Daniel Coyle
About Daniel Coyle
Daniel Coyle, age 35, was appointed Chief Operating Officer (COO) of SANUWAVE Health, Inc. on September 25, 2025, after serving as Vice President of Engineering and Operations from October 2024 to September 2025; prior to SANUWAVE he was a Program Director at Nextern, a medical device manufacturer, from September 2019 through September 2024 . His compensation is structured with a modest base salary and bonus opportunity plus material option-based equity that vests quarterly, intended to align with operational execution; company option programs in 2025 included service-, performance-, and market-based awards with conditions tied to revenue, adjusted EBITDA, NASDAQ uplisting, debt refinancing, operational milestones, and stock price targets .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| SANUWAVE Health, Inc. | Vice President of Engineering and Operations | Oct 2024 – Sep 2025 | Led engineering and operations; positioned for promotion to COO |
| SANUWAVE Health, Inc. | Chief Operating Officer | Sep 25, 2025 – Present | Executive operations leadership; compensation realigned to COO scope |
| Nextern (medical device manufacturer) | Program Director | Sep 2019 – Sep 2024 | Managed device programs; operational experience relevant to SANUWAVE |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Nextern | Program Director | Sep 2019 – Sep 2024 | Medical device programs and operations |
Fixed Compensation
| Component | Value | Effective date | Notes |
|---|---|---|---|
| Base salary | $225,000 | Sep 25, 2025 | Increased upon appointment as COO |
| Target bonus % | 40% of annual base (prorated for remainder of 2025) | Sep 25, 2025 | Annual cash bonus opportunity increased with appointment |
Performance Compensation
Option Awards – Service-Based (Time-Vesting)
| Grant date | Type | Number of shares | Strike price | Expiration | Vesting schedule | Status/Notes |
|---|---|---|---|---|---|---|
| Oct 22, 2024 | Stock Option (right to buy) | 20,000 | $14.20 | Oct 22, 2034 | Vests over 3 years in 12 equal quarterly installments | Reported on Form 3; owned directly |
| Oct 9, 2025 | Stock Option (right to buy) | 60,000 | — | — | Vests and becomes exercisable in 12 equal quarterly installments from grant date | Approved with COO appointment; grant date specified; price not disclosed |
Option Awards – Performance-Based
| Grant date | Type | Number of shares | Strike price | Expiration | Performance metric(s) | Vesting status |
|---|---|---|---|---|---|---|
| Jun 4, 2025 | Stock Option (right to buy) | 10,000 | $27.00 | Jun 4, 2035 | Four project-based performance milestones | 2 of 4 milestones met; 5,000 options vested |
Company-wide 2025 performance/market award conditions included: revenue recognized, adjusted EBITDA targets, NASDAQ listing, debt refinancing, various operations milestones, and a stock price target; vesting occurs upon condition achievement and expense recognized accordingly (market-based awards amortized over requisite service period) .
Equity Ownership & Alignment
| Category | Amount | Details |
|---|---|---|
| Common shares beneficially owned | 37 | Direct ownership as of Form 3 (event date 10/01/2025) |
| Options – Oct 22, 2024 grant | 20,000 | $14.20 strike; expires 10/22/2034; quarterly vest over 3 years |
| Options – Jun 4, 2025 grant | 10,000 | $27.00 strike; expires 06/04/2035; project milestone vesting (5,000 vested) |
| Options – Oct 9, 2025 grant | 60,000 | Quarterly vest; exercise price at grant FMV; expiration not disclosed |
| Pledging/Hedging | Company policy restricts pledging/hedging and enforces ownership and holding guidelines for plan participants | |
| Clawback & forfeiture | Awards subject to forfeiture and recovery; automatic amendment to comply with SEC Rule 10D and applicable listing rules |
Employment Terms
| Term | Details |
|---|---|
| Appointment | Appointed COO on Sep 25, 2025; no special arrangements/understandings for selection; no family relationships or related party interests disclosed |
| Compensation actions | Base salary set at $225,000; annual bonus opportunity set at 40% (prorated for remainder of 2025); option award of 60,000 shares granted Oct 9, 2025 with quarterly vesting |
| Severance/change-of-control | Not disclosed for Coyle; no specific severance or CoC provisions cited in his appointment 8-K |
| Clawback & adverse conduct remedies | Plan provides forfeiture/recovery for cause, policy violations, breach of restrictive covenants, incorrect performance determinations, or detrimental conduct; compliance with SEC/stock exchange clawbacks |
| Repricing protection | Plan prohibits option/SAR repricing without stockholder approval |
Compensation Structure Analysis
- Equity-heavy, retention-oriented design: Quarterly vesting across 3 years for the Oct 2024 and Oct 2025 service-based grants creates steady retention hooks and staggered potential Form 4 “M” exercises; performance-based grant (Jun 2025) ties vesting to measurable project milestones, with half already achieved (5,000 vested) .
- Performance alignment: Company’s 2025 awards incorporate financial and strategic milestones (revenue, adjusted EBITDA, NASDAQ listing, debt refinancing, operational goals, stock price target), indicating emphasis on both operating execution and capital/market objectives .
- Governance protections: Clawback, forfeiture, and anti-repricing provisions, plus policies restricting pledging/hedging and enforcing ownership/holding guidelines, mitigate shareholder risk from misaligned pay outcomes .
Risk Indicators & Context
- Insider/related-party: No related-party transactions or selection arrangements disclosed for Coyle; no family relationships with executives/directors .
- Organizational change: His appointment coincided with a leadership transition (former COO reassigned, President terminated without cause), suggesting an active restructuring period that can elevate execution risk but may also reflect strategic realignment .
- Equity plan capacity and governance: Shareholders approved adding 500,000 shares to the 2024 Equity Incentive Plan on Aug 19, 2025, sustaining ability to grant equity while maintaining clawback and anti-repricing safeguards .
Investment Implications
- Alignment and retention: Quarterly vesting service-based options plus milestone-driven awards suggest durable retention and clear operational focus; the recent 60,000-share grant reinforces COO-level engagement tied to ongoing execution .
- Limited near-term selling pressure: Form 3 indicates minimal common share ownership (37 shares) with equity largely in options; our document search returned no sale transactions, and vesting is staged, which typically tempers immediate selling pressure absent significant option exercises or withholding events .
- Performance catalysts: Company conditions achieved (NASDAQ listing, debt refinancing) and remaining targets (revenue, adjusted EBITDA, operational milestones, stock price) provide identifiable triggers for incremental vesting and potential comp expense recognition—monitor disclosures for additional milestone attainment and any Form 4 filings .
- Governance safeguards: Robust clawback/forfeiture and anti-repricing features, plus restrictions on pledging/hedging, are shareholder-friendly and reduce pay-for-performance slippage risk .