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INSULET CORP PODD

Comparing the 2025 proxy against the 2026 proxy.

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CEO total Δ

-$78,080

-0.6% year-over-year

Peer churn

+7 −11

Members added or dropped across all peer groups

Policy + metric churn

Disclosures whose value moved or appeared/disappeared

Peer groups

Peer disclosure

2025 Peer Group
— · 16 → 12 members
5 kept · +7 · −11
Added
BIO-TECHNE Corp (TECH) · GLOBUS MEDICAL INC (GMED) · NEUROCRINE BIOSCIENCES INC (NBIX) · MASIMO CORP (MASI) · NovoCure Ltd (NVCR) · ASPEN GROUP, INC. (ASPU) · TELEFLEX INC (TFX)
Removed
GLOBUS MEDICAL INC (GMED) · Hololgic, Inc. · MASIMO CORP (MASI) · NovoCure Ltd (NVCR) · Shockwave Medical, Inc. · TELEFLEX INC (TFX) · BIO-TECHNE Corp (TECH) · Exact Sciences Corporation · NEUROCRINE BIOSCIENCES INC (NBIX) · Seagen, Inc. · ASPEN GROUP, INC. (ASPU)

Executive pay

Named executive compensation

Executive	Status	From	To	Δ Total	Δ %	Δ At-risk
James HollingsheadFormer President and Chief Executive Officer	ChangedCEO	$13,302,350 2024	$13,224,270 2025	-$78,080	-0.6%	-6.5 pp
Ashley McEvoyPresident and Chief Executive Officer	AddedCEO	—	$18,858,968 2025	—	—	—
Eric BenjaminExecutive Vice President, Chief Operating Officer	Changed	$4,135,076 2024	$4,462,671 2025	+$327,595	+7.9%	-0.7 pp
Mark FieldFormer Senior Vice President, Chief Technology Officer	Changed	$3,461,067 2024	$3,166,565 2025	-$294,502	-8.5%	-10.3 pp
John KapplesSenior Vice President, General Counsel	Changed	$2,905,096 2024	$3,134,820 2025	+$229,724	+7.9%	+0.5 pp
Ana ChadwickFormer Executive Vice President, Former Chief Financial Officer	Changed	$4,580,979 2024	$4,404,259 2025	-$176,720	-3.9%	-6.1 pp
Flavia PeaseExecutive Vice President, Chief Financial Officer	Added	—	$5,160,761 2025	—	—	—
Lauren Budden GroupVice President, Corporate Controller and Chief Accounting Officer (former Interim Chief Financial Officer and Treasurer)	Removed	$1,626,079 2024	—	—	—	—
Prem SinghSenior Vice President, Global Operations	Added	—	$2,540,918 2025	—	—	—

Governance

Policy guardrails

change in control
Unchanged
Not extracted → Not extracted
“Change in Control”
clawback
Unchanged
present → present
“Recoupment Policy by requiring payment of such amount(s) to the Company by set-off, by reducing future compensation, or by such other means or combination of means as the Committee determines to be appropriate”
compensation committee
Unchanged
Talent and Compensation Committee → Talent and Compensation Committee
“Respectfully submitted by the Talent and Compensation Committee,”
compensation consultant
Unchanged
independent → independent
“retains an independent compensation consultant to assist it in structuring the Company’s compensation programs and in its deliberations”
hedging
Unchanged
prohibited → prohibited
“HEDGING AND PLEDGING POLICY Our Insider Trading Policy prohibits employees and Directors of the Company from engaging in hedging or similar arrangements with respect to the Company’s securities, including, without limita…”
pledging
Unchanged
prohibited → prohibited
“Pursuant to the Insider Trading Policy, employees and Directors are also prohibited from holding Company securities in a margin account or otherwise pledging Company securities as collateral for a loan.”
stock ownership guidelines
Unchanged
present → present
“To promote this alignment, the Company maintains a stock ownership policy that requires all our named executive officers to hold at least one-half of the net shares received upon the vesting or exercise of Company equity…”

Performance markers

Metric facts

ceo pay ratio
Changed
137 to 1 → 213 to 1
Numeric delta: +76.00
“the annual total compensation of the employee identified at median of our company of all our employees (other than our CEO), was $94,703; and •the annualized annual total compensation of our current CEO for purposes of c…”
median employee compensation
Changed
$96,785 → $94,703
Numeric delta: -2082.00
“year-over-year. In addition, the proportion of the workforce located in two countries outside the United States increased appreciably (2% and 6%, respectively), while the proportion of the workforce located within the Un…”
operating income
Changed
20% → $473.8
Numeric delta: +453.80
“Chief Financial Officer to Senior Advisor in September 2025 and left the Company in February 2026. (3)Mr. Field left the Company in March 2025. AnchorExecutive Summary FISCAL 2025 FINANCIAL HIGHLIGHTS 2025 Key Financial …”
revenue
Changed
$3.9 million → $123.9 million
Numeric delta: +120000000.00
“(200%) ActualPerformance Result(1)(2) Performance to Target Payout % Weighted Payout Factor dollars in millions Adjusted Revenue 60% $2,274 $2,480 $2,563 $2,663 107% 200% 120.0% Adjusted EBIT 30% $308 $409 $476 $466 114%…”

Narrative

CD&A prose similarity

Coarse measure of how much the compensation discussion text moved year-over-year. Not a substitute for reading the actual filings.

28% shingled-prose overlap between the two filings.

2025: 200,000 chars · 2026: 163,677 chars

Committee Report:73% overlap (3,797 → 2,862 chars)
Pay Ratio (Item 402(u)):73% overlap (3,797 → 2,862 chars)
Say-on-Pay proposal:7% overlap (24,999 → 24,998 chars)

2025 proxy on SEC ↗2026 proxy on SEC ↗

Narrative

What actually changed in the CD&A

Sentence-level diff between the two filings. New disclosures appear first, then sentences whose wording shifted, then sentences the prior year had that are no longer present.

270 new302 changed458 removed331 unchanged

changedOur Named Executive Officers for 2025 2024
changedFor purposes of the following Compensation Discussion and Analysis (“CD&A”) and executive compensation disclosures, the individuals listed below are referred to collectively as our “named executive officers.” They are our principal executive officer, our former principal executive officer, our principal financial officer, our former interimprincipal financial officer, andour three other most highly compensated executive officers, and one officers(includingourformer executive officer, ChiefTechnologyOfficer),based on fiscal 2025 2024compensation.
changedOur named executive officers for Fiscal 2025 2024are:
newAshley A.
newMcEvoy President and Chief Executive Officer Flavia H.
newPease Executive Vice President, Chief Financial Officer Eric Benjamin Executive Vice President, Chief Operating Officer John W.
newKapples Senior Vice President, General Counsel Prem Singh Senior Vice President, Global Operations James R.
newHollingshead(1) Former President and Chief Executive Officer Ana M.
newChadwick(2) Former Executive Vice President, Chief Financial Officer Mark Field(3) Former Senior Vice President, Chief Technology Officer
new(2)Ms. Chadwick transitioned from Chief Financial Officer to Senior Advisor in September 2025 and left the Company in February 2026.
changed(3)Mr. (2)Mr.Field left the Company in March 2025.
newFISCAL 2025 FINANCIAL HIGHLIGHTS
new2025 Key Financial Highlights Record Annual Revenue*$2.7B(29.5% growth) Gross Margin71.6%(up 180 basis points) Operating Income$473.8(up 260 basis points) Adjusted EBITDA*$645.5M(41.2% growth)
new*Annual revenue shown on a constant currency basis.
changedConstant *Constantcurrency revenue and adjusted EBITDA are non-GAAP measures.
changedDue to our strong financial and non-financial results for fiscal 2025, 2024,the annual incentive plan (“AIP”) funding level for payouts under the 2025 2024AIP to our named executive officers was established at a performance level of 195.8%. 177.8%.
changedThis result was driven in large part by our annual revenue for the year and bolstered by our strong EBITDA and increased new customer starts. starts,robustinnovationpipelineandfocusonthedevelopmentofourpeopleandculturelivingwithinourevolvedoperatingmodel.
changedFISCAL 2025 2024COMPENSATION HIGHLIGHTS
changedOur ability to attract, motivate and retain exceptional talent has been particularly important as we drive significant growth and execute on continuedtoimplementour strategic plan. newoperatingmodelduring2024.
changedIn establishing the executive compensation program for 2025, 2024,the Committee continued to focus on pay for performance and competitive pay, with a focus on total direct compensation.
changedINSULET CORPORATION - 2026 2025Proxy Statement 27
changedTotal direct compensation includes three major components: base salary, annual incentive compensation and long-term incentive equityawards, all of which are designed to work together to drive a complementary set of behaviors and outcomes.
changed•an annual incentive cash compensation program that is tied to the Company’s attainment of objective pre-established financial and strategic performance metrics as well as individual performance; metrics;and
changed•long-term incentive equityawards consisting of stock options, restricted stock units (“RSUs”), and performance share units (“PSUs”) tied to financial metrics and relative total shareholder return measured over a three-year performance period.
changedThe charts below illustrate, for fiscal 2025, 2024,the distribution of value among the three elements of direct compensation - base salary, target annual incentive awards and target long-term equityincentive awards − for our formerChief Executive Officer (current and former) and, on average, for the other named executive officers.
changedThe components of the long-term equityincentive awards are also illustrated.
new*Given that Ms. McEvoy joined the company in April 2025 and Ms. Pease assumed the role of Chief Financial Officer in September 2025, their salaries are represented in the above chart on an annualized basis.
newAdditionally, given that Ms. Pease joined the Company late in the year, her long-term incentive award for 2025 does not include any PSUs.
newIn addition, the 2025 target total compensation mix of Mr. Hollingshead, our former CEO, is not included in the above chart.
newMr. Hollingshead had the same target total compensation mix as Ms. McEvoy, our current CEO, except that his target annual incentive compensation and long-term compensation were 10% and 82%, respectively, of his target total compensation mix.
changedOf target total direct compensation, 92% of both our current and former Chief Executive Officers' Officer’scompensation, and, on average, 82.5% 81%of our other named executive officers’ compensation was variable, either because it was subject to performance goals, or to fluctuations in stock price, or both.
changedIn addition, 81% and 82% 83%of our current and former Chief Executive Officers’ Officer’starget annual compensation, respectively, compensationwas long-term, while 71% 70%of the target annual compensation of our other named executive officers, on average, was long-term.
changedThe Committee takes a balanced approach to long-term incentives, and for fiscal 2025 2024annual grants:
changed•Determined that long-term equityincentive awards for executive officers, other than the CEO, would continue to be allocated 50% to PSUs, 25% to RSUs and 25% to stock options, as in fiscal 2024. 2023.
changed•Determined that long-term equityincentive awards for the CEO would continue to be allocated 60% to PSUs, 20% to RSUs and 20% to stock options, as in fiscal 2024. 2023.
changed28 INSULET CORPORATION - 2026 2025Proxy Statement
new•Utilized adjusted revenue and adjusted EBIT as performance measures for PSUs awarded as long-term incentive compensation, with the addition of a relative total shareholder return (“TSR”) modifier.
changedAt our 2025 2024Annual Meeting of Shareholders, we presented our shareholders with a proposal to approve, on an advisory basis, the compensation of our named executive officers as disclosed in our 2025 2024proxy statement.
changedApproximately 93% 96%of the shares voted on this proposal were cast in 2025 2024in support of our 2024 2023executive compensation program.
newDuring fiscal 2025, we continued to engage with our shareholders and held our first Investor Day in nine years.
changedWhat We Do What We Don’t Do ✔ Solicit shareholder feedback on our programs ✘ No employment agreements with executives ✔ Leverage Useperformance-contingent long-term incentives equity✘ No excise tax gross up provisions ✔ Set robust stock ownership guidelines ✘ No defined pension benefit programs ✔ Have “double trigger” change-in-control benefits ✘ No excessive significantexecutive perquisites ✔ Have a compensation recoupment (“clawback”) policy ✘ No cash severance in excess of 2x salary and bonus ✔ Include caps on annual incentive payments ✘ No hedging or pledging of Company securities ✔ Use multiple financial measures as well as a andstrategic measure measuresto determine incentive payouts ✘ No “single trigger” change-in-control benefits ✔ Engage independent advisors ✘ No stock option repricing ✔ Conduct an annual compensation risk assessment
changedThe Committee believes that our executive compensation strategy and philosophy are directly aligned with our goal of delivering sustained consistentgrowth in shareholder value.
changed•Highly competitive compensation is needed to attract, motivate, attractand retain proven talent; and
changedAnchor2025 Anchor2024Compensation Elements and Decisions
changedTarget total direct compensation includes three major components, base salary, annual incentive compensation and long-term incentive equityawards, all of which are designed to work together to drive a complementary set of behaviors and outcomes.
changedINSULET CORPORATION - 2026 2025Proxy Statement 29
changed•Long-Term EquityIncentive Awards.
changedThe Committee designs our long-term incentive compensation awards to align the interests of named executive officers with the interests of our shareholders in long-term growth, reward executives for shareholder value creation, recognize executives for their contributions to the Company, Companyand promote retention.
new2025 COMPENSATION DECISIONS
changedBase salary, which represented only 8% of both our current and former Chief Executive Officers' Officer’starget total direct compensation, compensationand, on average, 17.5% 19%of target total direct compensation of our other named executive officers, is reviewed on an annual basis relative to competitive benchmarking, position scope, performance, and contributions for the prior year.
changedIn February 2025, 2024,the Committee approved the following base salaries for fiscal 2025 2024for our named executive officers:
newExecutive Officer 2025Base Salary 2024Base Salary Increase Ashley McEvoy(1) $1,150,000 — — Flavia Pease(2) $715,000 — — Eric Benjamin(3) $575,000 $550,000 4.5% John Kapples $530,500 $510,000 4% Prem Singh(4) $433,500 $415,000 4.5% James Hollingshead(5) $988,000 $950,000 4% Ana Chadwick(6) $658,500 $630,000 4.5% Mark Field(7) $484,000 $470,000 3%
changed(1)Ms. McEvoy Chadwickjoined the Company in April 2025, 2024,and her annual base salary for 2025 2024was set at $1,150,000 $630,000when she was hired.
new(2)Ms. Pease assumed the role of Chief Financial Officer in September 2025, and her annual base salary for 2025 was set at $715,000.
new(3)Mr. Benjamin’s salary increased on August 25, 2025 from $575,000 to $660,000 in connection with his promotion to Executive Vice President, Chief Operating Officer.
new(4)Mr. Singh’s salary increased on October 5, 2025 from $433,500 to $500,000 to bring his compensation closer to market median.
changed(5)Mr. (b)Mr.Hollingshead left the Company in April 2025.
new(6)Ms. Chadwick stepped down from her role as Chief Financial Officer in September 2025 and left the Company in February 2026.
changed(7)Mr. (2)Mr.Field left the Company in onMarch 14,2025.
changedFor fiscal 2025, 2024,the Committee reviewed the base salaries payable to our named executive officers, considering officerswithconsiderationofmarket positioning as well as individual performance, performanceand determined that a merit increase based on individual performance was appropriate.
changedThe Committee, with input from its independent compensation consultant, structured the 2025 2024AIP as follows:
changed•Determined Company Performance Objectives.
changedAt the beginning of the fiscal year, the Committee established financial performance measures and goals as well as a non-financial non-financial,strategic measure measuresand goal relating to new customer starts. goalscoveringcommercial,operationalandorganizationalareas.
changedThe Committee determined the metrics being assessed, assessedaswellasperformance targets for each metric, threshold performance requirements to earn an award (50% of target), and performance requirements to earn a maximum award (200% of target).
newThe 2025 AIP payouts were based 90% on financial goals and 10% on a strategic goal.
changed30 INSULET CORPORATION - 2026 2025Proxy Statement
new•Set Individual Performance Objectives.
newAt the beginning of the fiscal year, the Committee also reviewed and approved individual goals for each named executive officer, which formed the basis for the individual component of the award.
newThese individual goals correlate to the Company’s strategic objectives.
changed•Confirmed Financial Performance and Achievement of Strategic Goals, Assessed Individual Performance, and Approved Awards.
changedAfter the close of the fiscal year, the Committee reviewed a report from management regarding Company performance against the pre-established financial and strategic performance goals, each named executive officer’s performance against his or her individual goals, thepre-establishedcommercial,operational,and a recommendation as to an appropriate payout amount, organizationalgoalsand issued final awards based on this performance.
changed2025 2024AIP Target Payout Opportunities.
changedThe fiscal 2025 2024AIP targets for our named executive officers, which is a percentage of their base salaries, were established by the Committee as follows:
changedExecutive Officer 2025 2024AIP Target Ashley McEvoy 130% Flavia Pease 70% Eric Benjamin (1) 70%(1) John Kapples 60% Prem Singh 60% James Hollingshead 125% Ana Chadwick 70%EricBenjamin70% JohnKapples60%Mark Field 70% LaurenBudden45%(1)
new(1)In connection with his promotion to Chief Operating Officer in August 2025, Mr. Benjamin’s AIP target was increased to 80% of his base salary, pro-rated for 2025.
changed2025 2024AIP Performance Metrics.
changedThe Committee established 2025 2024AIP performance metrics based on key components of our 2025 2024annual financial plan and budget,the Company’s overall strategy, and after consideration of representative measures of overall corporate performance during the year.
changedAfter considering various plan design alternatives, the Committee approved the use of the two financial measures used in the prior fiscal year, Adjusted Revenue and Adjusted Earnings Before Interest and Taxes (“EBIT”) as well as one of the three strategic measures, new customer starts, used in the prior year. (“EBIT”).
changedFor 2025, 90% 80%of the 2025 2024AIP award is based on financial measures and 10% 20%is based on a strategic measure, measures,as discussed below.
changed•Two Financial Measures (90%). (80%).

Removed from 2025

James Hollingshead Former President and Chief Executive Officer (1) Ana Chadwick Executive Vice President, Chief Financial Officer and Treasurer Eric Benjamin Executive Vice President, Chief Product and Customer Experience Officer John Kapples Senior Vice President, General Counsel Mark Field Former Senior Vice President, Chief Technology Officer (2) Lauren Budden Group Vice President, Chief Accounting Officer, and Controller (former Interim Chief Financial Officer and Treasurer)
FISCAL 2024 BUSINESS AND FINANCIAL HIGHLIGHTS
Fiscal 2024 was another excellent year, as continued strong adoption of our Omnipod® 5 Automated Insulin Delivery (AID) System helped us exceed $2 billion in revenue for the first time in Insulet’s history, driving revenue growth of 22% - our ninth consecutive year of 20% or more revenue growth on a constant currency basis*.
Our gross margin continued to expand in 2024, increasing 150 basis points from the prior year, and our net income increased $212 million, from $206.3 million to $418.3 million.
2024 Key Financial Highlights Record Annual Revenue $2.1B(22% growth) Gross Margin 69.8%(up 150 basis points) Operating Margin 14.9%(up 190 basis points) Net Income $418.3M(>100% growth) Adjusted EBITDA* $457.3M(39% growth) Cash and Cash Equivalents $953M (35% growth)
In 2024, we continued successfully executing across our strategic imperatives and advancing our mission to improve the lives of people with diabetes around the world.
In August 2024, Omnipod 5 was cleared for use by people with type 2 diabetes (ages 18 years and older), making it the first and only AID system FDA-cleared for both type 1 and type 2 diabetes management.
We have an estimated 500,000 active global customers using Omnipod products, including an estimated 365,000 customers using Omnipod 5.
In 2024, Omnipod 5 was the most-prescribed AID system in the U.S. and the number one insulin pump for new pump users in Europe.
The continued rapid adoption of Omnipod 5 indicates that customers and clinicians recognize the benefits of this ground-breaking technology.
We continued to advance the Omnipod 5 platform with a cascade of innovation, fueled by data, to lead with growth in both the type 1 and type 2 markets in the U.S., and to drive increased access to Omnipod 5 through international expansion.
We increased our sensor of choice offerings for Omnipod 5 in a number of markets and, in the United States, we fully launched the Omnipod App for iPhone, making Insulet the first and only company with an approved tubeless AID system with full control from compatible Android and iOS smartphones.
We continued to accelerate our international growth in 2024, introducing Omnipod 5 in France as well as the Netherlands, and plan to bring Omnipod 5 to additional countries in 2025.
In January 2025, we announced that Omnipod 5 is commercially available in Italy, Denmark, Finland, Norway, and Sweden.
In 2024, we also opened a 400,000 square foot manufacturing facility in Malaysia, further strengthening our global manufacturing and supply chain capabilities.
Throughout the year, we also continued to drive increased awareness of, and access to, Omnipod and continued to successfully drive volume growth through the pharmacy channel.
26 INSULET CORPORATION - 2025 Proxy Statement
Our 2024 accomplishments demonstrate our team’s drive to improve the lives of people with diabetes by enabling them to enjoy simplicity, freedom, and healthier lives through our technology.
Every day we drive to create better health outcomes for our customers, set new standards in the management of diabetes, and drive success across our organization.
As we balance profitability and strategic investments across our innovation pipeline, sales and marketing capabilities, and global manufacturing operations, we continue to build upon our existing robust foundation for sustainable long-term growth.
•Utilized adjusted revenue and adjusted EBIT as performance measures for PSUs awarded as long-term equity incentive compensation.
Enhanced Stock Ownership Policy Requirements
In May 2024, pursuant to the recommendation of the Committee, the Board approved an increase in the minimum stock ownership value requirement for the CEO, executive officers and the members of the Board.
•CEO – increased from three times salary to six times salary
•Executive officers – increased from one times salary to three times salary
•Members of the Board – increased from three times the annual cash retainer to five times the annual cash retainer
LOOKING AHEAD TO 2025
The Committee has made several decisions relating to executive pay for 2025, including:
•Increasing base salaries for named executive officers, with increases ranging from 3.0% to 4.5% based on individual performance and market competitiveness.
•Adjusting the weighting of the AIP performance measures
○Increase the weighting of adjusted EBIT from 20% to 30%
○Decrease the weighting of the strategic performance measures from 20% to 10%;
○Focus on one strategic performance measure - new customer starts - rather than three, effectively increasing the weighting of new customer starts from 6.7% to 10%
•Maintained 2025 long-term incentive plan grant values based on 2024 performance, anticipated future performance and market competitiveness of compensation, continuing to reward performance and drive retention.
•Determined to add a relative total shareholder return (TSR) +/- 25% modifier to PSUs to provide an external performance measure and link executive compensation directly to the creation of stockholder value.
During fiscal 2024, we continued to engage with our shareholders, meeting to discuss a variety of corporate governance topics, with particular focus on ESG matters.
2024 COMPENSATION DECISIONS
Executive Officer 2024 Base Salary 2023 Base Salary Increase James Hollingshead $950,000 $850,000 12% Ana Chadwick(1) $630,000 — — Eric Benjamin $550,000 $500,000(3) 10% John Kapples $510,000 $463,000 10% Mark Field $470,000 $450,000(4) 4% Lauren Budden(2) $410,000 $394,385 4%
(2)Ms. Budden served as Interim Chief Financial Officer and Treasurer from October 2023 through April 2024.
(3)Mr. Benjamin’s salary increased on July 1, 2023 from $450,000 to $500,000 in connection with his promotion to Chief Product and Customer Experience Officer.
(4)Mr. Field’s salary increased on July 1, 2023 from $410,000 to $450,000 in connection with his promotion to Senior Vice President, Chief Technology Officer.
Additionally, base salary increases for Messrs.
Hollingshead, Benjamin, Kapples and Field were higher than the Company’s standard merit increase to recognize individual performance and address gaps identified to the market 50th percentile.
The 2024 AIP payouts were based 80% on financial goals and 20% on these strategic goals.
(1)In connection with also serving as Interim Chief Financial Officer and Treasurer through April 2024, Ms. Budden’s AIP target bonus opportunity was increased to 60% of her base salary, on a pro-rata basis based on the number of days served in these additional roles in 2024.
As in 2023, for 2024, the Committee approved the use of three strategic measures covering commercial, operational and organizational areas.
For 2024, sixty percent (60%) of the award is based on Adjusted Revenue and twenty percent (20%) of the award is based on Adjusted EBIT.
•Three Strategic Measures (20%).
As in 2023, the Committee determined to utilize a commercial goal (new customer starts), an operational goal (innovation pipeline), and an organizational goal (people and culture), with 6.7% of the award based on each of these three goals.
•Innovation Pipeline (6.7%) – relates to achievement of four innovation milestones relating to Omnipod 5: (i) U.S. full market release with additional sensor compatibility; (ii) UK and Netherlands limited market release with additional sensor compatibility; (iii) France full market release; and (iv) FDA submission for type 2 indication.
Delivering innovation is a core component of our strategic plan, and customer-focused innovation is central to everything we do.
•People and Culture (6.7%) – related to defining culture and values and launching across the Company and implementing a new performance rating system.
Our people are our most valuable asset and the source of our innovation and success.
Creating an environment to foster growth, development and innovation is designed to further our ability to attract and retain the best talent to enable us to serve our customers most successfully.
Additionally, our strategic performance goals underscore our, and our shareholders’, focus on ESG matters.
As in the prior year, the payout applicable to the Adjusted Revenue metric would be capped at one hundred seventy-five percent (175%) if Adjusted EBIT did not attain at least threshold performance.
Financial Measure Weighting Threshold (50%) Target (100%) Stretch Goal (130%) Maximum (200%) Actual Performance Result(1)(2) Performance to Target Payout % Weighted Payout Factor dollars in millions Adjusted Revenue 60.0% $1,805 $1,953 $2,000 $2,101 $2,074 106% 181% 108.7% Adjusted EBIT 20.0% $189 $236 $266 $318 $307 130% 185% 36.9%
In addition, Adjusted EBIT excludes $3.9 million of unrealized loss on investment.
Strategic Performance Measures
Strategic Measure Weighting Performance to Target Payout % Weighted Payout Factor New Customer Starts 6.7% 111% 152% 10.1% Innovation Pipeline 6.7% 200% 200% 13.3% People/Culture 6.7% 130% 130% 8.7%
In addition to consistently strong financial performance during 2024, the Company also achieved a number of critical milestones related to the AIP strategic performance measures.
The number of New Customer Starts in 2024 exceeded the target level and we achieved all of our innovation goals, either on time or ahead of schedule.
The People/Culture goals included defining and rolling out Insulet’s culture and values, first to the leadership team and then to the entire organization.
In addition, a new performance rating system designed to measure both the “what” and the “how” was introduced.
Successful completion of these initiatives firmly establishes and reinforces the organization’s ways of working.
Weight Weighted Payout Factor Financial 80% 145.6% Strategic 20% 32.1% Overall Payout Factor 177.8%
Executive Officer 2024 AIP Payout James Hollingshead $2,111,375 Ana Chadwick $544,155(1) Eric Benjamin $684,530 John Kapples $544,068 Mark Field $584,962 Lauren Budden $384,354
(1)Pro-rated based on the number of days Ms. Chadwick was employed during 2024.
2024 Annual Long-Term Incentive Award Allocation
The Committee considered the evolution of the plan design for previously granted PSU awards, noting the shift from gross profit to adjusted EBIT in 2019, as the company’s continued focus on long-term profitability grew.
Fiscal 2024 Award Values.
Executive Officer 2024 Annual Equity Award Value(1) James Hollingshead $10,250,000 Ana Chadwick $2,500,000(2) Eric Benjamin $2,700,000 John Kapples $1,650,000 Mark Field $2,200,000 Lauren Budden $600,000
Does not include an additional equity award of $200,000 for each of Messrs.
Benjamin, Kapples and Field and Ms. Budden made in conjunction with the annual grant.
The allocation of this additional award value between PSUs, RSUs and options is the same as for the annual grant.
(2)Ms. Chadwick’s annual award, which was granted effective May 1, 2024, was 50% PSUs and 50% RSUs.
The amount in the table above does not include Ms. Chadwick’s $1,000,000 RSU sign-on equity award.
The Company also achieved $668 million in adjusted EBIT over the performance period, which was above the threshold level required for payout, but below the target for this metric.
2022 PSU Awards
Financial Measure Weighting Performance to Target Payout % Weighted Payout Factor Adjusted Revenue 70% 113% 187% 131% Adjusted EBIT 30% 123% 128% 38% Final Payout 169%

More changes truncated for legibility. Open the filings on SEC for full prose.

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