Companies Neuronetics, Inc.
Neuronetics (STIM): executive pay, fiscal 2025
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CEO pay, last three years
- $2,990,985FY2023
- $2,430,610FY2024
- $4,365,064FY2025
CEO total pay was $4,365,064 in fiscal 2025, up from $2,430,610 in fiscal 2024.
FY2025: salary $728,000 · bonus $0 · stock awards $3,208,750 · option awards $0
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Keith Sullivan | $728,000 | $0 | $3,208,750 | $0 | $412,776 | $0 | $15,538 | $4,365,064 |
| President and Chief Executive Officer | ||||||||
| Steven Pfanstiel | 221,818 | 27,945 | 2,036,749 | 0 | 45,271 | 0 | 0 | 2,331,784 |
| Executive Vice President, Chief Financial Officer, and Treasurer | ||||||||
| W. Andrew Macan | 463,500 | 69,525 | 1,461,974 | 0 | 93,859 | 0 | 25,661 | 2,114,519 |
| Executive Vice President, Chief Legal Officer, and Corporate Secretary | ||||||||
| Stephen Furlong | 281,867 | 0 | 936,600 | 0 | 0 | 0 | 0 | 1,218,467 |
| Executive Vice President, Chief Financial Officer , and Treasurer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Keith Sullivan | $4,365,064 | $2,430,610 | $2,990,985 | ↑ +1,934,454 |
| Steven Pfanstiel | 2,331,784 | — | — | — |
| W. Andrew Macan | 2,114,519 | 1,059,526 | 1,160,703 | ↑ +1,054,993 |
| Stephen Furlong | 1,218,467 | 1,182,179 | 1,361,385 | ↑ +36,288 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company designs its compensation program to motivate and reward executives to achieve or exceed financial and operating performance objectives, link compensation with specific business objectives, and align executive interests with stockholders. The program aims to attract and retain talented leaders, reward individual performance, and maintain competitive compensation packages relative to peers.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Alpine Rewards, LLC |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | false |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Stephen Furlong | RSU | 2025-02-01 | — | — | 157,500 | — | — |
| Keith Sullivan | PRSU | 2025-02-01 | — | 125,000 | — | — | — |
| Stephen Furlong | PRSU | 2025-02-01 | — | 52,500 | — | — | — |
| W. Andrew Macan | RSU | 2025-02-01 | — | — | 157,500 | — | — |
| W. Andrew Macan | PRSU | 2025-10-01 | — | 101,250 | — | — | — |
| W. Andrew Macan | PRSU | 2025-02-01 | — | 52,500 | — | — | — |
| W. Andrew Macan | RSU | 2025-12-01 | — | — | 164,361 | — | — |
| Steven Pfanstiel | RSU | 2025-07-15 | — | — | 400,000 | — | — |
| Steven Pfanstiel | PRSU | 2025-08-01 | — | 75,000 | — | — | — |
| Steven Pfanstiel | RSU | 2025-12-01 | — | — | 170,212 | — | — |
| Keith Sullivan | RSU | 2025-02-01 | — | — | 375,000 | — | — |
| Keith Sullivan | PRSU | 2025-10-01 | — | 337,500 | — | — | — |
Vehicle mix — grant-date fair value by award type
Grant-level vehicle detail not disclosed.
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| W. Andrew Macan | RSU | 1,301 | — | $1,795 |
| W. Andrew Macan | RSU | 7,801 | — | 10,765 |
| W. Andrew Macan | RSU | 8,701 | — | 12,007 |
| W. Andrew Macan | RSU | 10,000 | — | 13,800 |
| W. Andrew Macan | RSU | 20,475 | — | 28,256 |
| Steven Pfanstiel | RSU | 25,000 | — | 34,500 |
| W. Andrew Macan | RSU | 30,006 | — | 41,408 |
| W. Andrew Macan | RSU | 33,750 | — | 46,575 |
| W. Andrew Macan | RSU | 35,002 | — | 48,303 |
| Keith Sullivan | RSU | 48,750 | — | 67,275 |
| W. Andrew Macan | RSU | 52,203 | — | 72,040 |
| Steven Pfanstiel | RSU | 75,000 | — | 103,500 |
| Keith Sullivan | RSU | 83,338 | — | 115,006 |
| Keith Sullivan | RSU | 95,000 | — | 131,126 |
| Keith Sullivan | RSU | 100,000 | — | 138,000 |
| W. Andrew Macan | RSU | 101,250 | — | 139,725 |
| Keith Sullivan | RSU | 112,500 | — | 155,250 |
| W. Andrew Macan | RSU | 137,025 | — | 189,095 |
| W. Andrew Macan | RSU | 164,361 | — | 226,818 |
| Steven Pfanstiel | RSU | 170,212 | — | 234,893 |
| Steven Pfanstiel | RSU | 200,000 | — | 276,000 |
| Keith Sullivan | RSU | 200,010 | — | 276,014 |
| Keith Sullivan | RSU | 250,000 | — | 345,000 |
| Keith Sullivan | RSU | 326,250 | — | 450,225 |
| Keith Sullivan | RSU | 337,500 | — | 465,750 |
| Keith Sullivan | Option | 900,000 | 1.98 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Robert A. CascellaIndependent · Board Chair | $123,592 | $144,638 | $0 | — | $0 | $268,229 |
| Glenn P. MuirIndependent · Audit (Chair) · Compensation | 84,407 | 119,700 | 0 | — | 0 | 204,107 |
| Sheryl L. ConleyIndependent · Audit · Compensation (Chair) | 81,909 | 119,700 | 0 | — | 0 | 201,609 |
| Megan R. RosengartenIndependent · Audit · Nominating and Corporate Governance (Chair) | 77,864 | 119,700 | 0 | — | 0 | 197,564 |
| Sasha S. CucuzIndependent · Audit · Nominating and Corporate Governance | 64,271 | 119,700 | 0 | — | 0 | 183,971 |
| Avinash N. Amin, M.DIndependent | 0 | 119,700 | 0 | — | 0 | 119,700 |
| Daniel L. ReuversEmployee director | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $55,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 15,000 / 10,000 |
| Stock ownership guideline | $55,000 |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $432,043 |
| Equity awards (grant-date value) | $743,138 |
| All other compensation | $0 |
| Total cost of the board | $1,175,181 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Neuronetics as a peer
Companies that benchmark against STIM
2 companies name STIM as a compensation peer
- Apyx Medical CorpAPYXFY2025
- Outset Medical, Inc.OMFY2025
- SERA PROGNOSTICS, INC.SERAFY2025
Each company listed discloses STIM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named STIM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Neuronetics, Inc. | 2025 | Keith Sullivan | $728,000 | $3,208,750 | $0 | $412,776 | $4,365,064 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2023 | 2023-05-25 | — | — | — | — | — |
| 2022 | 2022-05-26 | — | — | — | — | — |
| 2021 | 2021-05-27 | — | — | — | — | — |
| 2020 | 2020-05-26 | — | — | — | — | — |
| 2019 | 2019-05-28 | — | — | — | — | — |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2023 | 2023-05-25 | —a |
| 2022 | 2022-05-26 | —b |
| 2021 | 2021-05-27 | —c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (29 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Keith Sullivan. DEF 14A, filed 2026-04-09. Section “Executive Compensation” · page 26. As printed: 4,365,064. View filing ↗
- Section 01, Steven Pfanstiel. 10-K, filed 2026-04-09. Section “Executive Compensation”. As printed: 2,331,784. View filing ↗
- Section 01, W. Andrew Macan. 10-K, filed 2026-04-09. Section “Executive Compensation”. As printed: 2,114,519. View filing ↗
- Section 01, Stephen Furlong. 10-K, filed 2026-04-09. Section “Executive Compensation”. As printed: 1,218,467. View filing ↗
- Section 03, Stephen Furlong RSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Keith Sullivan PRSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Stephen Furlong PRSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, W. Andrew Macan RSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, W. Andrew Macan PRSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, W. Andrew Macan PRSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, W. Andrew Macan RSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Steven Pfanstiel RSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Steven Pfanstiel PRSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Steven Pfanstiel RSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Keith Sullivan RSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Keith Sullivan PRSU. 10-K, filed 2026-04-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 08, Robert A. Cascella. 10-K, filed 2026-04-09. Section “Director Compensation”. As printed: 268,229. View filing ↗
- Section 08, Glenn P. Muir. 10-K, filed 2026-04-09. Section “Director Compensation”. As printed: 204,107. View filing ↗
- Section 08, Sheryl L. Conley. 10-K, filed 2026-04-09. Section “Director Compensation”. As printed: 201,609. View filing ↗
- Section 08, Megan R. Rosengarten. 10-K, filed 2026-04-09. Section “Director Compensation”. As printed: 197,564. View filing ↗
- Section 08, Sasha S. Cucuz. 10-K, filed 2026-04-09. Section “Director Compensation”. As printed: 183,971. View filing ↗
- Section 08, Avinash N. Amin, M.D. 10-K, filed 2026-04-09. Section “Director Compensation”. As printed: 119,700. View filing ↗
- Section 08, Daniel L. Reuvers. 10-K, filed 2026-04-09. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-05-30. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
- Section 06, 2022 vote. Form 8-K, filed 2022-05-27. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
- Section 06, 2021 vote. Form 8-K, filed 2021-06-02. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 432,043 + equity 743,138 + all other 0 = 1,175,181, summed across the director compensation table rows.
- Neuronetics, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Neuronetics, Inc.'s own proxy. As printed: 4,365,064. View filing ↗