Kurt Oreshack
MARAVAI LIFESCIENCES HOLDINGSAbout Kurt Oreshack
Kurt Oreshack is Executive Vice President, General Counsel and Secretary of Maravai LifeSciences (MRVI), serving since November 2020. He holds a JD from Notre Dame Law School and a BA from Loyola University Chicago, and is a member of the State Bar of California . As of March 25, 2024 he was age 44; the 2025 proxy lists him at age 45 among executive officers . Company incentive design links executive pay to revenue and Adjusted EBITDA; in 2024 the Company reported revenue of $259.2M and a net loss of $144.8M, with Company TSR (fixed $100 initial investment) at $18.26, underscoring performance context for incentive payouts .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Breakwater Law Group, LLP | Partner | 2019–2020 | Corporate and securities law practice supporting growth-stage companies |
| Human Longevity, Inc. | General Counsel | 2015–2017 | Led legal function at genomic research and IVD company |
| Gunderson Dettmer | General Counsel in Residence / Attorney | 2017–2019 | Provided GC-in-residence counsel for venture-backed companies |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Maravai Charitable Foundation | Secretary and CFO; Director | 2021 | Foundation established Dec 2021 to promote causes tied to Maravai’s mission |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Target Bonus ($) | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|---|
| 2021 | 383,885 | 40% | 154,400 | 308,800 | Non-Equity Incentive paid at maximum (200% of target) |
Performance Compensation
| Year | Metric | Weighting | Payout Level | Notes |
|---|---|---|---|---|
| 2021 | Revenue | 50% | Maximum (200% of target) | Annual plan used company revenue and Adjusted EBITDA goals |
| 2021 | Adjusted EBITDA | 50% | Maximum (200% of target) | Threshold/target/max structure applied |
- Company-wide incentive framework: for 2024, CPF was based on revenue (70% weight) and Adjusted EBITDA (30%), with CPF payout at 50.5%; non-CEO NEOs also had IPF components at 20% weight .
- Pay-versus-performance most important measures: Revenue and Adjusted EBITDA .
Equity Ownership & Alignment
| As-of Date | Class A Shares Beneficially Owned (#) | Ownership % Indicator | Options Exercisable (#) | Options Unexercisable (#) | Option Strike ($) | Option Expiration |
|---|---|---|---|---|---|---|
| 3/15/2022 | 24,015 | <1% (asterisked in table) | 12,500 | 27,500 | 27.00 | 11/19/2030 |
- Option vesting schedule: 25% on first anniversary of grant (11/19/2021), then monthly over next three years, subject to continued employment .
- At 12/31/2024, MRVI Class A closed at $5.45 in the outstanding awards table; options with $27 strike would have been out-of-the-money at that price .
- Stock ownership guidelines: executives must hold stock equal to three times base salary (Level 24+), and must retain at least 50% of net shares from awards until guideline met; unexercised options and unvested performance shares excluded .
- Anti-hedging and anti-pledging: employees, officers, and directors are prohibited from hedging and from pledging or holding securities in margin accounts .
Employment Terms
| Provision | Non-Change-in-Control | Change-in-Control | Equity Acceleration | Other Terms |
|---|---|---|---|---|
| Severance (cash) | Earned but unpaid bonus; 9 months base salary | 12 months base salary | Stock options vest 100% if terminated without cause/for good reason within one year after a Change in Control | COBRA premium equivalent up to 12 months |
| Restrictive covenants | Confidentiality; assignment of inventions; non-compete and non-solicit during employment | Same | — | Release required to receive severance; no tax gross-up disclosed |
| Clawback policy | Adopted Oct 2, 2023; recovers incentive-based compensation upon restatement (3-year look-back), no gross-up; applies to current/former executive officers |
- Documentation indicates employment agreements in place for executive officers covering base salary, target bonus, benefits, severance, and restrictive covenants .
- Corporate Secretary duties: Oreshack signs SEC filings (e.g., 8-K appointing CFO) in his capacity as General Counsel and Secretary .
Investment Implications
- Alignment: 2021 pay outcomes show strong at-risk orientation—Oreshack’s bonus paid at plan maximum linked to revenue/Adjusted EBITDA, consistent with Company’s pay-for-performance framework .
- Selling pressure: Anti-pledging and minimum ownership requirements (3× salary; 50% net shares retention until compliant) reduce forced-sale risk; options granted at $27 strike are materially out-of-the-money at 12/31/2024 reference price ($5.45), limiting near-term exercise-related supply .
- Retention economics: Severance provides nine months of salary outside a CIC and 12 months within a CIC; full option acceleration upon qualifying termination post-CIC enhances retention through transaction while ensuring downside protection, but no multi-year cash multiples (e.g., 2× salary+bonus) were disclosed for Oreshack—suggesting moderate severance leverage compared to peers .
- Governance safeguards: Clawback policy, anti-hedging/pledging, and committee oversight of performance metrics mitigate incentive risk and align with shareholder-friendly practices .