Matt Plavan
About Matt Plavan
Matt Plavan, age 61, serves as Origin Materials’ Chief Financial Officer since November 2023 and was additionally appointed Chief Operating Officer in December 2024. He is an inactive CPA with a B.A. in Business Economics from UC Santa Barbara and has 30 years of executive leadership across ag-tech, medical devices, cell therapy, and healthcare, including capital markets execution and operational pivots . Company performance context during his tenure (company-level): total shareholder return (value of initial fixed $100 investment) was 12.81 in 2024 vs. 8.37 in 2023, while reported net income was $(83,697,000) in 2024 and $23,798,000 in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IngredientWerks, Inc. | Chief Executive Officer | May 2022–Oct 2023 | Led spin-out and seed financing to launch molecular farming company for plant-based protein ingredients . |
| Arcadia Biosciences, Inc. | CFO (Sep 2016) → President & CEO (Sep 2018–Dec 2021) | 2016–2021 | Transitioned firm from ag-biotech to revenue-generating consumer food products focused on wellness and wheat-based ingredients . |
| Cesca Therapeutics, Inc. (ThermoGenesis) | CFO → Chief Executive Officer & Board Member | ~2000s–2010s (latest role CEO) | Executed pivot from medical device manufacturer to stem cell therapy company . |
| StrionAir Inc.; Reason, Inc. | CFO roles | Not disclosed | Led finance for two PE-backed tech companies, positioning for successful exits . |
| McKesson (iMcKesson) | Vice President of Finance | ~6 years | Finance leadership within healthcare information services division . |
| Ernst & Young, LLC | Audit Manager | ~6 years | Early career audit experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cesca Therapeutics, Inc. | Board Member (while serving as CEO) | Not disclosed | Board governance experience disclosed as part of CEO tenure . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $61,026 | $350,000 |
| Bonus ($) | $0 | $0 |
| Stock Awards ($) | $1,367,186 | $239,554 |
| All Other Compensation ($) | $2,529 | $13,806 |
| Total ($) | $1,430,741 | $603,360 |
- Current annual base salary: $350,000 per offer letter and proxy .
Performance Compensation
| Award | Performance Metric | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| PSUs granted 12/26/2023 (80,368 shares) | Cash balance as of Dec 31, 2024 | 0–100% of max | 100% achieved; certification on Feb 26, 2025 | One-third on Certification Date; one-third on Jan 1, 2026; one-third on Jan 1, 2027 . |
| PSUs granted 2021–2023 | Construction/production milestones; revenue & EBITDA metrics for Origin 1 and Origin 2 | Multi-metric; multiplier capped at 3 | Achievement assessed at points between 2022–2027; payout subject to straight-line interpolation for partial revenue/EBITDA achievement | Vest upon metric certification in performance window . |
| RSUs (time-based) | Continued service | N/A | N/A | RSUs vest ratably annually over 3 years from grant date . |
- Annual incentive (cash bonus) structure and targets were not disclosed for 2023–2024; company emphasizes equity-based incentives administered by the Compensation Committee .
Equity Ownership & Alignment
- Beneficial ownership: 329,985 shares as of March 4, 2025, composed of 303,195 shares held directly and 26,790 PSUs achieved and released within 60 days (additional 2023 PSUs of 9,375 vested remain subject to holding period) .
- Shares outstanding: 149,324,698 as of March 4, 2025; implied ownership ≈ 0.22% (calculated from cited share counts) .
- Anti-hedging/pledging: Directors and executive officers are prohibited from short sales, derivatives hedging, and pledging without clearance; as of the proxy, no director or executive officer had pledged Company shares .
- Rule 10b5-1 plans: Executives may adopt trading plans under the Company’s insider trading policy; no specific plan disclosure for Mr. Plavan .
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant Date | Type | Shares Unvested (#) | Market Value ($) | Vesting Terms |
|---|---|---|---|---|
| 10/30/2023 | RSUs (“Welcome”) | 734,656 | $940,360 | Vest ratably over 3 years . |
| 12/26/2023 | RSUs (“Annual”) | 160,737 | $205,743 | Vest ratably over 3 years . |
| 12/23/2024 | RSUs | 241,000 | $308,480 | Vest ratably over 3 years . |
| 12/26/2023 | PSUs | 80,368 | $102,871 | 100% achieved; 1/3 on Feb 26, 2025; 1/3 on Jan 1, 2026; 1/3 on Jan 1, 2027 . |
- Stock ownership guidelines: Board directors must hold $250,000 of stock within 5 years; executive ownership guidelines are not disclosed, though Mr. Plavan’s offer letter notes potential future guidelines .
Employment Terms
- Status: At-will employment; standard indemnification agreement .
- Base salary: $350,000 .
- Initial equity: “Welcome” RSU grant with $1,100,000 grant-date fair value (3-year ratable vesting); subsequent “Annual” RSU grant with ≥$300,000 grant-date fair value (3-year ratable vesting) .
- Severance: If terminated other than for cause, accelerates RSUs with value equal to six months of base salary and benefits coverage costs .
- Change-in-control: If terminated other than for cause in connection with a change-in-control, the unvested portion of the initial Welcome grant fully accelerates immediately prior to termination .
- Clawback: Incentive compensation recoupment policy adopted October 2023 in compliance with Nasdaq/SEC; Sarbanes-Oxley Section 304 reimbursement obligations may apply to CEO/CFO upon restatement induced by misconduct .
- Anti-hedging/pledging: Prohibited per insider trading policy; no pledged shares by directors/executives as of proxy .
- Non-compete / non-solicit: Not disclosed in public filings for Mr. Plavan .
Investment Implications
- Equity-heavy pay structure aligns incentives to cash discipline and operational milestones; 2024 PSUs tied to year-end cash were fully achieved, suggesting focus on liquidity and balance sheet management during a challenging year (negative net income) .
- Retention risk moderate: multi-year RSU/PSU vesting creates strong near-term retention hooks (notably Jan 1, 2026 and Jan 1, 2027 PSU tranches) while severance/change-in-control acceleration limits downside for the executive, potentially increasing willingness to transition in a strategic event .
- Insider selling pressure potential: upcoming scheduled vestings (RSUs annually; PSUs in 2026/2027) could add supply; however, anti-hedging and pledging restrictions, plus insider trading policy/blackout periods, limit opportunistic sales; no reported pledging by executives .
- Ownership alignment is modest in percentage terms (≈0.22%), but sizable unvested equity and performance-conditioned PSUs remain the primary alignment levers; the board’s active use of a compensation consultant (Meridian) underscores evolving pay-for-performance design as the business pivots toward PET closures and capital-light furanics strategy .