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Companies REPUBLIC AIRWAYS HOLDINGS INC.

REPUBLIC AIRWAYS (RJET): executive pay, fiscal 2025

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CEO total pay$4,262,081CEO David Grizzle · source
Say-on-pay support99.65%Latest vote · source
CEO vs. named peers40th pct.Of 17 peer CEOs

CEO pay, last three years

  • $4,262,081FY2025

CEO total pay was $4,262,081 in fiscal 2025; the brief holds no earlier figure for this CEO.

FY2025: salary $270,000 · bonus $0 · stock awards $3,326,400 · option awards $0

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Koscal$540,000$0$4,665,000$0$2,329,522$0$25,949$7,560,471
President and Chief Commercial Officer
Jonathan Ornstein553,846558,915191,0850450,00003,744,6155,498,461
Former Chairman and Chief Executive Officer of Mesa
Paul Kinstedt500,00002,265,00001,839,256028,9164,633,172
Senior Vice President and Chief Operating Officer
Joseph Allman500,00002,265,00001,839,256022,9734,627,229
Senior Vice President and Chief Financial Officer
Chad Pulley435,00002,346,00001,478,963024,2414,284,204
Senior Vice President, General Counsel and Secretary
David Grizzle270,00003,326,4000540,0000125,6814,262,081
Chairman and Chief Executive Officer
Michael Lotz533,333437,960149,7330352,000034,2871,507,313
Former Chief Financial Officer and President of Mesa

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 FY2024→2025
Matthew Koscal$7,560,471———
Jonathan Ornstein5,498,461—1,868,406—
Paul Kinstedt4,633,172———
Joseph Allman4,627,229———
Chad Pulley4,284,204———
David Grizzle4,262,081———
Michael Lotz1,507,313—1,526,931—

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program is designed to attract, retain, and reward capable employees who can contribute to its future success, principally by linking performance-based compensation with the attainment of key business objectives.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantExequity
Clawback policy—
Anti-hedging—
Anti-pledging—
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Matthew KoscalRSU2025-04-01——33,691—$518,400
Chad PulleyRSU2025-04-01——18,093—278,400
David GrizzleRSU2025-07-02——16,846—259,200
Michael LotzRSU2025-06-02——9,786—149,732
Jonathan OrnsteinRSU2025-06-02——12,489—191,084
Paul KinstedtRSU2025-04-01——24,059—370,200
Joseph AllmanRSU2025-04-01——24,059—370,200
Paul KinstedtPSU2025-06-01—36,94286,199—1,894,800
Joseph AllmanPSU2025-06-01—36,94286,199—1,894,800
Matthew KoscalPSU2025-06-01—80,845188,638—4,146,600
Chad PulleyPSU2025-06-01—40,31194,060—2,067,600
David GrizzlePSU2025-07-02—57,356133,829—2,941,800

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Matthew Koscal$518,400$4,146,600$088.9%
Chad Pulley278,4002,067,600088.1%
David Grizzle259,2002,941,800091.9%
Michael Lotz149,732000.0%
Jonathan Ornstein191,084000.0%
Paul Kinstedt370,2001,894,800083.7%
Joseph Allman370,2001,894,800083.7%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael LotzRSU2,515—$43,755
Jonathan OrnsteinRSU3,219—56,006
Michael LotzRSU3,562—61,985
Jonathan OrnsteinRSU4,498—78,264
David GrizzleRSU11,230—206,297
Chad PulleyRSU12,062—221,577
Michael LotzRSU13,813—240,342
Joseph AllmanRSU16,040—294,652
Paul KinstedtRSU16,040—294,652
Jonathan OrnsteinRSU17,627—306,718
Matthew KoscalRSU22,460—412,594
Joseph AllmanPSU36,942—678,630
Paul KinstedtPSU36,942—678,630
Chad PulleyPSU40,311—740,519
David GrizzlePSU57,356—1,053,621
Matthew KoscalPSU80,845—1,485,121
Joseph AllmanRSU86,199—1,583,470
Paul KinstedtRSU86,199—1,583,470
Chad PulleyRSU94,060—1,727,877
David GrizzleRSU133,829—2,458,439
Matthew KoscalRSU188,638—3,465,282
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Barry W. RidingsIndependent · Lead Independent Director · Compensation Committee (Chair)$127,500$125,400———$252,900
Glenn S. JohnsonIndependent · Audit Committee (Chair) · Not standing for re-election124,000125,400———249,400
Ruth OkedijiIndependent · Compensation Committee · Corporate Governance Committee (Chair)117,750125,400———243,150
James E. SweetnamIndependent · Audit Committee · Corporate Governance Committee113,750125,400———239,150
Michael C. LenzIndependent · Audit Committee · Corporate Governance Committee · Newly elected106,750125,400———232,150
Ellen N. ArtistIndependent · Compensation Committee · Newly elected24,5000———24,500
David GrizzleEmployee director · Board Chair00———0

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer$125,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 10,000
Stock ownership guidelineFor discussion of other policies that relate to our compensation philosophy and policies, see “The Board of Directors and Certain Governance Matters— Stock Ownership Guidelines,”

Total cost of the board

ComponentFY2025
Cash retainers and fees$614,250
Equity awards (grant-date value)$627,000
All other compensation$0
Total cost of the board$1,241,250

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

Peer group, and who names REPUBLIC AIRWAYS as a peer

Companies that benchmark against RJET

1 company names RJET as a compensation peer

Each company listed discloses RJET 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 RJET in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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.

Peer reciprocity

Of the companies REPUBLIC AIRWAYS HOLDINGS INC. 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 REPUBLIC AIRWAYS HOLDINGS INC..

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
1AAR Corp.2026John Holmes$1,115,000$4,637,894$1,159,310$2,408,400$9,867,963
2Air Lease Corporation2025John Plueger1,000,0005,313,82902,820,0009,399,534
3GATX Corporation2025Robert Lyons991,6672,281,8302,302,1051,012,0938,178,380
4RXO, Inc.2025Drew Wilkerson703,1546,339,646—529,2497,589,549
5SkyWest, Inc.2025Russell Childs595,0003,055,00002,718,9066,715,152
6Spirit Airlines, Inc.2023Edward M. Christie III745,8332,912,479—1,134,5736,601,404
7Matson, Inc.2025Matthew Cox963,6964,016,50701,231,3446,490,287
8Werner Enterprises, Inc.2025Derek Leathers974,0774,200,0000745,1066,048,549
9Forward Air Corporation2025Shawn Stewart900,0004,037,9900617,4005,561,309
10REPUBLIC AIRWAYS HOLDINGS INC.2025David Grizzle270,0003,326,4000540,0004,262,081
11Frontier Group Holdings, Inc.2025James Dempsey655,0742,699,9870872,8864,237,766
12Hub Group, Inc.2024Phillip Yeager850,0002,400,342—552,5003,964,450
13Sun Country Airlines Holdings, Inc.2024Jude Bricker649,9992,000,0000800,3133,481,966
14Allegiant Travel Company2025Gregory Anderson600,000223,496002,191,511
15Covenant Logistics Group, Inc.2025David Parker753,02100100,0001,794,678
16ArcBest Corporation2025Seth Runser575,000390,254—201,9881,234,403
—Air Transport Services Group, Inc.——————not 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.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
REPUBLIC AIRWAYS HOLDINGS INC.not disclosednot disclosednot disclosedExequity
AAR Corp.180%PSU 60 · RSU 20 · Options 20YesSemler Brossy
Air Lease Corporationnot disclosedPRSU 50 · RSU 25not disclosedExequity
Air Transport Services Group, Inc.not disclosednot disclosednot disclosednot disclosed
Allegiant Travel Companynot disclosedPSU 50 · RSU 50not disclosednot disclosed
ArcBest Corporationnot disclosedC-LTIP 60 · RSU 40not disclosedMeridian Compensation Partners, LLC
Covenant Logistics Group, Inc.not disclosedRSU 50 · PRSU 50not disclosedPearl Meyer
Forward Air Corporation68%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
Frontier Group Holdings, Inc.not disclosednot disclosednot disclosedWillis Towers Watson
GATX Corporationnot disclosednot disclosednot disclosedPay Governance LLC
Hub Group, Inc.not disclosedRSU 50 · PRSU 50NoAon
Matson, Inc.not disclosedRSU 50 · PSU 50not disclosedPay Governance LLC
RXO, Inc.not disclosedPRSU 50 · RSU 50not disclosedPearl Meyer & Partners, LLC
SkyWest, Inc.not disclosedPSU 70 · RSU 30not disclosedFrederic W. Cook & Co., Inc.
Spirit Airlines, Inc.not disclosedRSU 50 · PSU 50not disclosedKorn Ferry
Sun Country Airlines Holdings, Inc.not disclosedPSU 60 · RSU 40not disclosedMeridian Compensation Partners, LLC
Werner Enterprises, Inc.not disclosednot disclosednot disclosedFrederic W. Cook & Co.

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.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2138,417,100135,3536,97899.65%Passed
20242024-08-146,190,017901,584211,30087.29%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
20262026-05-2199.65%a
20242024-08-1487.29%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.

Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (59 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Matthew Koscal. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 28. As printed: 7,560,471. View filing ↗
  • Section 01, Jonathan Ornstein. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 28. As printed: 5,498,461. View filing ↗
  • Section 01, Paul Kinstedt. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 28. As printed: 4,633,172. View filing ↗
  • Section 01, Joseph Allman. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 28. As printed: 4,627,229. View filing ↗
  • Section 01, Chad Pulley. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 28. As printed: 4,284,204. View filing ↗
  • Section 01, David Grizzle. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 28. As printed: 4,262,081. View filing ↗
  • Section 01, Michael Lotz. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 28. As printed: 1,507,313. View filing ↗
  • Section 03, Matthew Koscal RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Chad Pulley RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, David Grizzle RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Lotz RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Jonathan Ornstein RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Paul Kinstedt RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Joseph Allman RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Paul Kinstedt PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Joseph Allman PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Koscal PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Chad Pulley PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 03, David Grizzle PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards for Fiscal Year 2025 and Transition Year” · grants of plan-based awards table. View filing ↗
  • Section 08, Barry W. Ridings. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 252,900. View filing ↗
  • Section 08, Glenn S. Johnson. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 249,400. View filing ↗
  • Section 08, Ruth Okediji. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 243,150. View filing ↗
  • Section 08, James E. Sweetnam. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 239,150. View filing ↗
  • Section 08, Michael C. Lenz. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 232,150. View filing ↗
  • Section 08, Ellen N. Artist. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 24,500. View filing ↗
  • Section 08, David Grizzle. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-26. Item 5.07 · say-on-pay result. As reported: 99.65% (votes for as printed: 38,417,100). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-08-16. Item 5.07 · say-on-pay result. As reported: 87.29% (votes for as printed: 6,190,017). View filing ↗
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 614,250 + equity 627,000 + all other 0 = 1,241,250, summed across the director compensation table rows.
  • AAR Corp., Section 10b CEO total. DEF 14A, filed 2026-08-04. CEO total compensation as printed in AAR Corp.'s own proxy. As printed: 9,867,963. View filing ↗
  • Air Lease Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Air Lease Corporation's own proxy. As printed: 9,399,534. View filing ↗
  • GATX Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in GATX Corporation's own proxy. As printed: 8,178,380. View filing ↗
  • RXO, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-30. CEO total compensation as printed in RXO, Inc.'s own proxy. As printed: 7,589,549. View filing ↗
  • SkyWest, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in SkyWest, Inc.'s own proxy. As printed: 6,715,152. View filing ↗
  • Spirit Airlines, Inc., Section 10b CEO total. DEF 14A, filed 2024-04-25. CEO total compensation as printed in Spirit Airlines, Inc.'s own proxy. As printed: 6,601,404. View filing ↗
  • Matson, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-09. CEO total compensation as printed in Matson, Inc.'s own proxy. As printed: 6,490,287. View filing ↗
  • Werner Enterprises, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Werner Enterprises, Inc.'s own proxy. As printed: 6,048,549. View filing ↗
  • Forward Air Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Forward Air Corporation's own proxy. As printed: 5,561,309. View filing ↗
  • REPUBLIC AIRWAYS HOLDINGS INC. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in REPUBLIC AIRWAYS HOLDINGS INC.'s own proxy. As printed: 4,262,081. View filing ↗
  • Frontier Group Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Frontier Group Holdings, Inc.'s own proxy. As printed: 4,237,766. View filing ↗
  • Hub Group, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-03. CEO total compensation as printed in Hub Group, Inc.'s own proxy. As printed: 3,964,450. View filing ↗
  • Sun Country Airlines Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-25. CEO total compensation as printed in Sun Country Airlines Holdings, Inc.'s own proxy. As printed: 3,481,966. View filing ↗
  • Allegiant Travel Company, Section 10b CEO total. DEF 14A, filed 2026-05-15. CEO total compensation as printed in Allegiant Travel Company's own proxy. As printed: 2,191,511. View filing ↗
  • Covenant Logistics Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Covenant Logistics Group, Inc.'s own proxy. As printed: 1,794,678. View filing ↗
  • ArcBest Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in ArcBest Corporation's own proxy. As printed: 1,234,403. View filing ↗
  • Section 10a, Hub Group, Inc. reciprocity. DEF 14A. Hub Group, Inc.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, Allegiant Travel Company reciprocity. DEF 14A. Allegiant Travel Company's most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, RXO, Inc. reciprocity. DEF 14A. RXO, Inc.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, Covenant Logistics Group, Inc. reciprocity. DEF 14A. Covenant Logistics Group, Inc.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, Air Lease Corporation reciprocity. DEF 14A. Air Lease Corporation's most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, AAR Corp. reciprocity. DEF 14A. AAR Corp.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, Werner Enterprises, Inc. reciprocity. DEF 14A. Werner Enterprises, Inc.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, Forward Air Corporation reciprocity. DEF 14A. Forward Air Corporation's most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, Frontier Group Holdings, Inc. reciprocity. DEF 14A. Frontier Group Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, Matson, Inc. reciprocity. DEF 14A. Matson, Inc.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, Sun Country Airlines Holdings, Inc. reciprocity. DEF 14A. Sun Country Airlines Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, ArcBest Corporation reciprocity. DEF 14A. ArcBest Corporation's most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
  • Section 10a, SkyWest, Inc. reciprocity. DEF 14A. SkyWest, Inc.'s most recent proxy was read; its disclosed peer group does not include REPUBLIC AIRWAYS HOLDINGS INC.. View filing ↗
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