Purav Patel
About Purav Patel
Purav Patel is an independent director of Reviva Pharmaceuticals Holdings, Inc. (RVPH), serving on the Board since December 2020 and previously on Old Reviva’s board since May 2017; he is Founder and Managing Partner of Buena Vista Fund I (since 2014), and serves on the board of Pratham, a charitable organization focused on education in India; he holds a Bachelor’s Degree in Biology and Business from the University of Texas, and is described as skilled at financial analysis, business operations, and fundraising . He was 43 years old at the time of the 2025 proxy and 42 in the 2024 proxy, reflecting tenure continuity on RVPH’s Board since 2020 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Reviva Pharmaceuticals, Inc. (“Old Reviva”) | Director | May 2017–Dec 2020 | Governance experience at predecessor entity prior to business combination |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Buena Vista Fund I | Founder & Managing Partner | 2014–present | Startup-focused investment fund leadership; no RVPH-related transactions disclosed in proxies |
| Pratham (charitable organization) | Director | Not specified | Non-profit board focused on education; not a public company directorship |
Board Governance
- Independence: The Board determined Patel is independent under NASDAQ and SEC rules .
- Attendance: Board met 19 times in 2024; each director attended at least 75% of Board and committee meetings, and all directors attended the Dec 10, 2024 annual meeting .
- Committee assignments:
- Audit Committee member; Audit met six times in 2024; Chair is Les Funtleyder; Patel is independent under Rule 10A-3 .
- Compensation Committee Chair; Compensation met five times in 2024; members Patel, Margolin, Saxena; all independent and non-employee directors under Rule 16b-3 .
- Nominating & Corporate Governance Committee member; Committee met once in 2024; Chair is Parag Saxena .
- Policies: RVPH has an anti-hedging insider trading policy prohibiting hedging/monetization (e.g., collars, forwards) and a code of ethics; indemnification agreements are in place for directors .
| Committee | Patel Role | Members | 2024 Meetings |
|---|---|---|---|
| Audit | Member | Funtleyder (Chair), Patel, Margolin | 6 |
| Compensation | Chair | Patel (Chair), Margolin, Saxena | 5 |
| Nominating & Corporate Governance | Member | Saxena (Chair), Funtleyder, Patel | 1 |
| Board (overall) | Director | 5 directors total | 19 |
Fixed Compensation
- Structure (policy): Annual cash retainer $32,500 (Chairman $57,500); Audit membership $7,500 (Chair $15,000); Compensation membership $5,000 (Chair $10,000); Governance membership $3,750 (Chair $7,750); no meeting fees; paid quarterly .
- Actual cash paid to Patel: $53,750 in 2023 and $53,750 in 2024 .
| Cash Component ($) | 2023 | 2024 |
|---|---|---|
| Board annual cash retainer | $32,500 | $32,500 |
| Audit Committee membership | $7,500 | $7,500 |
| Compensation Committee chair fee | $10,000 | $10,000 |
| Governance Committee membership | $3,750 | $3,750 |
| Meeting fees | $0 (none per policy) | $0 (none per policy) |
| Total cash paid (reported) | $53,750 | $53,750 |
Performance Compensation
- Equity (policy): Initial non-employee director option grant 8,200 shares vesting 33% per year over 3 years; annual option grant 8,200 shares, cliff vest after 1 year; annual grants awarded on date of annual meeting (Dec 10, 2024) .
- Reported option award fair value: $36,760 (2023); $17,109 (2024) .
- Aggregate options outstanding as of Dec 31, 2024: 44,827 shares for Patel .
| Equity Metric | 2023 | 2024 |
|---|---|---|
| Annual option grant quantity (policy) | 8,200 options (cliff vest 1 year) | 8,200 options (cliff vest 1 year) |
| Initial option grant quantity (policy) | 8,200 options (33% each year over 3 years) | N/A (initial grant policy disclosed) |
| Option award fair value (reported) | $36,760 | $17,109 |
| Aggregate options outstanding at year-end | 44,827 | 44,827 |
| Annual grant timing | On annual meeting date (Dec 10, 2024) | On annual meeting date (Dec 10, 2024) |
| Vesting terms (annual) | Cliff vest after 1 year | Cliff vest after 1 year |
No director performance metrics tied to compensation were disclosed; director equity is time-based options under the Non-Employee Director Compensation Policy .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed in RVPH proxy biographies |
| Private/non-profit roles | Buena Vista Fund I (Founder/Managing Partner), Pratham (Director) |
| Shared directorships with RVPH stakeholders | None disclosed involving Patel; related-party transactions disclosed involve affiliates of Chairman Parag Saxena, not Patel |
Expertise & Qualifications
- 17+ years experience in business operations and scaling startups; skills in financial analysis, operations, and fundraising .
- Background aligns with compensation and governance oversight duties; Chair of Compensation Committee with authority to retain independent advisors; FW Cook engaged directly by Compensation Committee in 2023 to assess executive and director compensation benchmarking (independent from management) .
Equity Ownership
- Beneficial ownership: <1% of RVPH; 96,342 shares (as of Oct 21, 2025) including 36,627 options exercisable within 60 days; excludes 8,200 not exercisable within 60 days .
- Prior year: 86,555 shares (as of Oct 9, 2024) including 26,840 options exercisable within 60 days; excludes 9,787 not exercisable within 60 days .
- Anti-hedging: Company policy prohibits hedging/monetization transactions by directors, employees, family members, and controlled entities .
| Ownership Metric | 2024 | 2025 |
|---|---|---|
| Beneficial ownership (shares) | 86,555 | 96,342 |
| Percent of class | <1% | <1% |
| Options exercisable within 60 days | 26,840 | 36,627 |
| Options not exercisable within 60 days | 9,787 | 8,200 |
| Aggregate director options outstanding (year-end) | 44,827 (Dec 31, 2024) | N/A (not disclosed in proxy) |
Governance Assessment
- Strengths:
- Clear independence status and active committee roles; Chair of Compensation and member of Audit and Governance Committees, meeting regularly (6 Audit, 5 Compensation, 1 Governance in 2024) .
- Use of independent compensation consultant FW Cook by the Compensation Committee in 2023 indicates sound pay governance processes independent of management .
- Consistent attendance: directors met at least the 75% threshold and attended the annual meeting, supporting engagement .
- Anti-hedging policy and indemnification framework reinforce alignment and compliance .
- Alignment and incentives:
- Director compensation mix balanced: fixed cash fees ($53,750 in 2023 and 2024) and time-based option grants (policy 8,200 annually), with declining option fair value year-over-year ($36,760 in 2023 vs $17,109 in 2024), limiting pay inflation risk .
- Ownership: beneficial stake remains below 1%, with incremental growth year-over-year (86,555 → 96,342), supported by option grants; anti-hedging restriction enhances alignment .
- Conflicts/RED FLAGS:
- No related-party transactions involving Patel disclosed; related-party financings in 2022–2023 involved affiliates of Chairman Saxena, not Patel .
- No pledging disclosures or hedging permitted; no public company interlocks that could create competitive conflicts were disclosed .
Overall, Patel’s role as Compensation Committee Chair, independence, and engagement support board effectiveness; absence of related-party transactions and adherence to anti-hedging policy mitigate conflict risk, while option-based director equity and modest beneficial ownership provide skin-in-the-game without excessive dilution .