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 SEM 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 SEM 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 |
|---|---|---|---|---|---|---|---|---|
| Robert Ortenzio | $995,000 | $0 | $3,562,500 | $0 | $1,890,500 | $0 | $167,969 | $6,615,969 |
| Executive Chairman and Co-Founder | ||||||||
| David Chernow | 995,000 | 0 | 3,562,500 | 0 | 1,890,500 | 0 | 94,405 | 6,542,405 |
| Vice Chairman | ||||||||
| Martin Jackson | 700,000 | 0 | 2,137,500 | 0 | 1,064,000 | 0 | 109,691 | 4,011,191 |
| Senior Executive Vice President of Strategic Finance and Operations | ||||||||
| Thomas Mullin | 618,000 | 0 | 1,425,000 | 0 | 939,360 | 0 | 60,167 | 3,042,527 |
| Chief Executive Officer | ||||||||
| John Saich | 618,000 | 0 | 1,425,000 | 0 | 939,360 | 0 | 53,167 | 3,035,527 |
| President | ||||||||
| Michael Malatesta | 585,000 | 0 | 1,068,750 | 0 | 889,200 | 0 | 38,397 | 2,581,347 |
| 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Robert Ortenzio | $6,615,969 | — | — | — |
| David Chernow | 6,542,405 | — | — | — |
| Martin Jackson | 4,011,191 | — | — | — |
| Thomas Mullin | 3,042,527 | — | — | — |
| John Saich | 3,035,527 | — | — | — |
| Michael Malatesta | 2,581,347 | — | — | — |
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 | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Thomas Mullin | RSU | 2025-07-29 | — | — | 100,000 | — | $1,425,000 |
| John Saich | RSU | 2025-07-29 | — | — | 100,000 | — | 1,425,000 |
| Michael Malatesta | RSU | 2025-07-29 | — | — | 75,000 | — | 1,068,750 |
| Martin Jackson | RSU | 2025-07-29 | — | — | 150,000 | — | 2,137,500 |
| Robert Ortenzio | RSU | 2025-07-29 | — | — | 250,000 | — | 3,562,500 |
| David Chernow | RSU | 2025-07-29 | — | — | 250,000 | — | 3,562,500 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Thomas Mullin | $1,425,000 | $0 | $0 | 0.0% |
| John Saich | 1,425,000 | 0 | 0 | 0.0% |
| Michael Malatesta | 1,068,750 | 0 | 0 | 0.0% |
| Martin Jackson | 2,137,500 | 0 | 0 | 0.0% |
| Robert Ortenzio | 3,562,500 | 0 | 0 | 0.0% |
| David Chernow | 3,562,500 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| David Chernow | RSU | 250,000 | — | $3,712,500 |
| Martin Jackson | RSU | 150,000 | — | 2,227,500 |
| Thomas Mullin | RSU | 100,000 | — | 1,485,000 |
| Martin Jackson | RSU | 33,334 | — | 495,009 |
| David Chernow | RSU | 102,222 | — | 1,517,997 |
| Robert Ortenzio | RSU | 102,222 | — | 1,517,997 |
| Michael Malatesta | RSU | 50,000 | — | 742,500 |
| Michael Malatesta | RSU | 16,667 | — | 247,505 |
| John Saich | RSU | 66,667 | — | 990,005 |
| Thomas Mullin | RSU | 66,667 | — | 990,005 |
| John Saich | RSU | 50,000 | — | 742,500 |
| Thomas Mullin | RSU | 50,000 | — | 742,500 |
| David Chernow | RSU | 55,555 | — | 824,992 |
| Robert Ortenzio | RSU | 250,000 | — | 3,712,500 |
| Robert Ortenzio | RSU | 55,556 | — | 825,007 |
| Michael Malatesta | RSU | 75,000 | — | 1,113,750 |
| Martin Jackson | RSU | 61,333 | — | 910,795 |
| John Saich | RSU | 100,000 | — | 1,485,000 |
The Company's compensation philosophy for NEOs is designed with the primary goals of rewarding the contributions of NEOs to the Company's financial performance and providing overall compensation sufficient to attract and retain highly skilled NEOs who are properly motivated to contribute to the Company's financial performance.
| CEO STI target (% of salary) | 80% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | not disclosed |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-04-23 | 110,664,208 | 3,339,567 | 33,630 | 97.07% | Passed |
| 2025 | 2025-04-24 | 108,011,565 | 11,314,550 | 594,313 | 90.07% | Passed |
| 2024 | 2024-04-26 | 106,777,980 | 14,125,946 | 42,832 | 88.29% | Passed |
| 2023 | 2023-04-27 | 107,662,511 | 14,902,617 | 225,842 | 87.68% | Passed |
| 2022 | 2022-04-28 | 108,422,682 | 16,580,508 | 44,974 | 86.7% | Passed |
| 2021 | 2021-04-29 | 120,908,105 | 4,981,174 | 376,509 | 95.76% | 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 | 2026-04-23 | 97.07%a |
| 2025 | 2025-04-24 | 90.07%b |
| 2024 | 2024-04-26 | 88.29%c |
a. Approved under the standard stated in the filing — “With respect to Proposal 1, because directors are elected by a majority vote, meaning the votes validly cast for such nominee's election exceeds the votes validly cast against such nominee's election in such election, in uncontested elections, abstentions and broker non-votes will not be counted as a vote cast either for or against such director's election.”.
b. Approved under the standard stated in the filing — “Because Proposals 3, 4, 5 and 6 require for approval the affirmative vote of a majority of the shares present online or represented by proxy at the Annual Meeting and entitled to vote, abstentions and broker non-votes will have the same effect as negative votes against these proposals.”.
c. Approved under the standard stated in the filing — “Because Proposals 2, 3, 4 and 6 require for approval the affirmative vote of a majority of the shares present online or represented by proxy at the Annual Meeting and entitled to vote any abstentions will have the effect of votes against and any broker non-votes will not have any effect on these proposals.”.
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) | 41 : 1 |
|---|---|
| CEO total compensation | $3,042,527 |
| Median employee compensation | $73,571 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Daniel J. ThomasIndependent · Audit and Compliance · Compensation (Chair) | $164,000 | $199,999 | $0 | $0 | $0 | $363,999 |
| Katherine R. DavissonIndependent · Audit and Compliance · Compensation · Quality of Care and Patient Safety | 162,000 | 199,999 | 0 | 0 | 0 | 361,999 |
| James S. Ely IIIIndependent · Audit and Compliance (Chair) · Nominating/Governance | 158,500 | 199,999 | 0 | 0 | 0 | 358,499 |
| William H. FristIndependent · Audit and Compliance · Quality of Care and Patient Safety (Chair) | 116,508 | 199,999 | 0 | 0 | 0 | 316,507 |
| Parvinderjit S. KhanujaIndependent · Audit and Compliance · Quality of Care and Patient Safety | 113,000 | 199,999 | 0 | 0 | 0 | 312,999 |
| Marilyn B. TavennerIndependent · Nominating/Governance (Chair) · Quality of Care and Patient Safety | 100,600 | 199,999 | 0 | 0 | 0 | 300,599 |
| Russell L. CarsonIndependent · Lead Independent Director · Nominating/Governance | 90,400 | 199,999 | 0 | 0 | 0 | 290,399 |
| Thomas A. ScullyIndependent · Compensation | 85,900 | 199,999 | 0 | 0 | 0 | 285,899 |
| David ChernowEmployee director | 0 | 0 | 0 | 0 | 0 | 0 |
| Robert A. OrtenzioEmployee director · Board Chair | 0 | 0 | 0 | 0 | 0 | 0 |
| Annual cash retainer | $72,000 |
|---|---|
| Annual equity retainer | $199,999 |
| Per board meeting fee | $3,000 |
| Committee chair fees (audit / comp / nom-gov) | 4,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $990,908 |
| Equity awards (grant-date value) | $1,599,992 |
| All other compensation | $0 |
| Total cost of the board | $2,590,900 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
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 | Select Medical Holdings | 2025 | Thomas Mullin | $618,000 | $1,425,000 | $0 | $939,360 | $3,042,527 |
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.
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, Robert Ortenzio | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Summary Compensation Table”. As printed: 6,615,969. Filing ↗machine: r4 · c41 · span 348094–348103 |
| 2 | Section 01, David Chernow | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Summary Compensation Table”. As printed: 6,542,405. Filing ↗machine: r1 · c41 · span 335987–335996 |
| 3 | Section 01, Martin Jackson | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Summary Compensation Table”. As printed: 4,011,191. Filing ↗machine: r10 · c41 · span 372530–372539 |
| 4 | Section 01, Thomas Mullin | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Summary Compensation Table”. As printed: 3,042,527. Filing ↗machine: r13 · c41 · span 384685–384694 |
| 5 | Section 01, John Saich | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Summary Compensation Table”. As printed: 3,035,527. Filing ↗machine: r15 · c41 · span 392691–392700 |
| 6 | Section 01, Michael Malatesta | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Summary Compensation Table”. As printed: 2,581,347. Filing ↗machine: r7 · c41 · span 360295–360304 |
| 7 | Section 03, Thomas Mullin RSU | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r11 · c35 · span 466134–466143 |
| 8 | Section 03, John Saich RSU | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r13 · c35 · span 473247–473256 |
| 9 | Section 03, Michael Malatesta RSU | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r7 · c35 · span 451869–451878 |
| 10 | Section 03, Martin Jackson RSU | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r9 · c35 · span 459006–459015 |
| 11 | Section 03, Robert Ortenzio RSU | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r5 · c35 · span 444730–444739 |
| 12 | Section 03, David Chernow RSU | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r3 · c35 · span 437592–437601 |
| 13 | Section 07, pay ratio | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “CEO Pay Ratio”. As printed: 41 : 1. Filing ↗machine: span 652552–652554 |
| 14 | Section 08, Daniel J. Thomas | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 363,999. Filing ↗machine: t17 · r7 · c17 · span 824677–824684 |
| 15 | Section 08, Katherine R. Davisson | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 361,999. Filing ↗machine: t17 · r1 · c17 · span 812059–812066 |
| 16 | Section 08, James S. Ely III | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 358,499. Filing ↗machine: t17 · r2 · c17 · span 814148–814155 |
| 17 | Section 08, William H. Frist | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 316,507. Filing ↗machine: t17 · r3 · c17 · span 816262–816269 |
| 18 | Section 08, Parvinderjit S. Khanuja | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 312,999. Filing ↗machine: t17 · r4 · c17 · span 818358–818365 |
| 19 | Section 08, Marilyn B. Tavenner | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 300,599. Filing ↗machine: t17 · r6 · c17 · span 822563–822570 |
| 20 | Section 08, Russell L. Carson | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 290,399. Filing ↗machine: t16 · r1 · c17 · span 806055–806062 |
| 21 | Section 08, Thomas A. Scully | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 285,899. Filing ↗machine: t17 · r5 · c17 · span 820471–820478 |
| 22 | Section 08, David Chernow | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 23 | Section 08, Robert A. Ortenzio | DEF 14A | 2026-03-04 | 0001104659-26-023205 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 24 | Section 06, 2026 vote | Form 8-K | 2026-04-24 | 0001104659-26-048634 | Item 5.07 · say-on-pay result. As reported: 97.07% (votes for as printed: 110,664,208). Filing ↗ |
| 25 | Section 06, 2025 vote | Form 8-K | 2025-04-29 | 0001104659-25-041376 | Item 5.07 · say-on-pay result. As reported: 90.07% (votes for as printed: 108,011,565). Filing ↗ |
| 26 | Section 06, 2024 vote | Form 8-K | 2024-04-26 | 0001104659-24-052995 | Item 5.07 · say-on-pay result. As reported: 88.29% (votes for as printed: 106,777,980). Filing ↗ |
| 27 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 28 | Section 09b board cost (computed) | Computed | — | computed | Cash 990,908 + equity 1,599,992 + all other 0 = 2,590,900, summed across the director compensation table rows.machine: formula: Σ = 2,590,900 |
| 29 | Select Medical Holdings (subject), Section 10b CEO total | DEF 14A | 2026-03-04 | 0001104659-26-023205 | CEO total compensation as printed in Select Medical Holdings's own proxy. As printed: 3,042,527. Filing ↗machine: r13 · c41 · span 384685–384694 |