Company: INGN
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0000950170-25-045737
Chunk: 65

Company: Inogen Inc
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 65
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 and the structure of pay plans to ensure the hiring or retention of an executive when considering the competitive labor environment.

Consistent with our pay-for-performance philosophy, we took the following actions during 2024 with respect to NEO compensation.

Competitive Cash Incentive Payments: In the first quarter of 2024, we established annual cash incentive opportunities to reflect competitive market conditions and overall strong performance and structured our 2024 cash incentive

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compensation plan to focus 50% on revenue and 50% on Adjusted EBITDA. Revenue and Adjusted EBITDA continued to be two key measurements of our growth and profitability, as the criteria for payment of cash incentives to the NEOs. To further incentivize driving growth and profitability, we re-weighted the key measurements for cash incentive payments.

Based on our results in revenue and Adjusted EBITDA in 2024, our bonus pool was funded at 200% of target for our NEOs under the 2024 Incentive Plan (as defined below).

Performance-Based and Time-Based Full Value Awards: During 2024, we granted long-term incentive compensation opportunities in the form of full value awards - RSUs. These equity awards are subject to performance- and/or time-based vesting requirements and are intended to further align our executives’ interests with those of our stockholders. The equity awards are weighted 50% on performance-based and 50% on time-based vesting requirements.

In 2024, we exceeded our revenue goal; as a result, the 2024 tranche of our NEOs’ performance-based RSU awards vested at 127% of target for each of the awards granted in 2023 and 2024.

New CFO Compensation

Michael Bourque was appointed as CFO of the Company, effective March 4, 2024. In setting Mr. Bourque’s annual compensation as well as his sign-on grants, the Compensation Committee considered factors including, but not limited to, his extensive industry experience, leadership roles requiring innovation and thought leadership, technical acumen and the compensation of CFOs at similarly situated publicly traded companies. The following is an overview of his compensation:

2024 Annual Target Direct Compensation:Mr. Bourque’s regular annual target direct compensation is comprised of an annual base salary and target annual and long-term equity compensation opportunities as follows:

Base salary: $425,000

Target annual cash incentive compensation opportunity (“target bonus”): 60% of base salary

Annual equity grants