Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-22

RadNet (RDNT)

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.

$12,087,934
Howard Berger total, FY2025
82nd
CEO pay percentile vs peers
263:1
CEO-to-median pay ratio
93.9%
Say-on-pay support, latest vote
Companies that benchmark against RDNT
12 companies name RDNT as a compensation peer

Each company listed discloses RDNT 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 RDNT 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
Howard Berger$3,000,000$0$8,999,966$0$0$0$87,968$12,087,934
President and Chief Executive Officer
Stephen Forthuber800,000400,0001,999,95200054,4943,254,446
President and Chief Operating Officer - Eastern Operations
Norman Hames800,000400,0001,999,95200038,1043,238,056
President and Chief Operating Officer - Western Operations
Mital Patel750,000375,0001,874,96000055,5943,055,554
Executive Vice President of Financial Planning and Analysis and Chief Administrative Officer
Mark Stolper700,000350,0001,749,96700033,5222,833,489
Executive 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
Howard Berger$12,087,934
Stephen Forthuber3,254,446
Norman Hames3,238,056
Mital Patel3,055,554
Mark Stolper2,833,489

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
Howard BergerDirector2026-05-05A25,992$19$484,491CommonForm 4 ↗
Howard BergerDirector2026-05-05D25,99200Derivative, Class A CommonForm 4 ↗
David L. SwartzDirector2026-06-02A2,94600CommonForm 4 ↗
Lawrence L. LevittDirector2026-06-02A2,94600CommonForm 4 ↗
Laura P. JacobsDirector2026-06-02A2,94600CommonForm 4 ↗
Gregory E. SpurlockDirector2026-06-02A2,94600CommonForm 4 ↗
Stephen ForthuberPres & CEO-Eastern Operations2026-06-15D24,214581,399,327CommonForm 4 ↗
Stephen ForthuberPres & CEO-Eastern Operations2026-06-15D19,853591,163,584CommonForm 4 ↗
Cornelis WesdorpPres & CEO, Digital Health2026-06-16D4,75058276,023CommonForm 4 ↗
Howard BergerDirector2026-06-16D9000CommonForm 4 ↗
David L. SwartzDirector2026-06-18D2,69954145,449CommonForm 4 ↗

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.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Norman HamesPSU27,681$1,999,952
Stephen ForthuberPSU27,6811,999,952
Mark StolperPSU24,2211,749,967
Howard BergerPSU124,5678,999,966
Mital PatelPSU25,9511,874,960
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Norman Hames$0$1,999,952$0100.0%
Stephen Forthuber01,999,9520100.0%
Mark Stolper01,749,9670100.0%
Howard Berger08,999,9660100.0%
Mital Patel01,874,9600100.0%

% 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
Mital PatelRSU7,711$550,180
Norman HamesOption22,52618.64
Mital PatelRSU5,318379,439
Stephen ForthuberOption2,00429.44
Mark StolperRSU4,853346,262
Howard BergerOption51,98418.64
Howard BergerRSU99,6537,110,242
Mital PatelOption19,92718.64
Stephen ForthuberRSU6,012428,956
Howard BergerRSU20,1181,435,419
Mark StolperOption1,61829.44
Stephen ForthuberRSU22,1451,580,046
Mark StolperRSU7,036502,019
Mark StolperOption18,18418.64
Norman HamesRSU22,1451,580,046
Norman HamesRSU8,717621,958
Norman HamesRSU6,012428,956
Mital PatelOption1,77329.44
Stephen ForthuberOption22,52618.64
Mark StolperRSU18,3111,306,490
Howard BergerRSU18,4981,319,832
Stephen ForthuberRSU8,717621,958
Norman HamesOption2,00429.44
Mital PatelRSU20,7611,481,297
05

Incentive-plan design — the Compensation Discussion & Analysis

Our Management Team is Integral to our Success. At the core of our compensation philosophy is the guiding belief that our management team is an integral component to RadNet's continued success. Compensation Decisions Should Promote the Interests of Stockholders. Compensation should create incentives for management to achieve strong short-term (annual) performance in a manner that supports and ensures our long-term success and profitability.

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
20262026-06-0261,158,4973,892,04782,66293.9%Passed
20252025-06-1050,822,61110,417,52380,01582.88%Passed
20242024-06-1253,924,6846,798,266120,03388.63%Passed
20232023-06-0738,588,0865,318,53597,18887.69%Passed
20222022-06-0841,279,1761,987,91354,62095.41%Passed
20212021-06-1038,083,1031,694,79316,85395.74%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
20262026-06-0293.9%a
20252025-06-1082.88%b
20242024-06-1288.63%c

a. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote of "AGAINST" for a director in Proposal No.”.

b. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote of "AGAINST" for a director in Proposal No.”.

c. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote of "AGAINST" for a director in Proposal No.”.

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)263 : 1
CEO total compensation$12,087,934
Median employee compensation$45,880
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David L. SwartzIndependent · Lead Independent Director · Audit (Chair) · Compensation · Nominating/Governance$148,500$160,024$0$0$0$308,524
Lawrence L. LevittIndependent · Audit · Compensation (Chair) · Nominating/Governance113,500160,024000273,524
Laura P. JacobsIndependent · Audit · Compensation · Nominating/Governance (Chair)108,500160,024000268,524
Gregory E. SpurlockIndependent · Compensation · Nominating/Governance91,000160,024000251,024
A. Gregory Sorensen, M.DEmployee director00000
Howard G. Berger, M.DEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer$160,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$461,500
Equity awards (grant-date value)$640,096
All other compensation$0
Total cost of the board$1,101,596

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 RadNet 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 RadNet.

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
1Astrana Health, Inc.2025Brandon Sim$850,000$11,999,980$0$2,059,125$14,930,231
2The Ensign Group, Inc.2025Barry Port549,2642,912,355010,317,24713,804,700
3Chemed Corporation2025Kevin McNamara1,862,8372,883,5535,036,0211,486,97612,904,720
4RadNet2025Howard Berger3,000,0008,999,9660012,087,934
5Encompass Health Corporation2025Mark Tarr1,100,0005,285,3811,165,3762,581,52510,297,258
6AdaptHealth Corp2025Suzanne Foster1,000,0007,530,88001,394,69410,256,240
7Option Care Health, Inc.2025John Rademacher1,000,0006,500,05001,665,0009,266,330
8Acadia Healthcare Company, Inc.2025Christopher Hunter1,061,0005,712,01201,135,2707,909,463
9Surgery Partners, Inc.2025J. Eric Evans1,050,0005,000,000006,083,862
10Aveanna Healthcare Holdings Inc.2025Jeffrey Shaner750,0002,603,99301,500,0004,864,165
11Select Medical Holdings Corporation2025Thomas Mullin618,0001,425,0000939,3603,042,527
12Pediatrix Medical Group, Inc.2025James Swift54,167730,720068,9812,775,881
PACS Group, Inc.not in coverage universe
Amedisys, Inc.not in coverage universe
U.S. Physical Therapy, Inc.not in coverage universe
Concentra Group Holdings Parent, Inc.not in coverage universe
Addus HomeCare Corporationnot 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
RadNetnot disclosedRSU 100NoPearl Meyer
Acadia Healthcare Company, Inc.85.6%PSU 50 · RSU 50NoWillis Towers Watson
AdaptHealth Corp116.22%PSU 50 · RSU 50Yes — Relative TSRClearBridge
Addus HomeCare Corporationnot disclosednot disclosednot disclosednot disclosed
Amedisys, Inc.not disclosednot disclosednot disclosednot disclosed
Astrana Health, Inc.193.8%PSU 67 · RSU 33NoPearl Meyer
Aveanna Healthcare Holdings Inc.200%PSU 50 · RSU 50NoAon Human Capital Solutions (division of Aon plc)
Chemed Corporation60.4%not disclosedYes — 3-Year Relative TSRCompensation Strategies, Inc.
Concentra Group Holdings Parent, Inc.not disclosednot disclosednot disclosednot disclosed
Encompass Health Corporation173.8%PSU 60 · RSU 20 · Options 20NoPay Governance
Option Care Health, Inc.111%PSU 60 · RSU 40NoPearl Meyer
PACS Group, Inc.not disclosednot disclosednot disclosednot disclosed
Pediatrix Medical Group, Inc.180%PSU 50 · RSU 50NoSemler Brossy Consulting Group
Select Medical Holdings Corporation190%RSU 100not disclosednot disclosed
Surgery Partners, Inc.not disclosedPSU 60 · Restricted Stock 40NoFrederic W. Cook & Co., Inc. (FW Cook)
The Ensign Group, Inc.not disclosednot disclosednot disclosedWillis Towers Watson
U.S. Physical Therapy, 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, Howard BergerDEF 14A2026-04-200001683168-26-003086Section “EXECUTIVE COMPENSATION TABLES” · page 35. As printed: 12,087,934. Filing ↗machine: t93 · r1 · c26 · span 428610–428620
2Section 01, Stephen ForthuberDEF 14A2026-04-200001683168-26-003086Section “EXECUTIVE COMPENSATION TABLES” · page 35. As printed: 3,254,446. Filing ↗machine: r9 · c26 · span 442210–442219
3Section 01, Norman HamesDEF 14A2026-04-200001683168-26-003086Section “EXECUTIVE COMPENSATION TABLES” · page 35. As printed: 3,238,056. Filing ↗machine: r13 · c26 · span 448528–448537
4Section 01, Mital PatelDEF 14A2026-04-200001683168-26-003086Section “EXECUTIVE COMPENSATION TABLES” · page 35. As printed: 3,055,554. Filing ↗machine: r17 · c26 · span 454846–454855
5Section 01, Mark StolperDEF 14A2026-04-200001683168-26-003086Section “EXECUTIVE COMPENSATION TABLES” · page 35. As printed: 2,833,489. Filing ↗machine: r5 · c26 · span 434966–434975
6Section 03, Norman Hames PSUDEF 14A2026-04-200001683168-26-003086Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t83 · r3 · c7 · span 386906–386912
7Section 03, Stephen Forthuber PSUDEF 14A2026-04-200001683168-26-003086Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t93 · r9 · c14 · span 441570–441579
8Section 03, Mark Stolper PSUDEF 14A2026-04-200001683168-26-003086Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t93 · r5 · c14 · span 434326–434335
9Section 03, Howard Berger PSUDEF 14A2026-04-200001683168-26-003086Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t83 · r1 · c7 · span 385745–385752
10Section 03, Mital Patel PSUDEF 14A2026-04-200001683168-26-003086Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t93 · r17 · c14 · span 454206–454215
11Section 07, pay ratioDEF 14A2026-04-200001683168-26-003086Section “CEO Pay Ratio”. As printed: 263 : 1. Filing ↗machine: span 933861–933871
12Section 08, David L. SwartzDEF 14A2026-04-200001683168-26-003086Section “Director Compensation”. As printed: 308,524. Filing ↗machine: t47 · r4 · c11 · span 272241–272248
13Section 08, Lawrence L. LevittDEF 14A2026-04-200001683168-26-003086Section “Director Compensation”. As printed: 273,524. Filing ↗machine: t47 · r1 · c11 · span 268799–268806
14Section 08, Laura P. JacobsDEF 14A2026-04-200001683168-26-003086Section “Director Compensation”. As printed: 268,524. Filing ↗machine: t47 · r2 · c11 · span 269949–269956
15Section 08, Gregory E. SpurlockDEF 14A2026-04-200001683168-26-003086Section “Director Compensation”. As printed: 251,024. Filing ↗machine: t47 · r3 · c11 · span 271102–271109
16Section 08, A. Gregory Sorensen, M.DDEF 14A2026-04-200001683168-26-003086Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Howard G. Berger, M.DDEF 14A2026-04-200001683168-26-003086Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Howard Berger 2026-05-05Form 42026-05-060001683168-26-003541Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Howard Berger 2026-05-05Form 42026-05-060001683168-26-003541Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, David L. Swartz 2026-06-02Form 42026-06-030001683168-26-004530Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Lawrence L. Levitt 2026-06-02Form 42026-06-030001683168-26-004527Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Laura P. Jacobs 2026-06-02Form 42026-06-030001683168-26-004528Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Gregory E. Spurlock 2026-06-02Form 42026-06-030001683168-26-004529Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Stephen Forthuber 2026-06-15Form 42026-06-160001683168-26-004874Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Stephen Forthuber 2026-06-15Form 42026-06-160001683168-26-004874Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Cornelis Wesdorp 2026-06-16Form 42026-06-180001683168-26-004992Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Howard Berger 2026-06-16Form 42026-06-180001683168-26-004991Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, David L. Swartz 2026-06-18Form 42026-06-220001683168-26-005022Insider equity transaction reported since the proxy statement. Filing ↗
29Section 06, 2026 voteForm 8-K2026-06-040001683168-26-004522Item 5.07 · say-on-pay result. As reported: 93.9% (votes for as printed: 61,158,497). Filing ↗
30Section 06, 2025 voteForm 8-K2025-06-120001683168-25-004440Item 5.07 · say-on-pay result. As reported: 82.88% (votes for as printed: 50,822,611). Filing ↗
31Section 06, 2024 voteForm 8-K2024-06-130001683168-24-004201Item 5.07 · say-on-pay result. As reported: 88.63% (votes for as printed: 53,924,684). Filing ↗
32Section 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
33Section 09b board cost (computed)ComputedcomputedCash 461,500 + equity 640,096 + all other 0 = 1,101,596, summed across the director compensation table rows.machine: formula: Σ = 1,101,596
34Astrana Health, Inc., Section 10b CEO totalDEF 14A2026-04-170001104659-26-044536CEO total compensation as printed in Astrana Health, Inc.'s own proxy. As printed: 14,930,231. Filing ↗machine: span 525189–525199
35The Ensign Group, Inc., Section 10b CEO totalDEF 14A2026-04-020001125376-26-000014CEO total compensation as printed in The Ensign Group, Inc.'s own proxy. As printed: 13,804,700. Filing ↗machine: span 521316–521326
36Chemed Corporation, Section 10b CEO totalDEF 14A2026-04-090001562762-26-000052CEO total compensation as printed in Chemed Corporation's own proxy. As printed: 12,904,720. Filing ↗machine: t18 · r8 · c8 · span 1091846–1091856
37RadNet (subject), Section 10b CEO totalDEF 14A2026-04-200001683168-26-003086CEO total compensation as printed in RadNet's own proxy. As printed: 12,087,934. Filing ↗machine: t93 · r1 · c26 · span 428610–428620
38Encompass Health Corporation, Section 10b CEO totalDEF 14A2026-04-070000785161-26-000105CEO total compensation as printed in Encompass Health Corporation's own proxy. As printed: 10,297,258. Filing ↗machine: r2 · c48 · span 734470–734480
39AdaptHealth Corp, Section 10b CEO totalDEF 14A2026-04-280001628280-26-027965CEO total compensation as printed in AdaptHealth Corp's own proxy. As printed: 10,256,240. Filing ↗machine: r2 · c48 · span 476441–476451
40Option Care Health, Inc., Section 10b CEO totalDEF 14A2026-04-080001140361-26-013825CEO total compensation as printed in Option Care Health, Inc.'s own proxy. As printed: 9,266,330. Filing ↗machine: r2 · c25 · span 1114074–1114083
41Acadia 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
42Surgery Partners, Inc., Section 10b CEO totalDEF 14A2026-04-230001638833-26-000039CEO total compensation as printed in Surgery Partners, Inc.'s own proxy. As printed: 6,083,862. Filing ↗machine: r2 · c24 · span 365862–365872
43Aveanna Healthcare Holdings Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-161632CEO total compensation as printed in Aveanna Healthcare Holdings Inc.'s own proxy. As printed: 4,864,165. Filing ↗machine: r3 · c31 · span 437702–437711
44Select Medical Holdings Corporation, Section 10b CEO totalDEF 14A2026-03-040001104659-26-023205CEO total compensation as printed in Select Medical Holdings Corporation's own proxy. As printed: 3,042,527. Filing ↗machine: r13 · c41 · span 384685–384694
45Pediatrix Medical Group, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127299CEO total compensation as printed in Pediatrix Medical Group, Inc.'s own proxy. As printed: 2,775,881. Filing ↗machine: r22 · c24 · span 1960691–1960700
46Section 10a, Encompass Health Corporation reciprocityDEF 14A0000785161-26-000105Encompass Health Corporation's most recent proxy was read; its disclosed peer group does not include RadNet. Filing ↗
47Section 10a, Aveanna Healthcare Holdings Inc. reciprocityDEF 14A0001193125-26-161632Aveanna Healthcare Holdings Inc. names RadNet in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 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 RadNet. Filing ↗
49Section 10a, Option Care Health, Inc. reciprocityDEF 14A0001140361-26-013825Option Care Health, Inc.'s most recent proxy was read; its disclosed peer group does not include RadNet. Filing ↗
50Section 10a, AdaptHealth Corp reciprocityDEF 14A0001628280-26-027965AdaptHealth Corp names RadNet in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Surgery Partners, Inc. reciprocityDEF 14A0001638833-26-000039Surgery Partners, Inc. names RadNet in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Chemed Corporation reciprocityDEF 14A0001562762-26-000052Chemed Corporation names RadNet in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, The Ensign Group, Inc. reciprocityDEF 14A0001125376-26-000014The Ensign Group, Inc.'s most recent proxy was read; its disclosed peer group does not include RadNet. Filing ↗