Cryoport, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Cryoport, Inc. on October 1, 2015, reporting events that occurred on September 25, 2015. The filing addresses corporate governance changes, specifically the election of a new member to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel and compensation arrangements rather than financial performance.
Material Changes
The primary material change reported is the election of Robert Hariri, M.D., Ph.D., to the Board of Directors. Dr. Hariri brings extensive experience in biomedical technology, cellular therapeutics, and genomics, having served as the chairman and founder of Celgene Cellular Therapeutics and co-founder of Human Longevity, Inc.
Compensation and Governance Details
- Initial Grant: Dr. Hariri received an initial grant to purchase 50,000 shares of common stock, vesting monthly over four years.
- Quarterly Compensation: He elected to receive unregistered common stock in lieu of cash. The share count is calculated based on a quarterly cash equivalent of $10,000 multiplied by 1.15, divided by the volume-weighted average price of the stock for the last five days of the trading month.
- Related Party Transactions: The filing states there are no related party transactions between the Company and Dr. Hariri, and no special arrangements influenced his selection.
Investor Verification Checklist
- Verify the vesting schedule and exercise terms of the 50,000 share option grant.
- Confirm the calculation methodology for quarterly stock compensation relative to the company's stock price volatility.
- Review the attached press release (Exhibit 99.1) for additional strategic context regarding Dr. Hariri's appointment.
- Check subsequent filings for any changes to the Board composition or compensation plan.