Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-07

Mimedx Group (MDXG)

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.

$7,182,208
Joseph Capper total, FY2025
CEO pay percentile vs peers
70:1
CEO-to-median pay ratio
95.61%
Say-on-pay support, latest vote
Companies that benchmark against MDXG
3 companies name MDXG as a compensation peer

Each company listed discloses MDXG 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 MDXG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joseph Capper$768,173$0$4,699,000$819,422$887,800$0$7,813$7,182,208
Chief Executive Officer
William Hulse546,0000977,380170,436376,740074,9332,145,489
General Counsel and Chief Administrative Officer
Doug Rice540,0000966,643168,565372,600071,9212,119,729
Chief Financial Officer
Ricci Whitlow540,0000966,643168,565372,600013,1352,060,943
Executive Vice President and Chief Operating Officer
Kimberly Maersk-Moller540,0000966,643168,565372,60009,0412,056,849
Chief Commercial Officer

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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Joseph Capper$7,182,208
William Hulse2,145,489
Doug Rice2,119,729
Ricci Whitlow2,060,943
Kimberly Maersk-Moller2,056,849

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
William A. HawkinsDirector2026-06-10A50,913$4$185,323CommonForm 4 ↗
James L. BiermanDirector2026-06-10A50,9134185,323CommonForm 4 ↗
K. Todd NewtonDirector2026-06-10A50,9134185,323CommonForm 4 ↗
Tiffany P. OlsonDirector2026-06-10A50,9134185,323CommonForm 4 ↗
Dorothy E. PuhyDirector2026-06-10A50,9134185,323CommonForm 4 ↗
Kimberly Maersk-MollerChief Commercial Officer2026-06-24D19,820475,911CommonForm 4 ↗
Rice DougChief Financial Officer2026-07-02D12,749450,359CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Kimberly Maersk-MollerOPTION2025-03-0336,486$168,565
William HulseOPTION2025-03-0336,891170,436
Ricci WhitlowOPTION2025-03-0336,486168,565
Joseph CapperPSU2025-03-03318,955574,1192,845,876750,000
Ricci WhitlowRSU2025-03-0345,929381,211
William HulsePSU2025-03-0366,342119,416591,936327,600
Joseph CapperPSU2025-03-03830819,422
Doug RicePSU2025-03-0365,613118,103585,432324,000
Ricci WhitlowPSU2025-03-0365,613118,103585,432324,000
Kimberly Maersk-MollerPSU2025-03-0365,613118,103585,432324,000
Kimberly Maersk-MollerRSU2025-03-0345,929381,211
Joseph CapperRSU2025-03-03223,2681,853,124
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Kimberly Maersk-Moller$381,211$324,000$168,56537.1%
William Hulse0327,600170,43665.8%
Ricci Whitlow381,211324,000168,56537.1%
Joseph Capper1,853,1241,569,422045.9%
Doug Rice0324,0000100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Doug RiceOption36,4868.3
Joseph CapperOption177,3648.3
William HulseOption53,6558.63
Doug RiceOption53,0668.63
Doug RiceOption47,0006.44
Ricci WhitlowOption53,0668.63
Ricci WhitlowOption36,4868.3
Kimberly Maersk-MollerOption36,4868.3
Doug RicePSU219,348548,370
William HulseOption36,8918.3
Kimberly Maersk-MollerOption29,4818.63
05

Incentive-plan design — the Compensation Discussion & Analysis

MIMEDX's compensation practices are guided by three overarching principles: Attract & retain key talent with specific expertise; Pay-for-performance; Align executive interests with those of our shareholders

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantWillis Towers Watson
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1095,158,4514,369,6452,223,85695.61%Passed
20252025-06-1894,778,2566,924,968209,88793.19%Passed
20242024-06-0568,695,86923,968,9151,099,92074.13%Passed
20232023-06-1367,923,7048,341,327188,75589.06%Passed
20222022-06-0762,182,20830,770,3101,060,84966.9%Passed
20212021-05-2751,552,91614,557,5532,695,59077.98%Passed

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 yearMeeting dateApproval — company's computation
20262026-06-1095.61%a
20252025-06-1893.19%b
20242024-06-0574.13%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

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.

07

CEO pay ratio

Ratio (CEO : median employee)70 : 1
CEO total compensation$7,182,208
Median employee compensation$103,278
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
M. Kathleen BehrensIndependent · Board Chair · Audit · Nominating/Governance$132,987$168,793$0$0$0$301,780
James L. BiermanIndependent · Audit (Chair)68,926168,793000237,719
K. Todd NewtonIndependent · Compensation (Chair) · Ethics and Compliance66,786168,793000235,579
Cato T. LaurencinIndependent · Nominating/Governance · Ethics and Compliance58,240168,793000227,033
William A. HawkinsIndependent · Ethics and Compliance (Chair)57,953168,793000226,746
Dorothy E. PuhyIndependent · Audit55,286168,793000224,079
Tiffany P. OlsonIndependent · Compensation53,152168,793000221,945
Martin P. SutterIndependent · Nominating/Governance (Chair) · Compensation000000
Joseph H. CapperEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$170,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)21,000 / 16,000 / 12,500
Stock ownership guideline3x annual gross cash compensation
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$493,330
Equity awards (grant-date value)$1,181,551
All other compensation$0
Total cost of the board$1,674,881

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Mimedx Group names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Mimedx Group.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Alphatec Holdings, Inc.2025Patrick Miles$762,000$8,859,650$0$600,000$10,260,507
2ADMA Biologics, Inc.2025Adam Grossman925,0004,049,9944,049,9981,156,25010,237,326
3Mimedx Group2025Joseph Capper768,1734,699,000819,422887,8007,182,208
4Artivion, Inc.2025J. Patrick Mackin835,1455,006,9900991,3686,883,108
5AngioDynamics, Inc.2025James Clemmer803,0272,628,871808,2071,215,6085,494,285
6Anika Therapeutics2025Stephen Griffin500,0001,215,222002,033,370

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Mimedx Group115%not disclosedNoWillis Towers Watson
ADMA Biologics, Inc.125%RSU 50 · Options 50not disclosedPay Governance LLC
Alphatec Holdings, Inc.157%PSU 50 · RSU 50NoCompensia, Inc.
AngioDynamics, Inc.150%PSU 50 · RSU 25 · Options 25NoMeridian Compensation Partners, LLC
Anika Therapeutics100%PSU 67 · RSU 33NoWillis Towers Watson
Artivion, Inc.118.7%PSU 50 · RSU 50NoWillis Towers Watson

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

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.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Joseph CapperDEF 14A2026-04-290001376339-26-000033Section “Summary Compensation Table (2025, 2024 and 2023)” · page 29. As printed: 7,182,208. Filing ↗machine: t18 · r2 · c29 · span 444167–444176
2Section 01, William HulseDEF 14A2026-04-290001376339-26-000033Section “Summary Compensation Table (2025, 2024 and 2023)” · page 29. As printed: 2,145,489. Filing ↗machine: t18 · r8 · c29 · span 467095–467104
3Section 01, Doug RiceDEF 14A2026-04-290001376339-26-000033Section “Summary Compensation Table (2025, 2024 and 2023)” · page 29. As printed: 2,119,729. Filing ↗machine: t18 · r5 · c29 · span 455824–455833
4Section 01, Ricci WhitlowDEF 14A2026-04-290001376339-26-000033Section “Summary Compensation Table (2025, 2024 and 2023)” · page 29. As printed: 2,060,943. Filing ↗machine: t18 · r11 · c29 · span 478057–478066
5Section 01, Kimberly Maersk-MollerDEF 14A2026-04-290001376339-26-000033Section “Summary Compensation Table (2025, 2024 and 2023)” · page 29. As printed: 2,056,849. Filing ↗machine: t18 · r14 · c28 · span 489018–489027
6Section 03, Kimberly Maersk-Moller OPTIONDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t22 · r13 · c4 · span 622194–622200
7Section 03, William Hulse OPTIONDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t22 · r9 · c4 · span 606832–606838
8Section 03, Ricci Whitlow OPTIONDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t22 · r11 · c4 · span 614510–614516
9Section 03, Joseph Capper PSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards For 2025” · grants of plan-based awards table. Filing ↗machine: t20 · r3 · c8 · span 512030–512037
10Section 03, Ricci Whitlow RSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗
11Section 03, William Hulse PSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards For 2025” · grants of plan-based awards table. Filing ↗machine: t20 · r9 · c8 · span 535720–535727
12Section 03, Joseph Capper PSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t18 · r2 · c17 · span 442105–442112
13Section 03, Doug Rice PSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards For 2025” · grants of plan-based awards table. Filing ↗machine: t20 · r6 · c8 · span 523451–523458
14Section 03, Ricci Whitlow PSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards For 2025” · grants of plan-based awards table. Filing ↗machine: t20 · r12 · c8 · span 547188–547195
15Section 03, Kimberly Maersk-Moller PSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards For 2025” · grants of plan-based awards table. Filing ↗machine: t20 · r15 · c8 · span 557951–557958
16Section 03, Kimberly Maersk-Moller RSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗
17Section 03, Joseph Capper RSUDEF 14A2026-04-290001376339-26-000033Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗
18Section 07, pay ratioDEF 14A2026-04-290001376339-26-000033Section “CEO Pay Ratio”. As printed: 70 : 1. Filing ↗machine: span 747004–747011
19Section 08, M. Kathleen BehrensDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 301,780. Filing ↗machine: t30 · r2 · c11 · span 730174–730181
20Section 08, James L. BiermanDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 237,719. Filing ↗machine: t30 · r3 · c8 · span 731431–731438
21Section 08, K. Todd NewtonDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 235,579. Filing ↗machine: t30 · r6 · c8 · span 735203–735210
22Section 08, Cato T. LaurencinDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 227,033. Filing ↗machine: t30 · r5 · c8 · span 733948–733955
23Section 08, William A. HawkinsDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 226,746. Filing ↗machine: t30 · r4 · c8 · span 732690–732697
24Section 08, Dorothy E. PuhyDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 224,079. Filing ↗machine: t30 · r8 · c8 · span 737738–737745
25Section 08, Tiffany P. OlsonDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 221,945. Filing ↗machine: t30 · r7 · c8 · span 736471–736478
26Section 08, Martin P. SutterDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, Joseph H. CapperDEF 14A2026-04-290001376339-26-000033Section “Director Compensation”. As printed: 0. Filing ↗
28Section 02, William A. Hawkins 2026-06-10Form 42026-06-120001376339-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, James L. Bierman 2026-06-10Form 42026-06-120001376339-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, K. Todd Newton 2026-06-10Form 42026-06-120001376339-26-000044Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Tiffany P. Olson 2026-06-10Form 42026-06-120001376339-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Dorothy E. Puhy 2026-06-10Form 42026-06-120001376339-26-000047Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Kimberly Maersk-Moller 2026-06-24Form 42026-06-250001376339-26-000054Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Rice Doug 2026-07-02Form 42026-07-070001376339-26-000057Insider equity transaction reported since the proxy statement. Filing ↗
35Section 06, 2026 voteForm 8-K2026-06-160001376339-26-000052Item 5.07 · say-on-pay result. As reported: 95.61% (votes for as printed: 95,158,451). Filing ↗
36Section 06, 2025 voteForm 8-K2025-06-200001376339-25-000059Item 5.07 · say-on-pay result. As reported: 93.19% (votes for as printed: 94,778,256). Filing ↗
37Section 06, 2024 voteForm 8-K2024-06-070001376339-24-000055Item 5.07 · say-on-pay result. As reported: 74.13% (votes for as printed: 68,695,869). Filing ↗
38Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
39Section 09b board cost (computed)ComputedcomputedCash 493,330 + equity 1,181,551 + all other 0 = 1,674,881, summed across the director compensation table rows.machine: formula: Σ = 1,674,881
40Alphatec Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191867CEO total compensation as printed in Alphatec Holdings, Inc.'s own proxy. As printed: 10,260,507. Filing ↗machine: t26 · r2 · c25 · span 858148–858158
41ADMA Biologics, Inc., Section 10b CEO totalDEF 14A2026-04-150001140361-26-014799CEO total compensation as printed in ADMA Biologics, Inc.'s own proxy. As printed: 10,237,326. Filing ↗machine: r2 · c25 · span 619659–619670
42Mimedx Group (subject), Section 10b CEO totalDEF 14A2026-04-290001376339-26-000033CEO total compensation as printed in Mimedx Group's own proxy. As printed: 7,182,208. Filing ↗machine: t18 · r2 · c29 · span 444167–444176
43Artivion, Inc., Section 10b CEO totalDEF 14A2026-04-010001999371-26-007510CEO total compensation as printed in Artivion, Inc.'s own proxy. As printed: 6,883,108. Filing ↗machine: r3 · c9 · span 741873–741882
44AngioDynamics, Inc., Section 10b CEO totalDEF 14A2025-09-250001628280-25-042704CEO total compensation as printed in AngioDynamics, Inc.'s own proxy. As printed: 5,494,285. Filing ↗machine: r2 · c27 · span 502542–502551
45Anika Therapeutics, Section 10b CEO totalDEF 14A2026-04-280001140361-26-017488CEO total compensation as printed in Anika Therapeutics's own proxy. As printed: 2,033,370. Filing ↗machine: r5 · c22 · span 1052517–1052526
46Section 10a, Artivion, Inc. reciprocityDEF 14A0001999371-26-007510Artivion, Inc.'s most recent proxy was read; its disclosed peer group does not include Mimedx Group. Filing ↗
47Section 10a, Anika Therapeutics reciprocityDEF 14A0001140361-26-017488Anika Therapeutics names Mimedx Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Alphatec Holdings, Inc. reciprocityDEF 14A0001193125-26-191867Alphatec Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Mimedx Group. Filing ↗
49Section 10a, ADMA Biologics, Inc. reciprocityDEF 14A0001140361-26-014799ADMA Biologics, Inc. names Mimedx Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, AngioDynamics, Inc. reciprocityDEF 14A0001628280-25-042704AngioDynamics, Inc.'s most recent proxy was read; its disclosed peer group does not include Mimedx Group. Filing ↗