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.
This is the complete answer, not a partial one — the list is never padded.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Jon Stenberg | $500,000 | $0 | $450,000 | $0 | $460,000 | $0 | $77,735 | $1,487,735 |
| Chief Executive Officer and President | ||||||||
| Jeffery Conklin | 442,900 | 0 | 200,000 | 0 | 195,500 | 0 | 11,273 | 849,673 |
| Chief Financial Officer, Chief Investment Officer and Treasurer | ||||||||
| Sheryl Kinlaw | 360,500 | 0 | 175,000 | 0 | 172,500 | 0 | 13,200 | 721,200 |
| Chief Legal Officer and Secretary | ||||||||
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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Jon Stenberg | $1,487,735 | — | — | — |
| Jeffery Conklin | 849,673 | — | — | — |
| Sheryl Kinlaw | 721,200 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Jon Stenberg | RSU | 90,498 | — | $437,105 |
| Sheryl Kinlaw | RSU | 52,153 | — | 251,899 |
| Jeffery Conklin | RSU | 49,901 | — | 241,022 |
| Jon Stenberg | PSU | 45,696 | — | 220,712 |
| Jon Stenberg | RSU | 40,619 | — | 196,190 |
| Jon Stenberg | RSU | 39,560 | — | 191,075 |
| Jon Stenberg | PSU | 29,670 | — | 143,306 |
| Jeffery Conklin | PSU | 28,037 | — | 135,419 |
| Sheryl Kinlaw | PSU | 24,533 | — | 118,494 |
| Jeffery Conklin | RSU | 17,582 | — | 84,921 |
| Sheryl Kinlaw | RSU | 15,384 | — | 74,305 |
| Jeffery Conklin | PSU | 13,187 | — | 63,693 |
| Sheryl Kinlaw | PSU | 11,538 | — | 55,729 |
| Jeffery Conklin | RSU | 9,668 | — | 46,696 |
| Sheryl Kinlaw | RSU | 8,536 | — | 41,229 |
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | — |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-16 | 8,766,665 | 83,841 | 37,327 | 99.05% | Passed |
| 2025 | 2025-06-17 | 2,796,164 | 465,160 | 216,599 | 85.74% | Passed |
| 2024 | 2024-06-18 | 4,983,332 | 514,843 | 39,363 | 90.64% | Passed |
| 2022 | 2022-06-07 | 7,249,687 | 149,620 | 34,379 | 97.98% | Passed |
| 2021 | 2021-06-01 | 5,399,142 | 1,667,283 | 36,459 | 76.41% | Passed |
| 2020 | 2020-06-02 | 3,043,036 | 3,755,408 | 697,752 | 44.76% | Failed |
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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-16 | 99.05%a |
| 2025 | 2025-06-17 | 85.74%b |
| 2024 | 2024-06-18 | 90.64%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. 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.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Cynthia H. DavisIndependent · Nominating and Corporate Governance (Chair) · Compensation | $115,000 | $40,000 | — | — | — | $155,000 |
| Dr. Terry S. ManessIndependent · Audit | 115,000 | 40,000 | — | — | — | 155,000 |
| Jerry D. Davis JrIndependent · Board Chair · Compensation · Investment | 115,000 | 40,000 | — | — | — | 155,000 |
| Christopher W. ClausIndependent · Investment · Compensation | 115,000 | 40,000 | — | — | — | 155,000 |
| J. Keith MorganIndependent · Investment · Nominating and Corporate Governance | 105,000 | 40,000 | — | — | — | 145,000 |
| Mary TaylorIndependent · Audit · Nominating and Corporate Governance · Compensation | 105,000 | 40,000 | — | — | — | 145,000 |
| Peter M. CarlsonIndependent · Audit · Compensation | 56,875 | 40,000 | — | — | — | 96,875 |
| Gerald W. ShieldsIndependent | 33,542 | 0 | — | — | — | 33,542 |
| Michael HarwoodIndependent | 16,188 | 0 | — | — | — | 16,188 |
| Jon StenbergEmployee director | — | — | — | — | — | 0 |
| Annual cash retainer | $105,000 |
|---|---|
| Annual equity retainer | $40,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $776,605 |
| Equity awards (grant-date value) | $280,000 |
| All other compensation | $0 |
| Total cost of the board | $1,056,605 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Citizens 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 Citizens.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Palomar Holdings, Inc. | 2025 | Mac Armstrong | $1,243,269 | $3,862,330 | $0 | $3,843,298 | $8,961,148 |
| 2 | HCI Group, Inc. | 2025 | Paresh Patel | 950,000 | 0 | 0 | 0 | 8,236,000 |
| 3 | Stewart Information Services Corporation | 2025 | Frederick Eppinger | 1,100,000 | 4,399,910 | 0 | 2,206,174 | 7,865,929 |
| 4 | Heritage Insurance Holdings, Inc. | 2025 | Ernie Garateix | 875,500 | 2,757,824 | 0 | 1,663,450 | 5,341,897 |
| 5 | Universal Insurance Holdings, Inc. | 2025 | Stephen Donaghy | 1,000,000 | 1,750,014 | 0 | 2,406,844 | 5,240,829 |
| 6 | PRA Group, Inc. | 2025 | Martin Sjolund | 746,829 | 3,312,393 | 0 | 827,781 | 4,938,095 |
| 7 | Regional Management Corp. | 2025 | Robert Beck | 680,000 | 2,999,995 | 0 | 1,021,020 | 4,824,409 |
| 8 | Safety Insurance Group, Inc. | 2025 | George Murphy | 850,000 | 1,100,000 | 0 | 1,476,880 | 4,187,838 |
| 9 | Global Indemnity Group, LLC | 2025 | Joseph Brown | 1,000,000 | 0 | 494,500 | 0 | 4,001,790 |
| 10 | World Acceptance Corporation | 2026 | J. Tobin Turner | 364,662 | 2,564,635 | 0 | 0 | 2,961,396 |
| 11 | American Coastal Insurance Corporation | 2025 | B. Bradford Martz | 681,042 | 787,500 | 262,500 | 945,000 | 2,811,555 |
| 12 | Medallion Financial Corp. | 2024 | Alvin Murstein | 926,324 | 398,319 | 0 | 1,154,750 | 2,594,638 |
| 13 | AMERISAFE, Inc. | 2025 | G. Janelle Frost | 803,146 | 896,500 | 0 | 622,090 | 2,369,553 |
| 14 | Atlantic American Corporation | 2024 | Hilton Howell, Jr. | 594,792 | 0 | — | — | 1,559,908 |
| 15 | Citizens | 2025 | Jon Stenberg | 500,000 | 450,000 | 0 | 460,000 | 1,487,735 |
| 16 | NI Holdings, Inc. | 2025 | Cindy Launer | 167,614 | 187,493 | 0 | 240,000 | 712,516 |
| — | Consumer Portfolio Services, 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.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Citizens | not disclosed | PSU 60 · RSU 40 | not disclosed | not disclosed |
| American Coastal Insurance Corporation | 135% | PSU 50 · Options 25 · RSU 25 | No | Pay Governance LLC |
| AMERISAFE, Inc. | 95% | PSU 70 · RSU 30 | No | AON |
| Atlantic American Corporation | not disclosed | not disclosed | not disclosed | None - Company explicitly states they have not engaged a compensation consultant due to controlled company status |
| Consumer Portfolio Services, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Global Indemnity Group, LLC | 76% | Options 100 | not disclosed | not disclosed |
| HCI Group, Inc. | not disclosed | RSU 100 | not disclosed | not disclosed |
| Heritage Insurance Holdings, Inc. | 158% | PSU 62 · RSU 38 | No | not disclosed |
| Medallion Financial Corp. | 143.28% | RSU 50 · PSU 50 | No | Meridian |
| NI Holdings, Inc. | not disclosed | RSU 100 | not disclosed | Meridian |
| Palomar Holdings, Inc. | 176% | PSU 50 · RSU 50 | No | Pay Governance |
| PRA Group, Inc. | not disclosed | PSU 50 · RSU 50 | Yes — Relative TSR | Pearl Meyer |
| Regional Management Corp. | not disclosed | PSU 50 · RSU 50 | Yes — relative TSR | Frederic W. Cook & Co., Inc. (FW Cook) |
| Safety Insurance Group, Inc. | 139% | PSU 55 · RSU 45 | No | Pay Governance |
| Stewart Information Services Corporation | 114.6% | PSU 50 · RSU 50 | No | Mercer (US) LLC |
| Universal Insurance Holdings, Inc. | 160.5% | PSU 50 · RSU 50 | No | not disclosed |
| World Acceptance Corporation | not disclosed | not disclosed | No | not disclosed |
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Jon Stenberg | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Compensation Tables” · page 38. As printed: 1,487,735. Filing ↗machine: span 554375–554384 |
| 2 | Section 01, Jeffery Conklin | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Compensation Tables” · page 38. As printed: 849,673. Filing ↗machine: span 559704–559711 |
| 3 | Section 01, Sheryl Kinlaw | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Compensation Tables” · page 38. As printed: 721,200. Filing ↗machine: span 565051–565058 |
| 4 | Section 08, Cynthia H. Davis | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 155,000. Filing ↗machine: span 269119–269126 |
| 5 | Section 08, Dr. Terry S. Maness | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 155,000. Filing ↗machine: span 272474–272481 |
| 6 | Section 08, Jerry D. Davis Jr | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 155,000. Filing ↗machine: span 270239–270246 |
| 7 | Section 08, Christopher W. Claus | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 155,000. Filing ↗machine: span 268002–268009 |
| 8 | Section 08, J. Keith Morgan | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 145,000. Filing ↗machine: span 273590–273597 |
| 9 | Section 08, Mary Taylor | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 145,000. Filing ↗machine: span 275935–275942 |
| 10 | Section 08, Peter M. Carlson | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 96,875. Filing ↗machine: span 266882–266888 |
| 11 | Section 08, Gerald W. Shields | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 33,542. Filing ↗machine: span 274144–274150 |
| 12 | Section 08, Michael Harwood | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 16,188. Filing ↗machine: span 270791–270797 |
| 13 | Section 08, Jon Stenberg | DEF 14A | 2026-04-30 | 0000024090-26-000019 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 14 | Section 06, 2026 vote | Form 8-K | 2026-06-18 | 0000024090-26-000036 | Item 5.07 · say-on-pay result. As reported: 99.05% (votes for as printed: 8,766,665). Filing ↗ |
| 15 | Section 06, 2025 vote | Form 8-K | 2025-06-20 | 0000024090-25-000096 | Item 5.07 · say-on-pay result. As reported: 85.74% (votes for as printed: 2,796,164 80%). Filing ↗ |
| 16 | Section 06, 2024 vote | Form 8-K | 2024-06-20 | 0000024090-24-000109 | Item 5.07 · say-on-pay result. As reported: 90.64% (votes for as printed: 4,983,332). Filing ↗ |
| 17 | Section 09b board cost (computed) | Computed | — | computed | Cash 776,605 + equity 280,000 + all other 0 = 1,056,605, summed across the director compensation table rows.machine: formula: Σ = 1,056,605 |
| 18 | Palomar Holdings, Inc., Section 10b CEO total | DEF 14A | 2026-04-10 | 0002071876-26-000105 | CEO total compensation as printed in Palomar Holdings, Inc.'s own proxy. As printed: 8,961,148. Filing ↗machine: r1 · c6 · span 800817–800826 |
| 19 | HCI Group, Inc., Section 10b CEO total | DEF 14A | 2026-04-29 | 0001193125-26-191649 | CEO total compensation as printed in HCI Group, Inc.'s own proxy. As printed: 8,236,000. Filing ↗machine: span 700093–700102 |
| 20 | Stewart Information Services Corporation, Section 10b CEO total | DEF 14A | 2026-03-25 | 0001104659-26-034511 | CEO total compensation as printed in Stewart Information Services Corporation's own proxy. As printed: 7,865,929. Filing ↗machine: span 772754–772763 |
| 21 | Heritage Insurance Holdings, Inc., Section 10b CEO total | DEF 14A | 2026-04-30 | 0001193125-26-197339 | CEO total compensation as printed in Heritage Insurance Holdings, Inc.'s own proxy. As printed: 5,341,897. Filing ↗machine: r2 · c27 · span 259277–259286 |
| 22 | Universal Insurance Holdings, Inc., Section 10b CEO total | DEF 14A | 2026-04-24 | 0001193125-26-177529 | CEO total compensation as printed in Universal Insurance Holdings, Inc.'s own proxy. As printed: 5,240,829. Filing ↗machine: span 525027–525036 |
| 23 | PRA Group, Inc., Section 10b CEO total | DEF 14A | 2026-04-30 | 0001185348-26-000012 | CEO total compensation as printed in PRA Group, Inc.'s own proxy. As printed: 4,938,095. Filing ↗machine: r3 · c18 · span 716564–716573 |
| 24 | Regional Management Corp., Section 10b CEO total | DEF 14A | 2026-04-09 | 0001519401-26-000005 | CEO total compensation as printed in Regional Management Corp.'s own proxy. As printed: 4,824,409. Filing ↗machine: t16 · r4 · c23 · span 304618–304627 |
| 25 | Safety Insurance Group, Inc., Section 10b CEO total | DEF 14A | 2026-03-31 | 0001172052-26-000009 | CEO total compensation as printed in Safety Insurance Group, Inc.'s own proxy. As printed: 4,187,838. Filing ↗machine: t51 · r5 · c16 · span 552394–552403 |
| 26 | Global Indemnity Group, LLC, Section 10b CEO total | DEF 14A | 2026-04-29 | 0001193125-26-191942 | CEO total compensation as printed in Global Indemnity Group, LLC's own proxy. As printed: 4,001,790. Filing ↗machine: r2 · c38 · span 274562–274571 |
| 27 | World Acceptance Corporation, Section 10b CEO total | DEF 14A | 2026-07-22 | 0000108385-26-000029 | CEO total compensation as printed in World Acceptance Corporation's own proxy. As printed: 2,961,396. Filing ↗machine: r18 · c27 · span 390709–390718 |
| 28 | American Coastal Insurance Corporation, Section 10b CEO total | DEF 14A | 2026-04-01 | 0001401521-26-000023 | CEO total compensation as printed in American Coastal Insurance Corporation's own proxy. As printed: 2,811,555. Filing ↗machine: span 939420–939429 |
| 29 | Medallion Financial Corp., Section 10b CEO total | DEF 14A | 2025-04-30 | 0000950170-25-061067 | CEO total compensation as printed in Medallion Financial Corp.'s own proxy. As printed: 2,594,638. Filing ↗machine: span 1126216–1126225 |
| 30 | AMERISAFE, Inc., Section 10b CEO total | DEF 14A | 2026-04-24 | 0001193125-26-177410 | CEO total compensation as printed in AMERISAFE, Inc.'s own proxy. As printed: 2,369,553. Filing ↗machine: span 978221–978230 |
| 31 | Atlantic American Corporation, Section 10b CEO total | DEF 14A | 2025-03-25 | 0001140361-25-010255 | CEO total compensation as printed in Atlantic American Corporation's own proxy. As printed: 1,559,908. Filing ↗machine: t23 · span 186123–186132 |
| 32 | Citizens (subject), Section 10b CEO total | DEF 14A | 2026-04-30 | 0000024090-26-000019 | CEO total compensation as printed in Citizens's own proxy. As printed: 1,487,735. Filing ↗machine: span 554375–554384 |
| 33 | NI Holdings, Inc., Section 10b CEO total | DEF 14A | 2026-04-08 | 0002077096-26-000051 | CEO total compensation as printed in NI Holdings, Inc.'s own proxy. As printed: 712,516. Filing ↗machine: r1 · c14 · span 896293–896300 |
| 34 | Section 10a, HCI Group, Inc. reciprocity | DEF 14A | — | 0001193125-26-191649 | HCI Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 35 | Section 10a, AMERISAFE, Inc. reciprocity | DEF 14A | — | 0001193125-26-177410 | AMERISAFE, Inc.'s most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 36 | Section 10a, Regional Management Corp. reciprocity | DEF 14A | — | 0001519401-26-000005 | Regional Management Corp.'s most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 37 | Section 10a, Stewart Information Services Corporation reciprocity | DEF 14A | — | 0001104659-26-034511 | Stewart Information Services Corporation's most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 38 | Section 10a, Safety Insurance Group, Inc. reciprocity | DEF 14A | — | 0001172052-26-000009 | Safety Insurance Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 39 | Section 10a, Medallion Financial Corp. reciprocity | DEF 14A | — | 0000950170-25-061067 | Medallion Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 40 | Section 10a, Global Indemnity Group, LLC reciprocity | DEF 14A | — | 0001193125-26-191942 | Global Indemnity Group, LLC's most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 41 | Section 10a, PRA Group, Inc. reciprocity | DEF 14A | — | 0001185348-26-000012 | PRA Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 42 | Section 10a, NI Holdings, Inc. reciprocity | DEF 14A | — | 0002077096-26-000051 | NI Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |
| 43 | Section 10a, American Coastal Insurance Corporation reciprocity | DEF 14A | — | 0001401521-26-000023 | American Coastal Insurance Corporation's most recent proxy was read; its disclosed peer group does not include Citizens. Filing ↗ |