Brent Binkowski
About Brent Binkowski
Brent Binkowski (age 56) was appointed Chief Operating Officer of CVRx effective August 11, 2025, with responsibility for R&D, operations, regulatory affairs, and quality; he joins with over 20 years of medical-device operations leadership at Coloplast, Teleflex (via Vascular Solutions), CeloNova, and American Medical Systems – Ireland . His initial compensation includes $405,000 base salary, 50% target cash incentive (pro-rated for 2025), and initial equity of 74,900 stock options and 16,600 RSUs, plus a $50,000 sign-on bonus subject to 12‑month repayment if he resigns or is terminated for cause . He filed a Form 3 indicating no beneficial ownership as of his start date; initial grants are expected to be reported subsequently on Form 4 once issued . He joins amid CVRx’s Q2 2025 revenue growth of 15% year over year and increased U.S. active implanting centers (240), providing organizational momentum for scale-up initiatives he will oversee .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Coloplast Corp. | VP of Operations – Interventional Urology | 2020–2025 | Led operations for interventional urology, bringing scale-up and manufacturing experience relevant to implantable therapies . |
| Teleflex Incorporated | Operations/Engineering leadership (incl. via Vascular Solutions acquisition) | Prior to 2020 | Progressive roles in engineering, manufacturing, and operations; integration experience post-Vascular Solutions acquisition . |
| Vascular Solutions, Inc. | Operations/Engineering leadership | Pre-acquisition | Built operations capabilities later integrated into Teleflex . |
| CeloNova BioSciences, Inc. | Operations/Engineering leadership | Prior | Experience across implantable and interventional technologies . |
| American Medical Systems – Ireland | Operations/Engineering leadership | Prior | International manufacturing/operations foundation for implantable devices . |
Fixed Compensation
| Component | 2025 Value | Terms |
|---|---|---|
| Base salary | $405,000 | Initial annual base salary approved by Compensation Committee . |
| Sign-on bonus | $50,000 | Subject to repayment if he resigns or is terminated for cause before first anniversary of hire . |
Performance Compensation
| Element | 2025 Target | Metrics | Notes |
|---|---|---|---|
| Annual cash incentive | 50% of base salary (pro‑rated for FY25) | Not specifically disclosed for Binkowski; company framework ties NEO bonuses to revenue and operational goals (HF implants U.S., worldwide revenue, U.S. HF revenue, Europe revenue, cash expenditures, corporate objective) with varied weightings by role . | Payout determined vs. annual targets set by Compensation Committee; 2025 executive-specific weightings for COO not disclosed . |
Representative company framework (2024 NEO design):
- Metrics and weightings used for NEOs: HF implants in U.S.; worldwide revenue; U.S. HF revenue; European revenue; cash expenditures; corporate objective; weightings vary by executive (e.g., CEO/CFO weighted 50% worldwide revenue; CRO weighted 100% U.S. HF revenue) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial equity awards | 74,900 stock options; 16,600 RSUs; terms consistent with current Company forms . |
| Standard vesting mechanics | Executive stock options generally vest 25% on first anniversary then 1/48 monthly thereafter; options deliver value only if stock exceeds exercise price . |
| Beneficial ownership at start | Form 3 shows no securities beneficially owned as of 08/11/2025; subsequent Form 4(s) expected to report initial grants when issued . |
| Anti‑hedging/pledging | Insider Trading Policy prohibits hedging, short sales, derivatives, and pledging of CVRx stock (including margin accounts) . |
| Ownership guidelines | No executive stock ownership guidelines disclosed in 2025 proxy; not referenced for officers . |
Employment Terms
- Severance framework (standard executive form): If terminated without Cause or for Constructive Discharge outside a change-in-control protection window, continuation of base salary for 12 months and medical premium reimbursement for 12 months (standard NEO terms; Binkowski’s 8‑K indicates he will receive the standard form for executive officers) .
- Change‑in‑Control (double trigger; Protection Period = 3 months before to 18 months after a CIC): For executives other than the CEO, lump sum of 12 months’ base salary, 100% of current-year target bonus, and medical premium reimbursement for 12 months; unvested options vest if terminated without Cause or for Constructive Discharge during the Protection Period (per plan/agreements) .
- At‑will; notice: Employment terminable at will; 30 days’ advance notice required for termination without Cause or resignation/Constructive Discharge under NEO agreements (standard) .
- Definitions: “Cause” and “Constructive Discharge” defined in employment agreements; include material misconduct, breach of proprietary/noncompete agreement, relocation and compensation reduction provisions, etc. .
- Equity acceleration on death/disability: Options generally accelerate upon death or disability; CIC-related acceleration as noted above .
Compensation Structure Notes (levers and alignment)
- Cash vs. equity mix: Initial package includes modest cash (base + sign‑on) with primary long-term incentives in options and RSUs; options align pay with shareholder value because they have value only above strike .
- Bonus design linkage: Company uses revenue and operational metrics (e.g., HF implants, U.S./WW/Europe revenue, cash spend, corporate objective) to fund annual incentives, indicating operating execution focus; COO’s 2025 metric weights not yet disclosed .
- Clawback elements: Explicit sign‑on repayment if departure within one year; broader Dodd‑Frank policy not detailed in the cited materials .
Risk Indicators and Red Flags
- Hedging/pledging: Prohibited by policy (reduces misalignment and collateral risk) .
- Insider pressure/overhang: Form 3 indicates zero beneficial ownership at start; initial grants expected to follow standard vesting with first significant vesting typically at one year for options; RSU vesting schedule not disclosed in appointment 8‑K .
- Related party transactions: None disclosed pertaining to Binkowski in appointment 8‑K or 2025 proxy sections reviewed .
Performance & Track Record
- Prior value creation roles: Operations and manufacturing leadership at Coloplast, Teleflex/Vascular Solutions, CeloNova, and AMS – Ireland, relevant to scaling implantable device supply chains and quality systems .
- Company operating context upon joining: Q2 2025 revenue +15% YoY to $13.6M; U.S. active implanting centers grew to 240; guidance narrowed to $55–$57M revenue for 2025; CMS proposals supportive for 2026 reimbursement and CPT transition .
Investment Implications
- Alignment: Option-heavy initial equity mix supports pay-for-performance; options only accrue value above strike, which aligns with shareholder outcomes .
- Retention/COC: Standard double-trigger CIC protection (12 months base + 100% bonus for non-CEO execs) and severance terms should aid retention without excessive multiples, while providing continuity through potential strategic events .
- Trading signals: With anti‑hedging/pledging policies and zero starting ownership on Form 3, near-term insider selling pressure appears limited until vesting commences; RSU vesting cadence not disclosed, and option vesting typically begins after one year under standard terms .
- Execution focus: Annual incentive metrics emphasize revenue growth and HF implant adoption, aligning the COO’s remit (operations, quality, regulatory) with commercial scale-up imperatives disclosed by management .
Notes:
- Appointment and compensation terms: 8‑K Item 5.02 (Aug 4, 2025) .
- Press release and earnings call corroborate role scope and business context (Aug 4, 2025) .
- Insider holdings: Form 3 (Aug 13, 2025) .
- Severance/COC terms and option vesting mechanics: 2025 DEF 14A .
- Anti‑hedging/pledging: Insider Trading Policy in 2025 DEF 14A .