Jens Kemp
AxogenAbout Jens Kemp
Chief Marketing Officer at Axogen (AXGN) since February 2023, with 16+ years in medtech marketing, business development, and commercial execution; BA in Business Administration and MSc in International Marketing & Management from Copenhagen Business School . During his tenure, AXGN has accelerated growth and commercial scale, with revenue up 18.3% YoY in Q2 2025 to $56.7M and 23.5% YoY in Q3 2025 to $60.1M, alongside improving adjusted EBITDA margins (13.3%→15.4%) and raised FY25 guidance . Kemp leads surgeon education and activation programs; he noted breast training cohorts typically ramp to full productivity over ~3 quarters, supporting durable adoption .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ambu Inc. | Vice President of Marketing | 2013–2023 | Led creation of single-use endoscopy market across multiple applications; built U.S. marketing capabilities in HEOR/market access, market development, and digital . |
| Ambu A/S (Copenhagen) | Corporate Business Development Manager | 2006–2009 | Corporate BD in Denmark; supported global expansion . |
| Ambu A/S (U.S.) | Vice President, Corporate Business Development | 2009–2013 | U.S. BD leadership post-relocation; scaling post King Systems acquisition . |
| Pera Innovation | Management Consultant | ~2003–2006 | Advised European companies on innovation/commercial strategy . |
| Mindgroup (co‑founder) | Sales & Marketing lead | 2001–2003 | Built AI-powered decision support systems go-to-market . |
External Roles
No public company directorships or external board roles disclosed in the latest proxy filings for Mr. Kemp .
Fixed Compensation
| Metric | 2024 | Notes |
|---|---|---|
| Base Salary ($) | 374,419 | NEO status established in 2024 . |
| Target Bonus % | 60% | Set by Compensation Committee . |
| Target Bonus ($) | 224,651 | Based on bonus-eligible salary . |
| Actual Bonus Paid ($) | 376,496 | Earned at 167.6% of target for NEOs . |
| Stock Awards ($) | 973,992 | Aggregate grant-date fair value per ASC 718 . |
| Option Awards ($) | — | No options granted in 2024; inducement options granted in 2023 (see equity section) . |
| All Other Compensation ($) | 21,064 | Includes $13,800 401(k) match and $7,264 life insurance premiums . |
| Total Compensation ($) | 1,745,971 | Summary Compensation Table . |
Performance Compensation
Annual Cash Incentive Plan metrics and outcomes (Company-wide, applied to NEOs including Kemp):
| Metric | Weight at Target | Minimum Threshold & Payout | Target Threshold & Payout | Maximum Threshold & Payout | Performance Achieved | Earned % of Target Bonus |
|---|---|---|---|---|---|---|
| Revenues | 40% | $174M; 20% | $180M; 40% | $198M; uncapped in metric but overall cap applies | $187.3M; 17.8% YoY | 56.5% |
| Year-end cash balance | 40% | $30M; 20% | $34M; 40% | $42M; uncapped in metric | $39.5M | 67.0% |
| Protection category revenue growth | 10% | $4.1M; 5% | $5.6M; 10% | $8.7M; uncapped in metric | $9.9M | 24.1% |
| Product & Quality Systems management | 10% | 0%–20% range | 10% target | 20% max | Achieved max (audit outcomes) | 20.0% |
| BLA supplemental | Up to 20% | — | — | 20% | 0% (net payout) | — |
| Total | 100% | — | — | 200% cap | Company earned 167.6% of target | 167.6% |
Equity performance awards granted in 2024:
| Award Type | Target Shares | Payout Range | Performance Period | Vesting/Payout Mechanics |
|---|---|---|---|---|
| TSR PSUs | 68,600 | 0%–200% | Feb 2024 – Feb 2027 | Payout based on achieving specific 30‑day average share price hurdles; shareholder approval in June 2024 raised cap to 200% . |
| BLA PSUs | 25,000 | 0%–100% | Through Dec 2025 | Milestone-based; following BLA submission in Sep 2024, 10% of Feb 2024 grants vested in Feb 2025; remaining subject to approval milestone by Dec 2025 . |
Equity Ownership & Alignment
- Beneficial ownership: 42,683 shares; plus 30,000 options/RSUs/PSUs vesting or exercisable within 60 days of April 1, 2025; <1% of shares outstanding; shares are not subject to any pledge .
- Outstanding equity awards (as of Dec 31, 2024):
| Grant Date | Instrument | Quantity | Terms / Value |
|---|---|---|---|
| 03/01/2023 | Stock options (unexercisable) | 60,000 | Exercise price $8.16; expires 03/01/2033; options vest 50% at 24 months from grant, then 12.5% every 6 months thereafter (i.e., first 50% vested on 03/01/2025) . |
| 03/01/2023 | RSUs (unvested) | 30,000 | Market value $494,400 at $16.48 reference price . |
| 03/16/2023 | Stock awards | 45,000 | Market value $741,600 . |
| 02/22/2024 | TSR PSUs (unearned) | 68,600 | Payout value shown $1,130,528 at target valuation basis . |
| 02/22/2024 | BLA PSUs (unearned) | 25,000 | Payout value $412,000; 10% of Feb 2024 grants vested Feb 2025 after BLA submission milestone . |
| 06/05/2024 | TSR PSUs (incremental target) | 68,600 | Issued following shareholder approval raising TSR PSU payout cap . |
- Ownership guidelines: Executives must hold equity equal to 1x base salary; Kemp meets guidelines as of year-end 2024. Anti-hedging and pledging policies prohibit such transactions; clawback policy adopted Sept 26, 2023 .
Employment Terms
- Employment agreement: Effective Feb 13, 2023; amended and restated Feb 27, 2024; at-will employment .
- Severance (no CIC): Lump sum equal to 15 months base salary, plus 125% of target bonus for the year of termination, and COBRA premiums for 15 months or until comparable coverage is obtained .
- Double-trigger CIC severance (termination without substantial cause within 365 days after CIC, 90 days prior to CIC, or for good reason following CIC): Lump sum equal to 24 months base salary, plus 200% of target bonus, and COBRA premiums for 24 months; time-based award acceleration applies to CEO only (Kemp not included for automatic time-based acceleration per summary) .
- Qualified retirement provision: For VPs and above (including Kemp), equity awards granted after March 2022 provide continued vesting upon qualified retirement (age ≥60, ≥10 years service, advance notice) .
- Clawback policy: Implemented per SEC/Nasdaq; retroactive adjustments for incentive comp upon financial restatement .
Investment Implications
- Pay-for-performance alignment: Kemp’s 2024 bonus was driven by company-level targets and achieved 167.6% of target amid strong revenue and cash outcomes, indicating incentives tied to core growth and operational discipline . Equity mix is fully performance-oriented (TSR PSUs and BLA PSUs), linking long-term compensation to share price appreciation and regulatory execution—positive alignment signal .
- Vesting and selling pressure: Inducement options from 03/01/2023 reached first 50% vest on 03/01/2025; TSR PSUs do not cliff until Feb 2027 and require price hurdles, moderating near-term sell pressure. BLA PSUs partially vested (10%) in Feb 2025, but majority remains contingent on December 2025 outcomes—watch for event-driven liquidity windows .
- Ownership and governance: Kemp meets stock ownership guidelines and is prohibited from hedging/pledging; beneficial holdings are small (<1%) with no pledged shares—reduced alignment risk, lower collateralization concerns . 2024 say‑on‑pay approval at ~70% suggests mixed investor sentiment but recent program changes (multi‑year PSU metrics incl. relative TSR and revenue CAGR) address feedback .
- Retention and change‑of‑control economics: Double‑trigger CIC protections (24 months salary, 200% target bonus, 24 months COBRA) provide retention through potential strategic transactions but are within typical small‑cap medtech ranges; lack of automatic time‑based acceleration for Kemp reduces windfall risk versus CEO’s terms . Execution risk centers on delivering BLA approval by Dec 2025 and sustaining high‑teens revenue growth; regardless, marketing-led surgeon activation cohorts ramp over ~3 quarters, supporting durable volume expansion .