Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-30

Surmodics (SRDX)

Fiscal year 2024 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.

$3,665,496
Gary Maharaj total, FY2024
27th
CEO pay percentile vs peers
CEO-to-median pay ratio
87.66%
Say-on-pay support, latest vote
Companies that benchmark against SRDX
8 companies name SRDX as a compensation peer

Each company listed discloses SRDX 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 SRDX 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 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Gary Maharaj$647,481$0$940,000$1,410,000$654,215$0$13,800$3,665,496
President and Chief Executive Officer
Teryl Sides446,8440312,000468,000282,182012,3441,521,370
Senior Vice President and President, Vascular Interventions
Timothy Arens386,5880280,000420,000244,130013,7931,344,511
Senior Vice President of Finance and Information Technology and Chief Financial Officer
Gordon Weber361,9870220,000330,000228,59506,1131,146,695
Senior Vice President of Legal, General Counsel and Secretary
Charles Olson361,9870212,000318,000233,30108,8271,134,115
Senior Vice President and President, Medical Device Coatings

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 officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Gary Maharaj$3,665,496$3,527,263$3,095,627+138,233
Teryl Sides1,521,3701,494,3751,113,022+26,995
Timothy Arens1,344,5111,295,2991,045,826+49,212
Gordon Weber1,146,6951,102,8401,019,595+43,855
Charles Olson1,134,1151,118,4701,023,119+15,645

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 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Gordon WeberOPTION2023-12-0420,859$330,000
Charles OlsonOPTION2023-12-0420,101318,000
Charles OlsonRSU2023-12-046,302212,000
Gary MaharajRSU2023-12-0427,942940,000
Teryl SidesRSU2023-12-049,274312,000
Gordon WeberRSU2023-12-046,539220,000
Timothy ArensOPTION2023-12-0426,548420,000
Teryl SidesOPTION2023-12-0429,582468,000
Gary MaharajOPTION2023-12-0489,1271,410,000
Timothy ArensRSU2023-12-048,323280,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gordon Weber$220,000$0$330,0000.0%
Charles Olson212,0000318,0000.0%
Gary Maharaj940,00001,410,0000.0%
Teryl Sides312,0000468,0000.0%
Timothy Arens280,0000420,0000.0%

% 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 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Charles OlsonRSU39,915$2,003,754
Timothy ArensRSU8,323322,766
Timothy ArensRSU4,797186,028
Gary MaharajOption18,62937.44
Timothy ArensOption26,54833.64
Teryl SidesOption29,58233.64
Timothy ArensOption9,16843.93
Gary MaharajRSU16,237629,671
Gary MaharajRSU6,070235,395
Teryl SidesRSU5,535214,647
Timothy ArensRSU1,51758,829
Teryl SidesRSU1,51758,829
Gary MaharajOption89,12733.64
Timothy ArensOption18,76236.13
Gordon WeberOption20,85933.64
Teryl SidesOption9,16843.93
Charles OlsonRSU3,690143,098
Gordon WeberOption9,16843.93
Gordon WeberRSU3,690143,098
Teryl SidesRSU9,274359,646
Gordon WeberOption4,47137.44
Gary MaharajRSU27,9421,083,591
Charles OlsonOption20,10133.64
Charles OlsonRSU6,302244,392
Gordon WeberRSU6,539253,582
Gary MaharajOption63,50236.13
Charles OlsonOption14,43236.13
Gary MaharajRSU2,977,230115,457,005
Gary MaharajRSU1,374,06553,286,253
Timothy ArensRSU1,155,32044,803,318
Teryl SidesRSU1,335,39651,786,585
Gordon WeberRSU319,24712,380,378
Charles OlsonRSU1,081,80041,952,145
Gordon WeberRSU1,081,80041,952,135
Timothy ArensRSU44,2752,306,229
Gordon WeberRSU18,123702,809
Charles OlsonOption4,47137.44
Teryl SidesOption4,47137.44
Charles OlsonRSU1,51758,829
Gordon WeberOption14,43236.13
Teryl SidesRSU450,46817,469,125
Timothy ArensOption4,47137.44
Charles OlsonOption9,16843.93
Gordon WeberRSU1,51758,829
Gary MaharajOption36,67443.93
Charles OlsonRSU312,15212,105,238
Teryl SidesOption21,64836.13
Gary MaharajRSU40,0931,554,807
Timothy ArensRSU402,24315,598,986
Teryl SidesRSU42,5022,605,384
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy is performance-based and focuses on aligning the financial interests of our executive officers with those of our shareholders. Generally, this is accomplished by placing a substantial portion of our executive officers' total compensation "at risk", while providing overall compensation opportunities that are comparable to market levels.

CEO STI target (% of salary)80%
CEO LTI target (% of salary)
Independent consultantPay Governance LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-02-067,415,3391,043,557132,99387.66%Passed
20242024-02-089,588,433650,24510,35393.65%Passed
20232023-02-0911,173,618669,81816,65594.34%Passed
20222022-02-1011,084,992591,65816,82694.93%Passed
20212021-02-1111,234,762274,98342,47897.61%Passed
20202020-02-1310,662,542296,40082,20897.3%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
20252025-02-0687.66%a
20242024-02-0893.65%b
20232023-02-0994.34%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.

08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Susan E. KnightIndependent · Board Chair · Audit (Chair)$110,000$62,000$62,000$0$234,000
David R. Dantzker, M.DIndependent · Organization and Compensation (Chair) · Corporate Governance and Nominating · Audit70,00057,50057,5000185,000
Lisa W. HeineIndependent · Organization and Compensation · Corporate Governance and Nominating · Audit66,50057,50057,5000181,500
José H. BedoyaIndependent · Corporate Governance and Nominating (Chair) · Organization and Compensation61,50057,50057,5000176,500
Ronald B. KalichIndependent · Departed during FY58,25057,50057,5000173,250
Gary R. MaharajEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$45,000
Annual equity retainer$115,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)10,000 / 15,000 / 10,000
Stock ownership guideline5x annual cash retainer for non-employee directors
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$366,250
Equity awards (grant-date value)$292,000
All other compensation$0
Total cost of the board$658,250

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

10

Disclosed peer group — fiscal year 2024

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 Surmodics 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 Surmodics.

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
1AtriCure, Inc.2025Michael Carrel$828,439$7,203,478$0$1,171,703$9,217,620
2AxoGen, Inc.2025Michael Dale775,8657,342,8950906,1339,047,454
3SI-BONE, Inc.2025Laura Francis685,0006,038,7100729,5257,453,235
4Cutera, Inc.2023Taylor Harris271,0232,747,6824,250,00807,279,813
5Artivion Inc.2025J. Patrick Mackin835,1455,006,9900991,3686,883,108
6OraSure Technologies, Inc.2025Carrie Eglinton Manner721,0003,394,1880173,0404,292,228
7Cerus Corporation2025William Greenman793,7502,242,5850756,0003,794,657
8LeMaitre Vascular, Inc.2025George LeMaitre806,3471,050,0001,050,000680,0153,780,990
9Surmodics2024Gary Maharaj647,481940,0001,410,000654,2153,665,496
10Tactile Systems Technology, Inc.2025Sheri Dodd675,0002,019,9780737,4383,466,916
11Anika Therapeutics Inc.2025Stephen Griffin500,0001,215,222002,033,370
12Atrion Corp.2023David Battat718,07700180,000924,464
Xtant Medical Holdings, Inc.not in coverage universe
Cardiovascular Systems Inc.not in coverage universe
Conformis, Inc.not in coverage universe
Pulmonx Corporationnot in coverage universe
NeuroPace, Inc.not 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
Surmodics126.3%Options 60 · RSU 40not disclosedPay Governance LLC
Anika Therapeutics Inc.100%PSU 67 · RSU 33NoWillis Towers Watson
Artivion Inc.118.7%PSU 50 · RSU 50NoWillis Towers Watson
AtriCure, Inc.141%PSU 70 · RSU 30NoKorn Ferry
Atrion Corp.25%RSU 100not disclosedFW Cook
AxoGen, Inc.116.79%PSU 50 · RSU 50NoAon
Cardiovascular Systems Inc.not disclosednot disclosednot disclosednot disclosed
Cerus Corporation126%RSU 75 · PSU 25NoAlpine
Conformis, Inc.not disclosednot disclosednot disclosednot disclosed
Cutera, Inc.not disclosednot disclosedNoCompensia
LeMaitre Vascular, Inc.144%Options 50 · RSU 25 · PSU 25Nonot disclosed
NeuroPace, Inc.not disclosednot disclosednot disclosednot disclosed
OraSure Technologies, Inc.24.0%RSU 50 · PSU 50Yes — Relative TSR performance vs peer groupPay Governance LLC
Pulmonx Corporationnot disclosednot disclosednot disclosednot disclosed
SI-BONE, Inc.106.5%RSU 50 · PSU 50Yes — Relative TSRCompensia, Inc.
Tactile Systems Technology, Inc.115%PSU 50 · RSU 50NoAon Consulting, Inc.
Xtant Medical Holdings, Inc.not disclosednot disclosednot disclosednot disclosed

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, Gary MaharajDEF 14A2024-12-190000950170-24-138240Section “Summary Compensation Table” · page 37. As printed: 3,665,496. Filing ↗machine: t109 · r3 · c25 · span 1568790–1568799
2Section 01, Teryl SidesDEF 14A2024-12-190000950170-24-138240Section “Summary Compensation Table” · page 37. As printed: 1,521,370. Filing ↗machine: t109 · r12 · c25 · span 1649599–1649608
3Section 01, Timothy ArensDEF 14A2024-12-190000950170-24-138240Section “Summary Compensation Table” · page 37. As printed: 1,344,511. Filing ↗machine: t109 · r6 · c25 · span 1595678–1595687
4Section 01, Gordon WeberDEF 14A2024-12-190000950170-24-138240Section “Summary Compensation Table” · page 37. As printed: 1,146,695. Filing ↗machine: t109 · r15 · c25 · span 1676541–1676550
5Section 01, Charles OlsonDEF 14A2024-12-190000950170-24-138240Section “Summary Compensation Table” · page 37. As printed: 1,134,115. Filing ↗machine: t109 · r9 · c25 · span 1622649–1622658
6Section 03, Gordon Weber OPTIONDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r18 · c20 · span 1880537–1880543
7Section 03, Charles Olson OPTIONDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r12 · c20 · span 1824523–1824529
8Section 03, Charles Olson RSUDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r11 · c17 · span 1814186–1814191
9Section 03, Gary Maharaj RSUDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r5 · c17 · span 1758186–1758192
10Section 03, Teryl Sides RSUDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r14 · c17 · span 1842194–1842199
11Section 03, Gordon Weber RSUDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r17 · c17 · span 1870200–1870205
12Section 03, Timothy Arens OPTIONDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r9 · c20 · span 1796516–1796522
13Section 03, Teryl Sides OPTIONDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r15 · c20 · span 1852531–1852537
14Section 03, Gary Maharaj OPTIONDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r6 · c20 · span 1768507–1768513
15Section 03, Timothy Arens RSUDEF 14A2024-12-190000950170-24-138240Section “Grants of Plan-Based Awards in Fiscal 2024” · grants of plan-based awards table. Filing ↗machine: t112 · r8 · c17 · span 1786179–1786184
16Section 08, Susan E. KnightDEF 14A2024-12-190000950170-24-138240Section “Director Compensation”. As printed: 234,000. Filing ↗machine: t50 · r3 · c15 · span 556603–556610
17Section 08, David R. Dantzker, M.DDEF 14A2024-12-190000950170-24-138240Section “Director Compensation”. As printed: 185,000. Filing ↗machine: t50 · r5 · c15 · span 567845–567852
18Section 08, Lisa W. HeineDEF 14A2024-12-190000950170-24-138240Section “Director Compensation”. As printed: 181,500. Filing ↗machine: t50 · r6 · c15 · span 573458–573465
19Section 08, José H. BedoyaDEF 14A2024-12-190000950170-24-138240Section “Director Compensation”. As printed: 176,500. Filing ↗machine: t50 · r4 · c15 · span 562222–562229
20Section 08, Ronald B. KalichDEF 14A2024-12-190000950170-24-138240Section “Director Compensation”. As printed: 173,250. Filing ↗machine: t50 · r7 · c15 · span 579234–579241
21Section 08, Gary R. MaharajDEF 14A2024-12-190000950170-24-138240Section “Director Compensation”. As printed: 0. Filing ↗
22Section 06, 2025 voteForm 8-K2025-02-100000950170-25-016772Item 5.07 · say-on-pay result. As reported: 87.66% (votes for as printed: 7,415,339). Filing ↗
23Section 06, 2024 voteForm 8-K2024-02-120000950170-24-013859Item 5.07 · say-on-pay result. As reported: 93.65% (votes for as printed: 9,588,433). Filing ↗
24Section 06, 2023 voteForm 8-K2023-02-130001157523-23-000265Item 5.07 · say-on-pay result. As reported: 94.34% (votes for as printed: 11,173,618). Filing ↗
25Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
26Section 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
27Section 09b board cost (computed)ComputedcomputedCash 366,250 + equity 292,000 + all other 0 = 658,250, summed across the director compensation table rows.machine: formula: Σ = 658,250
28AtriCure, Inc., Section 10b CEO totalDEF 14A2026-04-060001323885-26-000010CEO total compensation as printed in AtriCure, Inc.'s own proxy. As printed: 9,217,620. Filing ↗machine: span 743364–743373
29AxoGen, Inc., Section 10b CEO totalDEF 14A2026-04-290000805928-26-000057CEO total compensation as printed in AxoGen, Inc.'s own proxy. As printed: 9,047,454. Filing ↗machine: r2 · c45 · span 557309–557318
30SI-BONE, Inc., Section 10b CEO totalDEF 14A2026-04-210001459839-26-000049CEO total compensation as printed in SI-BONE, Inc.'s own proxy. As printed: 7,453,235. Filing ↗machine: r3 · c18 · span 626969–626978
31Cutera, Inc., Section 10b CEO totalDEF 14A2024-06-170001628280-24-028528CEO total compensation as printed in Cutera, Inc.'s own proxy. As printed: 7,279,813. Filing ↗machine: t62 · r4 · c26 · span 1221355–1221364
32Artivion 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
33OraSure Technologies, Inc., Section 10b CEO totalDEF 14A2026-04-300001116463-26-000032CEO total compensation as printed in OraSure Technologies, Inc.'s own proxy. As printed: 4,292,228. Filing ↗machine: t152 · r2 · c21 · span 850376–850385
34Cerus Corporation, Section 10b CEO totalDEF 14A2026-04-220001020214-26-000011CEO total compensation as printed in Cerus Corporation's own proxy. As printed: 3,794,657. Filing ↗machine: span 1301658–1301667
35LeMaitre Vascular, Inc., Section 10b CEO totalDEF 14A2026-04-140001193125-26-153877CEO total compensation as printed in LeMaitre Vascular, Inc.'s own proxy. As printed: 3,780,990. Filing ↗machine: span 564038–564047
36Surmodics (subject), Section 10b CEO totalDEF 14A2024-12-190000950170-24-138240CEO total compensation as printed in Surmodics's own proxy. As printed: 3,665,496. Filing ↗machine: t109 · r3 · c25 · span 1568790–1568799
37Tactile Systems Technology, Inc., Section 10b CEO totalDEF 14A2026-03-250001104659-26-034206CEO total compensation as printed in Tactile Systems Technology, Inc.'s own proxy. As printed: 3,466,916. Filing ↗machine: r3 · c12 · span 865797–865806
38Anika Therapeutics Inc., Section 10b CEO totalDEF 14A2026-04-280001140361-26-017488CEO total compensation as printed in Anika Therapeutics Inc.'s own proxy. As printed: 2,033,370. Filing ↗machine: r5 · c22 · span 1052517–1052526
39Atrion Corp., Section 10b CEO totalDEF 14A2024-04-090001104659-24-044922CEO total compensation as printed in Atrion Corp.'s own proxy. As printed: 924,464. Filing ↗machine: r12 · c47 · span 467910–467917
40Section 10a, Anika Therapeutics Inc. reciprocityDEF 14A0001140361-26-017488Anika Therapeutics Inc. names Surmodics in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Cerus Corporation reciprocityDEF 14A0001020214-26-000011Cerus Corporation's most recent proxy was read; its disclosed peer group does not include Surmodics. Filing ↗
42Section 10a, OraSure Technologies, Inc. reciprocityDEF 14A0001116463-26-000032OraSure Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Surmodics. Filing ↗
43Section 10a, Tactile Systems Technology, Inc. reciprocityDEF 14A0001104659-26-034206Tactile Systems Technology, Inc. names Surmodics in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, AtriCure, Inc. reciprocityDEF 14A0001323885-26-000010AtriCure, Inc.'s most recent proxy was read; its disclosed peer group does not include Surmodics. Filing ↗
45Section 10a, Cutera, Inc. reciprocityDEF 14A0001628280-24-028528Cutera, Inc.'s most recent proxy was read; its disclosed peer group does not include Surmodics. Filing ↗
46Section 10a, SI-BONE, Inc. reciprocityDEF 14A0001459839-26-000049SI-BONE, Inc.'s most recent proxy was read; its disclosed peer group does not include Surmodics. Filing ↗
47Section 10a, Artivion Inc. reciprocityDEF 14A0001999371-26-007510Artivion Inc.'s most recent proxy was read; its disclosed peer group does not include Surmodics. Filing ↗
48Section 10a, AxoGen, Inc. reciprocityDEF 14A0000805928-26-000057AxoGen, Inc.'s most recent proxy was read; its disclosed peer group does not include Surmodics. Filing ↗