Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-15

PACS Group (PACS)

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.

$17,071,124
Jason Murray total, FY2025
99th
CEO pay percentile vs peers
390:1
CEO-to-median pay ratio
90.42%
Say-on-pay support, latest vote
Companies that benchmark against PACS
4 companies name PACS as a compensation peer

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.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
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 Jergensen524,600914,5187,491,50407,272,332147,11425,51416,375,582
President and Chief Operating Officer
Mark Hancock500,000914,5186,624,50407,272,332025,77015,337,124
Director, Co-Founder, Executive Vice Chairman and former interim Chief Financial Officer
John Mitchell424,600987,7434,225,93103,878,57790,64538,0249,645,521
Chief Legal Officer and Secretary
Michelle Lewis446,624926,7741,790,42403,393,755036,6026,594,180
Chief Accounting Officer
Derick Apt404,8820003,703,891102,46940,4114,251,653
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jason Murray$17,071,124$4,425,575$5,056,976+12,645,549
Josh Jergensen16,375,58268,886,0288,356,829−52,510,446
Mark Hancock15,337,1244,425,5755,056,976+10,911,549
John Mitchell9,645,52126,625,038−16,979,517
Michelle Lewis6,594,180
Derick Apt4,251,65332,233,1785,896,616−27,981,525

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

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Josh JergensenRSU1,801,824$69,172,023
John MitchellRSU675,68425,939,509
Michelle LewisRSU225,2288,646,503
Jason MurrayRSU200,0007,678,000
Josh JergensenRSU175,0006,718,250
Mark HancockRSU150,0005,758,500
John MitchellRSU100,0003,839,000
Jason MurrayRSU41,0181,574,681
Mark HancockRSU41,0181,574,681
Josh JergensenRSU41,0181,574,681
Michelle LewisRSU32,5001,247,675
John MitchellRSU21,855839,013
Michelle LewisRSU19,127734,286
05

Incentive-plan design — the Compensation Discussion & Analysis

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 consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-10131,950,91113,973,85325,57190.42%Passed
20252025-12-19139,426,6683,632,64012,10997.46%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.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1090.42%a
20252025-12-1997.46%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.

07

CEO pay ratio

Ratio (CEO : median employee)390 : 1
CEO total compensation
Median employee compensation$43,765
09

Board fee structure and ownership guideline

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
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 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.

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
1PACS Group2025Jason Murray$500,000$8,358,504$0$7,272,332$17,071,124
2Ensign Group2025Barry Port549,2642,912,355010,317,24713,804,700
3Chemed2025Kevin McNamara1,862,8372,883,5535,036,0211,486,97612,904,720
4Addus HomeCare Corporation2025R. Dirk Allison1,076,9239,767,87001,320,00012,190,449
5Acadia Healthcare Company, Inc.2025Christopher Hunter1,061,0005,712,01201,135,2707,909,463
6National HealthCare2025Stephen Flatt577,000505,215300,4811,280,0002,685,370
ATI Physical Therapynot 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
PACS Groupnot disclosedRSU 100not disclosedPearl Meyer
Acadia Healthcare Company, Inc.85.6%PSU 50 · RSU 50NoWillis Towers Watson
Addus HomeCare Corporationnot disclosedRestricted Stock 100not disclosedFW Cook
ATI Physical Therapynot disclosednot disclosednot disclosednot disclosed
Chemed60.4%not disclosedYes — 3-Year Relative TSRCompensation Strategies, Inc.
Ensign Groupnot disclosednot disclosednot disclosedWillis Towers Watson
National HealthCarenot disclosednot disclosednot disclosedfalse

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, Jason MurrayDEF 14A2026-04-280002001184-26-000014Section “Executive Compensation Tables” · page 35. As printed: 17,071,124. Filing ↗machine: r4 · c27 · span 463864–463874
2Section 01, Josh JergensenDEF 14A2026-04-280002001184-26-000014Section “Executive Compensation Tables” · page 35. As printed: 16,375,582. Filing ↗machine: r13 · c27 · span 482869–482879
3Section 01, Mark HancockDEF 14A2026-04-280002001184-26-000014Section “Executive Compensation Tables” · page 35. As printed: 15,337,124. Filing ↗machine: r7 · c27 · span 470329–470339
4Section 01, John MitchellDEF 14A2026-04-280002001184-26-000014Section “Executive Compensation Tables” · page 35. As printed: 9,645,521. Filing ↗machine: r16 · c27 · span 489001–489010
5Section 01, Michelle LewisDEF 14A2026-04-280002001184-26-000014Section “Executive Compensation Tables” · page 35. As printed: 6,594,180. Filing ↗machine: r18 · c27 · span 493374–493383
6Section 01, Derick AptDEF 14A2026-04-280002001184-26-000014Section “Executive Compensation Tables” · page 35. As printed: 4,251,653. Filing ↗machine: r10 · c27 · span 476457–476466
7Section 07, pay ratioDEF 14A2026-04-280002001184-26-000014Section “CEO Pay Ratio”. As printed: 390 : 1. Filing ↗
8Section 06, 2026 voteForm 8-K2026-06-150002001184-26-000026Item 5.07 · say-on-pay result. As reported: 90.42% (votes for as printed: 131,950,911). Filing ↗
9Section 06, 2025 voteForm 8-K2025-12-230002001184-25-000084Item 5.07 · say-on-pay result. As reported: 97.46% (votes for as printed: 139,426,668). Filing ↗
10Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
11PACS Group (subject), Section 10b CEO totalDEF 14A2026-04-280002001184-26-000014CEO total compensation as printed in PACS Group's own proxy. As printed: 17,071,124. Filing ↗machine: r4 · c27 · span 463864–463874
12Ensign Group, Section 10b CEO totalDEF 14A2026-04-020001125376-26-000014CEO total compensation as printed in Ensign Group's own proxy. As printed: 13,804,700. Filing ↗machine: span 521316–521326
13Chemed, Section 10b CEO totalDEF 14A2026-04-090001562762-26-000052CEO total compensation as printed in Chemed's own proxy. As printed: 12,904,720. Filing ↗machine: t18 · r8 · c8 · span 1091846–1091856
14Addus HomeCare Corporation, Section 10b CEO totalDEF 14A2026-04-230001437749-26-013190CEO total compensation as printed in Addus HomeCare Corporation's own proxy. As printed: 12,190,449. Filing ↗machine: r2 · c24 · span 429879–429889
15Acadia Healthcare Company, Inc., Section 10b CEO totalDEF 14A2026-03-250001140361-26-011130CEO 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
16National HealthCare, Section 10b CEO totalDEF 14A2026-04-020001140361-26-013005CEO total compensation as printed in National HealthCare's own proxy. As printed: 2,685,370. Filing ↗machine: r9 · c24 · span 312689–312698
17Section 10a, Addus HomeCare Corporation reciprocityDEF 14A0001437749-26-013190Addus HomeCare Corporation's most recent proxy was read; its disclosed peer group does not include PACS Group. Filing ↗
18Section 10a, Ensign Group reciprocityDEF 14A0001125376-26-000014Ensign Group names PACS Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
19Section 10a, Acadia Healthcare Company, Inc. reciprocityDEF 14A0001140361-26-011130Acadia Healthcare Company, Inc.'s most recent proxy was read; its disclosed peer group does not include PACS Group. Filing ↗
20Section 10a, Chemed reciprocityDEF 14A0001562762-26-000052Chemed's most recent proxy was read; its disclosed peer group does not include PACS Group. Filing ↗