Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-12

National CineMedia (NCMI)

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.

$2,652,898
Thomas Lesinski total, FY2025
11th
CEO pay percentile vs peers
13:1
CEO-to-median pay ratio
87.32%
Say-on-pay support, latest vote
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.

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 FY20242025
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.

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
Thomas LesinskiRSU2025-05-0589,127
Thomas LesinskiPSU2025-05-0544,56489,127178,254500,002
Ronnie NgPSU2025-05-0130,97461,947123,894350,001
Ronnie NgRSU2025-05-0161,947
Catherine SullivanRSU2025-05-0161,947
Catherine SullivanPSU2025-05-0130,97461,947123,894350,001
Maria WoodsRSU2025-05-0135,398199,999
Maria WoodsPSU2025-05-0117,70035,39970,798200,004
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Thomas Lesinski$0$500,002$0100.0%
Ronnie Ng0350,0010100.0%
Catherine Sullivan0350,0010100.0%
Maria Woods199,999200,004050.0%

% 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
Nathan LaneRSU18,210$200,007
Nicholas BellRSU18,210120,004
David E. GlazekRSU18,210120,004
Juliana F. HillRSU18,210120,004
Joseph MarcheseRSU18,210120,004
Nicholas BellRSU28,450110,671
David E. GlazekRSU28,450110,671
Juliana F. HillRSU28,450110,671
Joseph MarcheseRSU28,450110,671
Kelly Campbell KotzmanRSU14,02679,247
Nathan LaneRSU8,44550,248
Joseph MarcheseRSU8,44550,248
Lauren ZalaznickRSU8,44550,248
Bernadette AulestiaRSU6,75640,198
Nicholas BellRSU6,75640,198
David E. GlazekRSU6,75640,198
Juliana F. HillRSU6,75640,198
Jean-Philippe MaheuRSU6,75640,198
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract, motivate, reward, and retain superior talent by providing competitive cash and equity compensation aligned with stockholder interests. It emphasizes pay-for-performance through a mix of short-term cash incentives and long-term equity awards (performance- and time-based) that promote stock price growth and retention.

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. HillIndependent118,269120,0000238,269
Nicholas BellIndependent103,269120,0000223,269
Joseph MarcheseIndependent96,330120,0000216,330
Nathan LaneIndependent · Audit · Nominating and Governance · Not standing for re-election · Departed during FY15,299200,0000215,299
Kelly Campbell KotzmanIndependent · Newly elected71,264120,0000191,264
Lauren ZalaznickIndependent · Not standing for re-election · Departed during FY52,69260,0030112,695
Bernadette AulestiaIndependent · Compensation and Leadership (Chair) · Audit · Not standing for re-election · Departed during FY32,69260,003092,695
Jean-Philippe MaheuIndependent · Audit · Not standing for re-election · Departed during FY31,44260,003091,445
Thomas F. LesinskiEmployee director0
Simon MullalyIndependent · Newly elected
Mark SadieIndependent · 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
2Immersion Corporation2025Eric Singer1,015,2854,963,00003,126,06912,293,260
3IMAX Corp.2025Richard Gelfond1,200,0005,499,95101,898,8418,655,929
4OUTFRONT Media Inc.2025Nicolas Brien778,4644,333,3150745,9485,883,153
5Magnite, Inc.2025Michael Barrett650,0003,601,632927,883629,4605,842,620
6Thryv Holdings, Inc.2025Joseph Walsh1,060,9003,000,00001,157,4425,259,837
7The Marcus Corporation2025Gregory Marcus970,0962,047,4081,058,0324,840,339
8Entravision Communications Corporation2025Michael Christenson500,0003,591,263004,098,934
9National CineMedia2025Thomas Lesinski960,5771,000,0050664,1502,652,898
10Acme United Corporation2025Walter Johnsen1,086,1650455,25001,669,401
Cumulus Media Inc.not in coverage universe
Saga Communications, Inc.not in coverage universe
Townsquare Media, 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 disclosednot disclosednot disclosednot disclosed
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
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%PSU 60 · RSU 40Yes — Relative TSRClearBridge
Saga Communications, Inc.not disclosednot disclosednot disclosednot disclosed
Sphere Entertainment Co.123.33%not disclosedNoClearBridge Compensation Group LLC
The Marcus Corporationnot disclosedRSU 40 · Cash LTI 40 · PSU 20NoWillis Towers Watson
Thryv Holdings, Inc.100.0%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Lyons, Benenson & Company Inc.
Townsquare Media, Inc.not disclosednot disclosednot disclosednot 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.

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, Thomas LesinskiDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 2,652,898. Filing ↗machine: span 820611–820620
2Section 01, Catherine SullivanDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 2,549,163. Filing ↗machine: span 877657–877666
3Section 01, Ronnie NgDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 1,674,428. Filing ↗machine: span 849163–849172
4Section 01, Maria WoodsDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 1,077,578. Filing ↗machine: span 894302–894311
5Section 03, Thomas Lesinski RSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 678694–678700
6Section 03, Thomas Lesinski PSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 677314–677321
7Section 03, Ronnie Ng PSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
8Section 03, Ronnie Ng RSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 684689–684695
9Section 03, Catherine Sullivan RSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 687812–687818
10Section 03, Catherine Sullivan PSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
11Section 03, Maria Woods RSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
12Section 03, Maria Woods PSUDEF 14A2026-03-270001193125-26-127632Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
13Section 07, pay ratioDEF 14A2026-03-270001193125-26-127632Section “CEO Pay Ratio”. As printed: 13 : 1. Filing ↗
14Section 08, David E. GlazekDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 303,643. Filing ↗machine: span 1840143–1840352
15Section 08, Juliana F. HillDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 238,269. Filing ↗machine: span 1846173–1846382
16Section 08, Nicholas BellDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 223,269. Filing ↗machine: span 1828089–1828298
17Section 08, Joseph MarcheseDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 216,330. Filing ↗machine: span 1864258–1864467
18Section 08, Nathan LaneDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 215,299. Filing ↗machine: span 1852196–1852405
19Section 08, Kelly Campbell KotzmanDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 191,264. Filing ↗machine: span 1834116–1834325
20Section 08, Lauren ZalaznickDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 112,695. Filing ↗machine: span 1870278–1870487
21Section 08, Bernadette AulestiaDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 92,695. Filing ↗machine: span 1822062–1822270
22Section 08, Jean-Philippe MaheuDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 91,445. Filing ↗machine: span 1858232–1858440
23Section 08, Thomas F. LesinskiDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: 0. Filing ↗
24Section 08, Simon MullalyDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: —. Filing ↗
25Section 08, Mark SadieDEF 14A2026-03-270001193125-26-127632Section “Director Compensation”. As printed: —. Filing ↗
26Section 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). Filing ↗
27Section 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). Filing ↗
28Section 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). Filing ↗
29Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 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
31Section 09b board cost (computed)ComputedcomputedCash 704,900 + equity 980,009 + all other 0 = 1,684,909, summed across the director compensation table rows.machine: formula: Σ = 1,684,909
32Sphere 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. Filing ↗machine: t77 · r3 · c25 · span 804469–804479
33Immersion Corporation, Section 10b CEO totalDEF 14A2026-03-120001193125-26-104463CEO total compensation as printed in Immersion Corporation's own proxy. As printed: 12,293,260. Filing ↗
34IMAX 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. Filing ↗machine: span 666465–666474
35OUTFRONT 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. Filing ↗
36Magnite, 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. Filing ↗machine: r2 · c8 · span 419913–419922
37Thryv 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. Filing ↗machine: r4 · c36 · span 694066–694075
38The 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. Filing ↗machine: span 455443–455452
39Entravision 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. Filing ↗machine: r2 · c32 · span 692451–692460
40National 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. Filing ↗machine: span 820611–820620
41Acme 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. Filing ↗machine: r3 · c22 · span 187893–187902
42Section 10a, OUTFRONT Media Inc. reciprocityDEF 14A0001579877-26-000012OUTFRONT Media Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. Filing ↗
43Section 10a, Entravision Communications Corporation reciprocityDEF 14A0001193125-26-164200Entravision Communications Corporation's most recent proxy was read; its disclosed peer group does not include National CineMedia. Filing ↗
44Section 10a, Magnite, Inc. reciprocityDEF 14A0001999371-26-008635Magnite, Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. Filing ↗
45Section 10a, IMAX Corp. reciprocityDEF 14A0001628280-26-027220IMAX Corp.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. Filing ↗
46Section 10a, Thryv Holdings, Inc. reciprocityDEF 14A0001556739-26-000029Thryv Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. Filing ↗