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.
This is the complete answer, not a partial one — the list is never padded.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Jeffrey Thompson | $137,500 | $125,000 | $0 | $6,543,000 | $0 | $0 | $10,906 | $6,816,406 |
| Chief Executive Officer and President | ||||||||
| Chris Ericson | 184,583 | 0 | 421,000 | 0 | 0 | 0 | 19,604 | 625,187 |
| Chief Operating Officer | ||||||||
| Geoffrey Hitchcock | 230,000 | 0 | 0 | 0 | 0 | 0 | 0 | 230,000 |
| Chief Revenue Officer | ||||||||
| Leah Lunger | 6,969 | 0 | 0 | 0 | 0 | 0 | 0 | 6,969 |
| Former Chief Financial 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Jeffrey Thompson | $6,816,406 | $307,793 | $1,790,497 | +6,508,613 |
| Chris Ericson | 625,187 | — | — | — |
| Geoffrey Hitchcock | 230,000 | 5,414,552 | — | −5,184,552 |
| Leah Lunger | 6,969 | 965,039 | 206,350 | −958,070 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Nicholas Liuzza Jr | Director | 2026-04-30 | D | 7,429 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Nicholas Liuzza Jr | Director | 2026-04-30 | A | 7,429 | — | — | Common | Form 4 ↗ |
| Joseph Freedman | Director | 2026-04-30 | A | 7,429 | — | — | Common | Form 4 ↗ |
| General (R) Paul E. Funk II | Director | 2026-04-30 | A | 7,429 | — | — | Common | Form 4 ↗ |
| General (R) Paul E. Funk II | Director | 2026-04-30 | D | 7,429 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Christopher R. Moe | Director | 2026-04-30 | A | 7,429 | — | — | Common | Form 4 ↗ |
| Joseph Freedman | Director | 2026-04-30 | D | 7,429 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Christopher R. Moe | Director | 2026-04-30 | D | 7,429 | — | — | Derivative, Class A Common | Form 4 ↗ |
| General (R) Paul E. Funk II | Director | 2026-06-11 | D | 165,028 | 12 | 1,897,822 | Common | Form 4 ↗ |
| Jeffrey M. Thompson | Director | 2026-07-15 | D | 150,000 | 9 | 1,276,500 | Common | Form 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.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Jeffrey Thompson | OPTION | 2023-05-15 | — | — | 416,667 | — | — |
| Jeffrey Thompson | OPTION | 2025-05-22 | — | — | 1,000,000 | — | 6,543,000 |
| Geoffrey Hitchcock | OPTION | 2024-07-10 | — | — | 16,667 | — | 68,000 |
| Chris Ericson | RSU | 2025-03-11 | — | — | 50,000 | — | — |
| Geoffrey Hitchcock | RSU | 2024-11-24 | — | — | 575,000 | — | 5,157,750 |
| Chris Ericson | RSU | 2025-12-02 | — | — | 25,000 | — | 421,000 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Jeffrey Thompson | $0 | $0 | $6,543,000 | 0.0% |
| Geoffrey Hitchcock | 5,157,750 | 0 | 68,000 | 0.0% |
| Chris Ericson | 421,000 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Geoffrey Hitchcock | RSU | 262,500 | — | $2,081,625 |
| Chris Ericson | RSU | 50,000 | — | 396,500 |
| Geoffrey Hitchcock | Option | 3,334 | 0.98 | — |
| Jeffrey Thompson | Option | 416,667 | 1.06 | — |
| Geoffrey Hitchcock | Option | 25,000 | 1.29 | — |
| Jeffrey Thompson | Option | 1,000,000 | 6.73 | — |
| Geoffrey Hitchcock | Option | 4,167 | 1.27 | — |
| Chris Ericson | RSU | 25,000 | — | 198,250 |
The Compensation Committee considers an executive officer's scope of duties and responsibilities to establish a compensation scheme that is both competitive and equitable, and promotes the executive officer's long-term engagement and high performance. Each year, the Compensation Committee, with support from its external, independent compensation consultant, identifies a group of peer companies comparable in size, organizational structure, and complexity, and considers such market compensation when setting each component of compensation for our executive officers.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | FW Cook |
| Clawback policy | True |
| Anti-hedging | False |
| Anti-pledging | False |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-18 | 15,194,017 | 21,304,013 | 761,422 | 41.63% | Failed |
| 2022 | 2022-09-23 | 26,712,200 | 521,455 | 84,552 | 98.09% | Passed |
| 2018 | 2018-11-29 | 59,475,566 | 25,276,825 | 344,174 | 70.18% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-18 | 41.63%a |
| 2022 | 2022-09-23 | 98.09%b |
| 2018 | 2018-11-29 | 70.18%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of these proposals.”.
b. Approved under the standard stated in the filing — “however, neither abstentions nor broker non-votes are counted as voted either for or against a proposal and, as such, will not affect the outcome of the vote on any proposal.”.
c. Approved under the standard stated in the filing — “Thus, abstentions have no effect on any of the proposals.”.
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.
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Joseph FreedmanIndependent · Lead Independent Director · Audit | $121,104 | $49,997 | $0 | — | — | $171,101 |
| Christopher R. MoeIndependent · Audit (Chair) · Compensation · Nominating/Governance | 116,250 | 49,997 | 0 | — | — | 166,247 |
| General (R) Paul E. Funk IIIndependent · Nominating/Governance (Chair) · Audit · Compensation | 86,522 | 59,997 | 0 | — | 0 | 146,518 |
| Nicholas Liuzza JrIndependent · Compensation (Chair) · Audit · Nominating/Governance | 93,333 | 49,997 | 0 | — | 1 | 143,331 |
| Jeffrey M. ThompsonEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $75,000 |
|---|---|
| Annual equity retainer | $125,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 17,500 / 15,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $417,209 |
| Equity awards (grant-date value) | $209,988 |
| All other compensation | $1 |
| Total cost of the board | $627,198 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Red Cat Holdings, Inc. | 2025 | Jeffrey Thompson | $137,500 | $0 | $6,543,000 | $0 | $6,816,406 |
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.
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Jeffrey Thompson | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Summary Compensation Table”. As printed: 6,816,406. Filing ↗machine: t11 · r2 · c24 · span 240976–240985 |
| 2 | Section 01, Chris Ericson | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Summary Compensation Table”. As printed: 625,187. Filing ↗machine: t11 · r10 · c24 · span 279136–279143 |
| 3 | Section 01, Geoffrey Hitchcock | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Summary Compensation Table”. As printed: 230,000. Filing ↗machine: t11 · r8 · c3 · span 265737–265744 |
| 4 | Section 01, Leah Lunger | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Summary Compensation Table”. As printed: 6,969. Filing ↗machine: t11 · r5 · c3 · span 251464–251469 |
| 5 | Section 03, Jeffrey Thompson OPTION | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t12 · r3 · c3 · span 290691–290698 |
| 6 | Section 03, Jeffrey Thompson OPTION | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t12 · r4 · c3 · span 294197–294206 |
| 7 | Section 03, Geoffrey Hitchcock OPTION | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t12 · r7 · c2 · span 303620–303626 |
| 8 | Section 03, Chris Ericson RSU | DEF 14A | — | 0001628280-26-028755 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t12 · r5 · c9 · span 298664–298670 |
| 9 | Section 03, Geoffrey Hitchcock RSU | DEF 14A | — | 0001628280-26-028755 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 10 | Section 03, Chris Ericson RSU | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t12 · r6 · c9 · span 301881–301887 |
| 11 | Section 07, pay ratio | 10-K | 2026-03-19 | 0001628280-26-019861 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 12 | Section 08, Joseph Freedman | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Director Compensation”. As printed: 171,101. Filing ↗machine: t17 · r2 · c17 · span 446780–446787 |
| 13 | Section 08, Christopher R. Moe | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Director Compensation”. As printed: 166,247. Filing ↗machine: t17 · r5 · c17 · span 457408–457415 |
| 14 | Section 08, General (R) Paul E. Funk II | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Director Compensation”. As printed: 146,518. Filing ↗machine: t17 · r3 · c17 · span 450337–450344 |
| 15 | Section 08, Nicholas Liuzza Jr | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Director Compensation”. As printed: 143,331. Filing ↗ |
| 16 | Section 08, Jeffrey M. Thompson | DEF 14A | 2026-04-30 | 0001628280-26-028755 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 17 | Section 02, Nicholas Liuzza Jr 2026-04-30 | Form 4 | 2026-05-04 | 0001493152-26-021194 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 02, Nicholas Liuzza Jr 2026-04-30 | Form 4 | 2026-05-04 | 0001493152-26-021194 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 02, Joseph Freedman 2026-04-30 | Form 4 | 2026-05-04 | 0001493152-26-021192 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 20 | Section 02, General (R) Paul E. Funk II 2026-04-30 | Form 4 | 2026-05-04 | 0001493152-26-021196 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 21 | Section 02, General (R) Paul E. Funk II 2026-04-30 | Form 4 | 2026-05-04 | 0001493152-26-021196 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 22 | Section 02, Christopher R. Moe 2026-04-30 | Form 4 | 2026-05-04 | 0001493152-26-021190 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 23 | Section 02, Joseph Freedman 2026-04-30 | Form 4 | 2026-05-04 | 0001493152-26-021192 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 24 | Section 02, Christopher R. Moe 2026-04-30 | Form 4 | 2026-05-04 | 0001493152-26-021190 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 25 | Section 02, General (R) Paul E. Funk II 2026-06-11 | Form 4 | 2026-06-15 | 0001493152-26-028723 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 26 | Section 02, Jeffrey M. Thompson 2026-07-15 | Form 4 | 2026-07-16 | 0001628280-26-048517 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 27 | Section 06, 2026 vote | Form 8-K | 2026-06-25 | 0001628280-26-045393 | Item 5.07 · say-on-pay result. As reported: 41.63% (votes for as printed: 15,194,017). Filing ↗ |
| 28 | Section 06, 2022 vote | Form 8-K | 2022-09-28 | 0001554795-22-000348 | Item 5.07 · say-on-pay result. As reported: 98.09% (votes for as printed: 521,455). Filing ↗machine: span 4329–4336 |
| 29 | Section 06, 2018 vote | Form 8-K | 2018-11-30 | 0001554795-18-000365 | Item 5.07 · say-on-pay result. As reported: 70.18%. Filing ↗ |
| 30 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 31 | Section 03b vehicle mix (computed) | 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 |
| 32 | Section 09b board cost (computed) | Computed | — | computed | Cash 417,209 + equity 209,988 + all other 1 = 627,198, summed across the director compensation table rows.machine: formula: Σ = 627,198 |
| 33 | Red Cat Holdings, Inc. (subject), Section 10b CEO total | DEF 14A | 2026-04-30 | 0001628280-26-028755 | CEO total compensation as printed in Red Cat Holdings, Inc.'s own proxy. As printed: 6,816,406. Filing ↗machine: t11 · r2 · c24 · span 240976–240985 |