Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
This is the complete answer, not a partial one — the list is never padded.
| 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 | ||||||||
| William 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Michael Cordonnier | $2,789,967 | — | — | — |
| William 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.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Michael Cordonnier | PSU | 112,478 | — | $1,389,103 |
| Leonard Greenstein | RSU | 59,737 | — | 737,752 |
| Michael Cordonnier | RSU | 358,422 | — | 0 |
| Michael Cordonnier | Option | 168,717 | 4.35 | — |
| Michael Cordonnier | Option | 133,929 | 15 | — |
| Leonard Greenstein | Option | 34,864 | 1.17 | — |
| Leonard Greenstein | Option | 66,965 | 15 | — |
| William Durall | Option | 61,605 | 2.23 | — |
| William Durall | Option | 101,230 | 4.35 | — |
| William Durall | Option | 66,965 | 15 | — |
The company aims to attract and retain highly qualified executives by providing competitive compensation that aligns with company performance and stockholder interests. As an emerging growth company, the company has elected to comply with scaled disclosure requirements and does not provide a full Compensation Discussion and Analysis.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | — |
| Anti-pledging | — |
| 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 |
| 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 | — |
| 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.
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 | 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.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Michael Cordonnier | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Executive Compensation”. As printed: 2,789,967. Filing ↗machine: span 513282–513291 |
| 2 | Section 01, William Durall | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Executive Compensation”. As printed: 1,516,272. Filing ↗machine: span 556958–556967 |
| 3 | Section 01, Leonard Greenstein | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Executive Compensation”. As printed: 1,119,311. Filing ↗machine: span 535131–535140 |
| 4 | Section 08, Niall Casey | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Director Compensation”. As printed: 1,148,317. Filing ↗ |
| 5 | Section 08, Kevin Sidow | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Director Compensation”. As printed: 341,699. Filing ↗ |
| 6 | Section 08, Kevin O’Boyle | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Director Compensation”. As printed: 308,745. Filing ↗ |
| 7 | Section 08, Jonathan (Jon) D. Root, M.D | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Director Compensation”. As printed: 287,495. Filing ↗ |
| 8 | Section 08, Philip (Phil) Young | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Director Compensation”. As printed: 287,495. Filing ↗ |
| 9 | Section 08, Robert Mittendorff, M.D | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Director Compensation”. As printed: 28,750. Filing ↗ |
| 10 | Section 08, Michael Cordonnier | DEF 14A | 2026-04-22 | 0001794546-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 11 | Section 09b board cost (computed) | Computed | — | computed | Cash 701,418 + equity 1,039,980 + all other 14,821 = 1,756,219, summed across the director compensation table rows.machine: formula: Σ = 1,756,219 |
| 12 | Carlsmed (subject), Section 10b CEO total | DEF 14A | 2026-04-22 | 0001794546-26-000005 | CEO total compensation as printed in Carlsmed's own proxy. As printed: 2,789,967. Filing ↗machine: span 513282–513291 |