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
On January 4, 2019, the Board of Directors (the “Board”) of Cryoport, Inc. (the “Company”) appointed Mr. Dan Hancock to the Board. The Board also expects to appoint Mr. Hancock to the Audit Committee and the Science and Technology Committee.
Mr. Hancock is currently President of DMH Strategic Consulting LLC, since 2011. He retired from General Motors (“GM”) in 2011, after 43 years of service in GM’s powertrain engineering and general management functions. His last position with GM was Vice President, Global Strategic Product Alliances. During this period he served as Chairman of GM’s DMAX and VM Motori diesel engine joint ventures with Isuzu and Fiat, respectively. Mr. Hancock’s previous appointments at GM included: Vice President, Global Powertrain Engineering; CEO, Fiat-GM Powertrain; and President, Allison Transmission Division. Mr. Hancock is a director of Westport Fuel Systems (NASDAQ WPRT), a Vancouver, B.C. based global supplier of clean gaseous fuel parts, and systems for the transportation industry, where he is also a member of the Human Resources and Compensation Committee and the Nominating and Corporate Governance Committee. He is also serves as chairman of the board of SuperTurbo Technologies, Inc., a Loveland, CO based privately-held developer of advanced turbo compounding systems for engines and director of Achates Power, Inc., a San Diego, CA headquartered privately-held developer of innovative opposed-piston, two-stroke diesel engines. In addition, Mr. Hancock serves in an advisory capacity to several global suppliers to the automotive and commercial vehicle industries. He was President of SAE International in 2014 and is a member of the National Academy of Engineering.
Mr. Hancock received a master’s degree in mechanical engineering from Massachusetts Institute of Technology and a bachelor’s degree also in mechanical engineering from General Motors Institute (now Kettering University), Michigan.
We believe Mr. Hancock’s global business experience, strong business acumen, and extensive technical expertise qualifies him well to serve on our Board.
There have been no related party transactions between the Company and Mr. Hancock, and there were no arrangements or understandings between Mr. Hancock and any other person to which he was selected as director.
Mr. Hancock will be compensated to the Company’s non-employee director compensation plan as disclosed in the Company’s Proxy Statement on Schedule 14A for the 2018 Annual Meeting of Stockholders including, without limitation, an initial grant of options to purchase 50,000 shares of the Company’s common stock vesting ratably on a monthly basis over three years, effective as of, and with an exercise price equal to the closing price of the Company’s common stock on the date the directorship commences.
A copy of the press release announcing Mr. Hancock’s appointment is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by this reference.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit No. | Description |
| 99.1 | Press release, dated January 7, 2019 |
Cryoport, Inc. Exhibit
EX-99.1 2 tv510470_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Cryoport Appoints Daniel M. Hancock to Board of Directors IRVINE,…
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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.