Ralf Kuriyel
REPLIGENAbout Ralf Kuriyel
Senior Vice President, Research & Development at Repligen since October 2016, overseeing the company’s R&D and partnering activities in bioprocessing. He holds a B.S. and M.S. in Chemical Engineering from Rensselaer Polytechnic Institute and completed coursework for the Tufts University Ph.D. program in Chemical Engineering; he is an inventor on multiple patents and co‑author of over 30 scientific publications in bioprocessing and separations . Age 66 as of the 2024 annual meeting; tenure at Repligen since 2016 . Performance linkage: 2024 Company Objectives achieved at 94.2% of target (Adjusted Revenue $634.8M vs $630.0M target; Adjusted EPS $1.42 vs $1.50 target) and Kuriyel’s Individual Performance Objectives assessed at 110%, driving his bonus outcome . Company TSR (Pay vs. Performance disclosure): $156 in 2024 vs peer $114; $194 in 2023 vs peer $115, illustrating equity-sensitive pay structure though TSR is not used for pay decisions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pall Corporation (Life Sciences division) | VP, R&D; Field Applications; Process Development Services | Nov 2014–Oct 2016 | Led applications R&D and process development services for single‑use technologies |
| Pall Corporation | VP, Applications R&D | Nov 2011–Nov 2014 | Directed applications R&D across separations and bioprocessing technologies |
| Pall Corporation | VP, Applications for Single‑Use Business Unit | Pre‑Aug 2015 to Oct 2016 (Danaher acquired Pall in Aug 2015) | Advanced single‑use bioprocessing solutions within Life Sciences |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Various journals/patent offices | Inventor; Author | Various | Multiple patents and 30+ publications in bioprocessing, separations, protein processing, microfiltration |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus Paid ($) | All Other Compensation ($) |
|---|---|---|---|---|
| 2024 | 396,743 | 60% | 233,642 | 5,000 |
| 2023 | 396,743 | 60% | 0 (no annual cash bonuses due to below-threshold Company Objectives) | 5,000 |
| 2022 | 374,286 | — | 200,963 | 5,000 |
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Company Objectives (Adjusted Revenue & Adjusted EPS, equally weighted) | 75% | Adjusted Revenue $630.0M; Adjusted EPS $1.50 | Adjusted Revenue $634.8M (105%); Adjusted EPS $1.42 (83%); Overall 94.2% | Reflected in $233,642 total bonus |
| Individual Performance Objectives (R&D product launches, tech investments, scaling org) | 25% | Set by CEO/Comp Committee | Achievement assessed at 110% | Reflected in $233,642 total bonus |
Protocol: NEO bonus formula = (Base Salary × Target Bonus %) × Company Objectives achievement % + (Base Salary × Target Bonus %) × Individual Objectives achievement % (except CEO/Executive Chair whose bonus is 100% Company Objectives) .
Equity Awards – Grants and Terms
| Grant Date | Award Type | Shares/Units (#) | Grant-Date Fair Value ($) | Option Strike ($) | Expiration |
|---|---|---|---|---|---|
| 2/27/2024 | Options | 3,497 | 341,244 | 192.71 | 2/27/2034 |
| 2/27/2024 | RSUs (time-based) | 3,520 | 678,339 | — | — |
| 2/27/2024 | PSUs (performance-based) | 880 | 339,170 | — | — |
| 3/2/2023 | Options | 3,591 | 320,882 | 180.48 | 3/2/2033 |
| 3/2/2023 | RSUs (time-based) | 3,468 | 625,905 | — | — |
| 3/2/2023 | PSUs (performance-based) | 867 | 312,952 | — | — |
2024 Outstanding awards snapshot includes options, unvested RSUs, and unearned PSUs; specific vesting schedules are not detailed in the proxy tables for Kuriyel .
Option Exercises and Stock Vested (2024)
| Name | Options Exercised (#) | Value Realized on Exercise ($) | Stock Vested (#) | Value Realized on Vesting ($) |
|---|---|---|---|---|
| Ralf Kuriyel | 1,446 | 149,273 | 2,923 | 533,892 |
Equity Ownership & Alignment
| As-of Date | Beneficially Owned Shares (#) | Percent of Class |
|---|---|---|
| March 7, 2025 | 19,061 | <1% |
| March 18, 2024 | 22,941 | <1% |
- Stock ownership guidelines: NEOs (other than CEO) must hold stock equal to 1× base salary within five years; RSUs count, options and PSUs do not. All directors and NEOs comply or are on track .
- Anti‑hedging and anti‑pledging: Hedging and pledging are prohibited without Audit Committee pre‑approval; short sales and margin accounts prohibited under Insider Trading Policy .
- Outstanding equity awards (select details): Options exercisable/unexercisable and unvested equity as of year‑end 2024:
- Options: 2/24/2021 2,035 exercisable ; 2/24/2022 1,815 exercisable, 908 unexercisable ; 3/2/2023 1,197 exercisable, 2,394 unexercisable ; 2/27/2024 3,497 unexercisable
- RSUs (not vested): 709 (2022 grant) and 2,312 (2023 grant) and 3,520 (2024 grant)
- PSUs (unearned): 867 (2023 grant) and 880 (2024 grant)
Employment Terms
- Severance Plan (Amended & Restated, effective May 26, 2022) for NEOs including Kuriyel:
- Termination without cause or resignation for good reason (non‑CIC): 12 months base salary continuation; acceleration of 50% of unvested time‑based options and pro‑rata time‑based stock awards; pro‑rata eligibility for performance awards based on actual results; Company‑paid COBRA up to 12 months .
- Double‑trigger CIC (termination within two years post‑CIC): Lump sum 1.5× (base salary + target bonus); pro‑rata target bonus for year of termination; 100% acceleration of time‑based awards and performance awards deemed earned at greater of target or actual; Company‑paid COBRA up to 18 months .
Potential Payments (Disclosed Illustrations)
| Scenario (Assumed Date) | Base Salary/Continuation ($) | Target/Pro‑Rata Bonus ($) | Accelerated Equity ($) | COBRA ($) | Total ($) |
|---|---|---|---|---|---|
| Termination w/o Cause (Non‑CIC) – Dec 31, 2024 | 396,743 | — | 598,931 | 18,559 | 1,014,233 |
| CIC + Qualifying Termination – Dec 31, 2023 | 952,183 | 238,046 | 1,588,684 | 47,726 | 2,826,639 |
- Clawback Policy: Adopted Oct 2023; requires recoupment of excess incentive compensation from current/former executives for three years prior to a restatement, with broader recovery scope for other employees under specified conditions .
- Employment letter agreement for Kuriyel (Sept 3, 2016) is on file among 10‑K exhibits; specific terms not summarized in the proxy .
Investment Implications
- Pay-for-performance alignment is credible: 2024 bonus tied to Company Objectives (94.2%) and Individual Objectives (110%), with a balanced mix of time‑based RSUs, options, and PSUs that link compensation to execution and value creation .
- Insider selling pressure appears modest: 2024 exercises/vests were relatively small (1,446 options exercised; 2,923 shares vested) and ownership guidelines plus anti‑hedging/anti‑pledging reduce misalignment risks .
- Retention risk is mitigated by severance economics and multi‑year equity grants (double‑trigger CIC at 1.5× and broad equity acceleration), but relatively low direct share ownership (<1%) is typical for NEOs and may limit absolute dollar “skin in the game” .
- Execution track record in R&D is positive per 2024 assessment (110% achievement), supporting confidence in product development and portfolio advancement; pay structure emphasizes adjusted revenue/EPS and longer‑term ROIC/base organic growth via PSUs, aligning with investors focused on sustainable growth .