Myriam Curet - Executive Vice President and Chief Medical Officer | INTUITIVE SURGICAL (ISRG) Executive Profile & Compensation

About Myriam Curet

Myriam J. Curet, M.D., F.A.C.S., age 68, is Executive Vice President and Chief Medical Officer (EVP & CMO) at Intuitive. She joined Intuitive in December 2005 as Chief Medical Advisor, was promoted to SVP & CMO in February 2014, and to EVP & CMO in November 2017; she is a Clinical Professor of Surgery at Stanford and serves on the boards of Stereotaxis, Inc. and Inspire Medical Systems, Inc. . Company performance context during her tenure shows strong multi‑year growth: revenues rose from $4.36B in FY2020 to $8.35B in FY2024, and EBITDA increased from $1.32B to $2.83B over the same period; Intuitive’s $100 TSR index rose from 138.39 (2020) to 264.89 (2024) while peer index moved from 132.83 to 103.67 .

Company Performance (context)

Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenues ($USD)	$4,358,400,000	$5,710,100,000	$6,222,200,000	$7,124,100,000	$8,352,100,000
EBITDA ($USD)	$1,320,600,000*	$2,128,400,000*	$1,959,000,000*	$2,169,000,000*	$2,825,800,000*

Values retrieved from S&P Global.*

TSR value of $100 investment	2020	2021	2022	2023	2024
Company TSR ($)	138.39	182.34	134.66	171.21	264.89
Peer Group Index TSR ($)	132.83	137.24	104.93	98.68	103.67

Past Roles

Organization	Role	Years	Strategic Impact
Intuitive Surgical	Chief Medical Advisor	2005–2014	Senior medical leadership at Intuitive
Intuitive Surgical	SVP & Chief Medical Officer	2014–2017	Elevated executive responsibility
Intuitive Surgical	EVP & Chief Medical Officer	2017–Present	Executive leadership of medical function

External Roles

Organization	Role	Years	Strategic Impact
Stanford University	Clinical Professor of Surgery; part‑time clinical appointment (Palo Alto VA)	Current	Academic clinical engagement
Stereotaxis, Inc.	Director	Current	External board experience
Inspire Medical Systems, Inc.	Director	Current	External board experience

Fixed Compensation

Metric	2019	2020	2021
Base Salary ($)	$476,386	$564,875	$584,875
Target Bonus % of Salary	—	—	100%
Actual Non‑Equity Incentive Plan Bonus ($)	$349,837	—	$600,942
Other Compensation ($)	$1,500	$1,500	$1,500
Total Compensation ($)	$3,098,533	$3,611,871	$4,481,462

Notes:

2020 CIP payout was not paid (“—”) despite target participation .
Target bonus % for 2021 was 100%; maximum payout is 125% of target under CIP .

Performance Compensation

Equity Grants and Vesting (2021 awards)

Grant Type	Grant Date	Shares/Units	Exercise/Grant Price ($)	Vesting Schedule
RSUs	2/26/2021	6,843	—	25% per year over 4 years
Stock Options	2/26/2021	10,263	$245.60	6/48 after 6 months; 1/48 monthly thereafter over 4 years
Stock Options	8/26/2021	10,263	$347.42	7/48 after 1 month; 1/48 monthly thereafter over 3.5 years

Equity Grants (2022 program; reflects PSU adoption)

Grant Year	RSUs (#)	Options (#)	PSUs (Target #)
2022	4,010	12,030	4,010

Beginning in 2024, Intuitive eliminated stock options from executive compensation; long‑term equity is 50% PSUs and 50% RSUs .

PSU Design (current program structure)

Component	Weighting	Payout Range	Measurement Basis	Vesting
Relative TSR vs S&P Health Care Equipment Select Industry Index	1/3 of PSUs	75%–125% of target	Monte‑Carlo model at grant; market condition	3‑year cliff vest
Procedure Growth Targets	2/3 of PSUs	75%–125% of target; zero below threshold	Company procedure metrics across performance period	3‑year cliff vest

Realized Value (2021)

Metric	Shares	$ Value
Options Exercised	21,375	$5,246,773
Stock (RSUs) Vested	10,002	$2,615,741

Equity Ownership & Alignment

As of	Shares Directly Owned	Options Exercisable within 60 days	RSUs/PSUs Vesting within 60 days	Ownership Category
7/31/2021	95	26,589	—	<0.5% of outstanding shares

Stock ownership guidelines: CEO 6x salary; President/EVPs 3x salary; each subject executive (including EVPs) met guidelines as of 12/31/2024 .
Hedging and pledging: strictly prohibited; directors and officers must trade via compliant Rule 10b5‑1 plans (with limited exemptions) .
2021 outstanding awards detail (selected option schedule and RSUs) is summarized below:

Grant Date	Options Exercisable (#)	Options Unexercisable (#)	Exercise Price ($)	Expiration	Unvested RSUs (#)	RSU Market Value ($)
8/15/2017	3,000	—	109.49	8/15/2027	—	—
2/15/2018	17,250	750	139.52	2/15/2028	3,000	$1,077,900
8/15/2018	17,250	750	174.26	8/15/2028	—	—
2/15/2019	7,437	3,063	182.83	2/15/2029	3,498	$1,256,831
8/15/2019	7,437	3,063	166.62	8/15/2029	—	—
2/28/2020	6,201	7,329	177.99	2/28/2030	6,765	$2,430,665
8/28/2020	6,201	7,329	242.34	8/28/2030	—	—
2/26/2021	2,136	8,127	245.60	2/26/2031	6,843	$2,458,690
8/26/2021	2,139	8,124	347.42	8/26/2031	—	—

Employment Terms

Employment status: at‑will; Intuitive does not use individual employment agreements for executive officers .
Severance and Change‑in‑Control (double‑trigger plan): lump‑sum equal to six months of base compensation (salary + target bonus) plus one additional month per year of service, capped at 12 months; six months of COBRA; 100% vesting of all outstanding unvested equity upon qualifying separation within 12 months after a change in control .
Individual change‑in‑control economics (as of 12/31/2021): Base comp + target bonus $1,179,750; COBRA $4,381; total equity acceleration $11,865,039; total potential payment $13,049,170 .
Clawback policy: compliant with SEC/Nasdaq; recovery of erroneously paid incentive‑based comp (cash and performance‑vesting equity) and from other compensation if needed .
Tax gross‑ups and perquisites: company does not provide tax reimbursement (“gross‑ups”); perquisites are generally not provided beyond broad‑based benefits .

Performance Compensation vs. Company Metrics

Annual bonus (CIP) alignment: 2021 target 100% of salary for Dr. Curet under team‑based approach; company metrics include adjusted operating income and strategic objectives; maximum payout 125% .
Long‑term incentives: shift from options to PSUs/RSUs enhances direct linkage to multi‑year procedure growth and TSR outcomes; payout mechanics and 3‑year cliff vesting emphasize sustained value creation .
Compensation governance: independent Compensation Committee, Aon as independent advisor, annual review of compensation peer group, stock ownership guidelines enforced .

Risk Indicators & Red Flags

Hedging/pledging: prohibited by policy; reduces misalignment risk from collateralization or downside hedging .
Option repricing: prohibited by plan documents .
Say‑on‑pay and related party transactions: governance framework requires Audit Committee review of related party transactions; board independence disclosed; no specific related‑party transactions disclosed involving Dr. Curet .
Trading discipline: officers must trade under Rule 10b5‑1 plans (with limited exemptions), mitigating opportunistic trading risk .

Investment Implications

Strong pay‑for‑performance alignment: current PSU design (TSR and procedure growth, 75–125% payout) and 3‑year cliff vesting tie realized compensation to core value drivers, favoring long‑term retention and performance linkage .
Reduced selling pressure risk: elimination of options for executives starting 2024 and the prohibition on hedging/pledging plus mandatory 10b5‑1 trading plans lower discretionary selling pressure and misalignment signals .
Retention outlook: substantial unvested equity historically and double‑trigger change‑in‑control protections provide retention value; at‑will status and no gross‑ups/perqs suggest disciplined governance with limited shareholder‑unfriendly features .
Ownership alignment: EVP‑level 3x salary ownership guideline, with compliance confirmed, plus continued RSU/PSU mix, supports skin‑in‑the‑game; 2021 holdings showed minimal direct share ownership but significant options exposure at that time, consistent with legacy structure .

Overall, compensation architecture, trading controls, and ownership policies collectively point to alignment with long‑term shareholder value and moderate retention risk; key ongoing levers are procedure growth and relative TSR that drive PSU vesting and realized pay .