Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-28

National CineMedia (NCMI)

CEO Thomas Lesinski was paid $2,652,898 in fiscal year 2025, ↓ down 72.6% from fiscal year 2024, the 9th percentile of its disclosed peer group (SEC filing 0001193125-26-127632 ↗): 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.

$2,652,898 ↓
Thomas Lesinski total, FY2025
9th
CEO pay percentile vs peers
13:1
CEO-to-median pay ratio
87.32%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Thomas Lesinski (Chief Executive Officer), FY2025 total compensation $2,652,898 (base salary $960,577) [exec_comp, SEC accession 0001193125-26-127632, filed 2026-03-27]

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NCMI's next annual pay disclosure, estimated April 2, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Thomas Lesinski$960,577$0$1,000,005$0$664,150$0$28,166$2,652,898
Chief Executive Officer
Catherine Sullivan630,0000700,0010001,219,1622,549,163
President
Ronnie Ng623,0770700,0010344,64006,7101,674,428
Chief Financial Officer
Maria Woods441,3460400,0030228,86307,3671,077,578
Executive Vice President and General Counsel

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
Thomas Lesinski$2,652,898$9,693,147$4,594,126↓ −7,040,249
Catherine Sullivan2,549,163———
Ronnie Ng1,674,4284,795,8951,933,228↓ −3,121,467
Maria Woods1,077,5782,675,592—↓ −1,598,014

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

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Companies that benchmark against NCMI
No companies currently name NCMI as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Catherine SullivanPresident$2,549,163
Maria WoodsGeneral Counsel$1,077,578
Ronnie NgCFO$1,674,428
Thomas LesinskiCEO$2,652,898
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Bernadette AulestiaFormer director (through FY2025)$92,695
David E. GlazekChair of the Board$303,643
Jean-Philippe MaheuFormer director (through FY2025)$91,445
Joseph MarcheseIndependent Director$216,330
Juliana F. HillIndependent Director$238,269
Kelly Campbell KotzmanIndependent Director$191,264
Lauren ZalaznickFormer director (through FY2025)$112,695
Mark SadieFormer director (through FY2025)—
Nathan LaneFormer director (through FY2025)$215,299
Nicholas BellIndependent Director$223,269
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
Catherine SullivanPSU2025-05-0130,97461,947—123,894$350,001
Thomas LesinskiPSU2025-05-0544,56489,127—178,254500,002
Maria WoodsRSU2025-05-01——35,398—199,999
Ronnie NgPSU2025-05-0130,97461,947—123,894350,001
Maria WoodsPSU2025-05-0117,70035,399—70,798200,004
Ronnie NgRSU2025-05-01——61,947—350,001
Catherine SullivanRSU2025-05-01——61,947—350,001
Thomas LesinskiOPTION2025-05-05——250,000—0
Thomas LesinskiRSU2025-05-05——89,127—500,002
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Catherine Sullivan$350,001$350,001$050.0%
Thomas Lesinski500,002500,002050.0%
Maria Woods199,999200,004050.0%
Ronnie Ng350,001350,001050.0%

% 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
Thomas LesinskiPSU89,127—$346,704
Thomas LesinskiRSU413,334—1,607,869
Thomas LesinskiRSU89,127—346,704
Thomas LesinskiPSU430,384—1,674,194
Thomas LesinskiPSU61,947—240,974
Thomas LesinskiOption250,00035—
Thomas LesinskiPSU860,766—3,348,380
Catherine SullivanPSU215,192—837,097
Thomas LesinskiRSU206,667—803,935
Catherine SullivanRSU103,334—401,969
Thomas LesinskiRSU74,560—290,038
Thomas LesinskiPSU74,560—290,038
Thomas LesinskiRSU61,947—240,974
Maria WoodsPSU35,399—137,702
Maria WoodsRSU35,398—137,698
Thomas LesinskiPSU31,809—123,737
Catherine SullivanPSU12,834—49,924
Thomas LesinskiOption8,33335—
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain highly qualified executives, align executive interests with stockholders, and reward performance. Target compensation is set at or near the 50th percentile of the peer group.

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0762,083,1969,015,2031,247,46787.32%Passed
20252025-05-0144,244,27430,036,78222,73859.56%Passed
20232023-11-0245,036,6886,755,912574,28086.96%Passed
20222022-05-0447,329,62913,528,106117,66077.77%Passed
20212021-05-0541,447,85113,356,851104,97575.63%Passed
20202020-04-2866,190,363468,751162,54399.3%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
20262026-05-0787.32%a
20252025-05-0159.56%b
20232023-11-0286.96%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be included in the totals for the proposal, and will have no effect on the outcome of the vote.”.

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)13 : 1
CEO total compensation—
Median employee compensation$103,846
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David E. GlazekIndependent · Board Chair$183,643$120,000——$0$303,643
Juliana F. HillIndependent118,269120,000——0238,269
Nicholas BellIndependent103,269120,000——0223,269
Joseph MarcheseIndependent96,330120,000——0216,330
Nathan LaneIndependent · Audit · Nominating/Governance · Departed during FY15,299200,000——0215,299
Kelly Campbell KotzmanIndependent · Newly elected71,264120,000——0191,264
Lauren ZalaznickIndependent · Departed during FY52,69260,003——0112,695
Bernadette AulestiaIndependent · Compensation · Leadership (Chair) · Audit · Departed during FY32,69260,003——092,695
Jean-Philippe MaheuIndependent · Compensation · Leadership · Audit · Departed during FY31,44260,003——091,445
Thomas F. LesinskiEmployee director—————0
Mark SadieIndependent · Departed during FY————0—
Simon MullalyIndependent · Newly elected——————
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$120,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000 / 20,000
Stock ownership guidelineAs of March 9, 2026, all executive officers and directors that met the tenure requirement are compliant with the share ownership guidelines.
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$704,900
Equity awards (grant-date value)$980,009
All other compensation$0
Total cost of the board$1,684,909

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 National CineMedia 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 National CineMedia.

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
1Sphere Entertainment Co.2025James Dolan$230,000$0$13,027,275$378,994$14,284,275
2Madison Square Garden Entertainment Corp.2025James Dolan1,500,0009,251,01203,000,00014,154,313
3IMAX Corp.2025Richard Gelfond1,200,0005,499,95101,898,8418,655,929
4Townsquare Media, Inc.2025Bill Wilson1,450,0002,502,135005,897,214
5OUTFRONT Media Inc.2025Nicolas Brien778,4644,333,3150745,9485,883,153
6Magnite, Inc.2025Michael Barrett650,0003,601,632927,883629,4605,842,620
7Thryv Holdings, Inc.2025Joseph Walsh1,060,9003,000,00001,157,4425,259,837
8Immersion Corporation2026Eric Singer1,137,8801,923,0000395,0005,066,691
9The Marcus Corporation2025Gregory Marcus970,0962,047,40801,058,0324,840,339
10Cumulus Media Inc.2024Mary Berner1,450,0001,743,75101,458,5934,655,794
11Entravision Communications Corporation2025Michael Christenson500,0003,591,263004,098,934
12National CineMedia2025Thomas Lesinski960,5771,000,0050664,1502,652,898
13Acme United Corporation2025Walter Johnsen1,086,1650455,25001,669,401
—Saga Communications, 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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
National CineMedianot disclosednot disclosednot disclosedMeridian
Acme United Corporationnot disclosednot disclosednot disclosednot disclosed
Cumulus Media Inc.not disclosedRSU 50 · CPU 30 · PRSU 20not disclosedFrederic W. Cook & Co., Inc.
Entravision Communications Corporationnot disclosednot disclosednot disclosedFrederic W. Cook & Co., Inc.
IMAX Corp.not disclosedPSU 50 · RSU 50not disclosedWillis Towers Watson
Immersion Corporationnot disclosedRSU 100not disclosednot disclosed
Madison Square Garden Entertainment Corp.not disclosedRSU 50 · PSU 50not disclosedClearBridge Compensation Group LLC
Magnite, Inc.100.38%PSU 50 · RSU 30 · Options 20Yes — TSR performance relative to the Russell 2000 indexSemler Brossy Consulting Group, LLC
OUTFRONT Media Inc.95%PRSU 60 · RSU 40Yes — Relative TSRClearBridge Compensation Group
Saga Communications, Inc.not disclosednot disclosednot disclosednot disclosed
Sphere Entertainment Co.123.33%not disclosedNoClearBridge Compensation Group LLC
The Marcus Corporationnot disclosedLTIP Units 40 · Restricted Stock 40 · PSU 20NoWillis Towers Watson (WTW)
Thryv Holdings, Inc.100.0%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Lyons Benenson
Townsquare Media, Inc.not disclosednot disclosednot disclosedWillis Tower Watson PLC

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.

10d

Frequently asked questions

Who was the highest-paid executive at National CineMedia in fiscal 2025?
As disclosed, Thomas Lesinski (Chief Executive Officer) was the highest-paid executive at National CineMedia in fiscal 2025, with total compensation of $2,652,898.
How does National CineMedia's chief executive pay compare to its disclosed peer group?
As disclosed, Thomas Lesinski's total compensation ranked at the 9th percentile of National CineMedia's disclosed peer group.
What is National CineMedia's CEO-to-median employee pay ratio?
As disclosed, National CineMedia's CEO-to-median employee pay ratio was 13:1.
How did shareholders vote on National CineMedia's executive compensation?
As disclosed, 87.32% of shareholders supported National CineMedia's executive compensation in the latest say-on-pay vote.
How much does National CineMedia spend in total on board compensation for fiscal 2025?
As disclosed, National CineMedia reported total board compensation of $1,684,909 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

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.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Thomas LesinskiDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 2,652,898. View filing ↗
2Section 01, Catherine SullivanDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 2,549,163. View filing ↗
3Section 01, Ronnie NgDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 1,674,428. View filing ↗
4Section 01, Maria WoodsDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 1,077,578. View filing ↗
5Section 03, Catherine Sullivan PSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
6Section 03, Thomas Lesinski PSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
7Section 03, Maria Woods RSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
8Section 03, Ronnie Ng PSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
9Section 03, Maria Woods PSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
10Section 03, Ronnie Ng RSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
11Section 03, Catherine Sullivan RSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
12Section 03, Thomas Lesinski OPTIONDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
13Section 03, Thomas Lesinski RSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
14Section 07, pay ratioDEF 14A2026-03-270001193125-26-127632Section “CEO Pay Ratio”. As printed: 13 : 1. View filing ↗
15Section 08, David E. GlazekDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 303,643. View filing ↗
16Section 08, Juliana F. HillDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 238,269. View filing ↗
17Section 08, Nicholas BellDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 223,269. View filing ↗
18Section 08, Joseph MarcheseDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 216,330. View filing ↗
19Section 08, Nathan LaneDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 215,299. View filing ↗
20Section 08, Kelly Campbell KotzmanDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 191,264. View filing ↗
21Section 08, Lauren ZalaznickDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 112,695. View filing ↗
22Section 08, Bernadette AulestiaDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 92,695. View filing ↗
23Section 08, Jean-Philippe MaheuDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 91,445. View filing ↗
24Section 08, Thomas F. LesinskiDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 0. View filing ↗
25Section 08, Mark SadieDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: —. View filing ↗
26Section 08, Simon MullalyDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: —. View filing ↗
27Section 06, 2026 voteForm 8-K2026-05-120001193125-26-219406Item 5.07 · say-on-pay result. As reported: 87.32% (votes for as printed: 62,083,196). View filing ↗
28Section 06, 2025 voteForm 8-K2025-05-060000950170-25-064450Item 5.07 · say-on-pay result. As reported: 59.56% (votes for as printed: 44,244,274). View filing ↗
29Section 06, 2023 voteForm 8-K2023-11-070001377630-23-000188Item 5.07 · say-on-pay result. As reported: 86.96% (votes for as printed: 45,036,688). View filing ↗
30Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.
31Section 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).
32Section 09b board cost (computed)Computed——Cash 704,900 + equity 980,009 + all other 0 = 1,684,909, summed across the director compensation table rows.
33Sphere Entertainment Co., Section 10b CEO totalDEF 14A2026-04-280001628280-26-027969CEO total compensation as printed in Sphere Entertainment Co.'s own proxy. As printed: 14,284,275. View filing ↗
34Madison Square Garden Entertainment Corp., Section 10b CEO totalDEF 14A2025-10-240001628280-25-046267CEO total compensation as printed in Madison Square Garden Entertainment Corp.'s own proxy. As printed: 14,154,313. View filing ↗
35IMAX Corp., Section 10b CEO totalDEF 14A2026-04-240001628280-26-027220CEO total compensation as printed in IMAX Corp.'s own proxy. As printed: 8,655,929. View filing ↗
36Townsquare Media, Inc., Section 10b CEO totalDEF 14A2026-03-270001499832-26-000023CEO total compensation as printed in Townsquare Media, Inc.'s own proxy. As printed: 5,897,214. View filing ↗
37OUTFRONT Media Inc., Section 10b CEO totalDEF 14A2026-04-210001579877-26-000012CEO total compensation as printed in OUTFRONT Media Inc.'s own proxy. As printed: 5,883,153. View filing ↗
38Magnite, Inc., Section 10b CEO totalDEF 14A2026-04-210001999371-26-008635CEO total compensation as printed in Magnite, Inc.'s own proxy. As printed: 5,842,620. View filing ↗
39Thryv Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001556739-26-000029CEO total compensation as printed in Thryv Holdings, Inc.'s own proxy. As printed: 5,259,837. View filing ↗
40Immersion Corporation, Section 10b CEO totalDEF 14A2026-08-280001193125-26-374299CEO total compensation as printed in Immersion Corporation's own proxy. As printed: 5,066,691. View filing ↗
41The Marcus Corporation, Section 10b CEO totalDEF 14A2026-04-070000062234-26-000018CEO total compensation as printed in The Marcus Corporation's own proxy. As printed: 4,840,339. View filing ↗
42Cumulus Media Inc., Section 10b CEO totalDEF 14A2025-04-250001104659-25-038958CEO total compensation as printed in Cumulus Media Inc.'s own proxy. As printed: 4,655,794. View filing ↗
43Entravision Communications Corporation, Section 10b CEO totalDEF 14A2026-04-200001193125-26-164200CEO total compensation as printed in Entravision Communications Corporation's own proxy. As printed: 4,098,934. View filing ↗
44National CineMedia (subject), Section 10b CEO totalDEF 14A2026-03-270001193125-26-127632CEO total compensation as printed in National CineMedia's own proxy. As printed: 2,652,898. View filing ↗
45Acme United Corporation, Section 10b CEO totalDEF 14A2026-03-270001193125-26-129439CEO total compensation as printed in Acme United Corporation's own proxy. As printed: 1,669,401. View filing ↗
46Section 10a, OUTFRONT Media Inc. reciprocityDEF 14A—0001579877-26-000012OUTFRONT Media Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
47Section 10a, Thryv Holdings, Inc. reciprocityDEF 14A—0001556739-26-000029Thryv Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
48Section 10a, IMAX Corp. reciprocityDEF 14A—0001628280-26-027220IMAX Corp.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
49Section 10a, Cumulus Media Inc. reciprocityDEF 14A—0001104659-25-038958Cumulus Media Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
50Section 10a, Entravision Communications Corporation reciprocityDEF 14A—0001193125-26-164200Entravision Communications Corporation's most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
51Section 10a, Magnite, Inc. reciprocityDEF 14A—0001999371-26-008635Magnite, Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
52Section 10a, The Marcus Corporation reciprocityDEF 14A—0000062234-26-000018The Marcus Corporation's most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗