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    Kevin Thornal

    President and CEO at NVRO
    Board
    Since April 24, 2023
    Age
    50 years
    Education
    Holds a B.A. in History with minors in English and Secondary Education from Southern Methodist University.
    Tenure
    Joined NVRO in April 2023 as President and CEO and was appointed to the board in May 2023.

    Also at NVRO

    CC
    Christofer Christoforou
    Chief Operating Officer
    DCM
    David Caraway, M.D.
    Senior Vice President and Chief Medical Officer
    DAM
    Donald A. Middlebrook
    Senior Vice President, Clinical, Regulatory, and Quality

    About

    Kevin Thornal is a seasoned executive in the medical device industry, born in 1974 and currently 50 years old as of April 2024. He brings over 20 years of industry experience from leadership roles at companies such as Stryker and Hologic, where he advanced through multiple positions that showcased his expertise in sales, marketing, and clinical applications.

    Since joining NVRO in April 2023 as President and CEO, he has steered the company with a focus on advanced solutions for chronic pain treatment and strategic growth, while also being appointed to the Board of Directors in May 2023.

    His educational background, which includes a B.A. in History with minors in English and Secondary Education from Southern Methodist University, laid a robust foundation for his subsequent leadership roles and strategic contributions in the medical technology sector.

    $NVRO Performance Under Kevin Thornal

    Past Roles

    OrganizationRoleDate RangeDetails
    Hologic, Inc.Group President, Global Diagnostic SolutionsApril 2022 - April 2023Held additional leadership positions from 2014 to April 2023
    Stryker CorporationVarious roles in Sales, Marketing, and Business Development2004 - 2014N/A

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$750,000 Annualized2023 Annualized Base Salary
    Sign-On Bonus$250,000 One-timeIncluded in All Other Compensation
    Moving Allowance$200,000 One-timeIncluded in All Other Compensation
    401(k) Contributions$5,000 As per planIncluded in All Other Compensation

    Performance Compensation

    Data from  FY 2023

    Annual Performance-Based Incentive Compensation (Cash)

    Metric (Unit)ThresholdTargetMaximumWeightActual ResultComments
    Revenue (Millions $)$418.7M $465.2M $511.7M 50%$422.2M (26.85% achievement) Revenue below target
    Adjusted EBITDA (Millions $)$(19.3)M $4.0M N/A 50%$(17.7)M (26.85% achievement) Below target; maximum not applicable
    Bonus ComponentAmountNotes
    Target Bonus100% of base salary Annual cash incentive
    Threshold Bonus25% of target Earned when EBITDA meets threshold and revenue is below threshold
    Maximum Bonus200% of target Applies if revenue exceeds $511.7M

    No vesting schedule applies since this is cash-based and paid at fiscal year end.

    Equity Incentive Plan Awards

    ComponentThresholdTargetMaximumVesting ScheduleNotes
    Performance Stock Units (PSUs)16,952 shares 135,623 shares 271,246 shares 50% vests on April 24, 2025; 50% vests on April 24, 2026 Based on 50% weight each for Relative TSR and Cumulative Revenue
    Restricted Stock Units (RSUs)N/A135,623 shares N/A1/3 vests on April 24, 2024; remaining units vest in equal quarterly installments thereafter Vesting subject to continued service
    Fair ValueGrant DateGrant Date Stock Price
    PSUs: $5,483,909 April 24, 2023 Not provided
    RSUs: $4,596,263 April 24, 2023 Not provided
    Performance MetricsDescription
    Relative Total Shareholder Return (TSR)Measured against the S&P Healthcare Equipment Select Industry Index over a two-year period
    Cumulative Revenue TargetsMeasured from January 1, 2023 to December 31, 2024

    The equity awards are performance-based and vest based on both continued service and achievement of the specified performance metrics.