Christine Dolan
Executive Vice President and General Manager, Cygnus Technologies at 
MARAVAI LIFESCIENCES HOLDINGS
MARAVAI LIFESCIENCES HOLDINGSExecutive
About Christine Dolan
Christine Dolan is Executive Vice President and General Manager of Cygnus Technologies at Maravai (MRVI), serving in this role since January 1, 2024, after acting as COO of the Biologics Safety Testing division from October 2017 to December 2023; she holds a BS in Biology from Lenoir-Rhyne College and is 57 years old as of March 25, 2024 . During her tenure overseeing Biologics Safety Testing and transitioning to lead Cygnus, company revenue declined from $289.0M in 2023 to $259.2M in 2024, while Adjusted EBITDA was $43.6M in 2024 (below threshold for the annual bonus), reflecting post-COVID product normalization; company TSR (fixed $100 investment) stood at $18.26 in 2024 versus peer group TSR $98.77, and 2024 GAAP net loss was $(144.8)M . Shareholders have strongly supported pay practices with say-on-pay approvals of 96.1% (2023) and 97.83% (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Maravai LifeSciences (Biologics Safety Testing) | Chief Operating Officer | Oct 2017 – Dec 2023 | Led operations across BST; set foundations for subsequent Cygnus leadership . |
| Catalent Pharma Solutions | Senior VP Product Development; VP Global Operations; VP/GM Development & Analytical Services | 2009 – 2017 | Scaled product development and global operations in biologics and analytics . |
| GE Healthcare / Amersham Health | Director of Nuclear Operations; Global Quality Control roles | 1995 – 2009 | Managed nuclear operations and global QC in diagnostics/life sciences . |
Fixed Compensation
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Base Salary ($) | $411,887 | $436,557 | $455,444 |
| Target Bonus % of Base | — | — | 70% |
| Actual Bonus Paid ($) | $424,001 (non-equity plan for FY2021) | $310,260 (non-equity plan for FY2022) | $70,285 (IPF only; CPF zero) |
Notes:
- 2023 CPF was 0%; bonus was paid solely via the individual performance factor (IPF) .
- 2021 and 2022 non-equity incentive amounts reflect company plans for those years .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout Impact | Vesting/Timing |
|---|---|---|---|---|---|
| Revenue (2023 CPF) | 50% | $460.8M | $289.0M (below threshold) | 0% on this metric; CPF funded 0% | Annual bonus determination post-FY . |
| Adjusted Diluted EPS (2023 CPF) | 50% | $0.42 | $0.03 (below threshold) | 0% on this metric; CPF funded 0% | Annual bonus determination post-FY . |
| Individual Performance Factor (IPF, 2023) | 20% of bonus calc for NEOs (ex-CEO) | Challenging objectives set by CEO | 110% score for Dolan | 22% of target bonus paid from IPF (CPF 0%) | Paid after FY close . |
2024 Company context (not Dolan-specific bonus): Revenue $259.2M achieved 88.8% of target; Adjusted EBITDA $43.6M below threshold; CPF payout 50.5% overall for participants, but Dolan was not an NEO in 2024 .
Equity Ownership & Alignment
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Policy alignment:
- Anti-hedging and anti-pledging: prohibited for employees and officers .
- Stock ownership guidelines: 3x base salary for senior executives; hold 50% of net shares until compliant; RSUs count, options and PSUs excluded .
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Outstanding equity (12/31/2023):
| Award Type | Grant Date | Quantity | Exercise Price | Vesting Schedule | Market Value Basis |
|---|---|---|---|---|---|
| RSUs | 03/15/2023 | 55,775 | — | 1/3 on 03/15/2024, 03/15/2025, 03/15/2026 | $365,326 at $6.55/sh . |
| RSUs | 01/25/2022 | 11,333 | — | 1/2 on 02/15/2024 and 02/15/2025 | $74,231 at $6.55/sh . |
| Stock Options | 03/15/2023 | 20,625 ex.; 89,375 unex. | $15.52 | Monthly from Apr 2023–Mar 2027 | Out-of-the-money at 12/31/2023 price $6.55 . |
| Stock Options | 01/25/2022 | 14,438 ex.; 17,062 unex. | $26.32 | Monthly from Mar 2022–Feb 2026 | Out-of-the-money at 12/31/2023 price $6.55 . |
| Stock Options | 11/19/2020 | 46,250 ex.; 13,750 unex. | $27.00 | 25% first anniversary, monthly thereafter | Out-of-the-money at 12/31/2023 price $6.55 . |
| MLSH 1 Incentive Units | 06/20/2019; 10/01/2018; 12/27/2017 | 12,000; 15,000; 50,000 | N/A | Certain units vest time-based and accelerate upon MLSH 1 sale | Not option-like; no exercise price . |
- 2023 equity grants:
| Grant Component | Date | Quantity | Terms |
|---|---|---|---|
| Stock Options | 03/15/2023 | 110,000 | Monthly vest Apr 2023–Mar 2027; strike $15.52 . |
| RSUs | 03/15/2023 | 55,775 | 1/3 vest annually Mar 2024–2026 . |
Employment Terms
| Term | Non-Change-in-Control | Change-in-Control (Double Trigger within 2 years) |
|---|---|---|
| Severance Cash | Base salary for 12 months; earned prior-year bonus; pro rata target bonus for year of termination . | Base salary for 24 months; CIC Termination Bonus Severance (two times greatest of defined bonus measures) . |
| Health (COBRA) | Up to 12 months . | Up to 18 months . |
| Equity Acceleration | Upon CoC followed by qualifying termination within 2 years, unvested options/RSUs become 100% vested (company-wide amendment in May 2023) . | Same; PSUs may convert to RSUs in certain CoC scenarios per plan documents (CEO-specific noted; Dolan’s awards follow standard RSU/option acceleration) . |
| Restrictive Covenants | Confidentiality; assignment of inventions; non-competition; non-solicitation during employment and non-solicit for one year post-termination . | Same . |
Performance & Track Record
- 2023 individual objectives and outcome: Expanded development services; launched new portfolio products and resupply programs; opened new Leland facility; launched quality stability program; attained ISO certification; restructured for growth; IPF score 110%, resulting in 22% of target bonus paid despite CPF=0% .
- Company performance context: 2024 revenue $259.2M and Adjusted EBITDA $43.6M (CPF 50.5% for participants); 2023 revenue $289.0M and Adjusted EPS $0.03 (CPF 0%) .
Compensation Peer Group & Shareholder Feedback
- 2024 compensation peer group (20 companies) included 10x Genomics, Bio-Rad, Bio-Techne, Insulet, NeoGenomics, Repligen, Sotera Health, Twist Bioscience, Veracyte, among others; MRVI ranked 13th of 21 on TTM revenue and 14th on market cap at selection .
- Say-on-pay approvals: 96.1% in 2023; 97.83% in 2024, indicating strong shareholder support for compensation design .
Compensation Structure Analysis
- Shift toward RSUs for retentive effect: 2024 annual equity awards for NEOs were delivered entirely in time-based RSUs vesting over two years, indicating emphasis on near-term retention; prior years used mix of options and RSUs (Dolan’s 2023 grant followed options+RSUs structure) .
- Clawback policy implemented Oct 2, 2023 under SEC/Nasdaq rules, covering incentive compensation received in the three fiscal years prior to a required restatement .
- Anti-hedging and anti-pledging policies reduce misalignment risk .
Equity Ownership & Alignment Signals
- Underwater options across multiple vintages (strikes $15.52–$27.00) at 12/31/2023 ($6.55 close) and 12/31/2024 ($5.45 close) imply limited near-term selling pressure, increasing reliance on RSUs for retention and alignment .
- Stock ownership guidelines (3x salary) and mandatory holding of 50% of net shares until guidelines met further align incentives; performance-based equity excluded from compliance counts .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; no pledging disclosures for Dolan found in proxy .
- No related-party transactions involving Dolan disclosed; related-party policy overseen by Audit Committee .
- Leadership transitions and restructuring in 2025 noted by company as risk factors (not specific to Dolan), with stock-based comp forfeitures recorded in restructuring/transition .
Investment Implications
- Retention and selling pressure: Dolan’s RSUs vest through 2026; options are deeply out-of-the-money, reducing near-term sell incentives; RSUs provide predictable vesting that could create periodic supply but are aligned via ownership guidelines and anti-hedging/pledging policies .
- Pay-for-performance alignment: 2023 CPF 0% underscored discipline; Dolan’s payout was driven by above-target individual execution (IPF 110%), consistent with targeted operational goals in Cygnus/BST .
- Change-of-control economics: Double-trigger severance and equity acceleration standardize executive protections; for Dolan, 24 months base and CIC bonus severance with 18 months COBRA could be material in an M&A scenario; equity would accelerate upon qualifying termination—important for transaction modeling .
- Execution risk and value creation: Cygnus leadership with demonstrated 2023 achievements (facility expansion, ISO certification, portfolio programs) suggests operational rigor; however macro normalization (lower revenue, negative GAAP net income, weak TSR) heightens the need for sustained margin and growth execution under her business unit .