000125,005180,005
Jennifer J. KentIndependent · Compensation (Chair) · Nominating and Corporate Governance52,000125,005177,005
Jay O. RothmanIndependent · Nominating and Corporate Governance (Chair)50,000125,005175,005
Robert L. McCormickIndependent · Audit · Compensation40,000125,005165,005
Tania L. WingfieldIndependent · Compensation20,00093,756113,756
Allen J. CarlsonIndependent · Departed during FY20,000020,000
Jagadeesh (Jag) A. ReddyEmployee director0
Christine M. SchyvinckIndependent · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$125,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 12,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$312,000
Equity awards (grant-date value)$743,780
All other compensation$0
Total cost of the board$1,055,780

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 Mayville Engineering Company 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 Mayville Engineering Company.

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
1AZZ Inc2026Thomas Ferguson$1,000,746$2,940,029$0$1,477,001$5,513,156
2The Eastern Company2025Denis Sheahan800,0003,371,297792,0005,069,867
3Commercial Vehicle Group, Inc2025James Ray879,2313,059,120003,949,428
4Myers Industries, Inc2025Aaron Schapper775,3851,952,344402,500700,0003,889,228
5Powell Industries, Inc2025Brett Cope660,0001,129,26801,650,0003,600,369
6Northwest Pipe Company2025Scott Montross732,1821,280,06101,464,3643,492,930
7LSI Industries Inc2025James Clark752,7701,500,0000494,1703,376,388
8Mayville Engineering Company2025Jagadeesh (Jag) Reddy736,4502,380,0003,183,288
9BlueBird Corporation2023Andrew Obenshain681,657863,5901,142,440348,0243,049,181
10Douglas Dynamics, Inc2025Mark Van Genderen651,4211,110,23901,219,6113,008,565
11L.B. Foster Company2025John Kasel790,4171,319,3570654,4002,920,512
12Luxfer Holdings PLC2025Andy Butcher660,6001,144,077795,3622,662,967
13Twin Disc, Incorporated2025John Batten704,6981,033,8300495,6102,411,245
14The Gorman-Rupp Company2025Scott King717,500750,000002,187,652
15Ampco-Pittsburgh Corporation2025J. Brett McBrayer718,750701,7820600,9532,065,460
16Hurco Companies, Inc.2025Gregory Volovic675,8001,249,991002,023,603
17Daktronics, Inc2026Ramesh Jayaraman188,462544,3750128,3311,098,324
The Shyft Group, Incnot in coverage universe
Miller Industries, Incnot 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
Mayville Engineering Companynot disclosedPSU 50 · RSU 50not disclosedPearl Meyer and Partners, LLC
Ampco-Pittsburgh Corporationnot disclosedPSU 67 · RSU 33not disclosedPay Governance LLC
AZZ Incnot disclosedRSU 50 · PSU 50not disclosedMeridian Compensation Partners, LLC
BlueBird Corporation85%not disclosedYes — Relative Total Shareholder Return (rTSR)Aon plc (Human Capital Solutions practice)
Commercial Vehicle Group, Incnot disclosedLTIP Units 60 · Restricted Stock 40not disclosedMeridian
Daktronics, Inc102%RSU 75 · PSU 25NoKorn Ferry
Douglas Dynamics, Inc174.2%PSU 50 · RSU 50Yes — Relative TSRFrederic W. Cook & Co, Inc.
Hurco Companies, Inc.not disclosedPSU 55 · RSU 45NoPay Governance, LLC
L.B. Foster Companynot disclosedPSU 60 · Restricted Stock 40not disclosedPay Governance
LSI Industries Inc68.2%PSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.
Luxfer Holdings PLCnot disclosedPRSU 60 · RSU 40not disclosedMeridian
Miller Industries, Incnot disclosednot disclosednot disclosednot disclosed
Myers Industries, Incnot disclosedPSU 50 · RSU 50not disclosedSemler Brossy
Northwest Pipe Companynot disclosedPSU 75 · RSU 25not disclosedWillis Towers Watson
Powell Industries, Inc200%PSU 50 · RSU 50Nonot 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
The Shyft Group, Incnot disclosednot disclosednot disclosednot disclosed
Twin Disc, Incorporatednot disclosednot disclosednot disclosedPay Governance, 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, Jagadeesh (Jag) ReddyDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation”. As printed: 3,183,288. Filing ↗
2Section 01, Ryan RaberDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation”. As printed: 1,556,300. Filing ↗
3Section 01, Todd ButzDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation”. As printed: 1,300,592. Filing ↗
4Section 01, Craig NicholsDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation”. As printed: 1,099,647. Filing ↗
5Section 01, Rachele LehrDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation”. As printed: 930,500. Filing ↗
6Section 01, Sean LeubaDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation”. As printed: 812,381. Filing ↗
7Section 03, Rachele Lehr PSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 03, Rachele Lehr RSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 409162–409168
9Section 03, Sean Leuba PSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Sean Leuba RSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 416074–416080
11Section 03, Craig Nichols RSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 419580–419586
12Section 03, Craig Nichols PSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
13Section 03, Ryan Raber PSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
14Section 03, Ryan Raber RSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 412667–412673
15Section 03, Jagadeesh (Jag) Reddy RSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 405750–405756
16Section 03, Jagadeesh (Jag) Reddy PSUDEF 14A2026-03-100001104659-26-025849Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
17Section 07, pay ratioDEF 14A2026-03-100001104659-26-025849Section “CEO Pay Ratio”. As printed: 61 : 1. Filing ↗machine: span 993869–993871
18Section 08, Timothy L. ChristenDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: 225,004. Filing ↗machine: span 162133–162304
19Section 08, Steven L. FisherDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: 180,005. Filing ↗machine: span 164657–164828
20Section 08, Jennifer J. KentDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: 177,005. Filing ↗machine: span 166991–167162
21Section 08, Jay O. RothmanDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: 175,005. Filing ↗machine: span 171850–172021
22Section 08, Robert L. McCormickDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: 165,005. Filing ↗machine: span 169518–169689
23Section 08, Tania L. WingfieldDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: 113,756. Filing ↗machine: span 174504–174675
24Section 08, Allen J. CarlsonDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: 20,000. Filing ↗machine: span 158270–158440
25Section 08, Jagadeesh (Jag) A. ReddyDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: 0. Filing ↗
26Section 08, Christine M. SchyvinckDEF 14A2026-03-100001104659-26-025849Section “Director Compensation”. As printed: —. Filing ↗
27Section 06, 2026 voteForm 8-K2026-04-230001104659-26-047745Item 5.07 · say-on-pay result. As reported: 96.97% (votes for as printed: 16,191,622). Filing ↗
28Section 06, 2025 voteForm 8-K2025-04-240001558370-25-005403Item 5.07 · say-on-pay result. As reported: 96.42% (votes for as printed: 13,021,820). Filing ↗
29Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 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
31Section 09b board cost (computed)ComputedcomputedCash 312,000 + equity 743,780 + all other 0 = 1,055,780, summed across the director compensation table rows.machine: formula: Σ = 1,055,780
32AZZ Inc, Section 10b CEO totalDEF 14A2026-05-260001104659-26-066068CEO total compensation as printed in AZZ Inc's own proxy. As printed: 5,513,156. Filing ↗machine: r1 · c63 · span 1601330–1601339
33The 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
34Commercial Vehicle Group, Inc, Section 10b CEO totalDEF 14A2026-04-270001628280-26-027295CEO total compensation as printed in Commercial Vehicle Group, Inc's own proxy. As printed: 3,949,428. Filing ↗machine: r3 · c45 · span 663533–663542
35Myers Industries, Inc, Section 10b CEO totalDEF 14A2026-03-130001193125-26-106082CEO total compensation as printed in Myers Industries, Inc's own proxy. As printed: 3,889,228. Filing ↗machine: span 1853194–1853203
36Powell Industries, Inc, Section 10b CEO totalDEF 14A2026-01-060001140361-26-000342CEO total compensation as printed in Powell Industries, Inc's own proxy. As printed: 3,600,369. Filing ↗machine: r2 · c27 · span 542584–542594
37Northwest Pipe Company, Section 10b CEO totalDEF 14A2026-04-230001437749-26-013175CEO total compensation as printed in Northwest Pipe Company's own proxy. As printed: 3,492,930. Filing ↗machine: r2 · c20 · span 1026421–1026430
38LSI Industries Inc, Section 10b CEO totalDEF 14A2025-09-190001437749-25-029410CEO total compensation as printed in LSI Industries Inc's own proxy. As printed: 3,376,388. Filing ↗machine: r2 · c32 · span 338547–338556
39Mayville Engineering Company (subject), Section 10b CEO totalDEF 14A2026-03-100001104659-26-025849CEO total compensation as printed in Mayville Engineering Company's own proxy. As printed: 3,183,288. Filing ↗
40BlueBird Corporation, Section 10b CEO totalDEF 14A2024-09-260001293971-24-000049CEO total compensation as printed in BlueBird Corporation's own proxy. As printed: 3,049,181. Filing ↗machine: r2 · c21 · span 402787–402796
41Douglas Dynamics, Inc, Section 10b CEO totalDEF 14A2026-03-200001437749-26-009126CEO total compensation as printed in Douglas Dynamics, Inc's own proxy. As printed: 3,008,565. Filing ↗machine: t83 · r2 · c29 · span 498646–498655
42L.B. Foster Company, Section 10b CEO totalDEF 14A2026-04-100001140361-26-014171CEO total compensation as printed in L.B. Foster Company's own proxy. As printed: 2,920,512. Filing ↗machine: r2 · c21 · span 731507–731517
43Luxfer Holdings PLC, Section 10b CEO totalDEF 14A2026-04-300002077096-26-000109CEO total compensation as printed in Luxfer Holdings PLC's own proxy. As printed: 2,662,967. Filing ↗
44Twin Disc, Incorporated, Section 10b CEO totalDEF 14A2025-09-150001437749-25-029012CEO total compensation as printed in Twin Disc, Incorporated's own proxy. As printed: 2,411,245. Filing ↗machine: span 566177–566186
45The 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
46Ampco-Pittsburgh Corporation, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127659CEO total compensation as printed in Ampco-Pittsburgh Corporation's own proxy. As printed: 2,065,460. Filing ↗machine: r3 · c14 · span 1153868–1153877
47Hurco 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
48Daktronics, Inc, Section 10b CEO totalDEF 14A2026-07-280001628280-26-049957CEO total compensation as printed in Daktronics, Inc's own proxy. As printed: 1,098,324. Filing ↗machine: t84 · r2 · c22 · span 579742–579751
49Section 10a, L.B. Foster Company reciprocityDEF 14A0001140361-26-014171L.B. Foster Company's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗
50Section 10a, Myers Industries, Inc reciprocityDEF 14A0001193125-26-106082Myers Industries, Inc's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗
51Section 10a, Douglas Dynamics, Inc reciprocityDEF 14A0001437749-26-009126Douglas Dynamics, Inc names Mayville Engineering Company in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Daktronics, Inc reciprocityDEF 14A0001628280-26-049957Daktronics, Inc names Mayville Engineering Company in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, AZZ Inc reciprocityDEF 14A0001104659-26-066068AZZ Inc's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗
54Section 10a, Twin Disc, Incorporated reciprocityDEF 14A0001437749-25-029012Twin Disc, Incorporated's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗
55Section 10a, The Eastern Company reciprocityDEF 14A0001193125-26-126283The Eastern Company's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗
56Section 10a, Ampco-Pittsburgh Corporation reciprocityDEF 14A0001193125-26-127659Ampco-Pittsburgh Corporation's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗
57Section 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 Mayville Engineering Company. Filing ↗
58Section 10a, Powell Industries, Inc reciprocityDEF 14A0001140361-26-000342Powell Industries, Inc's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗
59Section 10a, Luxfer Holdings PLC reciprocityDEF 14A0002077096-26-000109Luxfer Holdings PLC names Mayville Engineering Company in its own disclosed peer group (read from its most recent proxy). Filing ↗
60Section 10a, Commercial Vehicle Group, Inc reciprocityDEF 14A0001628280-26-027295Commercial Vehicle Group, Inc's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗
61Section 10a, LSI Industries Inc reciprocityDEF 14A0001437749-25-029410LSI Industries Inc's most recent proxy was read; its disclosed peer group does not include Mayville Engineering Company. Filing ↗