CYTORI THERAPEUTICS, INC. (NASDAQ:CYTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 27, 2016, Ronald A. Martell accepted an appointment to fill a newly created seat on the Board of Directors (the “Board”) of Cytori Therapeutics, Inc. (the “Company”). Mr. Martell was appointed to the Board upon the recommendation of the Governance and Nominating Committee of the Company, and to the bylaws of the Company.
Mr. Martell will participate in the Company’s standard non-employee director compensation program and will receive an annual retainer of $40,000 for his service on the Board. In connection with his appointment to the Board, Mr. Martell will also receive an initial grant of options to purchase up to 50,000 shares of common stock of the Company, which will have an exercise price per share equal to the fair market value of the common stock on the date of grant and which are expected to vest and become exercisable in substantially equal installments on each of the first two anniversaries of the date of Mr. Martell’s acceptance. Mr. Martell will be eligible for ongoing compensation for his service on the Board and any committees thereof on which he serves in accordance with the Company’s standard non-employee director compensation program.
There are no arrangements or understandings between Mr. Martell and any other persons to which he was selected as a director, and there are no transactions in which the Company is a party and in which Mr. Martell has a material interest subject to disclosure under Item 404(a) of Regulation S-K. The Board has determined that Mr. Martell meets the applicable independence requirements of The NASDAQ Stock Market LLC.
About CYTORI THERAPEUTICS, INC. (NASDAQ:CYTX)
Cytori Therapeutics, Inc. (Cytori) is a biotechnology company engaged in the development of treatments and devices for a range of disorders using cells as a key part of the therapy. The Company develops cellular therapeutics formulated and optimized for specific diseases and medical conditions and related products. It is focused on developing primary product, Cytori Cell Therapy, for patients with scleroderma hand dysfunction, orthopedic disorders, cardiovascular disease, urinary incontinence and thermal burns, including those complicated by radiation. Its cellular therapeutics are collectively known by the name, Cytori Cell Therapy, which consists of a heterogeneous population of specialized cells, including stem cells that are involved in response to injury, repair and healing. These cells are extracted from an adult patient’s own adipose tissue using its automated, enzymatic, sterile Celution System devices and consumable sets at the place where the patient is receiving their care. CYTORI THERAPEUTICS, INC. (NASDAQ:CYTX) Recent Trading Information
CYTORI THERAPEUTICS, INC. (NASDAQ:CYTX) closed its last trading session down -0.11 at 1.36 with 279,502 shares trading hands.