Kevin Hykes
About Kevin Hykes
Kevin Hykes is President, Chief Executive Officer, and a Class II director of CVRx. He became CEO on February 12, 2024 and has served on the Board since December 2022; he is not an independent director and the Board has an elected Independent Lead Director for oversight . He holds a B.A. in Business Administration from the University of Wisconsin and an M.B.A. from Northwestern University . Under his tenure, Q3 2025 revenue grew 10% year over year to $14.7 million, U.S. implant volumes increased, active implanting centers reached 250, and gross margin improved to 87% from 83% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Augmedics, Inc. | President & CEO | Dec 2021–Feb 2024 | Led AR surgical navigation company prior to CVRx role |
| Bardy Diagnostics, Inc. | President & CEO | Aug 2020–Jun 2021 | Company acquired by Hillrom in Aug 2021 |
| Relievant, Inc. | President & CEO | 2017–Jan 2020 | Led interventional treatment for chronic low back pain |
| Metavention, Inc. | Chairman & CEO | 2013–2017 | Neuromodulation company leadership |
| Cameron Health, Inc. | President & CEO | 2010–2013 | Company acquired in 2013 (Boston Scientific) |
| Visiogen, Inc. | Chief Commercial Officer | 2008–2010 | Company acquired in 2010 (Abbott) |
| Versant Ventures | Operating Partner | 2013–2017 | Venture capital operating leadership |
| Medtronic | Various commercial roles | 16 years (dates not disclosed) | CRM, Neurostimulation, Cardiac Surgery businesses |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Vensana Capital | Venture Advisor | Since Nov 2019 | Vensana I is a 6.6% CVRx holder; director Kirk Nielsen is Managing Director at Vensana GP |
| AdvaMed Accel | Board Member | Current | Industry trade association division |
| Prior boards | Augmedics; Bardy Diagnostics; Cameron Health; Hansen Medical; Metavention; Relievant; Veran Medical Systems | Various | Historical directorships |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary (actual paid) | $569,946 | Base salary set at $640,000 for 2024 (pro-rated in paid salary) |
| Target Annual Cash Incentive | 75% of base salary | Prorated for 2024 service period |
| Bonus (sign-on + discretionary) | $165,276 | $150,000 sign-on; $15,276 discretionary for 2024 achievements |
| Non-Equity Incentive (annual cash award paid) | $184,724 | Paid award equaled 43% of target |
| All Other Compensation | $13,800 | 401(k) matching contributions |
| Total Compensation | $8,756,626 | Driven primarily by option grant fair values |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| U.S. heart failure implants | 15% | Not disclosed | Not disclosed | Rolled into total payout | Annual cash incentive paid; overall award at 43% of target |
| Worldwide revenue | 50% | Not disclosed | Not disclosed | Rolled into total payout | See above |
| European revenue | 5% | Not disclosed | Not disclosed | Rolled into total payout | See above |
| Cash expenditures | 15% | Not disclosed | Not disclosed | Rolled into total payout | See above |
| Corporate objective | 15% | Not disclosed | Not disclosed | Rolled into total payout | See above |
| Overall annual cash incentive | — | Target = 75% of base (pro-rated) | Payout 43% of target | $184,724 paid | Paid with annual bonus cycle |
Stock options are the primary long-term incentive. Grants vest 25% at first anniversary and 1/48 monthly thereafter; post-2021 awards have double-trigger vesting on Change in Control .
Equity Awards and Vesting
| Grant Date | Shares | Status at 12/31/2024 | Exercise Price ($) | Expiration | Grant Date Fair Value | Vesting Schedule |
|---|---|---|---|---|---|---|
| 12/21/2022 | 5,246 | Exercisable | 15.780 | 12/21/2032 | — | Director grant; service prior to CEO |
| 12/21/2022 | 14,515 (exerc.) / 7,261 (unexerc.) | Mixed | 15.780 | 12/21/2032 | — | One-third annually for this award |
| 6/5/2023 | 12,012 | Exercisable | 12.330 | 6/4/2033 | — | Director grant; service prior to CEO |
| 2/12/2024 | 360,000 | Unexercisable | 23.610 | 2/11/2034 | $6,588,252 | 25% at 1-year; 1/48 monthly; continued vesting if terminated without cause within 2 years, subject to covenants |
| 7/31/2024 | 180,000 | Unexercisable | 8.550 | 7/30/2034 | $1,234,728 | 25% at 1-year; 1/48 monthly |
Grant timing disclosure notes proximity to periodic filings but states financial results were already disclosed; grants not timed around undisclosed MNPI .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 174,273 shares; less than 1% of outstanding (26,056,808 as of April 7, 2025) |
| Options exercisable within 60 days (for ownership calc) | 144,273 shares (included in beneficial ownership) |
| Unvested option overhang | 360,000 (2/12/2024); 180,000 (7/31/2024); plus 7,261 from 12/21/2022 |
| Hedging/Pledging | Prohibited for all employees/directors; pledging and margin accounts not allowed |
| Trading windows/pre-clearance | Insider trading policy imposes quarterly windows and pre-clearance requirements |
| Ownership guidelines | Executive stock ownership guidelines not disclosed in proxy |
Employment Terms
| Term | Provision |
|---|---|
| Start date and role | Appointed CEO effective Feb 12, 2024; continues Board service |
| Initial term and renewal | 3-year initial term from Feb 12, 2024; auto-renews for successive 1-year terms unless 90 days notice |
| Base salary | $640,000 annually |
| Target bonus | 75% of base salary (2024 pro-rated) |
| Sign-on bonus | $150,000; repayable if terminated for cause or resigns without constructive discharge within first year (condition now lapsed) |
| Severance (no cause/constructive discharge) | 12 months base salary + 12 months medical premium reimbursement |
| Change-in-control (double trigger) | Lump-sum 18 months base salary + 150% of annual target bonus + 18 months medical premiums |
| Equity vesting protection | Initial CEO grant provides continued vesting for 2 years post-grant if terminated without cause, subject to covenants |
| Clawback | Compensation subject to recovery under Board-adopted policies |
| 280G excise tax | “Best-net” cutback; no tax gross-up |
| Non-compete / non-solicit | Continued vesting conditioned on no competitive activity and no solicitation; confidentiality obligations reaffirmed |
| Location | Based at Minneapolis HQ |
Board Governance
- Board service: Class II director since December 2022; current term expires at 2026 annual meeting .
- Committee roles: As CEO and non-independent director, he is not a member of the Audit, Compensation, or Nominating & Corporate Governance Committees; these committees are fully independent .
- Board leadership: No Chairman; Independent Lead Director (Joseph Slattery) elected February 2024 to provide independent oversight; independent directors meet in executive session at most regular meetings .
- Attendance: Board held eight meetings in FY2024; each director attended ≥75% of meetings of Board and committees served .
- Director compensation: CEO-director service without additional director compensation pursuant to the Employment Agreement . Non-employee director program provides retainers and annual option grants, but does not apply to the CEO .
Compensation Committee Analysis
- Process: Compensation Committee met nine times in 2024; oversees CEO goals, pay setting, and director compensation; all members are independent .
- Advisor: Aon engaged as independent advisor; peer group data used; Committee confirmed Aon’s independence and no conflicts .
- Equity grant timing: Formalized annual equity grant timing to last business day of February beginning 2025; historical grants aligned with regular meetings and after earnings/10-K filings to avoid MNPI concerns .
Related Party Transactions
- Investors’ Rights Agreement covers registration rights for certain holders and entities affiliated with directors/executives; no Hykes-specific related-party transactions were described .
Risk Indicators & Red Flags
- Anti-hedging/pledging: Strong prohibitions reduce misalignment risk .
- Grant timing near filings: Disclosed and explained; company asserts MNPI was already released prior to filings .
- Change-in-control economics: Double-trigger with 18 months base and 150% target bonus; meaningful but standard for CEO .
- Clawback and 280G: Clawback policy in place; 280G “best-net” cutback avoids excise tax gross-ups .
Investment Implications
- Alignment: Long-term incentives are option-heavy with sizable unvested grants at $23.61 and $8.55 strikes; vest schedules through 2028 support retention and create upside leverage to adoption milestones and margin expansion .
- Retention: Employment term auto-renews; severance and continued vesting protections in first two years on the initial grant lower near-term departure risk .
- Governance: Dual role mitigated by Independent Lead Director and independent committees; anti-hedging/pledging and clawback frameworks strengthen alignment .
- Performance linkage: Annual incentive metrics are tied to BAROSTIM implants, worldwide revenue, European revenue, cash expenditures, and corporate objectives; 2024 payout at 43% of target suggests disciplined pay-for-performance calibration during the transition year .