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    Timothy P. Herbert

    President, CEO, and Chair of the Board at Inspire Medical Systems Inc
    Board
    Since 2007
    Age
    61 years
    Education
    Holds a B.S. in Electrical Engineering from North Dakota State University and an M.B.A. from the University of St. Thomas.
    Tenure
    Founded the company in 2007 and has served as President and CEO since its inception, later being promoted to Chair of the Board in 2024.

    Also at Inspire Medical Systems Inc

    BKP
    Bryan K. Phillips
    SVP, General Counsel, Chief Compliance Officer, and Corporate Secretary
    CWW
    Carlton W. Weatherby
    Chief Strategy and Growth Officer
    CYSM
    Charisse Y. Sparks, M.D.
    Chief Medical Officer

    About

    Timothy P. Herbert, at 61 years old , has demonstrated a deep commitment to the healthcare and medical device industries. He built a strong academic foundation by earning a B.S. in Electrical Engineering and an M.B.A. , which helped shape his strategic mindset and innovative approach.

    Embarking on his professional journey with a significant tenure at Medtronic plc from 1996 to 2007 , he gained invaluable experience in areas including product development, clinical research, and healthcare reimbursement. In 2007, he founded Inspire Medical Systems, marking the beginning of his longstanding leadership as President and CEO. His continued dedication culminated in his appointment as Chair of the Board in 2024.

    Beyond his executive roles, his vision has been instrumental in the development and commercialization of Inspire therapy—an FDA-approved neurostimulation technology for treating moderate to severe obstructive sleep apnea. His leadership in driving capital formation and strategic growth reflects his broader impact on the industry and commitment to improving patient outcomes.

    $INSP Performance Under Timothy P. Herbert

    Past Roles

    OrganizationRoleDate RangeDetails
    Medtronic plcManagement positions in product development, clinical research, sales, marketing, healthcare reimbursement Approximately 11 years prior to 2007 Held multiple management roles across key functions

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$690,000 Annually7.0% increase over 2022 base salary of $644,829.
    Other Fixed Payments$0 N/ANo other fixed payments reported.

    Performance Compensation

    Data from  FY 2023

    MIP Payout Details (Management Incentive Program)

    Performance MetricWeightThresholdTargetAbove-TargetActual AchievementWeighted Achievement
    Global Revenue50%$560.0M $620.0M $680.0M $624.8M 51.4%
    Adjusted Operating Income20%$40.4M $68.1M $95.8M $43.4M 15.4%
    Global Insurance Reimbursement Approvals10%12,500 15,000 17,500 14,522 6.8%
    Quality, Regulatory, and Product Development10%2 of 4 objectives 3 of 4 objectives 4 of 4 objectives 3 of 4 objectives 10.0%
    Operations10%45 days 90 days 135 days Not achieved 0.0%
    • Overall Achievement: 83.6%.
    • Threshold Payout: 75% of the target incentive opportunity.
    • Maximum Payout: 200% for revenue, operating income, and reimbursement metrics; 135% for product development, regulatory, quality, and operations metrics.
    • Calculated MIP Payout: $667,920 (computed as $690,000 x 110% x 88.0%).
    • Evaluation Period: 2023.

    Stock Awards Details

    • Grant Date: February 10, 2023.
    • Performance Stock Units (PSUs):
      • Grant Date Fair Value: $2,999,761.
      • Performance Metrics: Cumulative Revenue (75% weight) and Operating Income (25% weight).
      • Share Targets:
        • Threshold: 11,399 shares.
        • Target: 22,798 shares.
        • Maximum: Implied 45,596 shares (double the target).

    Option Awards Details

    • Grant Date: February 10, 2023.
    • Number of Options Granted: 20,439.
    • Exercise Price: $263.16 per share.
    • Grant Date Fair Value: $3,133,094.
    • Vesting Schedule:
      • 25% of the options vest on the first anniversary of the grant date.
      • The remaining 75% vest in 36 equal monthly installments, with full vesting on the fourth anniversary.
      • Full acceleration of vesting occurs if terminated without cause within one year following a change in control.
    • Note: Option Awards are time-based awards and are not tied to specific performance metrics.

    This comprehensive breakdown details the performance compensation components for 2023, covering the MIP payout, Stock Awards, and Option Awards with exact dollar amounts, share quantities, percentages, performance metrics, targets, thresholds, and vesting schedules where available.