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 May 26, 2017, Cryoport, Inc. (the Company) entered into an
employment agreement effective June 1, 2017 (the Agreement) with
Mr. Jerrell W. Shelton with respect to his employment as
President and Chief Executive Officer of the Company, which
replaces the prior employment agreement between Mr. Shelton and
the Company dated as of June 28, 2013 that expired on May 4,
2017.
The Agreement provides for an annual base salary in an amount
determined by the Companys Compensation Committee of the Board of
Directors of the Company and Mr. Sheltons annual base salary was
increased to $550,000 effective on June 1, 2017. Mr.Shelton is
eligible to participate in the equity incentive plans and cash
bonus plans adopted by the Company from time-to-time. If Mr.
Shelton terminates the Agreement, he dies, or he is terminated
for cause, he will be entitled to all compensation and benefits
that he earned through the date of termination. If he is
terminated without cause or he terminates for good reason, he
will be entitled to continuation of base salary for eighteen (18)
months following termination and one half of unvested options as
of date of termination shall become fully vested; provided that
if the termination date is within twelve months after a change in
control of the Company, then all of the unvested options as of
such date will become fully vested. Mr. Shelton has agreed not to
solicit or encourage or attempt to solicit or encourage any
employee of the Company to leave employment with the Company
during the term of the Agreement and for a period of eighteen
(18) months following the termination of the Agreement. The
Agreement expires on June 1, 2021.
In addition, the Compensation Committee has established a policy
for the review of possible option grants to all employees; in
accordance with this policy, Mr. Shelton was awarded options
giving him the right to acquire an aggregate of 340,000 shares of
the Companys common stock at an exercise price equal to the
closing price of the Companys common stock on the date of the
grant, or $3.44 per share, and are subject to the terms of the
Companys 2015 Omnibus Equity Incentive Plan. The option vests
monthly over four years; provided that up to one half of the
options may accelerate based on achievement of certain
performance goals.
The foregoing description of the Agreement is qualified in its
entirety by reference to the full text of the Agreement attached
as an exhibit, which is filed as Exhibit 10.1 to this Current
Report on Form 8-K and is incorporated by reference herein.
Item 9.01.Financial Statements and Exhibits.
| (d) | Exhibits. |
| Exhibit No. | Description |
| 10.1 |
Employment Agreement effective as of June 1, 2017 between Cryoport, Inc. and Jerrell W. Shelton |
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. CRYOPORT, INC. (NASDAQ:CYRX) Recent Trading Information
CRYOPORT, INC. (NASDAQ:CYRX) closed its last trading session up +0.02 at 3.20 with 47,832 shares trading hands.