Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-14

Mercury General (MCY)

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.

$5,590,472
Gabriel Tirador total, FY2025
CEO pay percentile vs peers
62:1
CEO-to-median pay ratio
98.54%
Say-on-pay support, latest vote
Companies that benchmark against MCY
7 companies name MCY as a compensation peer

Each company listed discloses MCY 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 MCY 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
Gabriel Tirador$1,344,706$0$1,703,470$0$2,498,269$0$44,027$5,590,472
Chief Executive Officer
Wei Pang700,134299,364685,8210812,015013,5302,510,864
Vice President and Chief Technology Officer
Victor Joseph815,5240702,5110946,954013,4502,478,439
President and Chief Operating Officer
George Joseph1,320,52554,8131,003,70301,226,672020,0162,478,439
Chairman of the Board
Theodore Stalick882,1800670,5260819,481013,4502,385,637
Senior Vice President and 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
Gabriel Tirador$5,590,472$3,678,591+1,911,881
Wei Pang2,510,8641,998,033+512,831
Victor Joseph2,478,4393,595,477−1,117,038
George Joseph2,478,439
Theodore Stalick2,385,6372,055,383+330,254

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
Dividend-equivalent accruals2026-04-201,6602 insiders, 2 accrual rows

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.

View all 2 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Barnaby Joel NardellaChief Claims Officer2026-04-20A1,580.61$0$0Derivative, Class A CommonForm 4 ↗
Charles ToneyVP - Actuary2026-04-20A79.6500Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
George JosephPSU2025-02-2119,21728,8251,003,703$328,867
Gabriel TiradorPSU2025-02-21669,7772,679,108669,777
Theodore StalickPSU2025-02-21219,700878,800219,700
Wei PangPSU2025-02-21217,699870,794217,699
Victor JosephPSU2025-02-21253,8751,015,500253,875
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
George Joseph$0$328,867$0100.0%
Gabriel Tirador0669,7770100.0%
Theodore Stalick0219,7000100.0%
Wei Pang0217,6990100.0%
Victor Joseph0253,8750100.0%

% 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
JosephPSU19,217$1,807,549
Theodore StalickPSU11,0001,034,636
Gabriel TiradorPSU13,0461,227,098
Wei PangPSU8,461795,873
Gabriel TiradorPSU19,5691,840,647
Theodore StalickPSU8,559805,025
JosephPSU9,494893,039
JosephPSU3,956372,099
JosephPSU23,5272,212,904
Wei PangPSU1,831172,269
JosephPSU11,7161,101,979
Gabriel TiradorPSU23,9792,255,443
Wei PangPSU6,817641,235
Theodore StalickPSU4,279402,512
Wei PangPSU3,409320,617
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's executive compensation program is designed to be simple and clear and understandable to employees and investors. The Company seeks to attract, motivate and build the long-term commitment of talented executives and to reward and encourage activities that promote the achievement of premium growth while managing costs and losses to maximize underwriting income and ultimately increase shareholder value.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantNone disclosed
Clawback policytrue
Anti-hedging
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1340,328,913568,70128,08698.54%Passed
20252025-05-1440,255,122958,25123,90197.62%Passed
20242024-05-0847,505,3551,808,66659,14596.22%Passed
20232023-05-1045,047,4142,895,38965,56593.83%Passed
20222022-05-1145,015,5552,712,83976,92294.16%Passed
20212021-05-1244,777,6043,368,97151,81592.9%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
20262026-05-1398.54%a
20252025-05-1497.62%b
20242024-05-0896.22%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will be considered shares entitled to vote in the tabulation of votes cast on this proposal, and will have the same effect as negative votes.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will be considered shares entitled to vote in the tabulation of votes cast on this proposal, and will have the same effect as negative votes.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will be considered shares entitled to vote in the tabulation of votes cast on this proposal, and will have the same effect as negative votes.”.

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)62 : 1
CEO total compensation$5,590,472
Median employee compensation$90,662
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Gabriel TiradorEmployee director · Investment$0$0$0$0$0
Victor JosephEmployee director · Investment00000
George JosephEmployee director · Board Chair00000
Martha E. MarconIndependent · Lead Independent Director · Audit (Chair) · Nominating/Corporate Governance0
Ramona L. CappelloIndependent · Compensation (Chair) · Investment0
Joshua E. LittleIndependent · Audit · Compensation · Nominating/Corporate Governance (Chair)0
Vicky Wai Yee JosephNot independent · Investment0
James G. EllisIndependent · Nominating/Corporate Governance · Investment0
George G. BrauneggIndependent · Audit · Compensation · Investment (Chair)0
09

Board fee structure and ownership guideline

Annual cash retainer$60,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

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

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
1Mercury General2025Gabriel Tirador$1,344,706$1,703,470$0$2,498,269$5,590,472

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, Gabriel TiradorDEF 14A2026-03-310000064996-26-000010Section “Summary Compensation Table”. As printed: 5,590,472. Filing ↗machine: span 225414–225423
2Section 01, Wei PangDEF 14A2026-03-310000064996-26-000010Section “Summary Compensation Table”. As printed: 2,510,864. Filing ↗machine: span 255108–255117
3Section 01, Victor JosephDEF 14A2026-03-310000064996-26-000010Section “Summary Compensation Table”. As printed: 2,478,439. Filing ↗machine: span 235171–235180
4Section 01, George JosephDEF 14A2026-03-310000064996-26-000010Section “Summary Compensation Table”. As printed: 2,478,439. Filing ↗machine: span 215437–215446
5Section 01, Theodore StalickDEF 14A2026-03-310000064996-26-000010Section “Summary Compensation Table”. As printed: 2,385,637. Filing ↗machine: span 245349–245358
6Section 03, George Joseph PSUDEF 14A2026-03-310000064996-26-000010Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r3 · c5 · span 334593–334600
7Section 03, Gabriel Tirador PSUDEF 14A2026-03-310000064996-26-000010Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r4 · c4 · span 339111–339118
8Section 03, Theodore Stalick PSUDEF 14A2026-03-310000064996-26-000010Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r8 · c4 · span 351474–351481
9Section 03, Wei Pang PSUDEF 14A2026-03-310000064996-26-000010Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r10 · c4 · span 357245–357252
10Section 03, Victor Joseph PSUDEF 14A2026-03-310000064996-26-000010Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t15 · r6 · c4 · span 344893–344900
11Section 07, pay ratioDEF 14A2026-03-310000064996-26-000010Section “CEO Pay Ratio”. As printed: 62 : 1. Filing ↗
12Section 08, Gabriel TiradorDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: 0. Filing ↗
13Section 08, Victor JosephDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: 0. Filing ↗
14Section 08, George JosephDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: 0. Filing ↗
15Section 08, Martha E. MarconDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: —. Filing ↗
16Section 08, Ramona L. CappelloDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: —. Filing ↗
17Section 08, Joshua E. LittleDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: —. Filing ↗
18Section 08, Vicky Wai Yee JosephDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: —. Filing ↗
19Section 08, James G. EllisDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: —. Filing ↗
20Section 08, George G. BrauneggDEF 14A2026-03-310000064996-26-000010Section “Director Compensation”. As printed: —. Filing ↗
21Section 02, Barnaby Joel Nardella 2026-04-20Form 42026-04-220001193125-26-170997Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Charles Toney 2026-04-20Form 42026-04-220001193125-26-170989Insider equity transaction reported since the proxy statement. Filing ↗
23Section 06, 2026 voteForm 8-K2026-05-140000064996-26-000017Item 5.07 · say-on-pay result. As reported: 98.54% (votes for as printed: 40,328,913). Filing ↗
24Section 06, 2025 voteForm 8-K2025-05-150000064996-25-000031Item 5.07 · say-on-pay result. As reported: 97.62% (votes for as printed: 40,255,122). Filing ↗
25Section 06, 2024 voteForm 8-K2024-05-090000064996-24-000022Item 5.07 · say-on-pay result. As reported: 96.22% (votes for as printed: 47,505,355). Filing ↗
26Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
27Section 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
28Section 09b board cost (computed)ComputedcomputedCash 0 + equity 0 + all other 0 = 0, summed across the director compensation table rows.machine: formula: Σ = 0
29Mercury General (subject), Section 10b CEO totalDEF 14A2026-03-310000064996-26-000010CEO total compensation as printed in Mercury General's own proxy. As printed: 5,590,472. Filing ↗machine: span 225414–225423