CRYOPORT, INC. (NASDAQ:CYRX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 28, 2018, the Compensation Committee (the “Committee”) of Cryoport, Inc. (the “Registrant”) approved the adoption of an Annual Management Incentive Plan (the “Bonus Plan”). Per the Bonus Plan, the Registrant’s executive officers, and certain other non-executive officers, may be eligible to receive a cash bonus expressed as a percentage of their base salary in the event the Registrant achieves certain business metrics and personal strategic objectives. Fifty percent (50%) of the bonus opportunity will be based on the attainment of goals related to cumulative quarterly revenue (“Revenue”) as reported quarterly and annually in the Registrant’s public filings with the SEC; thirty percent (30%) of the bonus opportunity will be based on the attainment of goals related to cumulative quarterly adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) based on the Registrant’s quarterly and annual filings with the SEC; and twenty percent (20%) of the bonus opportunity will be based on the attainment of personal strategic objectives, with such personal strategic objectives determined by the Committee. If the Registrant attains an additional higher Revenue and Adjusted EBITDA target as set by the Committee, and the participant meets his or her personal strategic objectives, then such participant would be eligible to receive one hundred fifty percent (150%) of such participant’s bonus opportunity. Effective May 1, 2018, the base salaries for Jerrell W. Shelton, the Registrant’s Chief Executive Officer, and Robert Stefanovich, the Registrant’s Chief Financial Officer will be $600,000 and $300,000, respectively. The Committee established Mr. Shelton’s bonus opportunity for 2018 performance at one hundred percent (50%) of his base salary and Mr. Stefanovich’s bonus opportunity for 2018 performance at forty percent (40%) of his base salary.

The above description of the Bonus Plan does not purport to be complete and is qualified in its entirety by reference to a summary of such plan which is filed as Exhibit 10.1 hereto.

(d) Exhibits. The following material is filed as an exhibit to this Current Report on Form 8-K:

Exhibit

Number

Cryoport, Inc. Exhibit
EX-10.1 2 tv490255_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1     CRYOPORT,…
To view the full exhibit click here

About CRYOPORT, INC. (NASDAQ:CYRX)

Cryoport, Inc. (Cryoport) is a provider of cryogenic logistics solutions to the life sciences industry through its purpose-built packaging, information technology and specialized cold chain logistics expertise. The Company provides logistics solutions for biologic materials, such as immunotherapies, stem cells, chimeric antigen receptors (CAR)-T cells, and reproductive cells for clients. The Company’s Cryoport Express Solution includes a cloud-based logistics operating platform, which is branded as the Cryoportal. The Company’s Cryoport Express Solutions are made up of the Cryoportal software platform, Cryoport Express Shippers, Cryoport Express Smart Pak data loggers and its life sciences cold chain logistics expertise. The Cryoportal is used by the Company, its clients and its business partners to automate the entry of orders, prepare customs documentation, and to facilitate status and location monitoring of shipped orders while in transit.