Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-06-09

Nevro (NVRO)

Fiscal year 2023 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.

$11,453,548
Kevin Thornal total, FY2023
73rd
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against NVRO
19 companies name NVRO as a compensation peer

Each company listed discloses NVRO 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 NVRO 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 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kevin Thornal$515,625$0$10,080,173$0$402,750$0$455,000$11,453,548
President and Chief Executive Officer
Niamh Pellegrini272,02001,924,0760002,713,5254,909,622
Former Senior Vice President and Chief Commercial Officer
Greg Siller242,04503,138,205077,8580100,0003,558,108
Senior Vice President and Chief Commercial Officer
Roderick MacLeod490,17001,924,0760157,93305,0002,577,179
Senior Vice President and Chief Financial Officer
Kashif Rashid472,41001,924,0760152,21105,0002,553,697
Senior Vice President, Corporate Development and Chief Legal Officer
D. Keith Grossman566,3060774,08100024,0221,364,410
Chairman, Former President and Chief Executive 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 officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
Kevin Thornal$11,453,548
Niamh Pellegrini4,909,622
Greg Siller3,558,108
Roderick MacLeod2,577,179
Kashif Rashid2,553,697
D. Keith Grossman1,364,410

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

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Roderick MacLeodPSU2023-03-072,10416,83533,670$654,875
Niamh PellegriniRSU2023-03-0739,2821,269,201
Greg SillerRSU2023-06-1982,0502,066,019
Greg SillerPSU2023-06-194,39535,16570,3301,072,186
Kashif RashidRSU2023-03-0739,2821,269,201
Niamh PellegriniPSU2023-03-072,10416,83533,670654,875
Kevin ThornalPSU2023-04-2416,952135,623271,2465,483,909
D. KeithRSU2023-04-2422,841774,081
Kashif RashidPSU2023-03-072,10416,83533,670654,875
Roderick MacLeodRSU2023-03-0739,2821,269,201
Kevin ThornalRSU2023-04-24135,6234,596,263
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Roderick MacLeod$1,269,201$654,875$034.0%
Niamh Pellegrini1,269,201654,875034.0%
Greg Siller2,066,0191,072,186034.2%
Kashif Rashid1,269,201654,875034.0%
Kevin Thornal4,596,2635,483,909054.4%
D. Keith774,081000.0%

% 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 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Greg SillerRSU82,050$1,765,716
D. Keith GrossmanPSU50,0001,076,000
Greg SillerPSU17,582378,365
D. Keith GrossmanPSU7,750166,780
Roderick MacLeodRSU4,30792,687
Roderick MacLeodRSU3,01364,840
Kashif RashidRSU3,56876,783
Kashif RashidRSU1,24926,878
Kashif RashidPSU8,418181,155
Kashif RashidRSU39,282845,349
Kashif RashidPSU1,21226,082
Roderick MacLeodRSU7,603163,617
Kashif RashidRSU7,603163,617
Roderick MacLeodPSU8,418181,155
Roderick MacLeodRSU39,282845,349
Roderick MacLeodPSU1,21226,082
D. Keith GrossmanRSU50,0001,076,000
Kevin ThornalRSU135,6232,918,607
Kevin ThornalPSU67,8121,459,314
D. Keith GrossmanRSU10,477225,465
D. Keith GrossmanRSU8,098174,269
Kashif RashidRSU7,140153,653
05

Incentive-plan design — the Compensation Discussion & Analysis

The key objective in our executive compensation program is to attract, motivate and reward leaders with the skills and experience necessary to successfully execute on our strategic plan to maximize stockholder value. Our executive compensation program is designed to: Attract and retain talented and experienced executives in a competitive and dynamic market; Motivate our NEOs to help the Company achieve the best possible financial and operational results; Provide reward opportunities consistent with our performance on both a short-term and long-term basis; and Align the long-term interests of our NEOs with those of our stockholders.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Michael DeManeIndependent · Lead Independent Director$105,000$179,994$0$0$0$284,994
Kevin O'BoyleIndependent · Audit (Chair)80,000179,994000259,994
Elizabeth WeathermanIndependent · Compensation (Chair) · Nominating and Corporate Governance79,250179,994000259,244
Karen PrangeIndependent · Audit · Nominating and Corporate Governance73,000179,994000252,994
Frank FischerIndependent · Nominating and Corporate Governance (Chair) · Not standing for re-election67,000179,994000246,994
Shawn T McCormickIndependent · Audit67,000179,994000246,994
Sri KosarajuIndependent · Compensation63,000179,994000242,994
Susan SiegelIndependent · Compensation63,000179,994000242,994
Kevin ThornalEmployee director00000
D. Keith GrossmanNot independent · Board Chair000000
Kirt P. KarrosIndependent · Audit · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$55,000
Annual equity retainer$180,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)13,000 / 10,250 / 6,000
Stock ownership guideline3x base annual retainer
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$597,250
Equity awards (grant-date value)$1,439,952
All other compensation$0
Total cost of the board$2,037,202

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

10

Disclosed peer group — fiscal year 2023

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 Nevro 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 Nevro.

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
1Masimo2024Joe Kiani$1,209,181$10,259,983$3,420,105$0$15,932,345
2Natera2025Steven Chapman853,71012,979,55801,114,15114,957,319
3NovoCure2025Ashley Cordova901,8378,249,9652,752,814811,65313,198,354
4Haemonetics2026Christopher Simon1,100,0087,561,9871,504,9681,834,25012,044,701
5Glaukos2025Thomas Burns850,0007,649,9473,527,497012,034,087
6Nevro2023Kevin Thornal515,62510,080,1730402,75011,453,548
7iRhythm Technologies2025Quentin Blackford700,0038,919,45701,350,00011,003,163
8Alphatec Holdings2025Patrick Miles762,0008,859,6500600,00010,260,507
9Integra LifeSciences2025Mojdeh Poul1,009,6165,219,8682,250,011174,5639,375,551
10AtriCure2025Michael Carrel828,4397,203,47801,171,7039,217,620
11NuVasive2022J. Christopher Barry896,6355,000,09302,157,7508,077,095
12Orthofix Medical2025Massimo Calafiore848,3224,499,9881,500,009445,5797,310,039
13Tandem Diabetes Care2025John Sheridan790,5835,367,7960674,0906,858,503
14AngioDynamics2025James Clemmer803,0272,628,871808,2071,215,6085,494,285
15Globus Medical2025Keith Pfeil479,46702,982,347783,0004,400,159
16Penumbra2025Adam Elsesser850,000000851,621
Cardiovascular Systemsnot in coverage universe
Axonicsnot in coverage universe

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
Nevro53.7%RSU 50 · PSU 50NoAon
Alphatec Holdings157%PSU 50 · RSU 50NoCompensia, Inc.
AngioDynamics150%PSU 50 · RSU 25 · Options 25NoMeridian Compensation Partners, LLC
AtriCure141%PSU 70 · RSU 30NoKorn Ferry
Axonicsnot disclosednot disclosednot disclosednot disclosed
Cardiovascular Systemsnot disclosednot disclosednot disclosednot disclosed
Glaukos177.5%PSU 50NoFrederic W. Cook & Co., Inc.
Globus Medical102%Options 100not disclosedFW Cook
Haemonetics133.4%PSU 60 · RSU 20 · Options 20Yes — Relative Total Shareholder Return (rTSR)Pearl Meyer & Partners, LLC
Integra LifeSciences40%PSU 50 · Options 25 · RSU 25NoWTW
iRhythm Technologies173%PSU 50 · RSU 50NoAon (January 1 to May 28) and Mercer (May 29 forward)
Masimo134%PSU 75 · Options 25Yes — Three-Year Cumulative Relative TSRFW Cook
Natera131.1%PSU 50 · RSU 50NoAon
NovoCure100%PSU 50 · RSU 25 · Options 25NoFrederic W. Cook & Co., Inc.
NuVasive75%RSU 50 · PSU 50NoFrederic W. Cook & Co., Inc.
Orthofix Medical47.7%PSU 50 · RSU 25 · Options 25NoMeridian Compensation Partners
Penumbranot disclosednot disclosedNoCompensia
Tandem Diabetes Care87%PSU 50 · RSU 50Yes — TSR performance compared to the Russell 3000 index in the three-year period between 2025 and 2027WTW

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, Kevin ThornalDEF 14A2024-04-120000950170-24-044100Section “2023 Summary Compensation Table”. As printed: 11,453,548. Filing ↗machine: r2 · c16 · span 631983–631993
2Section 01, Niamh PellegriniDEF 14A2024-04-120000950170-24-044100Section “2023 Summary Compensation Table”. As printed: 4,909,622. Filing ↗machine: r15 · c16 · span 699581–699590
3Section 01, Greg SillerDEF 14A2024-04-120000950170-24-044100Section “2023 Summary Compensation Table”. As printed: 3,558,108. Filing ↗machine: r10 · c16 · span 673518–673527
4Section 01, Roderick MacLeodDEF 14A2024-04-120000950170-24-044100Section “2023 Summary Compensation Table”. As printed: 2,577,179. Filing ↗machine: r4 · c16 · span 641977–641986
5Section 01, Kashif RashidDEF 14A2024-04-120000950170-24-044100Section “2023 Summary Compensation Table”. As printed: 2,553,697. Filing ↗machine: r7 · c16 · span 657764–657773
6Section 01, D. Keith GrossmanDEF 14A2024-04-120000950170-24-044100Section “2023 Summary Compensation Table”. As printed: 1,364,410. Filing ↗machine: r12 · c16 · span 683665–683674
7Section 03, Roderick MacLeod PSUDEF 14A2024-04-120000950170-24-044100Section “2023 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r7 · c29 · span 769947–769954
8Section 03, Niamh Pellegrini RSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r19 · c27 · span 868862–868871
9Section 03, Greg Siller RSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r14 · c27 · span 828166–828175
10Section 03, Greg Siller PSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r13 · c29 · span 820292–820301
11Section 03, Kashif Rashid RSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r11 · c27 · span 804091–804100
12Section 03, Niamh Pellegrini PSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r18 · c29 · span 860987–860994
13Section 03, Kevin Thornal PSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r4 · c29 · span 745862–745871
14Section 03, D. Keith RSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
15Section 03, Kashif Rashid PSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r10 · c29 · span 795491–795498
16Section 03, Roderick MacLeod RSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r8 · c27 · span 777819–777828
17Section 03, Kevin Thornal RSUDEF 14A2024-04-120000950170-24-044100Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t23 · r5 · c27 · span 753740–753749
18Section 08, Michael DeManeDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 284,994. Filing ↗machine: t9 · r2 · c11 · span 348778–348785
19Section 08, Kevin O'BoyleDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 259,994. Filing ↗machine: t9 · r6 · c11 · span 361697–361704
20Section 08, Elizabeth WeathermanDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 259,244. Filing ↗machine: t9 · r9 · c11 · span 371389–371396
21Section 08, Karen PrangeDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 252,994. Filing ↗machine: t9 · r7 · c11 · span 364925–364932
22Section 08, Frank FischerDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 246,994. Filing ↗machine: t9 · r3 · c11 · span 352007–352014
23Section 08, Shawn T McCormickDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 246,994. Filing ↗machine: t9 · r5 · c11 · span 358468–358475
24Section 08, Sri KosarajuDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 242,994. Filing ↗machine: t9 · r4 · c11 · span 355235–355242
25Section 08, Susan SiegelDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 242,994. Filing ↗machine: t9 · r8 · c11 · span 368153–368160
26Section 08, Kevin ThornalDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, D. Keith GrossmanDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 0. Filing ↗
28Section 08, Kirt P. KarrosDEF 14A2024-04-120000950170-24-044100Section “Director Compensation”. As printed: 0. Filing ↗
29Section 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
30Section 09b board cost (computed)ComputedcomputedCash 597,250 + equity 1,439,952 + all other 0 = 2,037,202, summed across the director compensation table rows.machine: formula: Σ = 2,037,202
31Masimo, Section 10b CEO totalDEF 14A2025-03-260001104659-25-027887CEO total compensation as printed in Masimo's own proxy. As printed: 15,932,345. Filing ↗machine: span 1265493–1265503
32Natera, Section 10b CEO totalDEF 14A2026-04-230001104659-26-047770CEO total compensation as printed in Natera's own proxy. As printed: 14,957,319. Filing ↗machine: t190 · r5 · c14 · span 1269868–1269878
33NovoCure, Section 10b CEO totalDEF 14A2026-04-200001645113-26-000033CEO total compensation as printed in NovoCure's own proxy. As printed: 13,198,354. Filing ↗machine: r6 · c48 · span 880842–880852
34Haemonetics, Section 10b CEO totalDEF 14A2026-06-090000313143-26-000074CEO total compensation as printed in Haemonetics's own proxy. As printed: 12,044,701. Filing ↗machine: span 718173–718183
35Glaukos, Section 10b CEO totalDEF 14A2026-04-160001193125-26-157829CEO total compensation as printed in Glaukos's own proxy. As printed: 12,034,087. Filing ↗machine: t93 · r6 · c38 · span 1876942–1876952
36Nevro (subject), Section 10b CEO totalDEF 14A2024-04-120000950170-24-044100CEO total compensation as printed in Nevro's own proxy. As printed: 11,453,548. Filing ↗machine: r2 · c16 · span 631983–631993
37iRhythm Technologies, Section 10b CEO totalDEF 14A2026-04-170001388658-26-000030CEO total compensation as printed in iRhythm Technologies's own proxy. As printed: 11,003,163. Filing ↗machine: r2 · c21 · span 1123498–1123508
38Alphatec Holdings, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191867CEO total compensation as printed in Alphatec Holdings's own proxy. As printed: 10,260,507. Filing ↗machine: t26 · r2 · c25 · span 858148–858158
39Integra LifeSciences, Section 10b CEO totalDEF 14A2026-04-060000917520-26-000015CEO total compensation as printed in Integra LifeSciences's own proxy. As printed: 9,375,551. Filing ↗machine: r2 · c30 · span 880204–880213
40AtriCure, Section 10b CEO totalDEF 14A2026-04-060001323885-26-000010CEO total compensation as printed in AtriCure's own proxy. As printed: 9,217,620. Filing ↗machine: span 743364–743373
41NuVasive, Section 10b CEO totalDEF 14A2023-05-080001193125-23-138279CEO total compensation as printed in NuVasive's own proxy. As printed: 8,077,095. Filing ↗machine: span 1075421–1075430
42Orthofix Medical, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191716CEO total compensation as printed in Orthofix Medical's own proxy. As printed: 7,310,039. Filing ↗machine: t96 · r4 · c16 · span 1472329–1472338
43Tandem Diabetes Care, Section 10b CEO totalDEF 14A2026-04-070001438133-26-000034CEO total compensation as printed in Tandem Diabetes Care's own proxy. As printed: 6,858,503. Filing ↗machine: r3 · c27 · span 866963–866972
44AngioDynamics, Section 10b CEO totalDEF 14A2025-09-250001628280-25-042704CEO total compensation as printed in AngioDynamics's own proxy. As printed: 5,494,285. Filing ↗machine: r2 · c27 · span 502542–502551
45Globus Medical, Section 10b CEO totalDEF 14A2026-04-240001628280-26-027196CEO total compensation as printed in Globus Medical's own proxy. As printed: 4,400,159. Filing ↗machine: r5 · c21 · span 344690–344699
46Penumbra, Section 10b CEO totalDEF 14A2026-04-290001321732-26-000010CEO total compensation as printed in Penumbra's own proxy. As printed: 851,621. Filing ↗machine: span 424797–424804
47Section 10a, Glaukos reciprocityDEF 14A0001193125-26-157829Glaukos's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗
48Section 10a, Tandem Diabetes Care reciprocityDEF 14A0001438133-26-000034Tandem Diabetes Care names Nevro in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, AngioDynamics reciprocityDEF 14A0001628280-25-042704AngioDynamics names Nevro in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, AtriCure reciprocityDEF 14A0001323885-26-000010AtriCure names Nevro in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, iRhythm Technologies reciprocityDEF 14A0001388658-26-000030iRhythm Technologies's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗
52Section 10a, Penumbra reciprocityDEF 14A0001321732-26-000010Penumbra's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗
53Section 10a, Alphatec Holdings reciprocityDEF 14A0001193125-26-191867Alphatec Holdings's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗
54Section 10a, Haemonetics reciprocityDEF 14A0000313143-26-000074Haemonetics's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗
55Section 10a, Integra LifeSciences reciprocityDEF 14A0000917520-26-000015Integra LifeSciences's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗
56Section 10a, NuVasive reciprocityDEF 14A0001193125-23-138279NuVasive names Nevro in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, Masimo reciprocityDEF 14A0001104659-25-027887Masimo's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗
58Section 10a, NovoCure reciprocityDEF 14A0001645113-26-000033NovoCure's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗
59Section 10a, Orthofix Medical reciprocityDEF 14A0001193125-26-191716Orthofix Medical names Nevro in its own disclosed peer group (read from its most recent proxy). Filing ↗
60Section 10a, Natera reciprocityDEF 14A0001104659-26-047770Natera's most recent proxy was read; its disclosed peer group does not include Nevro. Filing ↗