Daniel Quire
About Daniel Quire
Daniel Quire, age 43, is Chief Revenue Officer (CRO) of Karat Packaging Inc. (KRT). He joined Karat in 2018, was named CRO in October 2023 per the company’s proxy, with the appointment publicly announced on August 31, 2023; he holds a B.A. in Communication Studies from Texas State University . In his role, Quire leads sales, customer acquisition and engagement, and market expansion initiatives . Company performance during his recent tenure: revenue was $405.651M in FY 2023 and $422.633M in FY 2024; EBITDA was $55.384M in FY 2023 and $51.188M in FY 2024* [GetFinancials].
*Values retrieved from S&P Global.
Company Performance During Tenure
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $405,651,000 [GetFinancials] | $422,633,000 [GetFinancials] |
| EBITDA ($USD) | $55,384,000* [GetFinancials] | $51,188,000* [GetFinancials] |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Karat Packaging Inc. | Director of Sales | Jan 2019 – Apr 2022 | Led sales organization; customer acquisition and engagement |
| Karat Packaging Inc. | VP of Sales | May 2022 – Aug 2023 | Sales leadership, market presence expansion |
| Karat Packaging Inc. | Chief Revenue Officer | Oct 2023 – Present (appointment announced Aug 31, 2023) | Leads growth via sales execution and customer initiatives |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bunzl Distribution N.A. | Sales Manager | 10+ years (dates not disclosed) | Significant foodservice sales management experience |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($USD) | $217,123 | $250,000 |
| Target Bonus % | Not disclosed | Not disclosed |
| Actual Bonus Paid ($USD) | Not disclosed | Not disclosed |
| All Other Compensation ($USD) | $0 | — (none disclosed) |
| Total Compensation ($USD) | $217,123 | $955,120 |
Notes:
- Employment agreement: annual base salary $250,000; eligible for annual bonus at Compensation Committee discretion .
Performance Compensation
Restricted Stock Units (RSUs)
| Grant Date | Units (Unvested at 12/31/2024) | Grant-Date Fair Value ($USD) | Vesting | Status |
|---|---|---|---|---|
| 03/12/2024 | 16,000 | $705,120 | Vests over 2–3 years, subject to continued employment | Unvested balance as of 12/31/2024 |
- Market value for unvested shares uses $30.26 closing price on 12/31/2024 as disclosed by the company .
Stock Options
| Grant Date | Strike ($) | Expiration | Vesting Schedule | 12/31/2023 Status | 12/31/2024 Status |
|---|---|---|---|---|---|
| 10/08/2021 | $18.86 | 10/07/2031 | 1/3 annually over 3 years | 33,333 exercisable; 16,667 unexercisable | 50,000 exercisable; 0 unexercisable |
- Intrinsic value (in-the-money) at 12/31/2024: ($30.26 − $18.86) × 50,000 = $569,500 (calculated using disclosed price and strike) .
Equity Ownership & Alignment
Beneficial Ownership
| Metric | As of 04/22/2024 | As of 04/21/2025 |
|---|---|---|
| Shares Beneficially Owned | 47,025 | 69,769 |
| Ownership % of Outstanding | <1% | <1% |
Outstanding Equity (as of 12/31/2024)
| Instrument | Vested | Unvested | Notes |
|---|---|---|---|
| RSUs | — | 16,000 | Market value uses $30.26 close |
| Options (10/08/2021 grant) | 50,000 exercisable | 0 unexercisable | Strike $18.86; expire 10/07/2031 |
- Pledging/Hedging: Company states “to our knowledge, there is no arrangement, including any pledge by any person” that may result in a change in control; no pledges disclosed for executives, including Daniel Quire .
- Ownership guidelines: Not disclosed for executives .
Employment Terms
- At-will employment; base salary $250,000; eligible for annual bonus at Compensation Committee discretion .
- Termination with Cause: accrued but unpaid salary, unused vacation, reimbursable expenses, and applicable benefits only; no severance .
- Termination without Cause or for Good Reason: company provides the same accrued compensation items (per agreement language; no severance multiples disclosed) .
- Confidential information, invention assignment, and arbitration agreement executed (standard form) .
- Clawback policy adopted pursuant to SEC/Nasdaq rules; applies to recovery of incentive compensation upon restatements .
Related Observations
- Equity mix shifted meaningfully in 2024 with RSU grants ($705,120 grant-date fair value), while no new option grants were made by the Compensation Committee in 2024 (historically, including 2024, the committee has not granted option-like awards) .
- Section 16(a) filings: For 2024, late filings noted for certain directors; no late filings disclosed for Daniel Quire .
Investment Implications
- Alignment: 2024 RSU grant and fully vested 2021 options give Quire meaningful equity exposure; unvested RSUs vesting over 2–3 years support retention and create potential periodic share delivery, a mild source of future selling pressure tied to vest events .
- Retention risk: At-will status with no severance multiples and limited termination benefits suggests lower contractual retention “lock-in,” balanced by ongoing RSU vesting .
- Execution lens: As CRO overseeing customer acquisition and market expansion, role is central to growth while the company pursues strategic shifts (reducing California manufacturing footprint, increasing import items); continuity in sales leadership is relevant to sustaining revenue trajectory ($405.651M in FY 2023; $422.633M in FY 2024) [GetFinancials].
- Governance safeguards: Presence of clawback policy and insider trading policy mitigate compensation-related risk; no pledging disclosed, which is positive for alignment .