Peter Sorensen
About Peter Sorensen
Peter Sorensen, age 31, has served as Chief Financial Officer (CFO) and principal financial officer of SANUWAVE Health since April 1, 2024. He previously held progressive finance leadership roles at Endogenex, Inc. (Assistant Controller Apr 2019–Apr 2021, Controller Apr 2021–Sep 2023, VP Finance & HR Sep 2023–Mar 2024) and earlier did FP&A for LivaNova PLC’s Caisson Interventional and Heart Failure divisions and FP&A/software consulting at eCapital Advisors. He holds a BA in business administration from Bethel University and an MBA from the Herberger Business School at St. Cloud State University. Company performance context: 2024 total shareholder return measured in the proxy’s pay-versus-performance table shows a $100 investment at $36.08 and 2024 net loss of $31.4 million.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Endogenex, Inc. | Assistant Controller | Apr 2019–Apr 2021 | Early finance leadership for medtech growth company |
| Endogenex, Inc. | Controller | Apr 2021–Sep 2023 | Led controllership during scaling |
| Endogenex, Inc. | VP Finance & HR | Sep 2023–Mar 2024 | Headed finance and HR; forecasting, analysis, capital markets, automation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | None disclosed | — | No external directorships or committee roles disclosed in appointment PR/8-K |
Fixed Compensation
| Component | Period | Amount/Percent | Notes |
|---|---|---|---|
| Base salary | 2024 | $225,000 | Per Offer Letter dated Mar 26, 2024 |
| Target annual bonus | 2024 | Up to 40% of base | Based on Company and individual objectives; paid only if employed on payment date |
| Actual bonus paid | 2024 | Not disclosed | No CFO bonus payout detail disclosed in filings |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout Form | Vesting/Conditions |
|---|---|---|---|---|---|
| Annual cash bonus | 50% individual goals; 50% Company measures | Up to 40% of base | Not disclosed | Cash | Requires continued employment through payment date |
Equity Ownership & Alignment
| Grant | Grant Date | Type | Shares | Strike | Vesting | Expiration | Change-of-control terms |
|---|---|---|---|---|---|---|---|
| Equity options under 2024 Plan | Oct 22, 2024 | Stock options | 88,000 | $14.20 | 12 equal installments on each quarterly anniversary | 10 years | Under 2024 Plan: if awards are not continued/assumed in a corporate transaction that is also a change-in-control → full vest; if continued/assumed and terminated without cause within 12 months → full vest; performance-based awards pro-rated at 100% target for elapsed period |
| Initial offer equity | Mar 26, 2024 | Stock options (subject to plan adoption/Board approval) | 105,000 | Market price in quarter employment commences | 1/3 at 12, 24, 36 months; standard acceleration around change-of-control or similar events | Not disclosed | Standard acceleration referenced in offer; 2024 Plan governs acceleration mechanics |
- Insider Trading Policy: executives prohibited from pledging, margin purchases, short sales, derivative hedging, and most pre-arranged transactions (outside approved 10b5‑1) .
- Stock ownership guidelines: Company cites executive stock ownership guidelines as part of alignment rationale; specifics not provided in proxy .
- Section 16 reporting: two reports and one transaction for Peter Sorensen were identified as not timely during the covered period .
Employment Terms
| Term | Detail |
|---|---|
| Offer Letter date | March 26, 2024 |
| Start date and appointment | Effective April 1, 2024; designated principal financial officer |
| Employment status | At-will; Company may modify compensation/benefits and duties; background check and policy acknowledgements required |
| Severance (without cause) | Three months of then-current base salary, payable over ~3 months, contingent on signed/released severance agreement |
| Bonus condition | Requires continued employment through bonus payment date |
| Non-compete/confidentiality | Required to sign Company Non-Compete and Confidentiality Agreement (scope/duration not disclosed) |
| Equity plan protection | No option/SAR repricing without stockholder approval under 2024 Plan |
Investment Implications
- Pay-for-performance alignment: Cash compensation is modest (base $225k, 40% target bonus) with heavy equity orientation via multi-year options, aligning upside with TSR while minimizing fixed cash costs .
- Retention risk: Severance of only three months base salary and at-will status suggest limited departure cost to SNWV, increasing potential turnover risk relative to larger golden-parachute structures; equity vesting provides retention but is time-based rather than purely performance-based .
- Trading/overhang signals: Quarterly vesting of the 88,000-option grant through 2034 creates regular vesting events that could add incremental selling pressure if windows are open; 10-year term and $14.20 strike make realized value sensitive to price appreciation .
- Governance and alignment protections: Strict prohibitions on pledging/hedging mitigate misalignment risks; change-of-control provisions include full vesting if awards are not continued/assumed, and double-trigger vesting upon post-transaction termination—supportive of transaction execution incentives while protecting holders .
- Compliance note: Sorensen had late Section 16 filings (two reports, one transaction), a minor governance blemish that warrants monitoring for future compliance rigor .
- Performance backdrop: 2024 TSR of $36.08 on a $100 base and net loss of $31.4 million highlight a challenging operating context, likely making future equity value creation the primary lever of compensation realization .