Andrew Hykes

CEO, President, Director at NARI

Board

Since January 1, 2023

Age

51 years

Education

Earned a B.B.A. from the University of Wisconsin Madison and an M.B.A. from Harvard Business School.

Tenure

Joined Inari Medical in September 2017 as Chief Commercial Officer, was promoted to Chief Operating Officer in October 2020, and has served as CEO, President, and Director since January 2023.

Also at NARI

Kevin Strange

CFO

TTM

Thomas Tu, M.D.

Chief Medical Officer

About

Andrew Hykes has built a robust career that spans several facets of the healthcare and medical device sectors. He began his professional journey in healthcare banking before transitioning to significant roles at leading medical device companies, where he gained invaluable experience in commercial operations, marketing, and regulatory affairs.

During his tenure at Medtronic and later at Sequent Medical, he developed a strong track record in strategic growth and operational leadership. This diverse experience laid the foundation for his impactful contributions at Inari Medical, where his leadership has been pivotal in steering commercial success and innovation.

At Inari Medical, his progressive career path—from joining as Chief Commercial Officer to stepping into the roles of Chief Operating Officer and ultimately CEO, President, and Director—demonstrates a commitment to excellence and strategic vision. His career trajectory reflects not only his deep industry expertise but also his ability to drive transformational change across multiple leadership positions.

$NARI Performance Under Andrew Hykes

Past Roles

Organization	Role	Date Range	Details
Inari Medical, Inc. (NARI)	Chief Operating Officer (COO)	October 2020 - December 2022	Former executive role at NARI
Inari Medical, Inc. (NARI)	Chief Commercial Officer (CCO)	September 2017 - October 2020	Former executive role at NARI
Sequent Medical Inc.	Vice President of Commercial Operations	November 2012 - January 2017	Focused on catheter-based neurovascular therapies; acquired by Terumo Corporation in July 2016
Medtronic PLC	Vice President of Marketing; Vice President of Clinical and Regulatory Affairs; Director of Investor Relations	August 2002 - October 2012	Public medical device company
ABN AMRO Bank	Healthcare Banking	1995 - 2000	Worked in healthcare banking

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$700,000	Annual	40% increase from 2022 ($500,000) due to transition from COO to CEO
All Other Compensation	$13,133	Annual	Includes 401(k) matching contributions, life insurance premiums, and long-term disability insurance premiums

Performance Compensation

Data from FY 2023

Annual Incentive Bonus

Metric	Weighting	Threshold (50% Payout)	Target (100% Payout)	Maximum (Cap)	Weighted Payout %
Revenue	70%	$458.4M	$482.5M	$554.9M	79%
Operating Income/(Loss)	10%	($33.7M)	($16.9M)	Better than ($16.9M)+1 profitable quarter	15%
R&D/New Products	10%	Initiate LMR on 5 projects	Initiate LMR on 6 projects	Initiate LMR on 8 projects	10%
Clinical Research Milestones	10%	Predefined milestones (e.g., PEERLESS, DEFIANCE enrollments, manuscript submissions)	Same as threshold	Same as threshold	14%

Base Salary for Incentive Calculation: $700,000
Target Incentive: 100% of base salary ($700,000)
Actual Bonus Payout: $826,000 based on an overall payout of 118%

Equity Awards

Award Type	Number of Shares/Units	Grant Date	Grant Date Fair Value	Grant Date Stock Price	Vesting Schedule
RSUs	46,549	2/18/2023	$2,606,744	N/A	1/16th vesting quarterly over 4 years starting 1/1/2023
Stock Options	36,085	2/18/2023	$937,488	$56.00 per share	1/16th vesting quarterly over 4 years starting 1/1/2024 (alternatively noted as monthly vesting in another detail )

Summary

The performance compensation for 2023 consists of a cash incentive bonus and long-term equity awards. The bonus payout of $826,000 was determined by meeting performance targets across Revenue, Operating Income/(Loss), R&D/New Products, and Clinical Research Milestones with respective weightings and payout percentages, resulting in an overall payout of 118% of a target incentive of $700,000. In addition, the equity awards include RSUs and Stock Options granted on 2/18/2023 with stated fair values and vesting schedules.