How Miller was paid
$1.7M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Pension | Other | Total |
|---|---|---|---|---|---|---|
| Adolphus B. BakerBoard Chair | $489,250 | $332,956 | $107,991 | — | $96,122 | $1,026,319 |
| Sherman L. MillerPresident/CEO | $456,731 | $874,874 | $179,361 | $35,113 | $146,681 | $1,692,760 |
| Max P. BowmanVP/CFO/ Treasurer/ Secretary | $335,577 | $648,687 | $137,243 | $170,540 | $109,471 | $1,401,518 |
| Robert L. Holladay, Jr.VP/General Counsel | $300,577 | $580,000 | $122,397 | $32,956 | $92,974 | $1,128,904 |
| Michael T. WaltersVP/COO | $296,154 | $555,481 | $116,128 | — | $152,512 | $1,120,275 |
What changed and why
- $1.7M$1,692,760: CEO total compensation increased from $1,107,975 in 2024.
- $875K$874,874: CEO bonus exceeded his $456,731 salary.
- April 2025: The Company entered severance and change-in-control agreements with four executives.
- Three-year RSAs: 2025 awards vest fully on the third anniversary, generally subject to continued employment.
- $500K$500,000: SERP participants are eligible for retirement benefits paid in ten annual installments of $50,000.
Other Cal-Maine Foods proxy statements
- 2026 proxy statement
Sherman L. Miller paid $2.1M (+25% on the year), pay ratio 50:1.
Filed Aug 18, 2026
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.