nrc20251231_10ka.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(Amendment No. 1)

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from to

Commission File Number 001-35929

NRC Health

(Exact name of Registrant as specified in its charter)

Delaware		47-0634000
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

	1245 Q Street, Lincoln, Nebraska 68508
	(Address of principal executive offices) (Zip Code)

	(402) 475-2525
	(Registrant’s telephone number, including area code)

Securities registered pursuant to 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.001 par value	NRC	The NASDAQ stock market

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

		Page
EXPLANATORY NOTE		1

PART III

Item 10.	Directors, Executive Officers and Corporate Governance	2
Item 11.	Executive Compensation	7
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	29
Item 13.	Certain Relationships and Related Transactions, and Director Independence	32
Item 14.	Principal Accountant Fees and Services	32

PART IV

Item 15.	Exhibits	34
Signatures		35

Director	Fees Earned or Paid in Cash⁽¹⁾		Option Awards⁽²⁾		Total
Donald M. Berwick	$	100,000	$	150,000	$	250,000

Parul Bhandari	$	75,000	$	100,000	$	175,000

Stephen H. Lockhart	$	75,000	$	100,000	$	175,000

John N. Nunnelly	$	125,000	$	150,000	$	275,000

Penny A. Wheeler	$	100,000	$	150,000	$	250,000

	⁽¹⁾Includes the annual cash fixed fee plus the earned portion of the Director Cash Payment.
	⁽²⁾Represents the aggregate grant date fair value of option awards granted during the year, computed in accordance with FASB ASC Topic 718. See Note 8 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of assumptions made in the valuation of share-based compensation. For Dr. Berwick, Mr. Nunnelly, and Dr. Wheeler, amount reflects options earned in respect of the Director Equity Award. As of December 31, 2025, the outstanding option awards for each director were as follows: Dr. Berwick – 109,201 options; Ms. Bhandari – 77,365 options; Dr. Lockhart – 79,398 options; Mr. Nunnelly – 112,780 options; and Dr. Wheeler – 102,023 options.

✔	Direct link between pay and performance that aligns business strategies with stockholder value creation

✔	Annual say-on-pay votes

✔	No excessive perquisites for executives

✔	Appropriate balance between short- and long-term compensation that discourages short-term risk taking at the expense of long-term results

Name	Position
Trent Green	Chief Executive Officer

Shane Harrison	Chief Financial Officer

Helen L. Hrdy	EVP & Chief Operating Officer

Andy Monnich	EVP & Chief Corporate Development Officer

Jason Rau	Executive Vice President, Sales

Michael D. Hays	Chair, Former Chief Executive Officer

Linda Stacy	Former Interim Principal Financial Officer

	●	Stephen H. Lockhart (Chairperson)

	●	Donald M. Berwick

	●	Parul Bhandari

	●	John N. Nunnelly

	●	Penny A. Wheeler

Base Salary
Trent Green	$	1,250,000

Shane Harrison	$	400,000

Helen Hrdy	$	400,000

Andy Monnich	$	400,000

Jason Rau	$	400,000

Linda Stacy⁽¹⁾		N/A

Base Salary Paid in 2025 as a Percentage of Total Compensation
Trent Green	6	%

Shane Harrison	4	%

Helen Hrdy	16	%

Andy Monnich	16	%

Jason Rau	59	%

Michael D. Hays	69	%

Linda Stacy	N/A

2025 Cash Bonus and Incentive Awards
Trent Green	$	4,503,333

Shane Harrison	$	100,000

Helen Hrdy	$	826,667

Andy Monnich	$	826,667

Jason Rau	$	249,515

Name/Form of Compensation	Termination without Cause or Resignation with Good Reason – no Change in Control		Termination without Cause or Resignation with Good Reason – Change in Control		Death or Disability⁽¹⁾

Trent Green
Accelerated Vesting Options		—		—		—
Salary Continuation Payments		—		—		—
Total		—		—		—

Shane Harrison
Accelerated Vesting Options		—		—		—
Accelerated 2025 Restricted Shares		—	$	2,421,330		—
Salary Continuation Payments	$	400,000	$	400,000		—
Total	$	400,000	$	2,821,330		—

Helen Hrdy
Accelerated Vesting Options		—		—		—
Salary Continuation Payments		—		—		—
Total		—		—		—

Andy Monich		—		—		—
Accelerated Vesting Options		—		—		—
Salary Continuation Payments		—		—		—
Total		—		—		—

Jason Rau⁽²⁾
Accelerated Vesting Options		—		—		—
Salary Continuation Payments		—		—		—
Total		—		—		—

Michael D. Hays
Accelerated Vesting Options		—		—	$	15,760
Salary Continuation Payments		—		—		—
Total		—		—	$	15,760

Linda Stacy
Accelerated Vesting Options		—		—		—
Salary Continuation Payments		—		—		—
Total		—		—		—

(1) The amount shown for Mr. Hays reflects the hypothetical acceleration of unvested options that were in the money as of December 31, 2025. Ms. Hrdy did not have any outstanding options that were in the money as of December 31, 2025. The other Named Executive Officers did not have any outstanding option awards as of December 31, 2025.
(2) No payments are reflected for Mr. Rau because the grant agreement providing for the potential accelerated vesting of his 2026 equity award was entered into, and the grant of such equity award was made, after December 31, 2025.

Name and Principal Position	Year	Salary ($)		Bonus ($)		Stock Awards ($)⁽¹⁾		Option Awards ($)⁽¹⁾		Non-Equity Incentive Plan Compensation ($)		All Other Compensation ($)			Total ($)

Trent Green	2025	$	697,115	$	4,503,333	$	6,755,000		-		-	$	6,452		$	11,961,900
Chief Executive Officer⁽²⁾

Shane Harrison	2025	$	92,308	$	100,000	$	2,287,600		-		-	$	1,192		$	2,481,100
Chief Financial Officer⁽²⁾

Helen L. Hrdy	2025	$	400,000	$	826,667	$	1,240,000		-		-	$	8,180		$	2,474,847
EVP & Chief Operating Officer	2024	$	397,788	$	3,539		-	$	1,138,000		-	$	6,559		$	1,545,886
	2023	$	285,000		-		-	$	144,181		-	$	6,507		$	435,688

Andy Monnich	2025	$	400,000	$	826,667	$	1,240,000		-		-	$	8,150		$	2,474,817
EVP & Chief Corporate Development Officer

Jason Rau	2025	$	362,308		-		-		-	$	249,515	$	7,310		$	619,133
Executive Vice President, Sales

Michael D. Hays	2025	$	127,400		-		-	$	54,554		-	$	2,462		$	184,416
Chair; Former Chief Executive	2024	$	127,400		-		-	$	55,000		-	$	2,462		$	184,862
Officer, President⁽²⁾	2023	$	127,400		-		-	$	64,455		-	$	3,711		$	195,566

Linda Stacy	2025	$	12,500		-		-		-		-	$	47,497	⁽³⁾	$	59,997
Former Interim Principal Financial Officer⁽²⁾	2024	$	245,395		-		-		-		-	$	7,481		$	252,876

			Estimated Future Payouts Under Non-Equity Incentive Plan Awards⁽¹⁾
Name	Grant Date		Threshold ($)		Target ($)		Maximum ($)		All other stock awards: Number of shares of stock or units (#)⁽²⁾		All other option awards: Number of securities underlying options (#)⁽²⁾		Exercise or Base Price of Option Awards ($)		Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾

Trent Green	6/1/25			-		-		-		500,000		-		-	$	6,755,000

Shane Harrison	9/29/25			-		-		-		172,000		-		-	$	2,287,600

Helen L. Hrdy	4/7/25			-		-		-		100,000		-		-	$	1,240,000

Andy Monnich	4/7/25			-		-		-		100,000		-		-	$	1,240,000

Jason Rau		-	$	50,000	$	200,000	$	400,000		-		-		-		-

Michael D. Hays	1/10/25			-		-		-		-		11,021	$	17.34	$	54,554

Linda Stacy		-		-		-		-		-		-		-		-

				Option Awards										Stock Awards
Name	No. of Securities Underlying Unexercised Options (Exercisable) (#)			No. of Securities Underlying Unexercised Options (Unexercisable) (#)			Equity incentive plan awards: number of securities underlying unexercised unearned options (#)			Option Exercise Price ($)		Option Expiration Date		Number of Shares or Units of Stock that Have Not Vested (#)			Market Value of Shares or Units of Stock that Have Not Vested ($)

Trent Green		-			-			-			-		-		500,000	⁽¹²⁾	$	9,385,000

Shane Harrison		-			-			-			-		-		129,000	⁽¹³⁾	$	2,421,330

Helen L. Hrdy		12,619	⁽¹⁾⁽³⁾		-			-		$	18.80	01/04/27			-			-
		8,764	⁽¹⁾⁽⁴⁾		-			-		$	36.80	01/03/28			-			-
		8,420	⁽¹⁾⁽⁵⁾		-			-		$	38.30	01/03/29			-			-
		5,699	⁽¹⁾⁽⁶⁾		-			-		$	65.80	01/03/30			-			-
		-			9,960	⁽¹⁾⁽⁷⁾		-		$	42.92	01/05/31			-			-
		-			10,118	⁽¹⁾⁽⁸⁾		-		$	42.25	01/04/32			-			-
		-			10,981	⁽¹⁾⁽⁹⁾		-		$	38.93	01/04/33			-			-
		-			-			-			-		-		100,000	⁽¹²⁾	$	1,877,000

Andy Monnich		-			-			-			-		-		100,000	⁽¹²⁾	$	1,877,000

Jason Rau		-			-			-			-		-		-			-

Michael D. Hays		9,145	⁽¹⁾⁽²⁾		-			-		$	15.23	01/05/26			-			-
		7,478	⁽¹⁾⁽³⁾		-			-		$	18.80	01/04/27			-			-
		5,193	⁽¹⁾⁽⁴⁾		-			-		$	36.80	01/03/28			-			-
		4,990	⁽¹⁾⁽⁵⁾		-			-		$	38.30	01/03/29			-			-
		2,904	⁽¹⁾⁽⁶⁾		-			-		$	65.80	01/03/30			-			-
		-			4,452	⁽¹⁾⁽⁷⁾		-		$	42.92	01/05/31			-			-
		-			4,523	⁽¹⁾⁽⁸⁾		-		$	42.25	01/04/32			-			-
		-			4,909	⁽¹⁾⁽⁹⁾		-		$	38.93	01/04/33			-			-
		-			-			4,833	^(1)(10)	$	39.54	01/19/34			-			-
		-			11,021	⁽¹¹⁾		-		$	17.34	01/10/35			-			-

Linda Stacy		-			-			-			-		-		-			-

⁽¹⁾	Shares of Common Stock. Excludes shares granted to Mr. Green, Ms. Hrdy, and Mr. Monnich which fully vested on the grant date but which were subject to repurchase by the Company for $1.00 if the Named Executive Officer’s employment terminated prior to certain time-based service milestones. In accordance with applicable SEC guidance, these shares are reported as unvested until the repurchase right lapses. The terms of these awards were amended in April 2026 to eliminate the repurchase right. See “Long-Term Equity Incentive” and “Compensation Decisions with Respect to 2026” above for additional information.
⁽²⁾	Amounts represent the product of the number of shares acquired on exercise multiplied by the excess of closing market price at exercise over the exercise price per share.
⁽³⁾	Amounts represent the product of the number of shares acquired upon vesting multiplied by the closing market price on the trading day immediately prior to the vesting date.

														Value of initial fixed $100 investment based on:
Year	Summary Compensation Table Total for Mr. Green⁽¹⁾		Compensation Actually Paid to Mr. Green⁽¹⁾		Summary Compensation Table Total for Mr. Hays⁽¹⁾		Compensation Actually Paid to Mr. Hays⁽¹⁾			Average Summary Compensation Table Total for Non-PEO NEOs		Average Compensation Actually Paid to Non-PEO NEOs ⁽²⁾		Total Stockholder Return		Peer group Total Stockholder Return⁽³⁾		Net Income		Revenue
																		(in thousands)

2025	$	11,961,900	$	14,791,900	$	184,416	$	203,338		$	1,621,979	$	2,090,935	$	47.12	$	134.40	$	11,600	$	137,390
2024		-		-	$	184,862	$	(43,480	)	$	1,124,539	$	296,563	$	29.28	$	142.93	$	24,783	$	143,060
2023		-		-	$	195,566	$	202,165		$	428,157	$	443,660	$	64.34	$	128.14	$	30,971	$	148,580
2022		-		-	$	181,173	$	184,526		$	410,113	$	418,936	$	59.60	$	109.59	$	31,800	$	151,568
2021		-		-	$	217,094	$	207,809		$	490,467	$	469,883	$	64.98	$	137.74	$	37,466	$	147,954

Amendment: SEC Form 10-K/A filed by NRC Health