Solomon Moshkevich
NateraAbout Solomon Moshkevich
Solomon Moshkevich, 43, is President, Clinical Diagnostics at Natera, appointed in September 2023 after serving as General Manager of Oncology; he joined Natera in 2011, previously working at Bain & Company and Parthenon Capital’s private equity team . He holds BA degrees in Economics and Mathematics from Columbia University and an MBA from Stanford University . Company performance in 2024: total revenue $1,696.9 million (+56.7% YoY), gross profit $1,023.2 million, and positive cash flow ~$86 million; five-year TSR was ~369.9% (2019–2024), supporting pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Natera | President, Clinical Diagnostics | Since Sep 2023 | Leads clinical diagnostics across women’s health, oncology, organ health; senior executive role . |
| Natera | General Manager, Oncology | Prior to Sep 2023 | Led oncology business for Signatera MRD; commercial and product leadership . |
| Bain & Company | Consultant | Prior to 2011 | Strategy consulting experience . |
| Parthenon Capital | Private Equity Investment Team | Prior to 2011 | Buy-side investment and operating exposure . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Ronald McDonald House Charities of the Bay Area | Board of Directors | Current | Non-profit governance role . |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary | $489,250 | 3% merit increase vs Sept 1, 2023 rate . |
| Target Bonus % (of base) | 50% | Weighting: 80% company; 20% individual . |
| Actual Bonus Paid (2024 performance) | $285,574 (paid as fully vested RSUs, Mar 12, 2025) | Overall weighted company performance payout = 119.1% of target . |
| Perquisites | None | NEOs participate in standard health/welfare; no perquisites . |
| Retirement Match | 50% match up to 6% of comp; fully vested for NEOs | Section 401(k) plan . |
Performance Compensation
Annual Cash Incentive Plan (2024)
| Metric | Weighting | Target | Payout (% of target) |
|---|---|---|---|
| Revenue | 55% | $1,298.2m | 120.0% |
| Product Gross Margin | 35% | 51.3% | 117.5% |
| Operating Cash Flow | 10% | $(100.9)m | 120.0% |
| Overall Weighted Company Payout | — | — | 119.1% |
| Individual Performance Factor (Moshkevich) | 20% | — | 110% |
2024 Long-Term Incentive Grants (Granted Jan 26, 2024)
| Type | Grant Value ($) | Shares at Target | Performance Period | Vesting Conditions |
|---|---|---|---|---|
| PSUs | $2,000,000 | 31,352 | FY2024–FY2026 | Cumulative three-year revenue; Threshold 95% pays 50%, Target 100% pays 100%, Max 105% pays 200% . |
| RSUs | $2,000,000 | 31,352 | 4 years | 25% after 12 months; remainder vest quarterly over 3 years . |
Performance Award Vesting Achievements (Selected 2021–2023 grants certified in 2024/2025)
| Grant Type | Grant Date | Vest Date | Units Vested | Vesting Condition Achieved |
|---|---|---|---|---|
| PSU | 10/22/2021 | 12/20/2024 | 1,675 | One business milestone tranche (16.75%) achieved . |
| PSU | 06/10/2022 | 01/16/2025 | 9,620 | 25% cash burn goal ($300m) achieved (2023) and 75% annual revenue goal ($1.1b, 2024) achieved . |
| PSU | 01/28/2022 | 01/16/2025 | 9,130 | Annual revenue goal $1.1b achieved (2024) . |
| PSU | 01/27/2023 | 01/16/2025 | 14,899 | 40% tranche for two-year cumulative revenue ($2.1357b) achieved; remaining 60% tied to three-year revenue by 12/31/2025 . |
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial Ownership (Mar 15, 2025) | 206,247 shares; <1% of class . |
| Composition | 71,456 shares held; 134,791 shares issuable via options/RSUs vesting within 60 days . |
| Stock Ownership Guidelines | Executive officers must hold 1x base salary; amended Jan 2025 (CEO 5x; directors 5x); compliance for all NEOs in 2024 . |
| Hedging/Pledging | Prohibited under Insider Trading Policy (no hedging, shorting, or pledging) . |
| Clawback Policy | Company adopted clawback policy per SEC/Nasdaq rules; awards subject to recoupment upon restatements . |
| Outstanding Equity Awards (selected) | 31,352 RSUs from 2024 grant vest over 4 years; various PSUs tied to revenue and milestone goals (see Performance section) . |
Employment Terms
Severance & Change-in-Control (Executive Severance Plan; Participation Agreement in 2024)
| Scenario | Cash Severance | COBRA Benefit | Equity Acceleration (Summary) |
|---|---|---|---|
| Involuntary Termination (no CIC) | Lump sum equal to 6 months’ base salary | Up to 12 months | Time-based awards: greater of 50% or 12 months forward vesting; Performance-based awards: actual achievement multiplied by the greater of 0.50 or time-served plus 12 months . |
| CIC Termination (within 12 months of CIC) | Lump sum equal to 12 months’ base salary | Up to 12 months | 100% acceleration of time-based awards; performance awards accelerated based on revenue forecasts (revenue milestones), CIC valuation (market-cap milestones), and full vest for other milestones . |
Potential Severance Payments (Assuming CIC and termination on Dec 31, 2024)
| Scenario | Cash Severance (Salary) | COBRA | Equity Acceleration | Total |
|---|---|---|---|---|
| Involuntary Termination (no CIC) | $244,625 | $35,027 | $19,750,220 | $20,029,872 |
| CIC Termination | $489,250 | $35,027 | $23,779,826 | $24,304,103 |
| CIC Acceleration (without termination) | — | — | $7,685,148 | $7,685,148 |
Additional terms: No excise tax gross-ups; standard definitions for “cause,” “good reason,” “change in control” per plan documents; garden leave/non-compete not disclosed .
Investment Implications
- Pay-for-performance alignment: 2024 cash bonus paid at 117.31% of target with company payout at 119.1%, driven by strong revenue, margin, and cash flow outcomes; LTI mix is 50% PSUs tied to multi-year revenue, reinforcing long-term focus .
- Retention risk mitigated by substantial unvested equity and severance protections: significant potential equity acceleration under CIC/termination and multi-year PSU structures (FY2024–FY2026), with additional large RSU tranche vesting 100% on Sep 1, 2026 .
- Governance and alignment: hedging/pledging prohibited; clawback policy in place; executive ownership guidelines in compliance—reduces misalignment and leverage risk .
- Monitoring catalysts: certification of FY2025 three-year revenue PSU tranches (from 2023 grants) by Dec 31, 2025; ongoing vesting of 2024 RSUs; bonus RSUs granted Mar 12, 2025 add sellable float—watch Form 4s/10b5-1 plans for potential selling pressure around vest dates .
Notes: 2024 Say-on-Pay passed with ~94.5% support, indicating broad shareholder alignment with incentive design . Executive pay decisions informed by peer group benchmarking and independent consultant review .