Nicholas Corcoran
About Nicholas Corcoran
Nicholas Corcoran, age 43, is Senior Vice President of Supply Chain & Operations at TransMedics Group, Inc., a role he has held since January 2023. He previously led complex manufacturing and supply chains at Stryker (VP roles across Joint Replacement and Spine), with earlier operations and sourcing roles at Waters Corporation and Intel. He holds a Bachelor’s Degree in Finance and Economics from South East Technological University and a Master’s in Supply Chain Management from UCD Smurfit School of Business . Company performance during his tenure includes 83% revenue growth in 2024 to $441.5M, achieving profitability and meeting EBITDA-positive targets for at least two quarters; company TSR remained elevated (value of $100 investment: $328 in 2024), indicating strong investor returns alongside operational scaling in aviation and NOP logistics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Stryker Corporation | Vice President, Division Operations (Joint Replacement) | Apr 2022–Jan 2023 | Managed entire division supply chain across internal manufacturing and external partners |
| Stryker Corporation | Vice President, Division & Commercial Operations (Spine) | 2020–2022 | Led division and commercial operations; throughput and reliability focus |
| Stryker Corporation | Senior Director, Division Operations | 2018–2020 | Scaled operations; led continuous improvement |
| Stryker Corporation | Director, Global Sourcing | Not disclosed | Global sourcing leadership |
| Waters Corporation | Various supply chain/operations roles | Not disclosed | Operations/supply chain leadership |
| Intel Corporation | Various supply chain/operations roles | Not disclosed | High-volume manufacturing operations exposure |
External Roles
No public company directorships or external board roles are disclosed for Mr. Corcoran in the 2025 proxy’s Executive Officers section .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Annual Base Salary ($) | $375,000 | $435,000 |
| Target Annual Bonus (% of Base) | Not disclosed | 45% |
| Salary Paid ($) | $338,942 | $421,154 |
| Annual Bonus Paid ($) | $300,000 | $391,500 |
| All Other Compensation ($) | $73,129 | $14,250 |
| Total Compensation ($) | $2,517,432 | $2,724,567 |
Notes:
- 2024 base salary increase was 16% YoY, reflecting market positioning and strong individual performance .
- All Other Compensation for 2024 comprised 401(k) match ($13,800) and group term life insurance premiums ($450) .
Performance Compensation
Annual Bonus Program – 2024 Outcomes
| Metric | Target | Actual/Outcome | Notes |
|---|---|---|---|
| Revenue | $370M | $441.5M | Above maximum performance level; 83% YoY growth |
| Impact Factor One: Scale TransMedics Aviation | ≥16 planes by 9/30/24 | Met | Aviation fleet scaling achieved |
| Impact Factor One: Initiate US Lung clinical program/trial | By 12/31/24 | Not Met | Regulatory/clinical milestone slipped |
| Impact Factor One: ERP upgrade & HRIS implementation | By 12/31/24 | Met | Systems modernization delivered |
| Impact Factor One: PMA submission for 2 assembly improvements | By 12/31/24 | Met | Product improvement submissions completed |
| Impact Factor Two: Sustained EBITDA positive | ≥2 quarters in 2024 | Met | Profitability discipline |
| Impact Factor Two: FDA submission of new OCS boards (lactate/ABG) | By 12/31/24 | Not Met | Tech/regulatory timeline |
| Impact Factor Two: OCS Connect II & Cloud connectivity | By 12/31/24 | Met | Digital connectivity progress |
| Impact Factor Two: Supply chain control of all inventory at NOP hubs | By 12/31/24 | Met | Supply chain hub control achieved |
| NEO Bonus Payout | 0–200% of target | 200% of target for NEOs (except Ranganath capped at 100%) | Corcoran payout $391,500 |
Equity Incentives – Structure and 2024 Grants
| Equity Vehicle | Weighting | Vesting Features |
|---|---|---|
| Stock Options | 50% of target grant value | Generally monthly vesting over 4 years; new hires: 25% at 1-year then monthly over 3 years |
| RSUs | 50% of target grant value | Generally annual vesting over 3 years (4 years for new hires) |
| 2024 Grant Type | Grant Date | Shares/Units | Exercise Price | Grant Date Fair Value ($) |
|---|---|---|---|---|
| Options | 2/23/2024 | 17,632 | $83.14 | $946,458 |
| RSUs | 2/23/2024 | 11,441 | — | $951,205 |
Vesting details:
- 2023 RSUs: 25% on each of the first four anniversaries of Jan 23, 2023 .
- 2024 RSUs: one-third on each of the first three anniversaries of Feb 23, 2024 .
- 2023 Option (strike $66.10): 25% vested Jan 23, 2024; remainder monthly over next three years .
- Options generally vest monthly over four years from grant date; 10-year term; strike set at closing price on grant date per policy .
Equity Ownership & Alignment
Beneficial Ownership
| Item | Value |
|---|---|
| Shares Beneficially Owned | 15,248 |
| Percent of Shares Outstanding | * (less than 1%) |
| Shares Outstanding (as of 3/31/2025) | 33,827,880 |
Outstanding Equity Awards (as of 12/31/2024)
| Instrument | Exercisable | Unexercisable | Strike ($) | Expiration | Unvested RSUs (#) | Unvested RSUs Market Value ($) |
|---|---|---|---|---|---|---|
| Options (2023 grant) | 1,644 | 10,278 | 66.10 | 2/20/2033 | — | — |
| RSUs (2023 grant) | — | — | — | — | 9,664 | 602,550 |
| Options (2024 grant) | 1,483 | 13,959 | 83.14 | 2/23/2034 | — | — |
| RSUs (2024 grant) | — | — | — | — | 11,441 | 713,346 |
Option Exercises and Stock Vested in 2024
| Item | Quantity | Value |
|---|---|---|
| Shares acquired on option exercise | 10,000 | $1,062,782 |
| RSUs vested | 3,222 | $273,644 |
Alignment Policies
- Stock ownership guidelines: C-level executives must hold shares equal to 2x base salary within five years; time-based unvested RSUs count, options do not; all C-level executives are on track to comply .
- Anti-hedging: Hedging/monetization transactions prohibited (e.g., collars, swaps, exchange funds) .
- Pledging: No pledging policy reference appears in the cited sections; proxy highlights anti-hedging and disciplined grant timing .
Employment Terms
- Agreements: Corcoran has an offer letter plus invention/NDA and non-compete/non-solicit agreements; severance eligible upon termination without cause or for good reason; double-trigger change-in-control equity acceleration applies .
- Pre-Change-in-Control Severance (after 12-month anniversary): 6 months base salary continuation; earned but unpaid prior-year bonus; up to 6 months group health; accrued salary/vacation; subject to release and compliance .
- Post-Change-in-Control Severance (within 24 months following): 9 months base salary continuation; target annual bonus for year of termination; up to 9 months group health; accelerated vesting of all unvested options and equity awards (performance awards vest at target); accrued salary/vacation .
- “Best practices”: No single-trigger CIC payments; no excise tax gross-ups; independent compensation consultant; clawback policy in place .
Estimated Severance Economics (as of 12/31/2024)
| Scenario | Benefit Continuation ($) | Severance ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|
| Termination prior to CIC (without cause/for good reason) | 13,113 | 217,500 | — | 230,613 |
| Termination following CIC (without cause/for good reason) | 19,669 | 522,000 | 1,315,897 | 1,857,566 |
Clawback
- Policy requires recoupment of erroneously awarded incentive compensation for Section 16 officers if the company must restate due to material noncompliance; applies to incentive comp received in the prior three fiscal years for awards received on/after Oct 2, 2023; filed as exhibit to Form 10-K .
Investment Implications
- Pay-for-performance alignment: 2024 bonus tied to revenue and specific operational milestones (aviation fleet, ERP/HRIS, NOP inventory control); company outperformance drove a 200% payout, and mix of 50% options/50% RSUs maintains at-risk exposure and retention incentives .
- Vesting and selling pressure: Regular RSU annual vesting (two concurrent schedules) and monthly option vesting could create periodic liquidity events; Corcoran exercised 10,000 options in 2024, indicating realized value from equity, though the proxy does not disclose ongoing selling plans .
- Retention and CIC economics: Severance is moderate (6–9 months salary; target bonus post-CIC) with double-trigger acceleration; estimated CIC value of ~$1.86M including equity suggests balanced retention while avoiding excessive golden parachutes .
- Ownership alignment: Beneficial ownership is modest (<1%), but stock ownership guidelines (2x salary) and significant unvested RSUs support alignment; anti-hedging strengthens alignment, with no pledging policy reference in the cited sections .
- Execution risk: Two 2024 milestones missed (US Lung trial initiation; FDA submission of new OCS boards), offset by strong revenue, EBITDA targets met, aviation scaling, and NOP inventory control—key indicators of operational execution in Corcoran’s remit .