Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-22

Rex American Resources (REX)

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.

$5,275,200
Zafar Rizvi total, FY2025
CEO pay percentile vs peers
73.4:1
CEO-to-median pay ratio
96.91%
Say-on-pay support, latest vote
Companies that benchmark against REX
4 companies name REX as a compensation peer

Each company listed discloses REX 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 REX 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
Zafar Rizvi$275,000$0$1,250,000$0$3,750,000$0$200$5,275,200
Chief Executive Officer and President
Douglas Bruggeman300,0000625,00001,875,00002002,800,200
Vice President-Finance, Chief Financial Officer and Treasurer
Stuart Rose225,0000625,00001,875,000002,725,000
Executive Chairman of the Board

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
Zafar Rizvi$5,275,200
Douglas Bruggeman2,800,200
Stuart Rose2,725,000

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
Douglas BruggemanCFO, VP-Finance, Treasurer2026-06-02D3,000$48$144,600CommonForm 4 ↗
Douglas BruggemanCFO, VP-Finance, Treasurer2026-06-02D2,08650103,257CommonForm 4 ↗
Stuart A. RoseDirector2026-06-08D13,58445614,396CommonForm 4 ↗
Stuart A. RoseDirector2026-06-10D1,1294550,267CommonForm 4 ↗
Stuart A. RoseDirector2026-06-11D7664433,811CommonForm 4 ↗
David S. HarrisDirector2026-06-15A3,14400CommonForm 4 ↗
Douglas BruggemanCFO, VP-Finance, Treasurer2026-06-15A20,75800CommonForm 4 ↗
Douglas BruggemanCFO, VP-Finance, Treasurer2026-06-15A28,50800CommonForm 4 ↗
Zafar RizviDirector2026-06-15D13,83843594,619CommonForm 4 ↗
Lee I. FisherDirector2026-06-15A2,09600CommonForm 4 ↗
Zafar RizviDirector2026-06-15A70,98000CommonForm 4 ↗
Edward M. KressDirector2026-06-15A2,32700CommonForm 4 ↗
Edward M. KressDirector2026-06-15A2,09600CommonForm 4 ↗
Anne C. MacMillanDirector2026-06-15A2,32700CommonForm 4 ↗
Stuart A. RoseDirector2026-06-15D19,21143825,497CommonForm 4 ↗
Lee I. FisherDirector2026-06-15A2,32700CommonForm 4 ↗
David S. HarrisDirector2026-06-15A2,90900CommonForm 4 ↗
Mervyn L. AlphonsoDirector2026-06-15A2,32700CommonForm 4 ↗
Anne C. MacMillanDirector2026-06-15A2,09600CommonForm 4 ↗
Cheryl L. BustosDirector2026-06-15A2,09600CommonForm 4 ↗
Cheryl L. BustosDirector2026-06-15A2,32700CommonForm 4 ↗
Zafar RizviDirector2026-06-15A41,51400CommonForm 4 ↗
Stuart A. RoseDirector2026-06-15A23,06400CommonForm 4 ↗
Stuart A. RoseDirector2026-06-15A28,50800CommonForm 4 ↗
Mervyn L. AlphonsoDirector2026-06-15A2,09600CommonForm 4 ↗
Charles A. ElcanDirector2026-06-15A2,09600CommonForm 4 ↗
Charles A. ElcanDirector2026-06-15A2,32700CommonForm 4 ↗
Stuart A. RoseDirector2026-06-17D69,335443,034,751CommonForm 4 ↗
Stuart A. RoseDirector2026-06-18D15,18644662,770CommonForm 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
Douglas BruggemanPSU$625,000
Stuart RosePSU625,000
Zafar RizviPSU1,250,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Douglas Bruggeman$0$625,000$0100.0%
Stuart Rose0625,0000100.0%
Zafar Rizvi01,250,0000100.0%

% 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
Zafar RizviPSU69,894$2,363,116
Stuart RosePSU22,164749,365
Douglas BruggemanPSU34,9481,181,592
05

Incentive-plan design — the Compensation Discussion & Analysis

We believe the compensation policies and practices for our employees do not encourage excessive or inappropriate risk taking and are not reasonably likely to have a material adverse effect on the Company. Our compensation program consists of fixed and variable components. The fixed portion, base salary, provides stable income regardless of Company performance or stock price. The variable portion, annual incentive and restricted stock awards, rewards both short-term and long-term corporate performance.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantIndependent compensation consultant (unnamed in provided proxy sections; referenced in 2026 Plan section as 'its independent compensation consultant')
Clawback policyTrue
Anti-hedging
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2826,834,576854,97442,45296.91%Passed
20252025-06-0411,786,8202,197,52917,13484.29%Passed
20242024-06-1113,940,829410,073678,58097.14%Passed
20232023-06-1515,146,809123,1519,57499.19%Passed
20222022-06-164,872,70098,7772,09098.01%Passed
20212021-06-164,357,69996,2444,11797.84%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
20262026-05-2896.91%a
20252025-06-0484.29%b
20242024-06-1197.14%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect.”.

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)73.4 : 1
CEO total compensation$5,275,200
Median employee compensation$71,880
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David S. HarrisIndependent · Lead Independent Director · Audit (Chair) · Compensation$95,000$75,000$0$0$0$170,000
Mervyn L. AlphonsoIndependent · Audit · Nominating/Corporate Governance (Chair)85,00050,000000135,000
Anne C. MacMillanIndependent · Compensation (Chair)85,00050,000000135,000
Lee I. FisherIndependent · Compensation75,00050,000000125,000
Charles A. ElcanIndependent · Audit · Compensation75,00050,000000125,000
Cheryl L. BustosIndependent · Nominating/Governance70,00050,000000120,000
Edward M. KressNot independent50,00000050,000
Stuart A. RoseEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$70,000
Annual equity retainer$50,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 10,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$485,000
Equity awards (grant-date value)$375,000
All other compensation$0
Total cost of the board$860,000

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
1Rex American Resources2025Zafar Rizvi$275,000$1,250,000$0$3,750,000$5,275,200

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.

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, Zafar RizviDEF 14A2026-04-150000930413-26-001049Section “Summary Compensation Table”. As printed: 5,275,200. Filing ↗machine: r1 · c6 · span 126010–126020
2Section 01, Douglas BruggemanDEF 14A2026-04-150000930413-26-001049Section “Summary Compensation Table”. As printed: 2,800,200. Filing ↗machine: r4 · c6 · span 129869–129879
3Section 01, Stuart RoseDEF 14A2026-04-150000930413-26-001049Section “Summary Compensation Table”. As printed: 2,725,000. Filing ↗machine: r7 · c6 · span 133713–133723
4Section 03, Douglas Bruggeman PSUDEF 14A2026-04-150000930413-26-001049Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t58 · r6 · c9 · span 153736–153743
5Section 03, Stuart Rose PSUDEF 14A2026-04-150000930413-26-001049Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t58 · r9 · c9 · span 159898–159905
6Section 03, Zafar Rizvi PSUDEF 14A2026-04-150000930413-26-001049Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t58 · r3 · c9 · span 147564–147573
7Section 07, pay ratioDEF 14A2026-04-150000930413-26-001049Section “CEO Pay Ratio”. As printed: 73.4 : 1. Filing ↗
8Section 08, David S. HarrisDEF 14A2026-04-150000930413-26-001049Section “Director Compensation”. As printed: 170,000. Filing ↗machine: t75 · r3 · c3 · span 203054–203062
9Section 08, Mervyn L. AlphonsoDEF 14A2026-04-150000930413-26-001049Section “Director Compensation”. As printed: 135,000. Filing ↗machine: t75 · r4 · c3 · span 203894–203902
10Section 08, Anne C. MacMillanDEF 14A2026-04-150000930413-26-001049Section “Director Compensation”. As printed: 135,000. Filing ↗machine: t75 · r6 · c3 · span 205568–205576
11Section 08, Lee I. FisherDEF 14A2026-04-150000930413-26-001049Section “Director Compensation”. As printed: 125,000. Filing ↗machine: t75 · r5 · c3 · span 204729–204737
12Section 08, Charles A. ElcanDEF 14A2026-04-150000930413-26-001049Section “Director Compensation”. As printed: 125,000. Filing ↗machine: t75 · r2 · c3 · span 202217–202225
13Section 08, Cheryl L. BustosDEF 14A2026-04-150000930413-26-001049Section “Director Compensation”. As printed: 120,000. Filing ↗machine: t75 · r7 · c3 · span 206406–206414
14Section 08, Edward M. KressDEF 14A2026-04-150000930413-26-001049Section “Director Compensation”. As printed: 50,000. Filing ↗machine: t75 · r1 · c2 · span 201176–201182
15Section 08, Stuart A. RoseDEF 14A2026-04-150000930413-26-001049Section “Director Compensation”. As printed: 0. Filing ↗
16Section 02, Douglas Bruggeman 2026-06-02Form 42026-06-030001236077-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Douglas Bruggeman 2026-06-02Form 42026-06-030001236077-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Stuart A. Rose 2026-06-08Form 42026-06-100000936969-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Stuart A. Rose 2026-06-10Form 42026-06-110000936969-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Stuart A. Rose 2026-06-11Form 42026-06-150000936969-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, David S. Harris 2026-06-15Form 42026-06-170001213622-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Douglas Bruggeman 2026-06-15Form 42026-06-170001236077-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Douglas Bruggeman 2026-06-15Form 42026-06-170001236077-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Zafar Rizvi 2026-06-15Form 42026-06-170001328854-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Lee I. Fisher 2026-06-15Form 42026-06-170001224366-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Zafar Rizvi 2026-06-15Form 42026-06-170001328854-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Edward M. Kress 2026-06-15Form 42026-06-170001233683-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Edward M. Kress 2026-06-15Form 42026-06-170001233683-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Anne C. MacMillan 2026-06-15Form 42026-06-170001779741-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Stuart A. Rose 2026-06-15Form 42026-06-170000936969-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Lee I. Fisher 2026-06-15Form 42026-06-170001224366-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, David S. Harris 2026-06-15Form 42026-06-170001213622-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Mervyn L. Alphonso 2026-06-15Form 42026-06-170001386806-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Anne C. MacMillan 2026-06-15Form 42026-06-170001779741-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Cheryl L. Bustos 2026-06-15Form 42026-06-170001965986-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Cheryl L. Bustos 2026-06-15Form 42026-06-170001965986-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Zafar Rizvi 2026-06-15Form 42026-06-170001328854-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Stuart A. Rose 2026-06-15Form 42026-06-170000936969-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Stuart A. Rose 2026-06-15Form 42026-06-170000936969-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Mervyn L. Alphonso 2026-06-15Form 42026-06-170001386806-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Charles A. Elcan 2026-06-15Form 42026-06-170001234607-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Charles A. Elcan 2026-06-15Form 42026-06-170001234607-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Stuart A. Rose 2026-06-17Form 42026-06-180000936969-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Stuart A. Rose 2026-06-18Form 42026-06-220000936969-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
45Section 06, 2026 voteForm 8-K2026-06-030000930413-26-001789Item 5.07 · say-on-pay result. As reported: 96.91% (votes for as printed: 26,834,576). Filing ↗
46Section 06, 2025 voteForm 8-K2025-06-050000930413-25-001949Item 5.07 · say-on-pay result. As reported: 84.29% (votes for as printed: 11,786,820). Filing ↗
47Section 06, 2024 voteForm 8-K2024-06-140000930413-24-001873Item 5.07 · say-on-pay result. As reported: 97.14% (votes for as printed: 13,940,829). Filing ↗
48Section 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
49Section 09b board cost (computed)ComputedcomputedCash 485,000 + equity 375,000 + all other 0 = 860,000, summed across the director compensation table rows.machine: formula: Σ = 860,000
50Rex American Resources (subject), Section 10b CEO totalDEF 14A2026-04-150000930413-26-001049CEO total compensation as printed in Rex American Resources's own proxy. As printed: 5,275,200. Filing ↗machine: r1 · c6 · span 126010–126020