Companies CARLSMED, INC.
CARLSMED (CARL): executive pay, fiscal 2025
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CEO pay, last three years
- $2,789,967FY2025
CEO total pay was $2,789,967 in fiscal 2025; the brief holds no earlier figure for this CEO.
FY2025: salary $480,822 · bonus $0 · stock awards $353,218 · option awards $1,510,370
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Executives and directors
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 |
|---|---|---|---|---|---|---|---|---|
| Michael Cordonnier | $480,822 | $0 | $353,218 | $1,510,370 | $414,709 | $0 | $30,848 | $2,789,967 |
| Chairman, Chief Executive Officer, President and Co-Founder | ||||||||
| Scott Durall | 411,260 | 0 | 0 | 802,741 | 283,770 | 0 | 18,501 | 1,516,272 |
| Chief Commercial Officer | ||||||||
| Leonard Greenstein | 377,863 | 0 | 0 | 517,423 | 217,271 | 0 | 6,754 | 1,119,311 |
| 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 |
|---|---|---|---|---|
| Michael Cordonnier | $2,789,967 | — | — | — |
| Scott Durall | 1,516,272 | — | — | — |
| Leonard Greenstein | 1,119,311 | — | — | — |
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 aims to attract and retain highly qualified non-employee directors and align executive compensation with long-term stockholder value through a mix of cash and equity incentives.
| CEO STI target (% of salary) | NaN% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Compensia, Inc. |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Leonard Greenstein | Option | 34,864 | 1.17 | — |
| Leonard Greenstein | RSU | 59,737 | — | 737,752 |
| Scott Durall | Option | 61,605 | 2.23 | — |
| Leonard Greenstein | Option | 66,965 | 15 | — |
| Scott Durall | Option | 66,965 | 15 | — |
| Scott Durall | Option | 101,230 | 4.35 | — |
| Michael Cordonnier | PSU | 112,478 | — | 1,389,103 |
| Michael Cordonnier | Option | 133,929 | 15 | — |
| Michael Cordonnier | Option | 168,717 | 4.35 | — |
| Michael Cordonnier | RSU | 358,422 | — | 0 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Niall CaseyEmployee director | $507,668 | — | $625,828 | — | $14,821 | $1,148,317 |
| Kevin SidowIndependent · Lead Independent Director · Audit · Compensation (Chair) · Nominating and Corporate Governance | 61,250 | 259,995 | 20,454 | — | 0 | 341,699 |
| Kevin O’BoyleIndependent · Audit (Chair) · Compensation | 48,750 | 259,995 | 0 | — | 0 | 308,745 |
| Jonathan (Jon) D. Root, M.DIndependent · Nominating and Corporate Governance (Chair) | 27,500 | 259,995 | 0 | — | 0 | 287,495 |
| Philip (Phil) YoungIndependent · Audit | 27,500 | 259,995 | 0 | — | 0 | 287,495 |
| Robert Mittendorff, M.DIndependent · Compensation · Nominating and Corporate Governance | 28,750 | 0 | 0 | — | 0 | 28,750 |
| Michael CordonnierEmployee director · Board Chair | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $45,000 |
|---|---|
| Annual equity retainer | $130,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 15,000 / 10,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $701,418 |
| Equity awards (grant-date value) | $1,039,980 |
| All other compensation | $14,821 |
| Total cost of the board | $1,756,219 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names CARLSMED as a peer
Companies that benchmark against CARL
No companies currently name CARL as a compensation peer in their most recent disclosure.
This is the complete answer, not a partial one — the list is never padded.
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 | CARLSMED, INC. | 2025 | Michael Cordonnier | $480,822 | $353,218 | $1,510,370 | $414,709 | $2,789,967 |
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 |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-03 | — | — | — | — | — |
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 |
|---|---|---|
| 2026 | 2026-06-03 | —a |
a. 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 (13 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, Michael Cordonnier. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 2,789,967. View filing ↗
- Section 01, Scott Durall. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 1,516,272. View filing ↗
- Section 01, Leonard Greenstein. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 1,119,311. View filing ↗
- Section 08, Niall Casey. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 1,148,317. View filing ↗
- Section 08, Kevin Sidow. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 341,699. View filing ↗
- Section 08, Kevin O’Boyle. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 308,745. View filing ↗
- Section 08, Jonathan (Jon) D. Root, M.D. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 287,495. View filing ↗
- Section 08, Philip (Phil) Young. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 287,495. View filing ↗
- Section 08, Robert Mittendorff, M.D. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 28,750. View filing ↗
- Section 08, Michael Cordonnier. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-03. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
- Section 09b board cost (computed). Computed. Cash 701,418 + equity 1,039,980 + all other 14,821 = 1,756,219, summed across the director compensation table rows.
- CARLSMED, INC. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in CARLSMED, INC.'s own proxy. As printed: 2,789,967. View filing ↗