REDWOOD CITY, Calif., April 27, 2023 /PRNewswire/ -- Nevro Corp. (NYSE: NVRO), a global medical device company that is delivering comprehensive, life-changing solutions for the treatment of chronic pain, today announced on April 24, 2023, the Board of Director of Nevro granted restricted stock unit awards covering an aggregate of 135,623 shares of its common stock (the RSU Award) and performance unit awards covering 135,623 shares of its common stock (the PSU Award and together, the Awards) to Kevin Thornal, who joined Nevro as its Chief Executive Officer & President, in connection with his commencement of employment.
The Awards were granted under the Nevro Corp. 2023 Employment Inducement Award Plan (the 2023 Inducement Plan) as an inducement material to Mr. Thornal entering into employment with Nevro in accordance with New York Stock Exchange Listing Rule 303A.08. The 2023 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Nevro, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with Nevro, pursuant to New York Stock Exchange Listing Rule 303A.08.
One third of the RSU Award will vest on the one year anniversary of April 24, 2023 (the Anniversary Date), one-twelfth of the original number of RSUs will vest on the three month anniversary of the Anniversary Date (such three month anniversary or any subsequent three month anniversary thereafter referred to as a Quarterly Anniversary) and one-twelfth of the original number of RSUs will vest on each of the seven subsequent Quarterly Anniversaries, such that all RSUs will have vested on April 24, 2026. The foregoing vesting is subject to Mr. Thornal's continuous service through the applicable vesting date. The PSU Award provides for Mr. Thornal to receive up to 2 shares of Nevro common stock per performance stock unit based on achievement of performance criteria established by the Compensation Committee of the Nevro Board of Directors related to total shareholder return and cumulative revenue over a two year period and will vest in two substantially equal installments on the second and third anniversary of the grant date, subject to achievement of the associated performance criteria and his continuous service through the applicable vesting dates.
About Nevro Corp.
Headquartered in Redwood City, California, Nevro is a global medical device company focused on delivering comprehensive, life-changing solutions that continue to set the standard for enduring patient outcomes in chronic pain treatment. The company started with a simple mission to help more patients suffering from debilitating pain and developed its proprietary 10 kHz Therapy™, an evidence-based, non-pharmacologic innovation that has impacted the lives of more than 100,000 patients globally. Nevro's comprehensive HFX™ spinal cord stimulation (SCS) platform includes a Senza SCS system and support services for the treatment of chronic pain of the trunk and limb and painful diabetic neuropathy.
Senza®, Senza II®, Senza Omnia™, and HFX iQ™ are the only SCS systems that deliver Nevro's proprietary 10 kHz Therapy™. Nevro's unique support services provide every patient with an HFX Coach™ throughout their pain relief journey and every physician with HFX Cloud™ insights for enhanced patient and practice management.
SENZA, SENZA II, SENZA OMNIA, OMNIA, HF10, the HF10 logo, 10 kHz Therapy, HFX, the HFX logo, HFX iQ, the HFX iQ logo, HFX Algorithm, HFX CONNECT, the HFX Connect logo, HFX ACCESS, the HFX Access logo, HFX COACH, the HFX Coach logo, HFX CLOUD, the HFX Cloud logo, RELIEF MULTIPLIED, the X logo, NEVRO, and the NEVRO logo are trademarks or registered trademarks of Nevro Corp. Patents covering Senza HFX iQ and other Nevro products are listed at Nevro.com/patents.
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Investors and Media:
Julie Dewey, IRC
Nevro Corp.
Chief Corp Communications and Investor Relations Officer
650-433-3247 | julie.dewey@nevro.com
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SOURCE Nevro Corp.
