Velarion · Company Intelligence
Compensation Brief
Fiscal year 2022 · Filings through 2026-05-04

Shockwave Medical (SWAV)

Fiscal year 2022 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.

$8,418,871
Doug Godshall total, FY2022
50th
CEO pay percentile vs peers
50:1
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against SWAV
1 company names SWAV as a compensation peer

Each company listed discloses SWAV 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 SWAV 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 2022

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Doug Godshall$644,231$0$6,845,660$0$923,650$0$5,330$8,418,871
President and Chief Executive Officer
Isaac Zacharias475,66606,119,6260427,02905,3307,027,651
President, Chief Commercial Officer
Dan Puckett438,17802,139,2590353,87105,3302,936,638
Chief Financial 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 officerFY2022 totalFY2021 totalFY2020 totalΔ FY20212022
Doug Godshall$8,418,871
Isaac Zacharias7,027,651
Dan Puckett2,936,638

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 2022

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Dan PuckettRSU2022-02-018,279$1,283,493
Isaac ZachariasPSU2022-02-017,5077,50715,0141,163,810
Isaac ZachariasRSU2022-06-0917,3423,210,178
Isaac ZachariasRSU2022-02-0111,2601,745,638
Doug GodshallPSU2022-02-0122,07822,07844,1563,422,752
Dan PuckettPSU2022-02-015,5205,52011,040855,766
Doug GodshallRSU2022-02-0122,0793,422,907
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Dan Puckett$1,283,493$855,766$040.0%
Isaac Zacharias4,955,8161,163,810019.0%
Doug Godshall3,422,9073,422,752050.0%

% 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 2022

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Doug GodshallRSU22,079$4,539,663
Isaac ZachariasRSU11,2602,315,169
Dan PuckettPSU5,5201,134,967
Doug GodshallRSU37,5007,710,375
Doug GodshallPSU22,0784,539,458
Dan PuckettRSU12,7502,621,528
Dan PuckettRSU8,2791,702,245
Isaac ZachariasPSU7,5071,543,514
Isaac ZachariasRSU1,250257,013
Doug GodshallOption394,7993.42
Doug GodshallOption5,12317
Dan PuckettOption3,33017
Isaac ZachariasRSU15,1753,120,132
Isaac ZachariasOption9,2224.03
Dan PuckettRSU2,000411,220
Doug GodshallRSU42,1008,656,181
Isaac ZachariasOption48,0546.71
Dan PuckettRSU17,5713,194,028
Doug GodshallRSU4,000822,440
Isaac ZachariasRSU13,5002,775,735
Doug GodshallRSU90,00020,098,086
Isaac ZachariasRSU19,0004,757,030
Isaac ZachariasRSU15,4172,609,530
Dan PuckettRSU13,7502,157,633
Doug GodshallRSU37,5505,722,420
Dan PuckettRSU15,0003,084,150
Isaac ZachariasRSU15,0003,084,150
05

Incentive-plan design — the Compensation Discussion & Analysis

The most effective compensation program is one that is designed to: Attract, incentivize, reward and retain diverse, talented individuals with relevant experience through a competitive pay structure. Deliver balanced total compensation packages to accomplish our business objectives and mission. Align pay with our performance. Align total compensation with stockholder objectives.

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
202336,589,505

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
2023a

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.

07

CEO pay ratio

Ratio (CEO : median employee)50 : 1
CEO total compensation$8,418,871
Median employee compensation$167,938
08

Director compensation — fiscal year 2022

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
C. Raymond Larkin, JrIndependent · Board Chair · Nominating and ESG (Chair)$112,500$184,904$0$0$0$297,404
Laura FrancisIndependent · Audit (Chair) · Compensation (Member)72,500184,904000257,404
Maria SainzIndependent · Compensation (Chair) · Nominating and ESG (Member)65,000184,904000249,904
F.T. Jay WatkinsIndependent · Audit (Member)55,000184,904000239,904
Sara ToyloyIndependent · Audit (Member)55,000184,904000239,904
Antoine PapiernikIndependent · Compensation (Member)52,500184,904000237,404
Frederic Moll, M.DIndependent · Nominating and ESG (Member)50,000184,904000234,904
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$185,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline1x annual base cash retainer
09b

Total cost of the board

ComponentFY2022
Cash retainers and fees$462,500
Equity awards (grant-date value)$1,294,328
All other compensation$0
Total cost of the board$1,756,828

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

10

Disclosed peer group — fiscal year 2022

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 Shockwave Medical 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 Shockwave Medical.

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
1Natera2025Steven Chapman$853,710$12,979,558$0$1,114,151$14,957,319
2Abiomed2022Michael Minogue788,6316,557,7243,072,5612,237,83612,665,992
3Glaukos2025Thomas Burns850,0007,649,9473,527,497012,034,087
4Nevro2023Kevin Thornal515,62510,080,1730402,75011,453,548
5iRhythm Technologies2025Quentin Blackford700,0038,919,45701,350,00011,003,163
6Maravai LifeSciences2025Bernd Brust388,8637,660,0001,460,000425,34310,129,708
7AtriCure2025Michael Carrel828,4397,203,47801,171,7039,217,620
8Adaptive Biotechnologies2025Chad Robins698,2587,675,1000703,3809,081,690
9Shockwave Medical2022Doug Godshall644,2316,845,6600923,6508,418,871
10Inspire Medical Systems2025Timothy Herbert750,5725,999,6550961,5577,711,784
11STAAR Surgical Company2025Stephen Farrell580,0006,836,000007,522,385
12Tandem Diabetes Care2025John Sheridan790,5835,367,7960674,0906,858,503
13Repligen2025Olivier Loeillot860,0003,374,8531,095,626774,0006,114,771
14Inari Medical2023Andrew Hykes700,0002,606,744937,488826,0005,083,365
15Pacific Biosciences of California2025Christian Henry748,2501,151,0131,696,278714,3054,309,846
16Penumbra2025Adam Elsesser850,000000851,621
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
Shockwave Medical142.1%RSU 50 · PSU 50NoCompensia
Abiomednot disclosedPSU 50 · RSU 30 · Option 20not disclosedWillis Towers Watson
Adaptive Biotechnologies100%RSU 50 · PSU 50NoSemler Brossy Consulting Group, LLC
AtriCure141%PSU 70 · RSU 30NoKorn Ferry
Axonicsnot disclosednot disclosednot disclosednot disclosed
Glaukos177.5%PSU 50NoFrederic W. Cook & Co., Inc.
Inari Medical118%RSU 75 · Options 25not disclosedFW Cook
Inspire Medical Systems111.4%PSU 50 · RSU 50NoAon
iRhythm Technologies173%PSU 50 · RSU 50NoAon (January 1 to May 28) and Mercer (May 29 forward)
Maravai LifeSciencesnot disclosednot disclosedNoMeridian Compensation Partners, LLC
Natera131.1%PSU 50 · RSU 50NoAon
Nevro53.7%RSU 50 · PSU 50NoAon
Pacific Biosciences of California95%not disclosednot disclosedAon Human Capital Solutions
Penumbranot disclosednot disclosedNoCompensia
Repligen100%RSU 50 · PSU 25 · Options 25NoMeridian Compensation Partners, LLC
STAAR Surgical Company135%RSU 50 · PSU 50NoSemler Brossy
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, Doug GodshallDEF 14A2023-04-210001642545-23-000025Section “Summary Compensation Table”. As printed: 8,418,871. Filing ↗machine: r2 · c36 · span 675727–675736
2Section 01, Isaac ZachariasDEF 14A2023-04-210001642545-23-000025Section “Summary Compensation Table”. As printed: 7,027,651. Filing ↗machine: r8 · c36 · span 688183–688192
3Section 01, Dan PuckettDEF 14A2023-04-210001642545-23-000025Section “Summary Compensation Table”. As printed: 2,936,638. Filing ↗machine: r5 · c36 · span 681947–681956
4Section 03, Dan Puckett RSUDEF 14A2023-04-210001642545-23-000025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t50 · r7 · c20 · span 738494–738503
5Section 03, Isaac Zacharias PSUDEF 14A2023-04-210001642545-23-000025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t50 · r11 · c15 · span 748254–748259
6Section 03, Isaac Zacharias RSUDEF 14A2023-04-210001642545-23-000025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t50 · r12 · c20 · span 751514–751523
7Section 03, Isaac Zacharias RSUDEF 14A2023-04-210001642545-23-000025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t50 · r10 · c20 · span 746421–746430
8Section 03, Doug Godshall PSUDEF 14A2023-04-210001642545-23-000025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t50 · r5 · c15 · span 732401–732407
9Section 03, Dan Puckett PSUDEF 14A2023-04-210001642545-23-000025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t50 · r8 · c15 · span 740327–740332
10Section 03, Doug Godshall RSUDEF 14A2023-04-210001642545-23-000025Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t50 · r4 · c20 · span 730567–730576
11Section 07, pay ratioDEF 14A0001642545-23-000025Section “CEO Pay Ratio”. As printed: 50 : 1.machine: span 942757–942761
12Section 08, C. Raymond Larkin, JrDEF 14A2023-04-210001642545-23-000025Section “Director Compensation”. As printed: 297,404. Filing ↗
13Section 08, Laura FrancisDEF 14A2023-04-210001642545-23-000025Section “Director Compensation”. As printed: 257,404. Filing ↗machine: t29 · r4 · c7 · span 384821–384828
14Section 08, Maria SainzDEF 14A2023-04-210001642545-23-000025Section “Director Compensation”. As printed: 249,904. Filing ↗machine: t29 · r5 · c7 · span 386300–386307
15Section 08, F.T. Jay WatkinsDEF 14A2023-04-210001642545-23-000025Section “Director Compensation”. As printed: 239,904. Filing ↗machine: t29 · r7 · c7 · span 389480–389487
16Section 08, Sara ToyloyDEF 14A2023-04-210001642545-23-000025Section “Director Compensation”. As printed: 239,904. Filing ↗machine: t29 · r6 · c7 · span 387776–387783
17Section 08, Antoine PapiernikDEF 14A2023-04-210001642545-23-000025Section “Director Compensation”. As printed: 237,404. Filing ↗machine: t29 · r3 · c7 · span 383134–383141
18Section 08, Frederic Moll, M.DDEF 14A2023-04-210001642545-23-000025Section “Director Compensation”. As printed: 234,904. Filing ↗machine: t29 · r8 · c7 · span 391173–391180
19Section 06, 2023 voteForm 8-K2023-04-210001642545-23-000025Item 5.07 · say-on-pay result. As reported: —. Filing ↗
20Section 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
21Section 09b board cost (computed)ComputedcomputedCash 462,500 + equity 1,294,328 + all other 0 = 1,756,828, summed across the director compensation table rows.machine: formula: Σ = 1,756,828
22Natera, 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
23Abiomed, Section 10b CEO totalDEF 14A2022-06-280001193125-22-183958CEO total compensation as printed in Abiomed's own proxy. As printed: 12,665,992. Filing ↗machine: r2 · c32 · span 600762–600772
24Glaukos, 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
25Nevro, 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
26iRhythm 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
27Maravai LifeSciences, Section 10b CEO totalDEF 14A2026-04-240001823239-26-000014CEO total compensation as printed in Maravai LifeSciences's own proxy. As printed: 10,129,708. Filing ↗machine: t21 · r3 · c20 · span 502645–502655
28AtriCure, 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
29Adaptive Biotechnologies, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177409CEO total compensation as printed in Adaptive Biotechnologies's own proxy. As printed: 9,081,690. Filing ↗machine: span 818708–818717
30Shockwave Medical (subject), Section 10b CEO totalDEF 14A2023-04-210001642545-23-000025CEO total compensation as printed in Shockwave Medical's own proxy. As printed: 8,418,871. Filing ↗machine: r2 · c36 · span 675727–675736
31Inspire Medical Systems, Section 10b CEO totalDEF 14A2026-03-200001140361-26-010490CEO total compensation as printed in Inspire Medical Systems's own proxy. As printed: 7,711,784. Filing ↗machine: r2 · c25 · span 1164868–1164877
32STAAR Surgical Company, Section 10b CEO totalDEF 14A2026-05-040000718937-26-000015CEO total compensation as printed in STAAR Surgical Company's own proxy. As printed: 7,522,385. Filing ↗machine: r3 · c16 · span 1045477–1045486
33Tandem 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
34Repligen, Section 10b CEO totalDEF 14A2026-04-020001193125-26-140115CEO total compensation as printed in Repligen's own proxy. As printed: 6,114,771. Filing ↗machine: t16 · r4 · c2 · span 577065–577074
35Inari Medical, Section 10b CEO totalDEF 14A2024-03-130001193125-24-066805CEO total compensation as printed in Inari Medical's own proxy. As printed: 5,083,365. Filing ↗machine: r2 · c31 · span 454508–454517
36Pacific Biosciences of California, Section 10b CEO totalDEF 14A2026-04-230001299130-26-000064CEO total compensation as printed in Pacific Biosciences of California's own proxy. As printed: 4,309,846. Filing ↗machine: r2 · c48 · span 876974–876983
37Penumbra, 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
38Section 10a, iRhythm Technologies reciprocityDEF 14A0001388658-26-000030iRhythm Technologies's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
39Section 10a, Repligen reciprocityDEF 14A0001193125-26-140115Repligen's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
40Section 10a, Pacific Biosciences of California reciprocityDEF 14A0001299130-26-000064Pacific Biosciences of California's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
41Section 10a, STAAR Surgical Company reciprocityDEF 14A0000718937-26-000015STAAR Surgical Company's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
42Section 10a, Nevro reciprocityDEF 14A0000950170-24-044100Nevro's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
43Section 10a, Natera reciprocityDEF 14A0001104659-26-047770Natera's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
44Section 10a, Maravai LifeSciences reciprocityDEF 14A0001823239-26-000014Maravai LifeSciences's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
45Section 10a, Inari Medical reciprocityDEF 14A0001193125-24-066805Inari Medical's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
46Section 10a, Abiomed reciprocityDEF 14A0001193125-22-183958Abiomed's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
47Section 10a, Adaptive Biotechnologies reciprocityDEF 14A0001193125-26-177409Adaptive Biotechnologies's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
48Section 10a, AtriCure reciprocityDEF 14A0001323885-26-000010AtriCure's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
49Section 10a, Glaukos reciprocityDEF 14A0001193125-26-157829Glaukos's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
50Section 10a, Inspire Medical Systems reciprocityDEF 14A0001140361-26-010490Inspire Medical Systems's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
51Section 10a, Penumbra reciprocityDEF 14A0001321732-26-000010Penumbra's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗
52Section 10a, Tandem Diabetes Care reciprocityDEF 14A0001438133-26-000034Tandem Diabetes Care's most recent proxy was read; its disclosed peer group does not include Shockwave Medical. Filing ↗