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.
Each company listed discloses PACS 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 PACS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Jason Murray | $500,000 | $914,518 | $8,358,504 | $0 | $7,272,332 | $0 | $25,770 | $17,071,124 |
| Director, Co-Founder, Chief Executive Officer and Chairman | ||||||||
| Josh Jergensen | 524,600 | 914,518 | 7,491,504 | 0 | 7,272,332 | 147,114 | 25,514 | 16,375,582 |
| President and Chief Operating Officer | ||||||||
| Mark Hancock | 500,000 | 914,518 | 6,624,504 | 0 | 7,272,332 | 0 | 25,770 | 15,337,124 |
| Director, Co-Founder, Executive Vice Chairman and former interim Chief Financial Officer | ||||||||
| John Mitchell | 424,600 | 987,743 | 4,225,931 | 0 | 3,878,577 | 90,645 | 38,024 | 9,645,521 |
| Chief Legal Officer and Secretary | ||||||||
| Michelle Lewis | 446,624 | 926,774 | 1,790,424 | 0 | 3,393,755 | 0 | 36,602 | 6,594,180 |
| Chief Accounting Officer | ||||||||
| Derick Apt | 404,882 | 0 | 0 | 0 | 3,703,891 | 102,469 | 40,411 | 4,251,653 |
| Former 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Jason Murray | $17,071,124 | $4,425,575 | $5,056,976 | +12,645,549 |
| Josh Jergensen | 16,375,582 | 68,886,028 | 8,356,829 | −52,510,446 |
| Mark Hancock | 15,337,124 | 4,425,575 | 5,056,976 | +10,911,549 |
| John Mitchell | 9,645,521 | 26,625,038 | — | −16,979,517 |
| Michelle Lewis | 6,594,180 | — | — | — |
| Derick Apt | 4,251,653 | 32,233,178 | 5,896,616 | −27,981,525 |
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 |
|---|---|---|---|---|
| Josh Jergensen | RSU | 1,801,824 | — | $69,172,023 |
| John Mitchell | RSU | 675,684 | — | 25,939,509 |
| Michelle Lewis | RSU | 225,228 | — | 8,646,503 |
| Jason Murray | RSU | 200,000 | — | 7,678,000 |
| Josh Jergensen | RSU | 175,000 | — | 6,718,250 |
| Mark Hancock | RSU | 150,000 | — | 5,758,500 |
| John Mitchell | RSU | 100,000 | — | 3,839,000 |
| Jason Murray | RSU | 41,018 | — | 1,574,681 |
| Mark Hancock | RSU | 41,018 | — | 1,574,681 |
| Josh Jergensen | RSU | 41,018 | — | 1,574,681 |
| Michelle Lewis | RSU | 32,500 | — | 1,247,675 |
| John Mitchell | RSU | 21,855 | — | 839,013 |
| Michelle Lewis | RSU | 19,127 | — | 734,286 |
The executive compensation program is designed to motivate, reward, attract, and retain high-caliber management by aligning compensation with short- and long-term business objectives, strategy, and financial performance. The program emphasizes performance-based, at-risk compensation and uses equity to promote retention and long-term value creation.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Pearl Meyer |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-10 | 131,950,911 | 13,973,853 | 25,571 | 90.42% | Passed |
| 2025 | 2025-12-19 | 139,426,668 | 3,632,640 | 12,109 | 97.46% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-10 | 90.42%a |
| 2025 | 2025-12-19 | 97.46%b |
a. Approved under the standard stated in the filing — “Abstentions are not considered to be votes cast and, accordingly, will have no effect on the outcome of the vote on this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions are not considered to be votes cast and, accordingly, will have no effect on the outcome of the vote on this proposal.”.
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.
| Ratio (CEO : median employee) | 390 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | $43,765 |
| Annual cash retainer | $80,000 |
|---|---|
| Annual equity retainer | $160,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 17,500 / 15,000 |
| Stock ownership guideline | — |
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies PACS Group 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 PACS Group.
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 | PACS Group | 2025 | Jason Murray | $500,000 | $8,358,504 | $0 | $7,272,332 | $17,071,124 |
| 2 | Ensign Group | 2025 | Barry Port | 549,264 | 2,912,355 | 0 | 10,317,247 | 13,804,700 |
| 3 | Chemed | 2025 | Kevin McNamara | 1,862,837 | 2,883,553 | 5,036,021 | 1,486,976 | 12,904,720 |
| 4 | Addus HomeCare Corporation | 2025 | R. Dirk Allison | 1,076,923 | 9,767,870 | 0 | 1,320,000 | 12,190,449 |
| 5 | Acadia Healthcare Company, Inc. | 2025 | Christopher Hunter | 1,061,000 | 5,712,012 | 0 | 1,135,270 | 7,909,463 |
| 6 | National HealthCare | 2025 | Stephen Flatt | 577,000 | 505,215 | 300,481 | 1,280,000 | 2,685,370 |
| — | ATI Physical Therapy | — | — | — | — | — | — | 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 |
|---|---|---|---|---|
| PACS Group | not disclosed | RSU 100 | not disclosed | Pearl Meyer |
| Acadia Healthcare Company, Inc. | 85.6% | PSU 50 · RSU 50 | No | Willis Towers Watson |
| Addus HomeCare Corporation | not disclosed | Restricted Stock 100 | not disclosed | FW Cook |
| ATI Physical Therapy | not disclosed | not disclosed | not disclosed | not disclosed |
| Chemed | 60.4% | not disclosed | Yes — 3-Year Relative TSR | Compensation Strategies, Inc. |
| Ensign Group | not disclosed | not disclosed | not disclosed | Willis Towers Watson |
| National HealthCare | not disclosed | not disclosed | not disclosed | false |
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, Jason Murray | DEF 14A | 2026-04-28 | 0002001184-26-000014 | Section “Executive Compensation Tables” · page 35. As printed: 17,071,124. Filing ↗machine: r4 · c27 · span 463864–463874 |
| 2 | Section 01, Josh Jergensen | DEF 14A | 2026-04-28 | 0002001184-26-000014 | Section “Executive Compensation Tables” · page 35. As printed: 16,375,582. Filing ↗machine: r13 · c27 · span 482869–482879 |
| 3 | Section 01, Mark Hancock | DEF 14A | 2026-04-28 | 0002001184-26-000014 | Section “Executive Compensation Tables” · page 35. As printed: 15,337,124. Filing ↗machine: r7 · c27 · span 470329–470339 |
| 4 | Section 01, John Mitchell | DEF 14A | 2026-04-28 | 0002001184-26-000014 | Section “Executive Compensation Tables” · page 35. As printed: 9,645,521. Filing ↗machine: r16 · c27 · span 489001–489010 |
| 5 | Section 01, Michelle Lewis | DEF 14A | 2026-04-28 | 0002001184-26-000014 | Section “Executive Compensation Tables” · page 35. As printed: 6,594,180. Filing ↗machine: r18 · c27 · span 493374–493383 |
| 6 | Section 01, Derick Apt | DEF 14A | 2026-04-28 | 0002001184-26-000014 | Section “Executive Compensation Tables” · page 35. As printed: 4,251,653. Filing ↗machine: r10 · c27 · span 476457–476466 |
| 7 | Section 07, pay ratio | DEF 14A | 2026-04-28 | 0002001184-26-000014 | Section “CEO Pay Ratio”. As printed: 390 : 1. Filing ↗ |
| 8 | Section 06, 2026 vote | Form 8-K | 2026-06-15 | 0002001184-26-000026 | Item 5.07 · say-on-pay result. As reported: 90.42% (votes for as printed: 131,950,911). Filing ↗ |
| 9 | Section 06, 2025 vote | Form 8-K | 2025-12-23 | 0002001184-25-000084 | Item 5.07 · say-on-pay result. As reported: 97.46% (votes for as printed: 139,426,668). Filing ↗ |
| 10 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 11 | PACS Group (subject), Section 10b CEO total | DEF 14A | 2026-04-28 | 0002001184-26-000014 | CEO total compensation as printed in PACS Group's own proxy. As printed: 17,071,124. Filing ↗machine: r4 · c27 · span 463864–463874 |
| 12 | Ensign Group, Section 10b CEO total | DEF 14A | 2026-04-02 | 0001125376-26-000014 | CEO total compensation as printed in Ensign Group's own proxy. As printed: 13,804,700. Filing ↗machine: span 521316–521326 |
| 13 | Chemed, Section 10b CEO total | DEF 14A | 2026-04-09 | 0001562762-26-000052 | CEO total compensation as printed in Chemed's own proxy. As printed: 12,904,720. Filing ↗machine: t18 · r8 · c8 · span 1091846–1091856 |
| 14 | Addus HomeCare Corporation, Section 10b CEO total | DEF 14A | 2026-04-23 | 0001437749-26-013190 | CEO total compensation as printed in Addus HomeCare Corporation's own proxy. As printed: 12,190,449. Filing ↗machine: r2 · c24 · span 429879–429889 |
| 15 | Acadia Healthcare Company, Inc., Section 10b CEO total | DEF 14A | 2026-03-25 | 0001140361-26-011130 | CEO total compensation as printed in Acadia Healthcare Company, Inc.'s own proxy. As printed: 7,909,463. Filing ↗machine: t159 · r1 · c27 · span 558066–558075 |
| 16 | National HealthCare, Section 10b CEO total | DEF 14A | 2026-04-02 | 0001140361-26-013005 | CEO total compensation as printed in National HealthCare's own proxy. As printed: 2,685,370. Filing ↗machine: r9 · c24 · span 312689–312698 |
| 17 | Section 10a, Addus HomeCare Corporation reciprocity | DEF 14A | — | 0001437749-26-013190 | Addus HomeCare Corporation's most recent proxy was read; its disclosed peer group does not include PACS Group. Filing ↗ |
| 18 | Section 10a, Ensign Group reciprocity | DEF 14A | — | 0001125376-26-000014 | Ensign Group names PACS Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 19 | Section 10a, Acadia Healthcare Company, Inc. reciprocity | DEF 14A | — | 0001140361-26-011130 | Acadia Healthcare Company, Inc.'s most recent proxy was read; its disclosed peer group does not include PACS Group. Filing ↗ |
| 20 | Section 10a, Chemed reciprocity | DEF 14A | — | 0001562762-26-000052 | Chemed's most recent proxy was read; its disclosed peer group does not include PACS Group. Filing ↗ |