Company: SNWV
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001628280-25-014141
Chunk: 34

Company: SANUWAVE Health, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 11
Chunk 34
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3 (the “Walko Offer Letter”). Pursuant to the Walko Offer Letter, Mr. Walko (i) receives an annual base salary of $230,000, (ii) is eligible to earn an annual bonus of 25% of his base salary, based on the achievement of performance goals established by the Company, and (iii) received an option grant. 

Offer Letter with Ms. Gilmore

Effective January 23, 2023, Nanci Gilmore joined the Company as Vice President Commercial Strategy. The Company and Ms. Gilmore entered into an offer letter, dated January 11, 2023 (the “Gilmore Offer Letter”). Pursuant to the Gilmore Offer Letter, Ms. Gilmore (i) receives an annual base salary of $225,000, (ii) is eligible to earn an annual bonus of 50% of her base salary, based on the achievement of performance goals established by the Company, (iii) received an option grant, and (iv) is eligible for cash severance in the amount equal to five months of base salary at the rate in effect on the termination date.

Outstanding Equity Awards at 2024 Fiscal Year End

The following table provides certain information concerning the outstanding equity awards for each named executive officer as of December 31, 2024:

NameNumber ofsecuritiesunderlyingunexercisedoptionsexercisableNumber ofsecuritiesunderlying optionsunexercisableEquity incentiveplan awardsnumber ofsecuritiesunderlyingunexercisedunearned optionsExerciseprice ($)ExpirationDateMorgan Frank, Chief Executive Officer-160,000-$14.20 10/22/20341,559--$22.76 12/31/2029Andrew Walko, President-106,667-$14.20 10/22/2034Nancy Gilmore, Chief Commercial Officer-74,667-$14.20 10/22/2034

Director Compensation Table for Fiscal Year 2024

Beginning October 2024, the director compensation plan changed from a base retainer of cash to option awards. The Company provides an additional option award for committee leadership of the Audit Committee. The Compensation Committee believes the structure aligns compensation according to the level of service contributions by each director. Mr. 

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Frank's compensation is described above in the Summary Compensation Table which includes his director compensation earned for 2024.

DirectorFee Earned orpaid in cash(in thousands)Option Awards Earned (in thousands