Peter Leddy
MARAVAI LIFESCIENCES HOLDINGSAbout Peter Leddy
Peter Leddy, PhD, has served as Maravai LifeSciences’ Chief Administrative Officer since June 2022, following extensive HR leadership roles across life sciences and technology sectors; he holds MS and PhD degrees in industrial/organizational psychology from the Illinois Institute of Technology and a BA in Psychology from Creighton University . Company performance context for incentive alignment: in 2024, revenue was $259.2M and net loss was $(144.8)M; the Compensation and Leadership Development Committee selected revenue as the most important measure linking compensation actually paid to performance . 2024 annual bonus metrics weighted Revenue 70% and Adjusted EBITDA 30%; Revenue achieved 88.8% of target while Adjusted EBITDA was below threshold, resulting in a 50.5% CPF payout; Dr. Leddy’s IPF was 100% and his bonus paid was 60% of target ($205,781) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Life Technologies | Chief Human Resources Officer | Jul 2005–Feb 2014 | Led global HR through high-growth cycles and M&A integration . |
| NuVasive | EVP, Global HR & Corporate Integrity | Jul 2015–Jan 2019 | Built leadership development and integrity programs across global operations . |
| CareFusion (BD) | Interim CHRO | Jun 2014–Aug 2014 | Transition HR leadership pre/post acquisition . |
| TaylorMade Golf | CHRO (temporary assignment) | Oct 2014–May 2015 | Realigned HR processes and executive compensation . |
| dosist (GSW Creative Corp.) | Chief People Officer | Jan 2019–Dec 2019 | Scaled HR for wellness brand; talent and culture initiatives . |
| PhenomeX (Berkeley Lights) | Chief Human Resources Officer | Jan 2021–Jul 2021 | HR leadership during corporate transition and sale to Bruker . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Aloisio Partners | Chief Human Resources Officer & Consultant | Feb 2014–Jun 2022 | Guided C-suite teams on cultural alignment, executive compensation, talent strategy, succession planning across industries . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base salary rate ($) | $450,000 (initial) | $470,250 | $486,709 |
| Salary paid ($) | $333,654 | $467,135 | $483,137 |
| Target bonus (%) | 70% (and $315,000 in 2022) | 70% | 70% |
| Actual bonus paid ($) | $318,150 | $75,710 | $205,781 |
Performance Compensation
2024 Annual Bonus Structure and Outcomes
| Component | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Revenue (GAAP) | 70% | $291.7M | $259.2M (88.8% of target) | CPF contribution part of 50.5% |
| Adjusted EBITDA | 30% | $65.3M | Below threshold | CPF contribution part of 50.5% |
| Corporate Performance Factor (CPF) | — | — | — | 50.5% |
| Individual Performance Factor (IPF) – Leddy | 20% of non-CEO bonus formula | Qualitative goals | 100% | Drives 60% total bonus |
| Total payout vs. target (Leddy) | — | — | — | 60%; $205,781 |
Formula for NEOs other than CEO: [(Base x Target%) × (CPF × 80%)] + [(Base x Target%) × (IPF × 20%)] .
2023 Annual Bonus Structure and Outcomes
| Component | Weighting | Actual | Payout |
|---|---|---|---|
| Revenue & Adjusted Diluted EPS CPF | 80% | Both below threshold | 0% |
| IPF – Leddy | 20% | 115% | 23% of target; $75,710 |
Equity Ownership & Alignment
Beneficial Ownership
| As-of Date | Class A Shares Beneficially Owned | % of Class A Outstanding | Notes |
|---|---|---|---|
| Mar 21, 2023 | 5,958 | <1% | As reported; includes RSUs/options vesting within 60 days where applicable . |
| Mar 25, 2024 | 133,446 | <1% | — |
| Mar 24, 2025 | 331,887 | <1% | Executive officers/directors group holding 2.11% of Class A . |
- Anti-hedging and anti-pledging: hedging and margin/pledging prohibited under Insider Trading Policy, reducing hedging/pledging risk exposure .
- Stock ownership guidelines: three times base salary for executives at Level 24+ (includes Leddy); must hold at least 50% of net shares from awards until minimum achieved; unexercised options and unvested performance-based stock excluded from compliance calculation .
Notable Equity Grants and Vesting
| Year | Grant Type | Grant Details | Vesting |
|---|---|---|---|
| 2022 (hire grants) | Options | 63,498 options; exercise price $24.94 | 25% on first anniversary; remainder monthly over next 3 years, subject to continued employment . |
| 2022 (hire grants) | RSUs | 122,893 RSUs | One-third annually over 3 years, subject to continued employment . |
| 2023 (annual awards recorded) | Options | 143,000 options; exercise price $15.52; grant accounting reflected in 2023 SCT | Per plan; options for NEOs generally vest monthly over multi-year schedule; accounting reflects 2023 option award value . |
| 2023 (annual awards recorded) | RSUs | 72,507 RSUs | Standard time-based vesting per plan . |
| 2024 (annual awards) | RSUs | 250,277 RSUs; grant date Jan 16, 2024; FV $1,609,281 | Equal installments on Jan 15, 2025 and Jan 15, 2026, subject to continued employment . |
Options were underwater as of Dec 31, 2024 (exercise prices exceeded market price), implying zero value upon acceleration at that date .
Employment Terms
- Employment start: appointed EVP & Chief Administrative Officer on June 27, 2022 .
- Sign-on bonus: $100,000 cash; subject to repayment if resignation without “good reason” before June 27, 2023 .
- Severance (non-CIC): Earned Bonus Severance; Pro Rata Bonus Severance; 12 months base salary severance; COBRA severance up to 12 months .
- Severance (CIC termination): Earned Bonus Severance; Pro Rata Bonus Severance; CIC Termination Bonus Severance; 24 months base salary severance; COBRA severance up to 18 months .
- Equity acceleration: outstanding options/RSUs amended in May 2023 to accelerate upon qualifying termination within two years following a change in control (double-trigger) .
- Restrictive covenants: perpetual confidentiality, assignment of inventions; non-compete and non-solicit apply during employment .
- Potential payouts (as of Dec 31, 2024 sensitivity):
Scenario Cash Severance ($) Health Benefits ($) Accelerated Equity ($) Non-CIC Termination $827,405 $28,275 — CIC Termination $1,995,507 $42,412 $1,742,806
Performance Compensation
Compensation Mix and Governance
- Program design emphasizes pay-for-performance with annual bonus tied to CPF/IPF and long-term RSU/option awards; majority of total compensation “at risk” .
- Clawback policy adopted Oct 2, 2023 pursuant to SEC/Nasdaq rules; applies to incentive-based compensation received in the 3 completed fiscal years preceding a restatement .
- Prohibition on option re-pricing/backdating without shareholder approval; options granted at closing market price on grant date .
- Say-on-pay: 97.83% approval at 2024 annual meeting .
Multi-Year Equity Awards (Fair Value, SCT)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Stock awards ($) | $1,583,640 | $1,125,309 | $1,609,281 |
| Option awards ($) | $1,582,862 | $1,119,073 | — |
Equity Ownership & Alignment (Additional)
| Policy/Guideline | Detail |
|---|---|
| Anti-hedging/anti-pledging | Hedging and pledging/margin accounts prohibited for employees, officers, directors . |
| Ownership guidelines | Level 24+ executives (includes Leddy): 3x base salary; hold 50% of net shares until compliant; options/performance-based unvested stock excluded . |
Investment Implications
- Alignment and downside discipline: Anti-hedging/anti-pledging and strict clawback policy plus option re-pricing prohibition point to conservative governance and reduced misalignment risk .
- Near-term selling pressure: 2024 RSUs vest Jan 15, 2025 and Jan 15, 2026; options were underwater at 12/31/24 (no immediate monetization), suggesting limited forced sales from options but RSU vest events may incrementally add sell pressure depending on tax withholding .
- Pay-for-performance sensitivity: 2024 CPF at 50.5% due to EBITDA miss; Leddy’s IPF at 100% produced a 60% payout, evidencing individual performance recognition amid macro/operational headwinds (revenue $259.2M; net loss $(144.8)M) .
- Retention and change-of-control economics: Double-trigger acceleration for equity within two years post-CIC and 24 months salary severance + CIC bonus and 18 months COBRA create robust retention and potential transaction incentives; accelerated equity value estimate of ~$1.74M at 12/31/24 highlights deal-related upside .
- Ownership trend: Growth from 5,958 shares (2023) to 331,887 (2025) increases skin-in-the-game; guidelines require 3x salary holdings, reinforcing continued accumulation/retention until compliant .
- Shareholder sentiment: High say-on-pay approval (97.83%) indicates broad investor support for compensation framework despite business volatility, lowering governance overhang risk .