Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-24

Select Medical Holdings (SEM)

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.

$6,615,969
Robert Ortenzio total, FY2025
Executive Chairman and Co-Founderhighest-paid officer; CEO Thomas Mullin: $3,042,527
CEO (Thomas Mullin) pay percentile vs peers
41:1
CEO-to-median pay ratio
97.07%
Say-on-pay support, latest vote
Companies that benchmark against SEM
15 companies name SEM as a compensation peer

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.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Robert Ortenzio$995,000$0$3,562,500$0$1,890,500$0$167,969$6,615,969
Executive Chairman and Co-Founder
David Chernow995,00003,562,50001,890,500094,4056,542,405
Vice Chairman
Martin Jackson700,00002,137,50001,064,0000109,6914,011,191
Senior Executive Vice President of Strategic Finance and Operations
Thomas Mullin618,00001,425,0000939,360060,1673,042,527
Chief Executive Officer
John Saich618,00001,425,0000939,360053,1673,035,527
President
Michael Malatesta585,00001,068,7500889,200038,3972,581,347
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Robert Ortenzio$6,615,969
David Chernow6,542,405
Martin Jackson4,011,191
Thomas Mullin3,042,527
John Saich3,035,527
Michael Malatesta2,581,347

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 MullinRSU2025-07-29100,000$1,425,000
John SaichRSU2025-07-29100,0001,425,000
Michael MalatestaRSU2025-07-2975,0001,068,750
Martin JacksonRSU2025-07-29150,0002,137,500
Robert OrtenzioRSU2025-07-29250,0003,562,500
David ChernowRSU2025-07-29250,0003,562,500
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Thomas Mullin$1,425,000$0$00.0%
John Saich1,425,000000.0%
Michael Malatesta1,068,750000.0%
Martin Jackson2,137,500000.0%
Robert Ortenzio3,562,500000.0%
David Chernow3,562,500000.0%

% 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
David ChernowRSU250,000$3,712,500
Martin JacksonRSU150,0002,227,500
Thomas MullinRSU100,0001,485,000
Martin JacksonRSU33,334495,009
David ChernowRSU102,2221,517,997
Robert OrtenzioRSU102,2221,517,997
Michael MalatestaRSU50,000742,500
Michael MalatestaRSU16,667247,505
John SaichRSU66,667990,005
Thomas MullinRSU66,667990,005
John SaichRSU50,000742,500
Thomas MullinRSU50,000742,500
David ChernowRSU55,555824,992
Robert OrtenzioRSU250,0003,712,500
Robert OrtenzioRSU55,556825,007
Michael MalatestaRSU75,0001,113,750
Martin JacksonRSU61,333910,795
John SaichRSU100,0001,485,000
05

Incentive-plan design — the Compensation Discussion & Analysis

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 consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-23110,664,2083,339,56733,63097.07%Passed
20252025-04-24108,011,56511,314,550594,31390.07%Passed
20242024-04-26106,777,98014,125,94642,83288.29%Passed
20232023-04-27107,662,51114,902,617225,84287.68%Passed
20222022-04-28108,422,68216,580,50844,97486.7%Passed
20212021-04-29120,908,1054,981,174376,50995.76%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.

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

Meeting yearMeeting dateApproval — company's computation
20262026-04-2397.07%a
20252025-04-2490.07%b
20242024-04-2688.29%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.

07

CEO pay ratio

Ratio (CEO : median employee)41 : 1
CEO total compensation$3,042,527
Median employee compensation$73,571
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
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 Safety162,000199,999000361,999
James S. Ely IIIIndependent · Audit and Compliance (Chair) · Nominating/Governance158,500199,999000358,499
William H. FristIndependent · Audit and Compliance · Quality of Care and Patient Safety (Chair)116,508199,999000316,507
Parvinderjit S. KhanujaIndependent · Audit and Compliance · Quality of Care and Patient Safety113,000199,999000312,999
Marilyn B. TavennerIndependent · Nominating/Governance (Chair) · Quality of Care and Patient Safety100,600199,999000300,599
Russell L. CarsonIndependent · Lead Independent Director · Nominating/Governance90,400199,999000290,399
Thomas A. ScullyIndependent · Compensation85,900199,999000285,899
David ChernowEmployee director000000
Robert A. OrtenzioEmployee director · Board Chair000000
09

Board fee structure and ownership guideline

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
09b

Total cost of the board

ComponentFY2025
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.

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
1Select Medical Holdings2025Thomas 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.

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, Robert OrtenzioDEF 14A2026-03-040001104659-26-023205Section “Summary Compensation Table”. As printed: 6,615,969. Filing ↗machine: r4 · c41 · span 348094–348103
2Section 01, David ChernowDEF 14A2026-03-040001104659-26-023205Section “Summary Compensation Table”. As printed: 6,542,405. Filing ↗machine: r1 · c41 · span 335987–335996
3Section 01, Martin JacksonDEF 14A2026-03-040001104659-26-023205Section “Summary Compensation Table”. As printed: 4,011,191. Filing ↗machine: r10 · c41 · span 372530–372539
4Section 01, Thomas MullinDEF 14A2026-03-040001104659-26-023205Section “Summary Compensation Table”. As printed: 3,042,527. Filing ↗machine: r13 · c41 · span 384685–384694
5Section 01, John SaichDEF 14A2026-03-040001104659-26-023205Section “Summary Compensation Table”. As printed: 3,035,527. Filing ↗machine: r15 · c41 · span 392691–392700
6Section 01, Michael MalatestaDEF 14A2026-03-040001104659-26-023205Section “Summary Compensation Table”. As printed: 2,581,347. Filing ↗machine: r7 · c41 · span 360295–360304
7Section 03, Thomas Mullin RSUDEF 14A2026-03-040001104659-26-023205Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r11 · c35 · span 466134–466143
8Section 03, John Saich RSUDEF 14A2026-03-040001104659-26-023205Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r13 · c35 · span 473247–473256
9Section 03, Michael Malatesta RSUDEF 14A2026-03-040001104659-26-023205Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r7 · c35 · span 451869–451878
10Section 03, Martin Jackson RSUDEF 14A2026-03-040001104659-26-023205Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r9 · c35 · span 459006–459015
11Section 03, Robert Ortenzio RSUDEF 14A2026-03-040001104659-26-023205Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r5 · c35 · span 444730–444739
12Section 03, David Chernow RSUDEF 14A2026-03-040001104659-26-023205Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t8 · r3 · c35 · span 437592–437601
13Section 07, pay ratioDEF 14A2026-03-040001104659-26-023205Section “CEO Pay Ratio”. As printed: 41 : 1. Filing ↗machine: span 652552–652554
14Section 08, Daniel J. ThomasDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 363,999. Filing ↗machine: t17 · r7 · c17 · span 824677–824684
15Section 08, Katherine R. DavissonDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 361,999. Filing ↗machine: t17 · r1 · c17 · span 812059–812066
16Section 08, James S. Ely IIIDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 358,499. Filing ↗machine: t17 · r2 · c17 · span 814148–814155
17Section 08, William H. FristDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 316,507. Filing ↗machine: t17 · r3 · c17 · span 816262–816269
18Section 08, Parvinderjit S. KhanujaDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 312,999. Filing ↗machine: t17 · r4 · c17 · span 818358–818365
19Section 08, Marilyn B. TavennerDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 300,599. Filing ↗machine: t17 · r6 · c17 · span 822563–822570
20Section 08, Russell L. CarsonDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 290,399. Filing ↗machine: t16 · r1 · c17 · span 806055–806062
21Section 08, Thomas A. ScullyDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 285,899. Filing ↗machine: t17 · r5 · c17 · span 820471–820478
22Section 08, David ChernowDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 0. Filing ↗
23Section 08, Robert A. OrtenzioDEF 14A2026-03-040001104659-26-023205Section “Director Compensation”. As printed: 0. Filing ↗
24Section 06, 2026 voteForm 8-K2026-04-240001104659-26-048634Item 5.07 · say-on-pay result. As reported: 97.07% (votes for as printed: 110,664,208). Filing ↗
25Section 06, 2025 voteForm 8-K2025-04-290001104659-25-041376Item 5.07 · say-on-pay result. As reported: 90.07% (votes for as printed: 108,011,565). Filing ↗
26Section 06, 2024 voteForm 8-K2024-04-260001104659-24-052995Item 5.07 · say-on-pay result. As reported: 88.29% (votes for as printed: 106,777,980). Filing ↗
27Section 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
28Section 09b board cost (computed)ComputedcomputedCash 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
29Select Medical Holdings (subject), Section 10b CEO totalDEF 14A2026-03-040001104659-26-023205CEO total compensation as printed in Select Medical Holdings's own proxy. As printed: 3,042,527. Filing ↗machine: r13 · c41 · span 384685–384694