Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-07-16

Model N (MODN)

Fiscal year 2023 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.

$6,877,671
Jason Blessing total, FY2023
CEO pay percentile vs peers
70:1
CEO-to-median pay ratio
98.33%
Say-on-pay support, latest vote
Companies that benchmark against MODN
23 companies name MODN as a compensation peer

Each company listed discloses MODN 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 MODN 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 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jason Blessing$556,500$0$6,009,632$0$306,628$0$4,911$6,877,671
Chief Executive Officer and Board member
John Ederer405,00002,513,1550145,04901,0353,064,239
Chief Financial Officer
Chris Lyon399,00002,403,9060157,97701,9432,962,826
Chief Revenue Officer
Suresh Kannan404,00001,966,7940133,56101,1492,505,504
Chief Product Officer
Mark Anderson357,00001,966,7940173,59401,1032,498,491
Chief Services 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 FY20222023
Jason Blessing$6,877,671
John Ederer3,064,239
Chris Lyon2,962,826
Suresh Kannan2,505,504
Mark Anderson2,498,491

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 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Suresh KannanPSU2022-11-1420,50941,018$786,725
John EdererRSU2022-11-1439,3091,507,893
Suresh KannanRSU2022-11-1430,7631,180,069
Jason BlessingPSU2022-11-1478,332156,6643,004,816
Mark AndersonRSU2022-11-1430,7631,180,069
Chris LyonPSU2022-11-1425,06750,134961,570
John EdererPSU2022-11-1426,20652,4121,005,262
Mark AndersonPSU2022-11-1420,50941,018786,725
Chris LyonRSU2022-11-1437,6001,442,336
Jason BlessingRSU2022-11-1478,3323,004,816
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Suresh Kannan$1,180,069$786,725$040.0%
John Ederer1,507,8931,005,262040.0%
Jason Blessing3,004,8163,004,816050.0%
Mark Anderson1,180,069786,725040.0%
Chris Lyon1,442,336961,570040.0%

% 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
Jason BlessingRSU42,106$1,027,807
Chris LyonPSU20,777507,167
Mark AndersonRSU13,403327,167
Jason BlessingRSU3,99097,396
Mark AndersonRSU23,068563,090
John EdererPSU17,111417,680
Chris LyonRSU12,222298,339
John EdererRSU29,477719,534
Mark AndersonRSU4,485109,479
John EdererRSU16,752408,916
Mark AndersonPSU15,889387,850
Suresh KannanRSU5,805141,700
Chris LyonRSU5,805141,700
Suresh KannanRSU12,222298,339
Chris LyonPSU6,193151,171
John EdererRSU14,436352,383
Suresh KannanPSU6,193151,171
Suresh KannanRSU23,068563,090
Jason BlessingRSU17,590429,372
Suresh KannanPSU17,111417,680
John EdererPSU14,892363,514
Mark AndersonRSU12,222298,339
Jason BlessingRSU58,7411,433,868
Jason BlessingPSU74,8591,827,308
Chris LyonRSU17,530427,907
Chris LyonRSU1,55237,884
Suresh KannanRSU14,436352,383
Chris LyonRSU28,196688,264
Jason BlessingPSU28,148687,093
John EdererRSU6,111149,170
Mark AndersonPSU4,786116,826
Mark AndersonRSU1,00824,605
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy is designed to establish and maintain a compensation program that attracts, retains, and rewards employees who possess the skills necessary to create long-term value for our stockholders, expand our business and assist in the achievement of our strategic objectives.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantCompensia
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-02-1631,635,179538,25610,30998.33%Passed
20222022-02-1831,955,625449,46811,33598.61%Passed
20212021-02-1929,802,353323,46415,06498.93%Passed
20202020-02-1426,541,1711,028,469121,21496.27%Passed
20192019-02-1518,895,1266,978,598688,21273.03%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
20232023-02-1698.33%a
20222022-02-1898.61%b
20212021-02-1998.93%c

a. Approved under the standard stated in the filing — “Abstentions are voted neither "for" nor "against" a matter, and, therefore, will have no effect on these proposals, but are counted in the determination of a quorum.”.

b. Approved under the standard stated in the filing — “Abstentions are voted neither "for" nor "against" a matter, and, therefore, will have no effect on these proposals, but are counted in the determination of a quorum.”.

c. Approved under the standard stated in the filing — “Abstentions are voted neither "for" nor "against" a matter, and, therefore, will have no effect on these proposals, but are counted in the determination of a quorum.”.

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)70 : 1
CEO total compensation$6,877,671
Median employee compensation
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Baljit DailIndependent · Board Chair · Compensation · Nominating and Corporate Governance$35,000$215,472$0$0$0$250,472
Tim AdamsIndependent · Audit (Chair) · Nominating and Corporate Governance35,000196,724000231,724
Alan HenricksIndependent · Audit · Compensation (Chair)35,000194,676000229,676
Dave YarnoldIndependent · Compensation · Nominating and Corporate Governance (Chair)35,000186,558000221,558
Scott ReeseIndependent · Audit35,000182,484000217,484
Melissa FisherIndependent · Audit35,000182,484000217,484
Kim DeCarlisIndependent · Compensation35,000178,445000213,445
Manisha Shetty GulatiIndependent · Nominating and Corporate Governance35,000176,425000211,425
Jason BlessingEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$35,000
Annual equity retainer$170,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 12,000 / 8,000
Stock ownership guidelineLesser of 3x annual retainer or 12,000 shares
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$280,000
Equity awards (grant-date value)$1,513,268
All other compensation$0
Total cost of the board$1,793,268

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

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 Model N 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 Model N.

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
1JFrog2025Shlomi Ben Haim$620,833$15,200,831$0$913,581$16,808,937
2PagerDuty2026Jennifer Tejada600,00014,219,7660347,76015,268,028
3SPS Commerce2025Chad Collins609,65810,789,7040011,410,244
4Mitek Systems2025Edward H. West500,0007,902,3610761,5009,414,057
5PROS Holdings2024Andres Reiner540,0008,108,9370392,0409,058,301
6Zuora2024Tien Tzuo500,0007,950,0000337,5008,787,500
7Couchbase2025Matthew Cain535,0007,639,0000508,2508,685,250
8Sumo Logic2021Ramin Sayar362,2505,348,8600350,2058,289,436
9Benefitfocus2021Matthew Levin349,0387,464,3550278,7808,098,139
10Phreesia2026Chaim Indig515,0007,562,706008,077,706
11Model N2023Jason Blessing556,5006,009,6320306,6286,877,671
12Upland Software2025John McDonald500,0004,235,000004,774,820
13AvePoint2025Tianyi Jiang450,0001,000,003999,999507,4772,957,478
14Veritone2025Ryan Steelberg665,0001,675,200002,506,450
15Agilysys2026Ramesh Srinivasan600,000600,000001,213,846
16LivePerson2025John Sabino00000

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
Model N55.1%PSU 50 · RSU 50NoCompensia
Agilysys100%RSU 100not disclosedCompensation consultant (name not disclosed in provided text)
AvePointnot disclosednot disclosednot disclosedCompensia
Benefitfocus100.7%PSU 50 · RSU 50NoCompensia
Couchbase95%not disclosedNoCompensia
JFrog147.2%RSU 58 · PSU 42Yes — Relative Total Shareholder Return (rTSR)Compensia
LivePersonnot disclosednot disclosednot disclosedThird-party compensation consultant
Mitek Systems152.3%PSU 80 · RSU 20NoFrederic W. Cook & Company, Inc.
PagerDuty58.0%PSU 50 · RSU 50NoCompensia, Inc.
Phreesia140.3%PSU 50 · RSU 50Yes — Relative TSRFW Cook, Inc.
PROS Holdings66%RSU 60 · MSU 40NoFW Cook
SPS Commercenot disclosedRSU 50 · PSU 50Yes — relative TSR performance against the Russell 2000 IndexCompensia
Sumo Logic96.8%not disclosedNoCompensia
Upland Softwarenot disclosednot disclosedYes — Absolute TSRKorn Ferry
Veritonenot disclosednot disclosedYes — Relative TSR Metric - percentile ranking of Company's total shareholder return relative to S&P Software Services IndexCompensia, Inc.
Zuora67.5%not disclosedNoCompensia

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, Jason BlessingDEF 14A2024-01-050001118417-24-000010Section “SUMMARY COMPENSATION TABLE” · page 35. As printed: 6,877,671. Filing ↗machine: span 545217–545226
2Section 01, John EdererDEF 14A2024-01-050001118417-24-000010Section “SUMMARY COMPENSATION TABLE” · page 35. As printed: 3,064,239. Filing ↗machine: span 554314–554323
3Section 01, Chris LyonDEF 14A2024-01-050001118417-24-000010Section “SUMMARY COMPENSATION TABLE” · page 35. As printed: 2,962,826. Filing ↗machine: span 579602–579611
4Section 01, Suresh KannanDEF 14A2024-01-050001118417-24-000010Section “SUMMARY COMPENSATION TABLE” · page 35. As printed: 2,505,504. Filing ↗machine: span 571384–571393
5Section 01, Mark AndersonDEF 14A2024-01-050001118417-24-000010Section “SUMMARY COMPENSATION TABLE” · page 35. As printed: 2,498,491. Filing ↗machine: span 562664–562673
6Section 03, Suresh Kannan PSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 2023 Table” · grants of plan-based awards table. Filing ↗machine: t28 · r12 · c15 · span 618072–618079
7Section 03, John Ederer RSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 202” · grants of plan-based awards table. Filing ↗machine: t21 · r3 · c3 · span 459520–459526
8Section 03, Suresh Kannan RSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 202” · grants of plan-based awards table. Filing ↗machine: t21 · r5 · c3 · span 461332–461338
9Section 03, Jason Blessing PSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 2023 Table” · grants of plan-based awards table. Filing ↗machine: t28 · r3 · c15 · span 597795–597804
10Section 03, Mark Anderson RSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 202” · grants of plan-based awards table. Filing ↗machine: t21 · r4 · c3 · span 460426–460432
11Section 03, Chris Lyon PSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 2023 Table” · grants of plan-based awards table. Filing ↗machine: t28 · r15 · c15 · span 624693–624700
12Section 03, John Ederer PSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 2023 Table” · grants of plan-based awards table. Filing ↗machine: t28 · r6 · c15 · span 604521–604530
13Section 03, Mark Anderson PSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 2023 Table” · grants of plan-based awards table. Filing ↗machine: t28 · r9 · c16 · span 611362–611369
14Section 03, Chris Lyon RSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 202” · grants of plan-based awards table. Filing ↗machine: t21 · r6 · c3 · span 462260–462266
15Section 03, Jason Blessing RSUDEF 14A2024-01-050001118417-24-000010Section “Grants of Plan-Based Awards During Fiscal Year 202” · grants of plan-based awards table. Filing ↗machine: t21 · r2 · c3 · span 458590–458596
16Section 07, pay ratioDEF 14A0001118417-24-000010Section “CEO Pay Ratio”. As printed: 70 : 1.machine: span 715364–715371
17Section 08, Baljit DailDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 250,472. Filing ↗machine: t12 · r3 · c9 · span 307794–307801
18Section 08, Tim AdamsDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 231,724. Filing ↗machine: t12 · r2 · c9 · span 305778–305785
19Section 08, Alan HenricksDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 229,676. Filing ↗machine: t12 · r7 · c9 · span 316099–316106
20Section 08, Dave YarnoldDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 221,558. Filing ↗machine: t12 · r9 · c9 · span 320207–320214
21Section 08, Scott ReeseDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 217,484. Filing ↗machine: t12 · r8 · c9 · span 318265–318272
22Section 08, Melissa FisherDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 217,484. Filing ↗machine: t12 · r5 · c9 · span 311980–311987
23Section 08, Kim DeCarlisDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 213,445. Filing ↗machine: t12 · r4 · c9 · span 309961–309968
24Section 08, Manisha Shetty GulatiDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 211,425. Filing ↗machine: t12 · r6 · c9 · span 314156–314163
25Section 08, Jason BlessingDEF 14A2024-01-050001118417-24-000010Section “Director Compensation”. As printed: 0. Filing ↗
26Section 06, 2023 voteForm 8-K2023-02-210001118417-23-000033Item 5.07 · say-on-pay result. As reported: 98.33% (votes for as printed: 31,635,179). Filing ↗
27Section 06, 2022 voteForm 8-K2022-02-230001118417-22-000049Item 5.07 · say-on-pay result. As reported: 98.61% (votes for as printed: 31,955,625). Filing ↗machine: span 3559–3569
28Section 06, 2021 voteForm 8-K2021-02-250001118417-21-000066Item 5.07 · say-on-pay result. As reported: 98.93%. Filing ↗
29Section 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
30Section 09b board cost (computed)ComputedcomputedCash 280,000 + equity 1,513,268 + all other 0 = 1,793,268, summed across the director compensation table rows.machine: formula: Σ = 1,793,268
31JFrog, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145562CEO total compensation as printed in JFrog's own proxy. As printed: 16,808,937. Filing ↗machine: t179 · r3 · c21 · span 1986840–1986850
32PagerDuty, Section 10b CEO totalDEF 14A2026-05-040001568100-26-000020CEO total compensation as printed in PagerDuty's own proxy. As printed: 15,268,028. Filing ↗machine: r4 · c45 · span 603528–603538
33SPS Commerce, Section 10b CEO totalDEF 14A2026-04-140001092699-26-000029CEO total compensation as printed in SPS Commerce's own proxy. As printed: 11,410,244. Filing ↗machine: r2 · c42 · span 913548–913558
34Mitek Systems, Section 10b CEO totalDEF 14A2026-01-260001628280-26-003469CEO total compensation as printed in Mitek Systems's own proxy. As printed: 9,414,057. Filing ↗machine: span 685482–685491
35PROS Holdings, Section 10b CEO totalDEF 14A2025-03-280001392972-25-000049CEO total compensation as printed in PROS Holdings's own proxy. As printed: 9,058,301. Filing ↗machine: span 567309–567318
36Zuora, Section 10b CEO totalDEF 14A2024-05-160001423774-24-000146CEO total compensation as printed in Zuora's own proxy. As printed: 8,787,500. Filing ↗machine: r2 · c42 · span 699493–699502
37Couchbase, Section 10b CEO totalDEF 14A2025-04-160001845022-25-000036CEO total compensation as printed in Couchbase's own proxy. As printed: 8,685,250. Filing ↗machine: r3 · c33 · span 627097–627106
38Sumo Logic, Section 10b CEO totalDEF 14A2022-05-260001140361-22-020801CEO total compensation as printed in Sumo Logic's own proxy. As printed: 8,289,436. Filing ↗machine: r2 · c21 · span 810308–810317
39Benefitfocus, Section 10b CEO totalDEF 14A2022-05-090001104659-22-057495CEO total compensation as printed in Benefitfocus's own proxy. As printed: 8,098,139. Filing ↗machine: t45 · r1 · c35 · span 1150629–1150638
40Phreesia, Section 10b CEO totalDEF 14A2026-05-140001412408-26-000155CEO total compensation as printed in Phreesia's own proxy. As printed: 8,077,706. Filing ↗machine: span 634967–634976
41Model N (subject), Section 10b CEO totalDEF 14A2024-01-050001118417-24-000010CEO total compensation as printed in Model N's own proxy. As printed: 6,877,671. Filing ↗machine: span 545217–545226
42Upland Software, Section 10b CEO totalDEF 14A2026-04-200001505155-26-000022CEO total compensation as printed in Upland Software's own proxy. As printed: 4,774,820. Filing ↗machine: span 341914–341923
43AvePoint, Section 10b CEO totalDEF 14A2026-03-130001437749-26-008224CEO total compensation as printed in AvePoint's own proxy. As printed: 2,957,478. Filing ↗machine: r4 · c6 · span 575128–575137
44Veritone, Section 10b CEO totalDEF 14A2026-05-260001140361-26-022660CEO total compensation as printed in Veritone's own proxy. As printed: 2,506,450. Filing ↗machine: r2 · c21 · span 391927–391936
45Agilysys, Section 10b CEO totalDEF 14A2026-07-160001193125-26-306113CEO total compensation as printed in Agilysys's own proxy. As printed: 1,213,846. Filing ↗machine: r2 · c15 · span 832354–832363
46LivePerson, Section 10b CEO totalDEF 14A2025-05-220001102993-25-000068CEO total compensation as printed in LivePerson's own proxy. As printed: 0. Filing ↗
47Section 10a, Zuora reciprocityDEF 14A0001423774-24-000146Zuora names Model N in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Sumo Logic reciprocityDEF 14A0001140361-22-020801Sumo Logic's most recent proxy was read; its disclosed peer group does not include Model N. Filing ↗
49Section 10a, PROS Holdings reciprocityDEF 14A0001392972-25-000049PROS Holdings names Model N in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Couchbase reciprocityDEF 14A0001845022-25-000036Couchbase names Model N in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, JFrog reciprocityDEF 14A0001193125-26-145562JFrog's most recent proxy was read; its disclosed peer group does not include Model N. Filing ↗
52Section 10a, AvePoint reciprocityDEF 14A0001437749-26-008224AvePoint names Model N in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Phreesia reciprocityDEF 14A0001412408-26-000155Phreesia's most recent proxy was read; its disclosed peer group does not include Model N. Filing ↗
54Section 10a, SPS Commerce reciprocityDEF 14A0001092699-26-000029SPS Commerce's most recent proxy was read; its disclosed peer group does not include Model N. Filing ↗
55Section 10a, Benefitfocus reciprocityDEF 14A0001104659-22-057495Benefitfocus names Model N in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Mitek Systems reciprocityDEF 14A0001628280-26-003469Mitek Systems names Model N in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, LivePerson reciprocityDEF 14A0001102993-25-000068LivePerson names Model N in its own disclosed peer group (read from its most recent proxy). Filing ↗
58Section 10a, PagerDuty reciprocityDEF 14A0001568100-26-000020PagerDuty's most recent proxy was read; its disclosed peer group does not include Model N. Filing ↗