Jason P. Steik
About Jason P. Steik
Jason P. Steik (age 41) serves as Chief Clinical Officer, leading Pennant’s clinical and quality teams since 2020, with 15+ years across acute and post‑acute settings; he is a Certified Professional in Patient Safety (CPPS), holds a B.S. in Nursing (Boise State) and an MBA (UMass Amherst) . Company incentive design links pay to Adjusted Net Income, Adjusted EBT, Segment Adjusted EBITDAR, Adjusted EBITDA, clinical quality, and leadership development, supporting pay‑for‑performance alignment; Steik’s 2024 cash incentive was tied to home health and hospice segment financial and clinical performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LifePoint Health (regional acute care medical center) | Chief Nursing Officer | 2018–2020 | Led acute-care operations; foundation for bridging acute to post‑acute care and clinical quality leadership |
External Roles
No external board roles disclosed; professional credential: CPPS (Institute for Healthcare Improvement) .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 236,667 | 257,726 | 269,344 |
| All Other Compensation ($) | 919 | 966 | 1,708 |
| Perquisites detail (2024) | — | — | Tax prep: $840; Other benefits: $868; total $1,708 |
Performance Compensation
Annual Incentives (Cash)
| Year | Program | Key Metrics | Payout ($) | Vesting |
|---|---|---|---|---|
| 2024 | Segment incentive (Home Health & Hospice) | Financial and clinical performance of segment (structure mirrors executive bonus pool metrics) | 472,200 | Cash (paid following year) |
| 2023 | Discretionary incentive (outside exec incentive program) | Not disclosed | 250,000 | Cash (paid following year) |
| 2022 | Discretionary incentive (outside exec incentive program) | Not disclosed | 82,500 | Cash (paid following year) |
The Company’s most important measures for linking compensation to performance: Adjusted Net Income, Adjusted EBT, Segment Adjusted EBITDAR, Adjusted EBITDA, Clinical Quality, Leadership Development . The Compensation Committee can claw back performance-based compensation upon restatements or if subsequent events diminish metrics (including clinical results) .
Equity Awards (Grants and Vesting)
| Grant Date | Award Type | Shares/Options (#) | Exercise Price ($/sh) | Grant Date Fair Value ($) | Standard Vesting | Notes |
|---|---|---|---|---|---|---|
| 3/4/2024 | Stock Options | 20,000 | 18.79 | 185,342 | 20% per year over 5 years; 10‑year term | LTIP alignment; not immediately exercisable |
| 11/13/2024 | Restricted Stock | 2,500 | — | 82,000 | 20% per year over 5 years | Market value $26.52/sh at 12/31/2024 |
| 2024 (vesting) | RS vesting | 2,800 | — | Value realized $81,788 (on vesting) | Vests per schedule | — |
Footnotes:
- Options/RSUs/RS generally vest 20% annually over five years; options expire after 10 years .
- ASC 718 recognition: stock and option “Stock Awards”/“Option Awards” amounts in the SCT reflect total compensation cost to be recognized over 5‑year vesting periods; awards granted in 2024 are not immediately exercisable .
Summary Compensation (Multi‑Year)
| Component ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 236,667 | 257,726 | 269,344 |
| Bonus (discretionary/segment) | 82,500 | 250,000 | 472,200 |
| Stock Awards (ASC 718) | 188,020 | — | 82,000 |
| Option Awards (ASC 718) | 12,052 | 212,304 | 185,342 |
| Non‑Equity Incentive Plan Comp | — | — | — |
| All Other Compensation | 919 | 966 | 1,708 |
| Total | 520,158 | 720,996 | 1,010,594 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (as of 3/18/2025) | 27,000 shares beneficially owned, all via options currently exercisable or exercisable within 60 days; <1% of outstanding |
| Shares outstanding (base for % calc) | 34,431,889 |
| Ownership % (computed) | ~0.08% (27,000 / 34,431,889) |
| Vested vs unvested (indicative) | Exercisable options: 27,000 (vested) ; Unvested RS: 2,500 granted 11/13/2024 (market value $66,300 at $26.52/sh) ; Prior RS grant shows 8,400 unvested shares at $222,768 MV (12/31/2024) |
| Options outstanding (examples) | 20,000 options at $18.79, exp. 3/4/2034 (granted 3/4/2024) ; 5,000/20,000 split (exercisable/unexercisable) from 2/28/2023 grant at $15.02, exp. 2/28/2033 ; 1,000/4,000 split from 8/22/2023 grant at $12.52, exp. 8/22/2033 |
| Hedging/Pledging | Hedging generally prohibited for directors, officers, employees unless pre‑approved; executives with significant stock ownership may not hedge economic risk; pledging not specifically disclosed |
| Ownership guidelines | Director guidelines (33% cumulative restricted stock retention) disclosed; executive ownership guideline not disclosed |
Employment Terms
- Employment agreements: NEOs (including Steik) do not have employment agreements .
- Severance/change‑in‑control: Company has not entered arrangements for payments/benefits upon resignation, severance, retirement, termination or change in control; Compensation Committee may accelerate vesting in certain circumstances under plan terms . Under the 2025 Plan, if awards are not assumed at change in control, time‑based awards fully vest; performance awards earned at target on a prorated basis; if awards are assumed but participant is terminated within one year or plan is terminated early, similar vesting/payout applies .
- Clawbacks: Compensation Committee can claw back performance‑based compensation under executive incentive plan upon restatements or diminished performance metrics (including clinical results) .
- Insider trading policy: Adopted and filed; equity grant timing not made to anticipate MNPI; grants historically on a predetermined schedule .
Investment Implications
- Alignment: Steik’s pay mix is materially at‑risk via segment‑tied cash incentives and multi‑year vesting equity; 2024 incentive tied to segment financial and clinical metrics enhances operating alignment . Five‑year vesting on options/RS strengthens retention and long‑term focus .
- Retention risk: Absence of employment/severance agreements reduces contractual retention levers; however, meaningful unvested equity and standard 10‑year option terms provide ongoing retention incentives .
- Selling pressure: Regular annual vesting (e.g., 2,800 RS vested in 2024) can create modest, predictable insider share supply; no 2024 option exercises by Steik .
- Ownership: Current beneficial ownership is modest (~0.08%), primarily vested options; no pledging disclosed; hedging restricted, reducing misalignment risk .
- Plan overhang context: Share pool expansion (3.275M additional shares) under the 2025 Plan supports continued broad‑based equity incentives; performance award rules and change‑in‑control treatment are clarified, which could impact equity settlements under corporate events .