Michael H. Carrel

President, CEO, and Director at AtriCure

Board

Since November 2012

Age

53 years

Education

Earned a Bachelor of Science in Accounting from Pennsylvania State University and an MBA from The Wharton School at the University of Pennsylvania.

Tenure

Has been the President, Chief Executive Officer, and Director at ATRC since November 2012, driving significant revenue and market cap growth through strategic acquisitions and innovation.

Also at AtriCure

ALW

Angela L. Wirick

Chief Financial Officer (CFO)

Deborah Yount

Chief Human Resources Officer (CHRO)

DJS

Douglas J. Seith

Chief Operating Officer (COO)

About

Michael H. Carrel has been instrumental in transforming ATRC into a global leader in the medical device field. Since joining in November 2012, his tenure has been marked by impressive revenue growth from $82 million in 2013 to $399 million in 2023 and an expansion of market capitalization from $115 million to approximately $1.7 billion as of December 31, 2023.

Before taking on his current role at ATRC, he held key leadership positions at Vital Images, Zamba Corporation, and NextNet Wireless, building a diverse background in the healthcare and technology sectors. His extensive experience in executive roles has enabled him to lead major strategic initiatives, including successful acquisitions and growth management.

Beyond his professional accomplishments at ATRC, he has also contributed significantly to the broader industry and community by serving on the boards of companies like Axonics and organizations such as Big Brothers Big Sisters of America. His patient-first philosophy and commitment to innovative clinical science continue to positively impact the lives of thousands of patients worldwide.

$ATRC Performance Under Michael H. Carrel

Past Roles

Organization	Role	Date Range	Details
Vital Images, Inc.	President & CEO	N/A	Led the company, a publicly traded medical imaging software firm, which was successfully sold
Zamba Corporation	President & CEO	N/A	Served as President & CEO at this publicly traded technology company
NextNet Wireless, Inc.	Chief Financial Officer (CFO)	N/A	Held the CFO role during successful acquisition exits

External Roles

Organization	Role	Date Range	Details
Big Brothers Big Sisters of America	Chair	2021 - Present	Serves as Chair on the Board since 2021
Axonics, Inc.	Board Chair	2019 - Present	Current Board Chair at a global leader in medical devices for incontinence therapies
Medical Device Manufacturers Association (MDMA)	Board Member	2017 - Present	Serves on the Board since 2017

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$804,310	Annual	Fixed annual cash compensation; remained unchanged from 2022
All Other Compensation	$13,200	Annual	Includes 401(k) matching contributions

Performance Compensation

Data from FY 2023

Annual Incentive Targets (Non‐Equity Incentive Plan)

Metric	Value	Details
Base Salary	$804,310
Target Incentive	$844,525	105% of base salary
Threshold Payout	$422,263	53% of base salary
Maximum Payout	$1,689,050	210% of base salary
Performance Metrics	Revenue Growth, Gross Margin, Functional Measures (Innovation, Clinical Science, Education, People)
Evaluation Period	1 year	Incentive based on annual performance achievements

Performance Share Awards (PSAs)

Metric	Value	Details
Target Shares Granted	107,317 shares
Threshold Shares	53,658 shares
Maximum Shares	321,951 shares
Weighting	75% Revenue CAGR, 25% TSR	Revenue CAGR component weighted at 75% and TSR component at 25%
Grant Date	March 1, 2023
Grant Date Fair Value	Revenue Component: $38.81 per share; TSR Component: $68.20 per share	Fair value determined based on market value at grant date
Vesting Schedule	3-year performance period	Vesting at the end of the performance period; for 2021 awards, a 146% attainment was achieved on December 31, 2023
Performance Metrics	Revenue CAGR & Relative TSR	TSR thresholds: 30th percentile = 50%, 55th = 100%, 80th = 200%, 95th = 300% (capped at target if negative)