Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-16

Red Cat Holdings, Inc. (RCAT)

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.

$6,816,406
Jeffrey Thompson total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
41.63%
Say-on-pay support, latest vote
Companies that benchmark against RCAT
No companies currently name RCAT as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jeffrey Thompson$137,500$125,000$0$6,543,000$0$0$10,906$6,816,406
Chief Executive Officer and President
Chris Ericson184,5830421,00000019,604625,187
Chief Operating Officer
Geoffrey Hitchcock230,000000000230,000
Chief Revenue Officer
Leah Lunger6,9690000006,969
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jeffrey Thompson$6,816,406$307,793$1,790,497+6,508,613
Chris Ericson625,187
Geoffrey Hitchcock230,0005,414,552−5,184,552
Leah Lunger6,969965,039206,350−958,070

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

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.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Nicholas Liuzza JrDirector2026-04-30D7,429Derivative, Class A CommonForm 4 ↗
Nicholas Liuzza JrDirector2026-04-30A7,429CommonForm 4 ↗
Joseph FreedmanDirector2026-04-30A7,429CommonForm 4 ↗
General (R) Paul E. Funk IIDirector2026-04-30A7,429CommonForm 4 ↗
General (R) Paul E. Funk IIDirector2026-04-30D7,429Derivative, Class A CommonForm 4 ↗
Christopher R. MoeDirector2026-04-30A7,429CommonForm 4 ↗
Joseph FreedmanDirector2026-04-30D7,429Derivative, Class A CommonForm 4 ↗
Christopher R. MoeDirector2026-04-30D7,429Derivative, Class A CommonForm 4 ↗
General (R) Paul E. Funk IIDirector2026-06-11D165,028121,897,822CommonForm 4 ↗
Jeffrey M. ThompsonDirector2026-07-15D150,00091,276,500CommonForm 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 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jeffrey ThompsonOPTION2023-05-15416,667
Jeffrey ThompsonOPTION2025-05-221,000,0006,543,000
Geoffrey HitchcockOPTION2024-07-1016,66768,000
Chris EricsonRSU2025-03-1150,000
Geoffrey HitchcockRSU2024-11-24575,0005,157,750
Chris EricsonRSU2025-12-0225,000421,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jeffrey Thompson$0$0$6,543,0000.0%
Geoffrey Hitchcock5,157,750068,0000.0%
Chris Ericson421,000000.0%

% 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
Geoffrey HitchcockRSU262,500$2,081,625
Chris EricsonRSU50,000396,500
Geoffrey HitchcockOption3,3340.98
Jeffrey ThompsonOption416,6671.06
Geoffrey HitchcockOption25,0001.29
Jeffrey ThompsonOption1,000,0006.73
Geoffrey HitchcockOption4,1671.27
Chris EricsonRSU25,000198,250
05

Incentive-plan design — the Compensation Discussion & Analysis

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 consultantFW Cook
Clawback policyTrue
Anti-hedgingFalse
Anti-pledgingFalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1815,194,01721,304,013761,42241.63%Failed
20222022-09-2326,712,200521,45584,55298.09%Passed
20182018-11-2959,475,56625,276,825344,17470.18%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.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1841.63%a
20222022-09-2398.09%b
20182018-11-2970.18%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.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Joseph FreedmanIndependent · Lead Independent Director · Audit$121,104$49,997$0$171,101
Christopher R. MoeIndependent · Audit (Chair) · Compensation · Nominating/Governance116,25049,9970166,247
General (R) Paul E. Funk IIIndependent · Nominating/Governance (Chair) · Audit · Compensation86,52259,99700146,518
Nicholas Liuzza JrIndependent · Compensation (Chair) · Audit · Nominating/Governance93,33349,99701143,331
Jeffrey M. ThompsonEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

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
09b

Total cost of the board

ComponentFY2025
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.

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
1Red Cat Holdings, Inc.2025Jeffrey 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.

FAQ

Frequently asked questions

Who was the highest-paid executive at Red Cat Holdings, Inc. in fiscal 2025?
The highest-paid executive at Red Cat Holdings, Inc. in fiscal 2025 was Jeffrey Thompson, who served as Chief Executive Officer and President with total compensation of $6,816,406.
How does Red Cat Holdings, Inc.'s chief executive pay compare to its disclosed peer group?
The filing does not disclose the CEO's pay percentile relative to the peer group.
What is Red Cat Holdings, Inc.'s CEO-to-median employee pay ratio?
The filing does not disclose the CEO-to-median employee pay ratio.
How did shareholders vote on Red Cat Holdings, Inc.'s executive compensation?
Shareholders cast 41.63% support in the latest vote on executive compensation.
How much does Red Cat Holdings, Inc. spend in total on board compensation for fiscal 2025?
The company reported total board compensation for fiscal 2025 was $627,198.

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, Jeffrey ThompsonDEF 14A2026-04-300001628280-26-028755Section “Summary Compensation Table”. As printed: 6,816,406. Filing ↗machine: t11 · r2 · c24 · span 240976–240985
2Section 01, Chris EricsonDEF 14A2026-04-300001628280-26-028755Section “Summary Compensation Table”. As printed: 625,187. Filing ↗machine: t11 · r10 · c24 · span 279136–279143
3Section 01, Geoffrey HitchcockDEF 14A2026-04-300001628280-26-028755Section “Summary Compensation Table”. As printed: 230,000. Filing ↗machine: t11 · r8 · c3 · span 265737–265744
4Section 01, Leah LungerDEF 14A2026-04-300001628280-26-028755Section “Summary Compensation Table”. As printed: 6,969. Filing ↗machine: t11 · r5 · c3 · span 251464–251469
5Section 03, Jeffrey Thompson OPTIONDEF 14A2026-04-300001628280-26-028755Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t12 · r3 · c3 · span 290691–290698
6Section 03, Jeffrey Thompson OPTIONDEF 14A2026-04-300001628280-26-028755Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t12 · r4 · c3 · span 294197–294206
7Section 03, Geoffrey Hitchcock OPTIONDEF 14A2026-04-300001628280-26-028755Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t12 · r7 · c2 · span 303620–303626
8Section 03, Chris Ericson RSUDEF 14A0001628280-26-028755Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t12 · r5 · c9 · span 298664–298670
9Section 03, Geoffrey Hitchcock RSUDEF 14A0001628280-26-028755Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Chris Ericson RSUDEF 14A2026-04-300001628280-26-028755Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t12 · r6 · c9 · span 301881–301887
11Section 07, pay ratio10-K2026-03-190001628280-26-019861Section “CEO Pay Ratio”. As printed: —. Filing ↗
12Section 08, Joseph FreedmanDEF 14A2026-04-300001628280-26-028755Section “Director Compensation”. As printed: 171,101. Filing ↗machine: t17 · r2 · c17 · span 446780–446787
13Section 08, Christopher R. MoeDEF 14A2026-04-300001628280-26-028755Section “Director Compensation”. As printed: 166,247. Filing ↗machine: t17 · r5 · c17 · span 457408–457415
14Section 08, General (R) Paul E. Funk IIDEF 14A2026-04-300001628280-26-028755Section “Director Compensation”. As printed: 146,518. Filing ↗machine: t17 · r3 · c17 · span 450337–450344
15Section 08, Nicholas Liuzza JrDEF 14A2026-04-300001628280-26-028755Section “Director Compensation”. As printed: 143,331. Filing ↗
16Section 08, Jeffrey M. ThompsonDEF 14A2026-04-300001628280-26-028755Section “Director Compensation”. As printed: 0. Filing ↗
17Section 02, Nicholas Liuzza Jr 2026-04-30Form 42026-05-040001493152-26-021194Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Nicholas Liuzza Jr 2026-04-30Form 42026-05-040001493152-26-021194Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Joseph Freedman 2026-04-30Form 42026-05-040001493152-26-021192Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, General (R) Paul E. Funk II 2026-04-30Form 42026-05-040001493152-26-021196Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, General (R) Paul E. Funk II 2026-04-30Form 42026-05-040001493152-26-021196Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Christopher R. Moe 2026-04-30Form 42026-05-040001493152-26-021190Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Joseph Freedman 2026-04-30Form 42026-05-040001493152-26-021192Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Christopher R. Moe 2026-04-30Form 42026-05-040001493152-26-021190Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, General (R) Paul E. Funk II 2026-06-11Form 42026-06-150001493152-26-028723Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Jeffrey M. Thompson 2026-07-15Form 42026-07-160001628280-26-048517Insider equity transaction reported since the proxy statement. Filing ↗
27Section 06, 2026 voteForm 8-K2026-06-250001628280-26-045393Item 5.07 · say-on-pay result. As reported: 41.63% (votes for as printed: 15,194,017). Filing ↗
28Section 06, 2022 voteForm 8-K2022-09-280001554795-22-000348Item 5.07 · say-on-pay result. As reported: 98.09% (votes for as printed: 521,455). Filing ↗machine: span 4329–4336
29Section 06, 2018 voteForm 8-K2018-11-300001554795-18-000365Item 5.07 · say-on-pay result. As reported: 70.18%. Filing ↗
30Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
31Section 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
32Section 09b board cost (computed)ComputedcomputedCash 417,209 + equity 209,988 + all other 1 = 627,198, summed across the director compensation table rows.machine: formula: Σ = 627,198
33Red Cat Holdings, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-300001628280-26-028755CEO 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