Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-08

WillScot Holdings (WSC)

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.

$9,890,760
Bradley Soultz total, FY2025
58th
CEO pay percentile vs peers
CEO-to-median pay ratio
97.41%
Say-on-pay support, latest vote
Companies that benchmark against WSC
4 companies name WSC as a compensation peer

Each company listed discloses WSC 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 WSC 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
Bradley Soultz$1,018,618$0$5,293,974$0$501,788$0$3,076,380$9,890,760
Chief Executive Officer
Timothy Boswell794,54602,588,1581,032,910328,411018,8824,762,907
President Chief Operating Officer
Hezron Lopez587,60501,764,6430194,501069,5222,616,271
EVP, Chief Legal & Compliance Officer & ESG
Felicia Gorcyca478,26001,351,8310118,731018,5281,967,349
EVP, Chief Human Resources Officer
Matthew Jacobsen544,29401,176,4440153,532018,5491,892,819
EVP, 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
Bradley Soultz$9,890,760$7,194,436$8,391,649+2,696,324
Timothy Boswell4,762,9073,243,2053,905,461+1,519,702
Hezron Lopez2,616,2712,711,8893,545,425−95,618
Felicia Gorcyca1,967,3492,096,236457,027−128,887
Matthew Jacobsen1,892,819

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 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Timothy BoswellPSU2025-02-2421,83243,66387,326$1,928,158
Timothy BoswellRSU2025-02-2418,713660,000
Timothy BoswellOPTION2025-09-04100,0001,032,910
Felicia GorcycaPSU2025-02-2412,75925,51751,0341,126,831
Felicia GorcycaRSU2025-02-246,379225,000
Matthew JacobsenRSU2025-02-248,506300,000
Matthew JacobsenPSU2025-02-249,92419,84739,694876,444
Hezron LopezPSU2025-02-2414,88529,77059,5401,314,643
Hezron LopezRSU2025-02-2412,759450,000
Bradley SoultzPSU2025-02-2444,65689,311178,6223,943,974
Bradley SoultzRSU2025-02-2438,2761,350,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Timothy Boswell$660,000$1,928,158$1,032,91053.2%
Felicia Gorcyca225,0001,126,831083.4%
Matthew Jacobsen300,000876,444074.5%
Hezron Lopez450,0001,314,643074.5%
Bradley Soultz1,350,0003,943,974074.5%

% 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
Matthew JacobsenRSU13,272$249,912
Felicia GorcycaRSU9,846185,400
Bradley SoultzOption408,49713.6
Bradley SoultzPSU528,7329,956,024
Timothy BoswellPSU337,5366,355,803
Bradley SoultzRSU81,8771,541,744
Hezron LopezPSU79,2081,491,487
Felicia GorcycaPSU44,472837,408
Matthew JacobsenPSU43,321815,734
Timothy BoswellRSU36,154680,780
Hezron LopezRSU24,619463,576
Timothy BoswellOption125,69113.6
Timothy BoswellOption100,00023.39
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's goal is to attract and retain experienced and talented executive officers and to motivate them to achieve the Company's short-term and long-term financial, operational, and strategic objectives that produce and promote stockholder value. The Board strongly emphasizes a pay for performance philosophy to provide incentives and accountability for executive officers in working toward the achievement of the Company's objectives.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantPay Governance
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-05162,254,2224,185,472121,61497.41%Passed
20252025-06-06163,889,1232,413,8051,646,83897.58%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
20262026-06-0597.41%a
20252025-06-0697.58%b

a. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote "AGAINST" Proposal 3 and broker non-votes will have no effect on the results of the vote on Proposal 3.”.

b. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote "AGAINST" Proposal 3 and broker non-votes will have no effect on the results of the vote on this proposal.”.

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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Worthing F. JackmanIndependent$233,077$1,385,000$1,271,350$2,889,427
Mark S. BartlettIndependent117,500150,0000267,500
Natalia N. JohnsonIndependent112,500150,0000262,500
Rebecca L. OwenIndependent102,500150,0000252,500
Gerard E. HolthausIndependent96,000150,0000246,000
Michael W. UpchurchIndependent96,000150,0000246,000
Jeff SaganskyIndependent93,500150,0000243,500
Erika T. DavisIndependent93,500150,0000243,500
Dominick ZarconeIndependent90,000150,0000240,000
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 22,500 / 15,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,034,577
Equity awards (grant-date value)$2,585,000
All other compensation$1,271,350
Total cost of the board$4,890,927

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

10

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.

10a

Peer reciprocity

Of the companies WillScot Holdings 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 WillScot Holdings.

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
1RB Global, Inc.2025James Kessler$952,055$17,816,348$0$2,250,788$21,551,858
2Iron Mountain Incorporated2025William Meaney1,195,70211,401,8322,099,9852,273,00017,047,480
3Republic Services. Inc.2025Jon Vander Ark1,302,69211,124,48901,982,66414,857,016
4Extra Space Storage Inc.2025Joseph Margolis940,00011,138,71501,616,21314,186,887
5United Rentals, Inc.2025Matthew Flannery1,187,6719,080,47401,767,65612,057,571
6WillScot Holdings2025Bradley Soultz1,018,6185,293,9740501,7889,890,760
7Lamar Advertising Company2025Sean Reilly900,0005,838,0000720,0008,463,353
8Herc Holdings Inc.2025Lawrence Silber1,056,5385,500,03701,484,0008,289,126
9Stericycle, Inc.2023Cindy Miller1,068,8604,911,95101,307,0217,290,832
10Clean Harbors, Inc.2025Eric Gerstenberg1,000,0003,197,11001,719,0005,929,422
11UniFirst Corporation2025Steven Sintros941,9011,800,2070765,2943,738,214
12Americold Realty Trust2025Robert Chambers708,0681,907,2270694,0733,524,308
13Casella Waste Systems, Inc.2025Edmond Coletta615,1341,644,3770553,6192,830,523
Air Lease Corporationnot 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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
WillScot Holdingsnot disclosedPRSU 70 · RSU 30not disclosedPay Governance
Air Lease Corporationnot disclosednot disclosednot disclosednot disclosed
Americold Realty Trustnot disclosedPSU 60 · RSU 40Yes — relative TSRMeridian Compensation Partners, LLC
Casella Waste Systems, Inc.not disclosedPSU 75 · RSU 25NoPay Governance
Clean Harbors, Inc.not disclosednot disclosedNoMeridian Compensation Partners
Extra Space Storage Inc.98.25%PSU 75 · RSU 25Yes — Relative TSRMeridian
Herc Holdings Inc.100%PSU 60 · RSU 40NoFW Cook
Iron Mountain Incorporated105.5%PSU 85 · Options 15Yes — Relative TSR vs MSCI US REIT IndexPay Governance LLC
Lamar Advertising Company80%LTIP Units 100Nonot disclosed
RB Global, Inc.153.9%PSU 75 · RSU 25Yes — rTSRFW Cook
Republic Services. Inc.91.79%PSU 80 · RSU 20NoPearl Meyer & Partners, LLC
Stericycle, Inc.94%PSU 55 · RSU 45NoPay Governance LLC
UniFirst Corporation81.3%not disclosedNoMeridian Compensation Partners
United Rentals, Inc.99.2%PSU 80 · RSU 20NoPearl Meyer & Partners, LLC

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, Bradley SoultzDEF 14A2026-04-220001647088-26-000021Section “EXECUTIVE COMPENSATION TABLES” · page 44. As printed: 9,890,760. Filing ↗
2Section 01, Timothy BoswellDEF 14A2026-04-220001647088-26-000021Section “EXECUTIVE COMPENSATION TABLES” · page 44. As printed: 4,762,907. Filing ↗
3Section 01, Hezron LopezDEF 14A2026-04-220001647088-26-000021Section “EXECUTIVE COMPENSATION TABLES” · page 44. As printed: 2,616,271. Filing ↗
4Section 01, Felicia GorcycaDEF 14A2026-04-220001647088-26-000021Section “EXECUTIVE COMPENSATION TABLES” · page 44. As printed: 1,967,349. Filing ↗
5Section 01, Matthew JacobsenDEF 14A2026-04-220001647088-26-000021Section “EXECUTIVE COMPENSATION TABLES” · page 44. As printed: 1,892,819. Filing ↗
6Section 03, Timothy Boswell PSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 902975–902984
7Section 03, Timothy Boswell RSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 904928–904935
8Section 03, Timothy Boswell OPTIONDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 907044–907053
9Section 03, Felicia Gorcyca PSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 927579–927588
10Section 03, Felicia Gorcyca RSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 929915–929922
11Section 03, Matthew Jacobsen RSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
12Section 03, Matthew Jacobsen PSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 912398–912405
13Section 03, Hezron Lopez PSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 919971–919980
14Section 03, Hezron Lopez RSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 922224–922231
15Section 03, Bradley Soultz PSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 895713–895722
16Section 03, Bradley Soultz RSUDEF 14A2026-04-220001647088-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 897666–897675
17Section 08, Worthing F. JackmanDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 2,889,427. Filing ↗machine: span 472840–472849
18Section 08, Mark S. BartlettDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 267,500. Filing ↗machine: span 462547–462554
19Section 08, Natalia N. JohnsonDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 262,500. Filing ↗machine: span 476209–476216
20Section 08, Rebecca L. OwenDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 252,500. Filing ↗machine: span 479564–479571
21Section 08, Gerard E. HolthausDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 246,000. Filing ↗machine: span 469257–469264
22Section 08, Michael W. UpchurchDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 246,000. Filing ↗machine: span 486274–486281
23Section 08, Jeff SaganskyDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 243,500. Filing ↗machine: span 482916–482923
24Section 08, Erika T. DavisDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 243,500. Filing ↗machine: span 465900–465907
25Section 08, Dominick ZarconeDEF 14A2026-04-220001647088-26-000021Section “Director Compensation”. As printed: 240,000. Filing ↗machine: span 489629–489636
26Section 06, 2026 voteForm 8-K2026-06-080001647088-26-000034Item 5.07 · say-on-pay result. As reported: 97.41% (votes for as printed: 162,254,222). Filing ↗
27Section 06, 2025 voteForm 8-K2025-06-090001647088-25-000033Item 5.07 · say-on-pay result. As reported: 97.58% (votes for as printed: 163,889,123). Filing ↗
28Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
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 1,034,577 + equity 2,585,000 + all other 1,271,350 = 4,890,927, summed across the director compensation table rows.machine: formula: Σ = 4,890,927
31RB Global, Inc., Section 10b CEO totalDEF 14A2026-03-190001140361-26-010430CEO total compensation as printed in RB Global, Inc.'s own proxy. As printed: 21,551,858. Filing ↗machine: t279 · r2 · c25 · span 1510608–1510618
32Iron Mountain Incorporated, Section 10b CEO totalDEF 14A2026-03-240001020569-26-000026CEO total compensation as printed in Iron Mountain Incorporated's own proxy. As printed: 17,047,480. Filing ↗machine: t114 · r3 · c26 · span 952014–952024
33Republic Services. Inc., Section 10b CEO totalDEF 14A2026-03-240001193125-26-121796CEO total compensation as printed in Republic Services. Inc.'s own proxy. As printed: 14,857,016. Filing ↗machine: t333 · r3 · c29 · span 1371801–1371811
34Extra Space Storage Inc., Section 10b CEO totalDEF 14A2026-04-010001289490-26-000027CEO total compensation as printed in Extra Space Storage Inc.'s own proxy. As printed: 14,186,887. Filing ↗machine: r2 · c21 · span 521873–521883
35United Rentals, Inc., Section 10b CEO totalDEF 14A2026-03-250001193125-26-124113CEO total compensation as printed in United Rentals, Inc.'s own proxy. As printed: 12,057,571. Filing ↗machine: span 1280664–1280674
36WillScot Holdings (subject), Section 10b CEO totalDEF 14A2026-04-220001647088-26-000021CEO total compensation as printed in WillScot Holdings's own proxy. As printed: 9,890,760. Filing ↗
37Lamar Advertising Company, Section 10b CEO totalDEF 14A2026-04-020001193125-26-140058CEO total compensation as printed in Lamar Advertising Company's own proxy. As printed: 8,463,353. Filing ↗machine: r5 · c22 · span 310159–310168
38Herc Holdings Inc., Section 10b CEO totalDEF 14A2026-03-270001364479-26-000076CEO total compensation as printed in Herc Holdings Inc.'s own proxy. As printed: 8,289,126. Filing ↗machine: r3 · c42 · span 424311–424320
39Stericycle, Inc., Section 10b CEO totalDEF 14A2024-04-050001140361-24-018163CEO total compensation as printed in Stericycle, Inc.'s own proxy. As printed: 7,290,832. Filing ↗machine: t119 · r1 · c19 · span 854156–854165
40Clean Harbors, Inc., Section 10b CEO totalDEF 14A2026-04-100000822818-26-000013CEO total compensation as printed in Clean Harbors, Inc.'s own proxy. As printed: 5,929,422. Filing ↗machine: r5 · c45 · span 683235–683244
41UniFirst Corporation, Section 10b CEO totalDEF 14A2025-11-240001193125-25-293727CEO total compensation as printed in UniFirst Corporation's own proxy. As printed: 3,738,214. Filing ↗
42Americold Realty Trust, Section 10b CEO totalDEF 14A2026-04-080001628280-26-024250CEO total compensation as printed in Americold Realty Trust's own proxy. As printed: 3,524,308. Filing ↗machine: r2 · c24 · span 788554–788563
43Casella Waste Systems, Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-161565CEO total compensation as printed in Casella Waste Systems, Inc.'s own proxy. As printed: 2,830,523. Filing ↗machine: t168 · r7 · c25 · span 534590–534599
44Section 10a, Iron Mountain Incorporated reciprocityDEF 14A0001020569-26-000026Iron Mountain Incorporated's most recent proxy was read; its disclosed peer group does not include WillScot Holdings. Filing ↗
45Section 10a, Casella Waste Systems, Inc. reciprocityDEF 14A0001193125-26-161565Casella Waste Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include WillScot Holdings. Filing ↗
46Section 10a, Lamar Advertising Company reciprocityDEF 14A0001193125-25-073398Lamar Advertising Company's most recent proxy was read; its disclosed peer group does not include WillScot Holdings. Filing ↗
47Section 10a, Stericycle, Inc. reciprocityDEF 14A0001140361-24-018163Stericycle, Inc.'s most recent proxy was read; its disclosed peer group does not include WillScot Holdings. Filing ↗
48Section 10a, RB Global, Inc. reciprocityDEF 14A0001140361-26-010430RB Global, Inc. names WillScot Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, United Rentals, Inc. reciprocityDEF 14A0001193125-26-124113United Rentals, Inc.'s most recent proxy was read; its disclosed peer group does not include WillScot Holdings. Filing ↗
50Section 10a, Americold Realty Trust reciprocityDEF 14A0001628280-26-024250Americold Realty Trust's most recent proxy was read; its disclosed peer group does not include WillScot Holdings. Filing ↗
51Section 10a, Clean Harbors, Inc. reciprocityDEF 14A0000822818-26-000013Clean Harbors, Inc.'s most recent proxy was read; its disclosed peer group does not include WillScot Holdings. Filing ↗
52Section 10a, Herc Holdings Inc. reciprocityDEF 14A0001364479-26-000076Herc Holdings Inc. names WillScot Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Extra Space Storage Inc. reciprocityDEF 14A0001289490-26-000027Extra Space Storage Inc.'s most recent proxy was read; its disclosed peer group does not include WillScot Holdings. Filing ↗