Rajesh Asarpota
MARAVAI LIFESCIENCES HOLDINGSAbout Rajesh Asarpota
Rajesh “Raj” Asarpota, age 58, was appointed EVP and Chief Financial Officer of Maravai LifeSciences, effective June 30, 2025, with nearly three decades in healthcare finance and operations, including public-company CFO roles and M&A execution . He holds an MBA from Marquette University and a Bachelor of Commerce from the University of Mumbai . Company performance context ahead of his tenure: FY2024 revenue was $259.2M and GAAP net loss was $(144.8)M; 2024 TSR value-of-$100 stood at $18.26, reflecting the operating reset post-COVID demand normalization . Asarpota’s initial 2025 bonus is contractually set to 100% of target on a prorated basis, signaling first-year transition stability .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Augmedics, Inc. | EVP & CFO | Sep 2021 – Jun 2025 | Scaled commercial operations, raised capital, led strategic IP acquisition |
| NuVasive, Inc. | EVP & CFO | Sep 2017 – Dec 2020 | Drove ~$1.2B market cap increase, margin expansion |
| Cole-Parmer Instrument Co. | CFO & COO | Prior to 2017 | Led carve-out from Thermo Fisher, operational transformation |
| Questcor Pharmaceuticals, Inc. | CFO/Principal Accounting Officer | Prior | Senior finance leadership |
| Life Technologies; GE Healthcare | Senior executive roles | Prior | Finance, operations and scaling experience |
External Roles
| Organization | Capacity | Status/Consent |
|---|---|---|
| Marquette College of Business Administration | Board/committee service permitted | Listed as permitted external activity in Employment Agreement Exhibit A |
| Profusa | Board/committee service permitted | Listed as permitted external activity in Employment Agreement Exhibit A |
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $550,000 per annum |
| Target Annual Bonus | 70% of base salary |
| 2025 Bonus Guarantee | Paid at 100% of target, prorated for days employed in 2025 |
| Sign-on Bonus | $200,000; repayable if terminated for cause or resigns without good reason within 12 months |
| Relocation | Required to relocate to San Diego area within 12 months; one-time $50,000 stipend |
| Temporary Housing & Commuting | Up to 12 months: $15,000/month housing stipend and reimbursement of reasonable commuting expenses |
| Legal Fee Reimbursement | Up to $20,000 for agreement review |
Performance Compensation
Annual Cash Incentive Framework
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Company financial/operational objectives (Board-set) | Not disclosed | 70% of base salary target | 2025: N/A (prorated guarantee) | 100% of target, prorated for 2025 | Future years subject to Board certification |
Company-wide historical bonus metrics have emphasized Revenue and Adjusted EBITDA weighting in prior NEO programs (70% revenue / 30% Adjusted EBITDA for 2024), but Raj’s specific future weighting is not disclosed .
Equity Awards (Granted June 30, 2025)
| Award Type | Quantity | Vesting Schedule | Performance Hurdles / Terms |
|---|---|---|---|
| Stock Options (NQ) | 333,333 | 1/3 on June 30, 2026; remaining 2/3 in 24 equal monthly installments; expire June 30, 2035 | Exercise price set at grant (not disclosed); pro-rata vesting on qualifying termination; full vesting if not assumed in a CIC; 50% vest on a Partial Sale |
| RSUs (time-based) | 500,000 | 1/3 on June 30, 2026; remaining 2/3 in 24 equal monthly installments | Pro-rata vesting on qualifying termination; full vesting if not assumed in a CIC; 50% vest on a Partial Sale |
| PSUs (performance-based) | 750,000 | Performance certification near 3rd anniversary of grant (prior to June 30, 2028) | VWAP price hurdles per award exhibit; conversion to time-based RSUs in certain CIC scenarios; pro-rata retention on qualifying termination; acceleration if not assumed in CIC |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Beneficial Ownership (Form 3) | Reported “No securities are beneficially owned.” (as of June 30, 2025) |
| Ownership as % of Outstanding | 0% of Class A and Class B at appointment (Class A: 143,958,169; Class B: 110,684,080 at Mar 24, 2025) |
| Vested vs Unvested | All awards initially unvested; first sizable vest date June 30, 2026 on RSUs/options |
| Options (Exercisable vs Unexercisable) | Unexercisable at grant; rolling monthly vest after first anniversary |
| Hedging/Pledging | Prohibited by insider trading policy (no hedging; no pledging/margin accounts) |
| Stock Ownership Guidelines | Executives at Level 24+ (ex-CEO) must hold equity equal to 3x base salary; must hold at least 50% of net shares until compliant |
| Compliance Status | New hire; time to compliance not prescribed; ongoing monitoring per guidelines |
Employment Terms
| Provision | Non-CIC Qualifying Termination | Change-in-Control (CIC) Termination |
|---|---|---|
| Severance Cash | 12 months salary plus target bonus paid over 12 months; earned prior-year bonus; pro-rata current-year bonus based on actual performance | |
| Health Benefits | COBRA premium subsidy up to 12 months (or cash equivalent if excise tax applies) | |
| CIC Cash | 2x (salary + target bonus) paid lump sum; earned prior-year bonus; pro-rata target bonus for current year | |
| Health Benefits (CIC) | COBRA premium subsidy up to 24 months | |
| Equity Treatment | Time-vested awards fully vest on CIC termination; PSUs may convert to time-based RSUs or vest per exhibit; acceleration if awards not assumed in CIC; Partial Sale provisions apply (50% RSU/option vest; PSU retention/acceleration mechanics) | |
| Restrictive Covenants | Non-compete during employment; non-solicit for 1 year post-employment; confidentiality & inventions assignment | |
| Dispute Resolution | JAMS employment arbitration in San Diego; California law governs | |
| 280G Cut/Best Net | Cut to avoid excise tax or pay in full, whichever yields better net to executive | |
| Clawback | Subject to Maravai’s Dodd-Frank compliant clawback policy | |
| Indemnification | To enter standard D&O indemnification agreement |
Performance & Track Record
- Led >20 global acquisitions/divestitures; transformed manufacturing, supply chain, and commercial operations across roles .
- At Augmedics, scaled commercial operations, raised capital, and led IP acquisition; at NuVasive, drove ~$1.2B market cap increase and margin expansion; at Cole-Parmer, led carve-out and operational improvements .
Compensation Structure Analysis
- First-year guarantee of 2025 bonus at 100% of target (prorated) reduces near-term at-risk cash, supporting onboarding and transition; future bonuses subject to Board-set goals and certification .
- Large equity mix with significant PSUs (750,000 units) tied to multi-year stock price hurdles increases alignment to TSR, with CIC safeguards via conversion/acceleration mechanics .
- Vesting cadence (1-year cliff then monthly) for RSUs/options creates steady potential supply; anti-hedging/pledging mitigates misalignment risk .
- Severance economics at 2x salary+bonus under CIC are typical for senior CFOs; 280G best-net provision avoids tax gross-up optics while optimizing after-tax outcomes .
Vesting Schedules and Insider Selling Pressure
- RSUs: 166,667 units vest on June 30, 2026; then ~13,889 units monthly for 24 months through June 30, 2028, potentially adding periodic sellable supply post-vesting windows .
- Options: 111,111 options vest on June 30, 2026; then ~9,259 monthly for 24 months; exercise economics depend on undisclosed strike and future stock price .
- PSUs: Vest contingent on VWAP hurdles measured prior to June 30, 2028; no time-based vest until hurdles met or conversion in CIC scenarios .
Equity Ownership & Alignment Details
| Measure | Data |
|---|---|
| Form 3 (6/30/2025) | No beneficial ownership reported |
| Share Counts (Record Date) | Class A: 143,958,169; Class B: 110,684,080 |
| Ownership Guidelines | 3x base salary; hold 50% of net shares until met |
| Anti-hedging/pledging | Prohibited |
Employment Terms (Additional)
- Primary work location: San Diego HQ; remote work allowed; temporary commute flexibility for 12 months; relocation required within 12 months .
- Arbitration, cooperation clauses, and confidentiality/trade secret protections embedded; standard notices and successors/assigns language apply .
Investment Implications
- Alignment: Zero initial ownership offset by sizable RSU/PSU grants; PSU price hurdles create high sensitivity to sustained TSR outcomes; anti-hedging/pledging and ownership guidelines support skin-in-the-game .
- Supply dynamics: 1-year cliffs (June 30, 2026) and monthly vesting thereafter may introduce periodic selling pressure; PSU vesting could cluster near performance certification windows .
- Retention risk: Competitive severance, CIC protections, relocation commitment and first-year bonus guarantee lower near-term attrition risk; non-solicit for one year moderates post-departure talent risk .
- Pay-for-performance: Future annual bonus metrics are Board-set; the company’s prior emphasis on revenue and Adjusted EBITDA suggests continuation of financially anchored incentives; investor scrutiny should track disclosed weighting and targets in future proxies .
Governance context: 2024 say-on-pay approval of 97.83% and the adoption of a Dodd-Frank compliant clawback policy indicate responsiveness to investor preferences on executive pay rigor .