DEF 14A of Lemaitre Vascular Inc
Filed Apr 14, 2026 · FY20250001193125-26-153877
DIRECTORS AND EXECUTIVE OFFICERS
DIRECTORS AND EXECUTIVE OFFICERS The following table identifies the director nominees to be elected at the Annual Meeting, our incumbent directors whose terms do not expire this year, and our executive officers, including the positions with us held by each such person currently and the age of each such person as of April 1, 2026.
DIRECTORS AND EXECUTIVE OFFICERS
| Name | Age | Position | | George W. LeMaitre(1) | 61 | Chairman of the Board and Chief Executive Officer | | David B. Roberts(1)(2) | 61 | President and Director | | Dorian LeBlanc(1) | 51 | Chief Financial Officer | | Trent G. Kamke(1) | 55 | Senior Vice President, Operations | | Lawrence J. Jasinski | 68 | Director | | John J. O’Connor | 78 | Director | | Joseph P. Pellegrino, Jr. | 61 | Director | | John A. Roush(2) | 61 | Director | | Martha Shadan | 70 | Director |
DIRECTORS AND EXECUTIVE OFFICERS
(1) Executive officer (2) Director nominee
Director Nominees
Director Nominees David B. Roberts has served as our President since 2007 and as a member of our Board of Directors since 2001. Mr. Roberts joined us in 1997 as Vice President of Business Development and was promoted to Chief Financial Officer in 2000, which position he held until 2007. Mr. Roberts received a Bachelor of Arts in Business Economics and History from Brown University and a Master of Business Administration from the Stanford University Graduate School of Business. Mr. Roberts is a director of Anteris Technologies (Nasdaq: AVR) where he serves as chair of the audit committee. He is also a director of Lexington Medical, Inc. and of Parasole Restaurant Holdings, Inc. The Board has concluded that Mr. Roberts should serve on our Board due to his extensive knowledge of our business, his responsibility within the organization for strategic transactions, and his thorough understanding of the industry in which we operate and the opportunities and challenges that we face. John A. Roush has served as a member of our Board of Directors since 2014. Mr. Roush serves as chief executive officer and a member of the board of directors of Pine Environmental LLC, a privately held company, which provides equipment and services to the environmental testing industry. He also serves as a board director and member of the compensation committee and nominating & corporate governance committee for Advanced Energy Industries, Inc. (Nasdaq: AEIS). Mr. Roush also serves as a board director for Targan, a privately held company that is developing vaccine delivery technology for animal health markets. From 2018 to 2024, Mr. Roush served as an executive director of ACON Investments, LLC. In this capacity, he assisted that firm in making private equity investments, and he served on the boards of directors of several ACON-controlled companies. Prior to his involvement with ACON Investments, Mr. Roush served as chief executive officer and a member of the board of directors of Novanta Inc., a global supplier of precision photonic components and subsystems to original equipment manufacturers (OEMs) in the medical, industrial, scientific, and microelectronics markets, from 2010 to 2016. Prior to joining Novanta Inc., he was a corporate officer and served in several senior leadership positions for twelve years with PerkinElmer, Inc., a provider of technology and services to the diagnostics, research, environmental, safety and security, industrial, and laboratory services markets. Prior to joining PerkinElmer, Mr. Roush held management positions with Outboard Marine Corporation; AlliedSignal, Inc., now Honeywell International; McKinsey & Company Inc.; and General Electric. Mr. Roush received a Bachelor of Science in Electrical Engineering from Tufts University and a Master of Business Administration from the Harvard Business School. The Board has concluded that Mr. Roush should serve on our Board due to his experience at an executive level and his more than 20 years of experience supplying products in the medical device and life sciences industries.
Continuing Directors
Continuing Directors Class III Directors (Current terms expire at our 2027 annual meeting) Lawrence J. Jasinski has served as a member of our Board of Directors since 2003. Mr. Jasinski is the chief executive officer, and a director, of MedRhythms Inc., a private company focused on rhythmic auditory stimulation of the brain. Previously, Mr. Jasinski served as the chief executive officer, and a director, of Lifeward Inc. (formerly ReWalk Robotics Ltd.) (Nasdaq: LFWD), a medical device company that designs and develops powered solutions providing gait training and mobility for lower limb disabilities, from 2012 to 2025. From 2005 until 2012, he was president and chief executive officer of Soteira, Inc., which offered products that treated individuals with vertebral compression fractures. From 2000 to 2005, he was president and chief executive officer of Cortek, Inc., which developed next-generation treatments for degenerative disc disease. From 1985 to 2000, Mr. Jasinski worked at Boston Scientific Corporation and served as its vice president of global marketing for its vascular division from 1998 to 2000. Mr. Jasinski received a Bachelor of Science in Marketing from Providence College and a Master of Business Administration from the University of Bridgeport. Mr. Jasinski is also a member of the board of directors for Massachusetts Bay Lines, which offers commuter services and other commercial vessel services in the Boston Harbor and Islands. The Board has concluded that Mr. Jasinski should serve on our Board due to his experience serving in a variety of executive level positions, coupled with his more than 30 years of experience in the medical device industry, which provides the Board with an understanding of the current trends as well as deeper contacts in the industry. Mr. Jasinski also provides the Board with operational experience, including building and organizing an effective sales force, seeking and obtaining regulatory approvals and reimbursement for medical devices, and managing significant manufacturing operations. John J. O’Connor has served as a member of our Board of Directors since 2008. Prior to his retirement in December 2006, Mr. O’Connor was a partner at PricewaterhouseCoopers LLP, an independent public accounting firm, from 1982 to December 2006, most recently serving as vice chairman of services from June 2002 to November 2006. Mr. O’Connor served as the leader of the U.S. audit practice at PricewaterhouseCoopers from September 2000 to June 2002, and served as the Managing Partner of the firm’s Boston office from 1995 to September 2000. He is a director of mTuitive, Inc., a developer of clinical data capture and synoptic reporting software for use by healthcare professionals; Health Data Analytics, Inc., a healthcare analytics company; Corvent Medical, Inc., a medical device company; and Almond Fintech, a digital payments company. He previously served on the board of Aspect Medical Systems and Abt Associates. Mr. O’Connor is a graduate of Suffolk University and has attended the Harvard Business School’s Leadership in Professional Service Firms program and the executive Master of Business Administration program at the Amos Tuck School at Dartmouth College. The Board has concluded that Mr. O’Connor should serve on our Board due to his extensive capabilities in public financial accounting, his financial expertise, his experience and knowledge of operational management and strategic planning, and his insight into the operational challenges of a public company finance department. In addition, this experience qualifies Mr. O’Connor as an “audit committee financial expert.” Joseph P. Pellegrino, Jr. served as our Chief Financial Officer from July 2007 to March 2025 and has served as a member of our Board of Directors since October 2016. Mr. Pellegrino joined us as our Executive Vice President, Finance, in 2005. From 1997 to 2003, Mr. Pellegrino worked at Zoots, Inc., a consumer services company founded by the founders of Staples, Inc., where most recently he served as senior vice president of operations. Previously, Mr. Pellegrino built and sold a regional mall-based specialty retailing company. Mr. Pellegrino has also served as an investment banking analyst at Lehman Brothers as part of their mergers and acquisitions group. Mr. Pellegrino became a director of Precision Optics Corporation, Inc., a designer and manufacturer of advanced optical instruments for the medical, defense, and aerospace industries, in 2025 and chairs their audit committee. Mr. Pellegrino received a Bachelor of Arts in Economics from Harvard College and a Master of Business Administration from the Harvard Business School. The Board has concluded that Mr. Pellegrino should serve on our Board due to his extensive knowledge of our business, his prior responsibility within the organization for our finances, and his operational and financial experience gained with prior employers. Class I Directors (Current terms expire at our 2028 annual meeting) George W. LeMaitre has served as our Chief Executive Officer and as a member of our Board of Directors since 1992, serving as our Chairman since 2004. Previously, Mr. LeMaitre was an investment banking analyst at Lehman Brothers, an associate at the leveraged buyout firm McCown De Leeuw, and a credit analyst for Connecticut National Bank. Mr. LeMaitre received a Bachelor of Arts in History from Stanford University and a Master of Business Administration from the Stanford University Graduate School of Business. The Board has concluded that Mr. LeMaitre should serve on our Board due to his extensive knowledge of our business, his role since 1992 as our principal executive officer, his corporate vision and operational knowledge, and his strategic guidance to the Board. Martha Shadan has served as a member of our Board of Directors since September 2022. Ms. Shadan was the president and chief executive officer at Miach Orthopaedics, Inc. from 2019 to 2022. From 2018 to 2019, Ms. Shadan served as global vice president of marketing at Smith & Nephew plc, following its acquisition of Rotation Medical, where she was president and chief executive officer from 2013 to 2018. Prior to joining Rotation Medical, from 2011 to 2013, she was the president of the trauma division at Zimmer Biomet, and from 2007 to 2011, she served at Covidien as vice president/general manager of vascular therapies and vice president/general manager biosurgery and sports surgery. She also previously held positions at Bristol Myers Squibb Co. and Merck Millipore. Ms. Shadan has served on the board of Advanced Medical Technology Association (AdvaMed) since 2017. She is the past chair of the AdvaMed I&D initiative, AdvaMed Advance. She also serves on the boards of CVRx, Inc. (Nasdaq: CVRX), S2N Health and Medartis Holding AG. Ms. Shadan is the chair of the board for BrilliantStrings Therapeutics, an early-stage start-up focused on healing soft tissue injuries. Ms. Shadan has a Master of Business Administration from Northeastern University, a Master of Science in Biology from Michigan State University, and a Bachelor of Science in Biology from the University of New Hampshire. The Board has concluded that Ms. Shadan should serve on our Board due to her decades of experience in the life sciences industry as a business leader in a variety of both large and start-up organizations, and her strength in commercialization and regulatory approvals.
GENERAL INFORMATION REGARDING OUR BOARD OF DIRECTORS
GENERAL INFORMATION REGARDING OUR BOARD OF DIRECTORS
Principles and Philosophy
| Core Objectives of the Executive Compensation Philosophy | | | Core Objective | Primary Purpose | | Market Driven | Provide competitive compensation to attract, motivate, and retain superior talent | | Pay for Performance | Reward individual and team successes linked to the achievement of Company objectives aimed at increasing stockholder value | | Equitable | Seek to ensure rewards are internally and externally equitable |
Compensation Process
Compensation Process The Compensation Committee typically determines the annual base cash compensation and short-term incentive cash targets for executive officers in the quarter preceding the start of a new fiscal year. The Compensation Committee determines short-term cash incentive payout amounts for a completed fiscal year in the first quarter of the next fiscal year. Generally, the Compensation Committee’s process for determining the annual base cash compensation and short-term incentive cash targets for executive officers comprises two related elements: the determination of compensation levels and the establishment of performance objectives. In undertaking this process, the Compensation Committee considers the degree to which each executive officer’s entire compensation package should be variable and based on either personal performance or Company performance. The Compensation Committee solicits and relies significantly on evaluations and recommendations submitted to the Committee by our Chief Executive Officer, who provides substantial input on the compensation of the other executive officers and his direct reports. In the case of our Chief Executive Officer, the evaluation of his performance is conducted by the Compensation Committee, which determines any adjustments to his compensation. For all executive officers, as part of its deliberations, the Compensation Committee may review and consider, as appropriate, materials such as financial reports and projections, operational data, total compensation that may become payable to executive officers in various hypothetical scenarios, executive stock ownership information, Company stock performance data, analyses of historical executive compensation levels, current Company-wide compensation levels, in-house compensation studies, and recommendations of a compensation consultant, if engaged at the time, including analyses of executive compensation paid at other companies identified by the consultant. In 2024, management conducted an in-house compensation study for the Compensation Committee. The Compensation Committee relied significantly on this study in its determination of 2025 annual base cash compensation and short-term incentive cash targets for executive officers and employee annual equity awards. Our Compensation Committee has established recommended levels of fixed versus variable pay for our NEOs. This practice aligns with our core objectives of pay for performance. The levels for 2025 were:
Components of Compensation
| Key Components of Executive Compensation | | | | Compensation Component | Form | Primary Purpose | | Base Salary | Cash | Provide competitive pay to attract and retain experienced and successful executives; intended to reflect the market value of the role with differentiation for individual capability | | Short-Term Incentive | Cash - Performance Based Bonuses | Encourage and reward contributions with respect to meeting short-term financial and operational goals tied directly to Company performance and Company goals | | Long-Term Incentive | Periodic Equity Grants | Encourage and reward long-term stockholder value creation, create and sustain a retention incentive, and facilitate long-term stock ownership among our executive team |
Base Salary and Short-Term Incentive Compensation
Base Salary and Short-Term Incentive Compensation In 2024, management conducted an in-house compensation study for the Compensation Committee. The Compensation Committee relied significantly on this study in its determination of 2025 annual base cash compensation and short-term incentive cash targets for executive officers and employee annual equity awards. For 2026, the Compensation Committee approved a 5% increase in total compensation (base salary and target short-term incentive compensation) for Company employees. Managers were given discretion to allocate a higher percentage increase to one employee as long as they offset that increase by giving other employee(s) increases lower than the target percentage. In addition, the Compensation Committee approved a 5% increase to amounts awarded under our equity award program in 2025. Changes in annual cash compensation for the NEOs effective January 1, 2026 were:
Base Salary and Short-Term Incentive Compensation
| Named Executive Officer | 2025 Annual Salary | 2025 Annual Target Bonus | 2026 Annual Salary | 2026 Annual Target Bonus | | George W. LeMaitre | $806,347 | $473,569 | $846,664 | $497,247 | | Joseph P. Pellegrino, Jr.(1) | $419,862 | N/A | N/A | N/A | | Dorian P. LeBlanc(2) | $565,000 | $225,000 | $587,741 | $234,056 | | David B. Roberts(3) | $452,705 | $176,052 | $475,340 | $184,855 | | Trent G. Kamke | $383,818 | $149,261 | $403,008 | $156,725 |
Base Salary and Short-Term Incentive Compensation
(1) Mr. Pellegrino retired as an executive effective as of March 7, 2025. (2) Mr. LeBlanc joined us as Chief Financial Officer, effective as of March 10, 2025. Amounts included in this table for Mr. LeBlanc are annual amounts, with the actual amounts for 2025 being pro-rated. (3) Mr. Roberts has a four-day work schedule and as such receives 80% pay, which is reflected in this table. Under our Management Incentive Compensation Plan (the “Bonus Plan”), annual cash bonus objectives are linked to certain operational, financial, product development, regulatory, and quality goals that have been approved by the Compensation Committee either shortly before or after the start of a new fiscal year. Frequently these align with our Company “planks,” which are our key corporate performance objectives for the fiscal year. We seek to ensure that most objectives are linked to increasing either short-term or long-term stockholder value. These key performance objectives are intended to be directional in nature and challenging to achieve in the aggregate. The Bonus Plan compensation of many of our senior officers is based, in part, on overall Company financial performance metrics. For Messrs. LeMaitre, LeBlanc and Roberts in 2025, those metrics were the achievement of target levels of sales of $243.5 million, income from operations of $60.0 million, and net income of $49.8 million.
Base Salary and Short-Term Incentive Compensation
| Named Executive Officer | % of 2025 Target Bonus Opportunity Tied to Above Targets | | George W. LeMaitre | 75.0% | | Dorian P. LeBlanc | 30% | | David B. Roberts | 52.5% |
Base Salary and Short-Term Incentive Compensation
Mr. Kamke’s 2025 target bonus opportunity, however, was predominantly tied to operational metrics instead of Company financial performance metrics in view of his position as Senior Vice President, Operations. A bonus was separately payable for each financial performance metric; thus, our failure to reach the minimum threshold for one performance metric would result in no bonus payable for that metric, but bonus amounts might nonetheless be payable for other performance metrics, presuming we reached the minimum threshold performance for such metrics. Additionally, these bonuses are earned based upon a continuously functioning, sliding scale; thus, failure to reach the targeted performance level could still result in a lesser bonus payable, provided that a certain minimum threshold had been achieved. Similarly, exceeding the target performance level could result in a greater bonus payable. In 2025, our sales, operating income and net income exceeded the target levels, and as a result, we paid out bonuses to our NEOs above target for these metrics. The remaining percentage of each named executive officer’s bonus opportunity for 2025 was tied to the achievement of individual objectives. Notwithstanding that the objectives are individualized, in establishing those objectives, we seek to maximize the performance of our NEOs in furthering our corporate goals. Individual performance measures for 2025 cash bonuses varied in scope and subject matter based on each NEO’s department and area of functional responsibility. Each NEO is assigned numerous such individual objectives with specific bonus amounts tied to each objective. No individual objective carried a sufficiently significant bonus amount to qualify as material compensation to any NEO. Target cash bonuses under the Bonus Plan for each of the NEOs for 2025 (excluding Mr. Pellegrino who was assigned no target bonus due to his anticipated retirement) are set forth in the table below. Additionally, each NEO was provided the opportunity to earn additional amounts by way of performance beyond targeted performance expectations.
Base Salary and Short-Term Incentive Compensation
| Named Executive Officer | Target 2025 Non-Equity Incentive Plan Compensation under the Management Incentive Compensation Plan ($) | Actual 2025 Non-Equity Incentive Plan Compensation under the Management Incentive Compensation Plan ($) | | George W. LeMaitre | $473,569 | $680,015 | | Dorian P. LeBlanc(1) | $181,250 | $220,062 | | David B. Roberts | $176,052 | $202,641 | | Trent G. Kamke | $149,261 | $159,250 |
Base Salary and Short-Term Incentive Compensation
Mr. LeBlanc’s target annual bonus of $225,000 was prorated based on a hire date of March 10, 2025. Amounts earned pursuant to our Bonus Plan by our NEOs are reflected in the “Non-Equity Incentive Plan Compensation” payments column in the Summary Compensation Table.
Long-Term Incentive: Equity Compensation
Long-Term Incentive: Equity Compensation The Compensation Committee typically makes annual equity grants to our executive officers. These equity grants vest in equal annual installments over a pre-determined period of time, subject to continued employment. None of the Company, the Board, or the Compensation Committee has any plan, program or practice of timing equity incentive awards in coordination with the release or withholding of material non-public information. Our Compensation Committee approved annual equity awards to our NEOs then in office in the fourth quarter of 2025. The value of the annual equity awards made to our NEOs in 2025 was:
Long-Term Incentive: Equity Compensation
| Named Executive Officer | Annual Equity Value | | George W. LeMaitre | $2,100,000 | | Dorian P. LeBlanc | $393,750 | | David B. Roberts | $567,000 | | Trent G. Kamke | $393,750 |
Long-Term Incentive: Equity Compensation
The Compensation Committee approved these equity awards with a deliberate emphasis on performance-based compensation, allocating 50% to stock options, 25% to restricted stock units (“RSUs”) and 25% to performance‑based restricted stock units (“PSUs”). The PSU component is designed to closely align executive compensation with Company performance, with the disclosed value reflecting target‑level achievement of the performance goal. Each of the 2025 stock option awards is intended to be an incentive stock option to the maximum extent permitted by applicable laws and regulations, with a per share exercise price equal to the closing price of our common stock on Nasdaq on the date of grant, and subject to a seven-year term. All non-qualified stock options have a per share exercise price equal to the closing price of our common stock on Nasdaq on the date of grant and are subject to a seven-year term. Each stock option and RSU award vests in equal annual installments over a period of four years. Vesting of PSUs awarded in 2025 is contingent upon achievement of 2026 budgeted operating income as approved by our Board, subject to adjustment for extraordinary items determined in the discretion of our Compensation Committee. The number of shares subject to a PSU award will be determined based on achievement of a target level of operating income for 2026, which will be assessed following the public release of our 2026 financial results in Q1 2027, according to the grid below.
Long-Term Incentive: Equity Compensation
| | Operating Income as a % of Budget | PSU Payout(1) | | | <80% | 0% | | Threshold | 80% | 80% | | Target | 100% | 100% | | Maximum | 120% | 120% |
Long-Term Incentive: Equity Compensation
Payout as a percentage of target number of PSUs subject to a PSU award. Payout is linearly interpolated between goals. If we achieve the target level of operating income, then the number of shares subject to the PSU becomes fixed at 100%. If we exceed the target level of operating income up to 120%, then the number of shares subject to the PSU becomes fixed proportionately to the level of achievement on a sliding scale. If we do not achieve the target level of operating income but achieve at least 80%, then the number of shares subject to the PSU becomes fixed proportionately to the level of achievement. At that time, 25% of the PSUs will vest, and the remaining 75% will vest annually on the next three anniversaries of the grant date.
Employment Agreements
Employment Agreements We are party to employment agreements with Messrs. LeMaitre, LeBlanc and Roberts and were party to an employment agreement with Mr. Pellegrino until his retirement. These agreements do not contain ongoing contractual obligations relating to annual salary and bonus, but do contain ongoing severance arrangements, the material terms of which are described in the section titled “Severance Arrangements Pursuant to Agreements” below.
Summary Compensation Table
Summary Compensation Table The following table sets forth summary information concerning the compensation paid or earned for services rendered to us during the years ended December 31, 2025, 2024, and 2023, to our NEOs in their capacity as such.
Summary Compensation Table
| Name and Principal | | Salary | Bonus | Stock Awards(1) | Option Awards(2) | Non-Equity Incentive Plan Compensation(3) | All Other Compensation(4) | Total | | Position | Year | ($) | ($) | ($) | ($) | ($) | ($) | ($) | | George W. LeMaitre | 2025 | 806,347 | — | 1,050,000 | 1,050,000 | 680,015 | 194,628(5) | 3,780,990 | | Chairman and Chief | 2024 | 622,292 | — | 1,000,000 | 1,000,000 | 527,958 | 85,308 | 3,235,558 | | Executive Officer | 2023 | 592,659 | — | 550,000 | 550,000 | 455,273 | 72,865 | 2,220,797 | | Joseph P. Pellegrino, Jr. | 2025 | 88,817 | 2,833(6) | — | — | — | 244,241(7) | 335,891 | | Former Chief Financial Officer | 2024 | 419,862 | — | 337,500 | 337,500 | 216,683 | — | 1,311,545 | | | 2023 | 381,693 | 9,000(8) | 250,000 | 250,000 | 175,497 | — | 1,066,190 | | Dorian P. LeBlanc | 2025 | 445,480 | 8,000(6) | 196,875 | 196,875 | 220,062 | 10,500 | 1,077,792 | | Chief Financial Officer | | | | | | | | | | David B. Roberts | 2025 | 452,705 | 40,500(6) | 283,500 | 283,500 | 202,641 | 10,500 | 1,273,346 | | President | 2024 | 406,762 | 15,000(9) | 270,000 | 270,000 | 176,053 | 10,350 | 1,148,165 | | | 2023 | 430,311 | — | 250,000 | 250,000 | 194,641 | 9,900 | 1,134,852 | | Trent G. Kamke | 2025 | 383,818 | 12,000(6) | 196,875 | 196,875 | 159,250 | 10,500 | 859,354 | | Senior Vice President, | 2024 | 316,554 | 17,000(9) | 187,500 | 187,500 | 150,800 | 10,350 | 859,354 | | Operations | 2023 | 301,480 | 13,250(8) | 112,500 | 112,500 | 120,750 | 9,900 | 668,380 |
Summary Compensation Table
(1) The dollar amounts in this column represent the aggregate grant date fair value for each stock award (both RSUs and PSUs) granted to our NEOs for the indicated year pursuant to our equity compensation plan. These amounts have been calculated in accordance with FASB ASC Topic 718, excluding the impact of estimated forfeitures related to service-based vesting conditions. The value of PSUs is based on target attainment of the performance goal and may not reflect the actual value of such PSUs when they vest, which value is contingent upon the Company’s actual performance in the designated performance period. For additional information regarding the assumptions used in the calculation of these amounts, which is incorporated herein by reference, please refer to Note 1 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. The values of PSUs awarded to our NEOs in 2025 at the grant date assuming maximum attainment of the performance goal are: Mr. LeMaitre, $630,000; Mr. LeBlanc, $118,125; Mr. Roberts, $170,100; and Mr. Kamke, $118,125. (2) The dollar amounts in this column represent the aggregate grant date fair value for each option award granted to our NEOs for the indicated year pursuant to our equity compensation plan. These amounts have been calculated in accordance with FASB ASC Topic 718 using the Black-Scholes option-pricing model excluding the impact of estimated forfeitures related to service-based vesting conditions. For additional information regarding the assumptions used in the calculation of these amounts, which is incorporated herein by reference, please refer to Note 1 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. (3) The dollar amounts in this column represent cash incentive payments for the achievement of financial, corporate, and/or management objectives under our applicable management incentive plans. For more information regarding Non-Equity Incentive Plan Compensation, see the “Short-Term Incentive Compensation” discussion above. “All Other Compensation” includes for Messrs. LeBlanc, Roberts, and Kamke an amount paid by the Company to match, in part, the contributions of each to their respective 401(k) plan accounts in the amount of $10,500 for 2025. Represents the following:
Summary Compensation Table
| Amount | Purpose | | $10,500 | Matching contribution by the Company to Mr. LeMaitre’s 401(k) plan account | | $184,128 | Value of personal services provided to Mr. LeMaitre by his executive assistants in 2025 imputed as income to Mr. LeMaitre |
Summary Compensation Table
(6) Represents extraordinary bonuses in relation to financial, business development and other initiatives in 2025. (7) Represents the following:
Summary Compensation Table
| Amount | Purpose | | $22,366 | Payout of accrued vacation time upon Mr. Pellegrino’s retirement | | $221,875 | Payments to Mr. Pellegrino for service as a director subsequent to his retirement. See “2025 Director Compensation” for further detail. |
Summary Compensation Table
(8) Represents extraordinary bonuses in relation to financial, regulatory, operational and other initiatives in 2023. (9) Represents service award bonuses and an annual bonus adjustment for Mr. Kamke paid in 2024.
Grants of Plan-Based Awards
Grants of Plan-Based Awards The following table sets forth information concerning non-equity incentive plan awards and grants of our common stock and stock options made to our NEOs during the fiscal year ended December 31, 2025. All awards to Mr. Pellegrino after March 7, 2025 were granted in respect of his service to the Company as a non-employee director.
Grants of Plan-Based Awards
| | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards(1) | | | All Other Stock Awards: Number of Shares of Stock or | All Other Option Awards: Number of Securities Underlying | Exercise or Base Price of Option | Grant Date Fair Value of Stock and Option | | Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | Units (1) (#) | Options (1) (#) | Awards ($/Sh) | Awards (2) ($) | | George W. LeMaitre | | — | 473,569 | 759,765 | — | — | — | — | — | — | — | | | 12/10/2025 | — | — | — | — | — | — | — | 38,518 | $83.66 | $1,050,000 | | | 12/10/2025 | — | — | — | 5,020 | 6,275 | 7,530 | 6,275 | — | — | $1,050,000 | | Joseph P. Pellegrino, Jr. | 12/10/2025 | — | — | — | — | — | — | — | 3,431 | $83.66 | $89,250 | | | 12/10/2025 | — | — | — | 426 | 533 | 640 | 533 | — | — | $89,250 | | Dorian P. LeBlanc | | — | 181,250 | 289,562 | — | — | — | — | — | | — | | | 3/10/2025 | — | — | — | — | — | — | 1,221 | — | — | $100,000 | | | 12/10/2025 | — | — | — | — | — | — | — | 7,222 | $83.66 | $196,875 | | | 12/10/2025 | — | — | — | 942 | 1,177 | 1,412 | 1,177 | — | — | $196,875 | | David B. Roberts | | — | 176,052 | 281,641 | — | — | — | — | — | — | — | | | 2/18/2025 | — | — | — | — | — | — | — | 741 | $100.74 | $26,000 | | | 2/18/2025 | — | — | — | 103 | 129 | 155 | 129 | — | — | $26,000 | | | 12/10/2025 | — | — | — | — | — | — | — | 10,400 | $83.66 | $283,500 | | | 12/10/2025 | — | — | — | 1,355 | 1,694 | 2,033 | 1,694 | — | — | $283,500 | | Trent G. Kamke | | — | 149,261 | 239,000 | — | — | — | — | — | — | — | | | 12/10/2025 | — | — | — | — | — | — | — | 7,222 | $83.66 | $196,875 | | | 12/10/2025 | — | — | — | 942 | 1,177 | 1,412 | 1,177 | — | — | $196,875 |
Grants of Plan-Based Awards
(1) Our Compensation Committee approved annual stock option awards, performance stock unit awards and restricted stock unit awards under our Fourth Amended and Restated 2006 Stock Option and Incentive Plan to the named executive officers in the fourth quarter of 2025. Each stock option award was intended to be an incentive stock option to the maximum extent permitted by applicable laws and regulations, with a per share exercise price equal to the closing price of our common stock on Nasdaq on the date of grant, and subject to a seven-year term. Each option and restricted stock award vests in equal annual installments over a period of four years. The initial vesting of each performance stock unit is contingent upon achievement of operating income for 2026 against budgeted operating income as approved by our Board and will thereafter vest annually on December 1 of the second, third and fourth year after the grant date, except in the case of Mr. Pellegrino, whose annual vesting after initial vesting will occur on December 1 of the second and third year after the grant date. The dollar amounts in this column represent the aggregate grant date fair value for each option and stock award, as applicable. The value of performance stock units is based on estimated probable outcome of the performance goal and may not reflect the actual value of such units when they vest, which value is contingent upon the Company’s actual performance in the designated performance period. These amounts have been calculated in accordance with FASB ASC Topic 718. For additional information regarding the assumptions used in the calculation of these amounts which is incorporated herein by reference, please refer to Note 1 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 26, 2026.
Outstanding Equity Awards as of December 31, 2025
Outstanding Equity Awards as of December 31, 2025 The following table presents information regarding outstanding option and stock awards held by our NEOs as of December 31, 2025. All awards to Mr. Pellegrino after March 7, 2025 were granted in respect of his service to the Company as a non-employee director.
Outstanding Equity Awards as of December 31, 2025
| | Option Awards | | | | Stock Awards | | | | | Name | Number of Securities underlying Unexercised Options - # Exercisable | Number of Securities underlying Unexercised Options - # Unexcercisable | Option Exercise Price | Option Expiration Date | Number of shares or units of stock that have not vested - # | Market value of shares or units of stock that have not vested - $ | Equity incentive plan awards: number of unearned shares, units or other rights that have not vested - #(1) | Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested - $ | | George W. LeMaitre | — | 2,119(3) | $51.91 | 12/12/2027 | — | — | — | — | | | — | 7,075(9) | $47.19 | 12/12/2029 | — | — | — | — | | | — | 1,829(4) | $60.12 | 12/8/2028 | — | — | — | — | | | — | 12,362(10) | $54.65 | 12/8/2030 | — | — | — | — | | | — | 988(5) | $101.12 | 12/6/2031 | — | — | — | — | | | 6,847(11) | 20,542(11) | $101.12 | 12/6/2031 | — | — | — | — | | | — | 1,195(6) | $83.66 | 12/10/2032 | — | — | — | — | | | — | 37,323(12) | $83.66 | 12/10/2032 | — | — | — | — | | | — | — | — | — | 1,497(9) | $137,933 | — | — | | | — | — | — | — | 2,559(10) | $235,807 | — | — | | | — | — | — | — | 3,743(11) | $344,917 | — | — | | | — | — | — | — | 6,275(12) | $578,179 | — | — | | | — | — | — | — | — | — | 1,198(9) | $110,346 | | | — | — | — | — | — | — | 2,457(10) | $226,360 | | | — | — | — | — | — | — | 4,524(11) | $416,832 | | | — | — | — | — | — | — | 5,020(12) | $462,543 | | Joseph P. Pellegrino, Jr | 2,941(2) | — | $35.48 | 12/20/2026 | — | — | — | — | | | 5,345(7) | — | $37.29 | 12/2/2027 | — | — | — | — | | | 7,030(8) | — | $48.60 | 12/11/2028 | — | — | — | — | | | 6,860(9) | 3,431(9) | $47.19 | 12/12/2029 | — | — | — | — | | | 5,998(10) | 5,998(10) | $54.65 | 12/8/2030 | — | — | — | — | | | 2,394(11) | 7,183(11) | $101.12 | 12/6/2031 | — | — | — | — | | | — | 3,431(13) | $83.66 | 12/10/2030 | — | — | — | — | | | — | — | — | — | 681(9) | $62,766 | — | — | | | — | — | — | — | 1,164(10) | $107,219 | — | — | | | — | — | — | — | 1,264(11) | $116,429 | — | — | | | — | — | — | — | 533(13) | $49,111 | — | — | | | — | — | — | — | — | — | 545(9) | $50,213 | | | — | — | — | — | — | — | 1,117(10) | $102,915 | | | — | — | — | — | — | — | 1,527(11) | $140,678 | | | — | — | — | — | — | — | 426(13) | $39,288 | | Dorian P. LeBlanc | — | 4,780(12) | $83.66 | 12/10/2032 | — | — | — | — | | | — | 2,442(12) | $83.66 | 12/10/2032 | — | — | — | — | | | — | — | — | — | 1,232(14) | $113,547 | — | — | | | — | — | — | — | 1,177(12) | $108,449 | — | — | | | — | — | — | — | — | — | 942(12) | $86,759 | | David B. Roberts | 2,672(7) | — | $37.29 | 12/2/2027 | — | — | — | — | | | 14,061(8) | — | $48.60 | 12/11/2028 | — | — | — | — | | | 10,290(9) | 3,431(9) | $47.19 | 12/12/2029 | — | — | — | — | | | 5,998(10) | 5,998(10) | $54.65 | 12/8/2030 | — | — | — | — | | | 1,916(11) | 5,746(11) | $101.12 | 12/6/2031 | — | — | — | — | | | 185(11) | 556(11) | $100.74 | 12/6/2031 | — | — | — | — | | | — | 10,400(12) | $83.66 | 12/10/2032 | — | — | — | — | | | — | — | — | — | 681(9) | $62,766 | — | — | | | — | — | — | — | 1,164(10) | $107,219 | — | — | | | — | — | — | — | 1,109(11) | $102,201 | — | — | | | — | — | — | — | 1,694(12) | $156,085 | — | — | | | — | — | — | — | — | — | 545(9) | $50,213 | | | — | — | — | — | — | — | 1,117(10) | $102,915 | | | — | — | — | — | — | — | 1,339(11) | $123,363 | | | — | — | — | — | — | — | 1,355(12) | $124,868 | | Trent G. Kamke | 2,625(2) | — | $35.48 | 12/20/2026 | — | — | — | — | | | 4,794(7) | — | $37.29 | 12/2/2027 | — | — | — | — | | | 6,200(8) | — | $48.60 | 12/11/2028 | — | — | — | — | | | 4,632(9) | 1,543(9) | $47.19 | 12/12/2029 | — | — | — | — | | | 2,700(10) | 2,698(10) | $54.65 | 12/8/2030 | — | — | — | — | | | 1,330(11) | 3,991(11) | $101.12 | 12/6/2031 | — | — | — | — | | | — | 7,222(12) | $83.66 | 12/10/2032 | — | — | — | — | | | — | — | — | — | 306(9) | $28,211 | — | — | | | — | — | — | — | 524(10) | $48,267 | — | — | | | — | — | — | — | 702(11) | $64,724 | — | — | | | — | — | — | — | 1,177(12) | $108,449 | — | — | | | — | — | — | — | — | — | 245(9) | $22,569 | | | — | — | — | — | — | — | 503(10) | $46,344 | | | — | — | — | — | — | — | 848(11) | $78,105 | | | — | — | — | — | — | — | 942(12) | $86,759 |
Outstanding Equity Awards as of December 31, 2025
(1) The number of performance stock units is based on threshold attainment of the performance goal in accordance with Item 402(f) of Regulation S-K and may not reflect the actual number of such units when they vest, which is contingent upon the Company’s actual performance in the designated performance period. (2) This award is fully vested. 100% of this award vests on December 1, 2028. (6) 100% of this award vests on December 1, 2029. (7) This award is fully vested. (8) This award is fully vested. (9) 25% of this award vested on December 12, 2023 and the remainder vests annually at the rate of 25% per year. (10) 25% of this award vested on December 8, 2024 and the remainder vests annually at the rate of 25% per year. (11) 25% of this award vested on December 6, 2025 and the remainder vests annually at the rate of 25% per year. (12) 25% of this award vests on December 1, 2026 and the remainder vests annually at the rate of 25% per year. (13) 33.33% of this award vests on December 1, 2026 and the remainder vests annually at the rate of 33.33% per year. (14) 25% of this award vested on March 10, 2026 and the remainder vests annually at the rate of 25% per year.
2025 Option Exercises and Stock Vested
2025 Option Exercises and Stock Vested The following table provides certain information regarding option exercises and stock vested during the fiscal year ended December 31, 2025, with respect to our NEOs.
2025 Option Exercises and Stock Vested
| | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | | George W. LeMaitre | 63,445 | $2,461,487 | 11,059 | $937,281 | | Joseph P. Pellegrino, Jr | — | — | 4,767 | 404,159 | | Dorian P. LeBlanc | — | — | — | — | | David B. Roberts | 13,633 | 726,860 | 4,715 | 399,763 | | Trent G. Kamke | 4,718 | 239,535 | 2,193 | 185,910 |
2025 Option Exercises and Stock Vested
(1) Value realized is calculated on the basis of the difference between the exercise price and the closing price of our common stock as reported on Nasdaq on the date of the exercise, multiplied by the number of shares of common stock underlying the options. (2) Value realized is calculated on the basis of the closing price of our common stock as reported on Nasdaq on the vesting date, multiplied by the number of shares.
Potential Payments upon Termination or Change-in-Control
Potential Payments upon Termination or Change-in-Control The following tables set forth potential payments payable to our NEOs under their employment agreements at December 31, 2025, upon termination of employment or a change in control of our Company. Mr. Pellegrino retired as our Chief Financial Officer, effective March 7, 2025. No payment was made to Mr. Pellegrino in connection with his retirement, and we have accordingly not provided disclosure with respect to Mr. Pellegrino below.
Pay Ratio Disclosure
Pay Ratio Disclosure As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K, we are providing the following information about the ratio of the annual total compensation of our “median” employee to the annual total compensation of our Chief Executive Officer, George W. LeMaitre, for 2025. For 2025, we have used the same median employee that was identified for 2024 since there has been no change in our employee population or employee compensation arrangements that we believe would significantly impact our pay ratio disclosure. See our 2025 proxy statement for information regarding the process we utilized to identify our “median employee.” We collected annual total compensation for our median employee for 2025 using the same methodology we used for our NEOs as disclosed in the Summary Compensation Table above. Our CEO’s compensation, as reported in the Summary Compensation Table, was $3,780,990 and the annual total compensation of our median employee for 2025 was $88,782, resulting in a ratio of 43:1. This pay ratio is a reasonable estimate calculated in a manner consistent with SEC rules based on the methodology described above. Given that companies may use a range of methodologies to determine an estimate of their pay ratio, the estimated ratio reported above should not be used as a basis for comparison between companies.
2025 DIRECTOR COMPENSATION
2025 DIRECTOR COMPENSATION The following table sets forth the retainers, other cash fees, and equity compensation received by our non-employee directors for their service during the year ended December 31, 2025. This table excludes all amounts paid to Mr. Pellegrino for his service as an executive prior to his retirement on March 7, 2025.
2025 DIRECTOR COMPENSATION
| Director | Fees Earned or Paid in Cash ($)(1) | Stock Awards ($)(2) | Option Awards ($)(3) | Non-equity Incentive Plan Compensation ($) | All Other Compensation ($) | Total ($) | | Lawrence J. Jasinski | 80,500 | 89,250 | 89,250 | — | — | 259,000 | | John J. O’Connor | 76,000 | 89,250 | 89,250 | — | — | 254,500 | | Joseph P. Pellegrino, Jr. | 43,375 | 89,250 | 89,250 | — | — | 221,875 | | Bridget A. Ross | 62,500 | 89,250 | 89,250 | — | — | 241,000 | | John A. Roush | 67,000 | 89,250 | 89,250 | — | — | 245,500 | | Martha Shadan | 57,000 | 89,250 | 89,250 | — | — | 235,500 |
2025 DIRECTOR COMPENSATION
(1) Represents fees earned in 2025 pursuant to our non-employee director compensation policy in effect for 2025, as discussed below. (2) The dollar amounts in this column represent the aggregate grant date fair value for each stock award (both RSUs and PSUs) granted to our directors in 2025 pursuant to our equity compensation plan. These amounts have been calculated in accordance with FASB ASC Topic 718, excluding the impact of estimated forfeitures related to service-based vesting conditions. The value of PSUs is based on target attainment of the performance goal and may not reflect the actual value of such units when they vest, which value is contingent upon the Company’s actual performance in the designated performance period. For additional information regarding the assumptions used in the calculation of these amounts, which is incorporated herein by reference, please refer to Note 1 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 26, 2026. The value of PSUs awarded to each of our non-employee directors in 2025 at the grant date assuming maximum attainment of the performance goal was $53,550. As of December 31, 2025, each non-employee director (excluding Mr. Pellegrino) held 990.54 outstanding RSUs and 1,165.49 outstanding PSUs and Mr. Pellegrino held 3,641.47 outstanding RSUs and 4,294.86 outstanding PSUs. (3) The dollar amounts in this column represent the aggregate grant date fair value for each option award granted to our directors in 2025 pursuant to our equity compensation plan. These amounts have been calculated in accordance with FASB ASC Topic 718 using the Black-Scholes option-pricing model, excluding the impact of estimated forfeitures related to service-based vesting conditions. For additional information regarding the assumptions used in the calculation of these amounts, which is incorporated herein by reference, please refer to Note 1 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 26, 2026. As of December 31, 2025, non-employee directors held outstanding options for the following number of shares: Mr. Jasinski, 8,942; Mr. O’Connor, 15,450; Mr. Pellegrino, 50,611; Ms. Ross, 15,450; Mr. Roush, 15,450; and Ms. Shadan 10,936. Employee directors do not receive cash compensation for their service as members of the Board of Directors. In accordance with our non-employee director compensation policy, in 2025 non-employee directors received an annual retainer for Board membership of $52,500. The chairman of our Audit Committee received an annual retainer of $20,000, the chairman of our Compensation Committee received an annual retainer of $15,000, and the chairman of our Nominating and Corporate Governance Committee received an annual retainer of $10,000. Members of our Audit Committee received an annual retainer of $10,000, members of our Compensation Committee received an annual retainer of $4,500, and members of our Nominating and Corporate Governance Committee received an annual retainer of $3,000. In addition, under our non-employee director compensation policy for 2025, each non-employee director was eligible for an annual equity grant valued at $178,500, comprised of 50% options, 25% performance stock, and 25% restricted stock, provided that he or she has served as a director for at least six months at the time of grant. All of the directors are reimbursed for out-of-pocket expenses incurred on our behalf, and all of the directors are eligible to participate in our Fourth Amended and Restated 2006 Stock Option and Incentive Plan on an ad hoc basis from time to time at the discretion of the Board of Directors.
PAY VERSUS PERFORMANCE
PAY VERSUS PERFORMANCE As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” our executive compensation program reflects a variable pay-for-performance philosophy. The following table and related disclosures provide further “pay versus performance” disclosure with respect to our Chief Executive Officer, also referred to as our principal executive officer (“PEO”), and our other NEOs, as contemplated by Item 402(v) of Regulation S-K.
PAY VERSUS PERFORMANCE
| | Summary | | Average Summary Compensation | Average | Value of Initial Fixed $100 Investment Based On: | | | | | Year | Compensation Table Total for PEO1 | Compensation Actually Paid to PEO2 | Table Total for Non- PEO NEOs3 | Compensation Actually Paid to Non-PEO NEOs4 | Total Shareholder Return5 | Peer Group Total Shareholder Return6 | Net Income (millions)7 | Income from Operations (millions)8 | | (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | | 2025 | $3,780,990 | $4,205,544 | $911,587 | $1,039,609 | $210 | $116 | $57.7 | $67.9 | | 2024 | $3,235,558 | $8,321,039 | $1,106,355 | $2,845,528 | $236 | $109 | $44.0 | $52.3 | | 2023 | $2,220,797 | $4,433,645 | $956,474 | $1,680,471 | $144 | $100 | $30.1 | $36.7 | | 2022 | $1,940,112 | $2,426,823 | $876,242 | $984,574 | $116 | $97 | $20.6 | $26.8 | | 2021 | $1,982,030 | $5,341,607 | $905,073 | $1,704,467 | $125 | $121 | $26.9 | $36.4 |
PAY VERSUS PERFORMANCE
(1) The dollar amounts reported in column (b) are the amounts of total compensation reported for George W. LeMaitre (our Chief Executive Officer or PEO) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation –Summary Compensation Table.” (2) The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. LeMaitre, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the average amount of compensation earned by or paid to Mr. LeMaitre during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average compensation for Mr. LeMaitre for each year to determine the compensation actually paid:
PAY VERSUS PERFORMANCE
| Year | Reported Summary Compensation Table Total for PEO | Reported Value of Equity Awards(x) | Equity Award Adjustments(y) | Compensation Actually Paid to PEO | | 2025 | $3,780,990 | $(2,100,000) | $2,524,554 | $4,205,544 | | 2024 | $3,235,558 | $(2,000,000) | $7,085,481 | $8,321,039 | | 2023 | $2,220,797 | $(1,100,000) | $3,312,848 | $4,433,645 | | 2022 | $1,940,112 | $(1,100,000) | $1,586,711 | $2,426,823 | | 2021 | $1,982,030 | $(1,100,000) | $4,459,577 | $5,341,607 |
PAY VERSUS PERFORMANCE
(x) Represents the grant date fair value of equity-based awards granted each year as reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. Because we do not maintain a pension in which any NEO participates, no adjustments from the SCT total related to pension value are needed to calculate “compensation actually paid” in accordance with Item 402(v) of Regulation S-K. (y) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
PAY VERSUS PERFORMANCE
| Year | Year End Fair Value of Equity Awards | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | Total Equity Award Adjustments | | 2025 | $2,001,555 | $(764,048) | $— | $1,287,047 | $— | $— | $2,524,554 | | 2024 | $1,737,603 | $1,989,559 | $— | $3,358,320 | $— | $— | $7,085,481 | | 2023 | $1,160,658 | $522,974 | $— | $1,629,216 | $— | $— | $3,312,848 | | 2022 | $1,065,968 | $(357,456) | $1,759 | $1,161,759 | $(286,647) | $1,329 | $1,586,711 | | 2021 | $1,157,309 | $703,308 | $2,304 | $2,596,656 | $— | $— | $4,459,577 |
PAY VERSUS PERFORMANCE
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. LeMaitre, who has served as our CEO in each of the covered years) in the “Total” column of the Summary Compensation Table in each applicable year. For each of the reported years, the names of each of the NEOs (excluding Mr. LeMaitre) included for purposes of calculating the average amounts in each applicable year are David B. Roberts, Joseph P. Pellegrino, and Trent G. Kamke and for 2025 only, Dorian P. LeBlanc. (4) The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” (“CAP”) to the NEOs as a group (excluding Mr. LeMaitre), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. LeMaitre) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average compensation for the NEOs as a group (excluding Mr. LeMaitre) for each year to determine the compensation actually paid:
PAY VERSUS PERFORMANCE
| Year | Average Reported Summary Compensation Table Total for Non-PEO NEOs | Average Reported Value of Equity Awards(x) | Average Equity Award Adjustments(y) | Average Compensation Actually Paid to Non-PEO NEOs | | 2025 | $911,587 | $(421,250) | $549,273 | $1,039,609 | | 2024 | $1,106,355 | $(530,000) | $2,269,173 | $2,845,528 | | 2023 | $956,474 | $(408,333) | $1,132,330 | $1,680,471 | | 2022 | $876,242 | $(408,333) | $516,666 | $984,574 | | 2021 | $905,073 | $(408,333) | $1,207,728 | $1,704,467 |
PAY VERSUS PERFORMANCE
(x) Represents the grant date fair value of equity-based awards granted each year as reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. Because we do not maintain a pension in which any NEO participates, no adjustments from the SCT total related to pension value are needed to calculate “compensation actually paid” in accordance with Item 402(v) of Regulation S-K. (y) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
PAY VERSUS PERFORMANCE
| Year | Average Year End Fair Value of Equity Awards | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | Total Average Equity Award Adjustments | | 2025 | $398,295 | $(173,816) | $4,586 | $320,208 | $— | $— | $549,273 | | 2024 | $460,451 | $697,979 | $— | $1,110,744 | $— | $— | $2,269,173 | | 2023 | $430,777 | $178,470 | $— | $523,083 | $— | $— | $1,132,330 | | 2022 | $395,661 | $(108,829) | $6,860 | $328,914 | $(106,362) | $422 | $516,666 | | 2021 | $429,021 | $198,028 | $384 | $580,295 | $— | $— | $1,207,728 |
PAY VERSUS PERFORMANCE
Company total shareholder return (“TSR”) is calculated to show the cumulative stockholder return on our common stock during the covered period, including reinvestment of dividends. (6) Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: iShares US Medical Devices ETF Index (Ticker: IHI). (7) The dollar amounts reported represent the amount of net income reflected in our audited financial statements for the applicable year. (8) The dollar amounts reported represent the amount of income from operations reflected in our audited financial statements for the applicable year. Financial Performance Measures As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” our executive compensation program reflects a variable pay-for-performance philosophy. The most important financial performance measures we used to link executive compensation actually paid to our NEOs, for the most recently completed fiscal year, to our performance are as follows: • Net sales; • Income from operations; and • Net income. Analysis of the Information Presented in the Pay Versus Performance Table While we utilize several performance measures to align executive compensation with our performance, not all these measures are presented in the above Pay Versus Performance Table. Moreover, we generally seek to incentivize long-term performance and therefore do not specifically align our performance measures with compensation that is actually paid (as computed in accordance with Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v) of Regulation S-K, we are providing the following descriptions of the relationships between information presented in the Pay Versus Performance Table.
Compensation Actually Paid Versus Total Shareholder Return
Compensation Actually Paid Versus Total Shareholder Return As shown in the chart below, the PEO and other NEOs’ compensation actually paid (“CAP”) amounts are aligned with the Company’s TSR. This is partly due to the Company’s use of equity incentives, which are tied directly to stock price in addition to the Company’s financial performance.
Compensation Actually Paid Versus Net Income
Compensation Actually Paid Versus Net Income As shown in the chart below, there is some correlation between the Company’s net income and the PEO and other NEOs’ CAP each year.
Compensation Actually Paid Versus Company-Selected Measure
Compensation Actually Paid Versus Company-Selected Measure The chart below compares the PEO and other NEOs’ CAP to our Company Selected Measure (“CSM”), income from operations, which indicates there is a relationship between this CSM and CAP.
ELECTION OF DIRECTORS
ELECTION OF DIRECTORS Our Board of Directors currently consists of eight members. Our Charter divides the Board of Directors into three classes. George W. LeMaitre, David B. Roberts and Martha Shadan constitute Class I directors with a term ending at the 2028 annual meeting; Bridget A. Ross and John A. Roush constitute Class II directors with a term ending at the 2026 annual meeting; and Lawrence J. Jasinski, John J. O’Connor, and Joseph P. Pellegrino, Jr. constitute Class III directors with a term ending at the 2027 annual meeting. One class is elected each year for a term of three years. Vacancies on the Board may be filled only by persons elected by a majority of the remaining directors. A director elected by the Board to fill a vacancy in a class, including vacancies created by an increase in the number of directors, shall serve for the remainder of the full term of that class and until the director’s successor is duly elected and qualified. On April 8, 2026, Ms. Ross notified the Board of her intent not to stand for re-election as a Class II director of the Company at the Annual Meeting. In order to rebalance the Board classes upon the expiration of Ms. Ross’s current term, the Board nominated David B. Roberts to stand for election as a Class II director at the Annual Meeting. In connection with such nomination, Mr. Roberts notified the Board of his intent to resign as a Class I director at the conclusion of the Annual Meeting, contingent upon his election as a Class II director at such meeting. Effective immediately following the election of Class II directors at the Annual Meeting, the size of the board will be reduced and consist of seven directors. Assuming Mr. Roberts’s election as a Class II director, at the conclusion of the Annual Meeting, the Board will have two Class I directors, two Class II directors, and three Class III directors. Accordingly, the Board of Directors, upon the recommendation of the Nominating and Corporate Governance Committee, has nominated David B. Roberts and John A. Roush and recommended that each be elected to the Board of Directors as a Class II director, to hold office until the annual meeting of stockholders to be held in the year 2029 and until their respective successor has been duly elected and qualified or until their earlier death, resignation, or removal. Each nominee is currently serving as a director. The Board of Directors knows of no reason why any of the nominees would be unable or unwilling to serve, but if any nominee should for any reason be unable or unwilling to serve, the proxies will be voted for the election of such other person for the office of director as the Board of Directors may recommend in the place of such nominee. Unless otherwise instructed, the proxy holders will vote the proxies received by them for these nominees. This Proposal 1 relates solely to the election of two Class II directors nominated by the Board and does not include any other matters relating to the election of directors, including, without limitation, the election of directors nominated by any of our stockholders. The Board expects the nominees will be available for election. If a nominee declines or is unable to act as a director, your proxy may be voted for any substitute nominee proposed by the Board or the size of the Board may be reduced. In accordance with our By-Laws, directors are elected by a plurality of the votes properly cast on the election of directors.