Kimberly Maersk-Moller
About Kimberly Maersk-Moller
Kimberly Maersk-Moller (age 58) is Chief Commercial Officer (CCO) at MiMedx (MDXG), promoted in June 2024 after serving as SVP, Sales since August 2020; previously Vice President, Sales at 3M post‑Acelity acquisition and sales leadership at Acelity/KCI since 2004. She holds a BSN from University of Phoenix and an MBA from Colorado Christian University, bringing ~25+ years of sales leadership in advanced wound care . Company 2024 performance metrics underpinning NEO pay included net sales ($348.9M), Adjusted EBITDA ($76.4M), and operational goals, yielding NEO cash bonuses at 85% of target; corporate TSR and pay-versus-performance are tracked in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| 3M | Vice President, Sales | Jan 2020 – Aug 2020 | Led commercial integration post-acquisition of Acelity; advanced wound care sales leadership |
| Acelity/KCI | Sales leadership roles of increasing responsibility | 2004 – 2019 | Built and led national sales teams; executed strategic growth in advanced wound care |
External Roles
No external public company directorships or committee roles are disclosed in the proxy biography for Ms. Maersk-Moller .
Fixed Compensation
| Item | Terms / Amount | Source |
|---|---|---|
| Current Base Salary | $540,000 | |
| Target Bonus % (MIP) | 60% of base salary | |
| Long-Term Incentive Eligibility (ongoing) | Further annual LTI awards representing 200% of base salary, vesting over three years | |
| Perquisites | Company generally does not provide executive perquisites beyond broad employee benefits | |
| 2024 Salary (paid) | $474,923 | |
| 2024 All Other Compensation | $3,779 (includes $3,077 401(k) match) |
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Weighting | Target | Actual | Payout % | Notes |
|---|---|---|---|---|---|
| Net Sales | 35% | $366,000k | $348,879k | 77% | Threshold $329,400k; Exceeds $384,300k; below target attainment (95%) |
| Adjusted EBITDA | 35% | $83,000k | $76,440k | 80% | Threshold $66,400k; Exceeds $99,600k; attainment 92% |
| Commercial/R&D/Operational Goals | 30% | — | 100% attainment | 100% | Committee did not exercise discretion; overall NEO payout at 85% of target |
| Kimberly Maersk-Moller 2024 Bonus Paid | — | — | $242,211 | — | As reported in SCT (likely reflects mid‑year promotion/pro‑ration) |
Equity Awards Granted to Kimberly Maersk-Moller (2024)
| Grant Date | Instrument | Target Quantity | Max Quantity | Grant-Date Fair Value ($) | Vesting Terms | |---|---:|---:|---:|---| | 3/1/2024 | PSUs | 37,129 | 66,832 | $390,359 | Performance-based, generally 3-year period | | 3/1/2024 | RSUs | 32,488 | — | $280,371 | Generally vest on third anniversary of grant date | | 3/1/2024 | Options | 39,308 | — | $193,823 | Strike $4.93; vest ratably over four years | | 12/10/2024 | PSUs (promotion grant) | 125,581 | 226,046 | $1,566,221 | Performance-based, generally 3-year period | | 12/10/2024 | RSUs (promotion grant) | 125,581 | — | $1,224,415 | Vest in three equal tranches on 6/24/2025, 6/24/2026, 6/24/2027 |
Vesting and Realization (Kimberly Maersk-Moller)
| Item | Specific Dates / Quantities | Market/Value Reference |
|---|---|---|
| RSUs vested (2024) | 41,910 shares vested; $336,731 value realized | Aggregated vesting and value in 2024 |
| Unvested PSUs (12/31/2024) | 191,273 PSUs; scheduled to vest 28,563 on 3/15/2026 and 162,710 on 3/15/2027, subject to performance | Market value $1,840,046 at $9.62 stock price |
| Unvested RSUs (12/31/2024) | 204,999 RSUs; 41,860 vest on 6/24/2025; 41,860 on 6/24/2026; 41,861 on 6/24/2027; 14,282 on 3/13/2026; 32,488 on 3/1/2027; 32,648 already vested from 1/1/2025–4/30/2025 | Market value $1,972,090 at $9.62 stock price |
| Options outstanding | 39,308 options (3/1/2024 grant), strike $4.93, expiring 3/1/2031; vest ratably over four years | Grant and vesting terms |
Equity Ownership & Alignment
| Ownership & Alignment Item | Details |
|---|---|
| Beneficial Ownership (as of 4/21/2025) | 98,863 shares; <1% of outstanding (147,702,140 shares) |
| Ownership Guidelines | Other NEOs required to own 2.5x annual cash compensation; hold 100% of net shares until threshold; compliance assessed quarterly |
| Compliance Status | Each currently serving NEO was in compliance with guidelines in 2024 |
| Hedging/Pledging | Company prohibits hedging or pledging of Company securities |
| Vested vs. Unvested (high-level) | 2024 vesting: 41,910 shares; unvested at 12/31/2024: 204,999 RSUs and 191,273 PSUs with detailed schedules above |
| Option Position | 39,308 options from 2024 grant; time‑based vesting; see vest schedule above |
Employment Terms
| Agreement/Term | Key Economics |
|---|---|
| Offer Letter (effective 6/24/2024) | Base salary $540,000; target bonus 60% of base; special RSU (125,581) and PSU (125,581) grants at promotion; ongoing LTI eligibility at 200% of base |
| RSU Agreement (promotion grant) | Time‑based RSUs vest one-third annually over three years; acceleration upon termination without Cause or for Good Reason within 2 years following a Change in Control (double trigger) |
| Restated Key Employee Retention & Restrictive Covenant Agreement (6/7/2023) | Severance: 1.25x base salary + target bonus for no Cause/Good Reason; 1.5x if within 1 year after Change in Control; benefits continuation for 15 or 18 months or cash equivalent |
| Clawback | Company maintains a clawback policy for certain situations |
| Tax Gross‑Ups | No tax gross‑ups on change‑in‑control payments |
| Related Party Transactions | None requiring disclosure since 1/1/2024 according to SEC/Nasdaq rules |
Performance & Track Record (Commercial context)
- Wound product net sales were $231M in 2024 (+12% YoY), driven by EPIEFFECT and other products; Surgical products (AMNIOEFFECT) grew double digits; profitability and cash flow improved with expense discipline and portfolio launches (e.g., HELIOGEN) .
- 2024 annual incentive outcomes tied to net sales and Adjusted EBITDA underscored pay-for-performance: Company-level attainment yielded 85% of target bonus for currently serving NEOs .
Compensation Committee, Peer Group, Governance Signals
- Independent consultant: Willis Towers Watson; compensation designed with pay‑for‑performance philosophy, benchmarking a healthcare peer group revamped in 2024 (e.g., additions like Axonics, Vericel; deletions reflecting strategic refocus) .
- Company ranked ~66th, 40th, 39th percentiles in employees, revenue, TTM market cap vs peers as of 8/1/2023; Committee applies judgment rather than target specific percentiles .
- Governance safeguards: no hedging/pledging, no evergreen provisions, no repricing without shareholder approval, clawback policy, no tax gross‑ups; say‑on‑pay 2024 passed at 74% with investor engagement focused on revenue growth, profitability, cash flow, and share price metrics .
Investment Implications
- Pay-for-performance alignment: Cash incentives weighted to net sales and Adjusted EBITDA, with transparent thresholds and payouts; 2024 bonus paid to Ms. Maersk-Moller ($242,211) reflects company attainment and likely pro‑ration for mid‑year promotion .
- Vesting and potential selling pressure: Large 2024 promotion grants have staggered RSU tranches (June 2025–2027) and performance‑based PSU schedules (2026–2027), but mandatory holding until ownership guideline thresholds plus anti‑hedging/pledging policy mitigate near‑term selling pressure .
- Retention and CoC economics: Double‑trigger acceleration for RSUs and severance at 1.25x–1.5x salary+bonus with benefit continuation reduce retention risk but imply standard market CoC costs; no tax gross‑ups is shareholder‑friendly .
- Execution leverage: Her commercial remit aligns with core growth drivers (Wound/Surgical) that supported 2024 results; equity mix (RSUs/PSUs/options) ties value creation to operational results and share performance, offering balanced incentives for sustained growth and margin discipline .