Board of Director Changes:
With the resignation of two board members, the company has two open seats. I think this opens up an opportunity for a board seat for a Rodman & Renshaw related member with another one going to a global shipping company exec. I really think this is good news!
It was noted in Peter Berry’s resignation, that he let the board know in late 2008 of his intention to retire in 2009. It has been widely speculated that he would only stay with the company until they commercialize the one-way shipper. If this is the case, this could be a very good sign that we are near commercialization of the shipper. Mr Berry has a contract calling for $28,890 per month until January 2010. (see below) He also has notes payable with a balance of $143,950 as well as warrants and options for 1,263,000 shares of stock. I don’t think he or anyone would walk away from an opportunity to earn 200 grand during the next seven months unless he could make it up elsewhere. They also need to settle up on the 144 grand.
Here’s what we lost in our two board members:
Thomas S. Fischer, PhD, became a director of Cryoport, Inc. in 2005. He is currently Vice-Chairman of the Board and is chairman of the Compensation and Governance Committee as well as a member of the Audit Committee. Dr. Fischer has over 30 years of experience as a healthcare executive. Currently retired, he provides limited consulting for healthcare organizations. Since 2007 he has been president of Bear Creek Consulting, LLC, a golf club management company. Dr. Fischer served as Senior Vice President and Chief Administrative Officer at Blue Shield of California from 1997 to 1999, and as Senior Vice President, Chief Information Officer from 1994 to 1997. Prior to Blue Shield, he held similar senior management positions with Kaiser Foundation Health Plan, Inc. Dr. Fischer obtained his Doctor of Philosophy in Mathematics from the University of Nebraska and his Bachelor of Science and Master of Science degrees from Portland State University. He is also a graduate of Harvard Business School’s Advanced Management Program.
Peter Berry, has served as a member of the Company’s Board of Directors since December 2002. From December 2002 to February 2009 Mr. Berry served as the Company’s President and Chief Executive Officer, and he continues to serve as a Board director and as a consultant for the Company in an advisory role. Mr. Berry joined CryoPort Systems, Inc. as a consultant in 2002 and became its President, Chief Executive Officer, Chief Operating Officer and a member of its Board of Directors in 2003. Prior to joining the Company, Mr. Berry was Vice President Sales & Marketing for BOC Cryostar, AG in Switzerland from 1996 to 2000 and principal of a private consulting practice from 2001 to 2003. Mr. Berry has over 30 years executive experience in cryogenic equipment with Union Carbide, BOC Group and MVE International. He also has business start up, turnaround, sales/marketing and operations background experience, both domestic and international, in manufacturing and service based industries.
Mr. Berry served as the Company’s President and Chief Executive Officer from April, 2003 to February 20, 2009, when he resigned his position. Mr. Berry continues to serve as a Board director and as a consultant for the Company in an advisory role. Prior to his resignation, Mr. Berry had an annual base salary of $192,000. Mr. Berry’s employment agreement with the Company which originally expired November 1, 2005, had been extended annually by approval of the Board and most recently in December 2008, based on the recommendations of the Compensation Committee, for additional one-year terms. Effective November 1, 2007, the Board approved a one year extension of Mr. Berry’s employment agreement with a monthly base salary for Mr. Berry of $16,000 for the period of November 1, 2007 to October 31, 2008 and an annual cash bonus of up to 40% of his base salary, based on goals and objectives as recommended by the Compensation Committee and approved by the full Board of Directors. Effective November 1, 2008, the Board approved an additional one year renewal of Mr. Berry’s Employment Agreement with a monthly base salary of $16,000 and an annual cash bonus of up to 50% of his base salary, based on goals and objectives met as recommended by the Compensation Committee and approved by the full Board of Directors. In November and December 2008 Mr. Berry voluntarily took a reduction in is monthly pay to $14,500 per month. In February 2008, the Board approved a $30,000 cash bonus for Mr. Berry. Based on the recommendation of the Compensation Committee and approval by the Board, Mr. Berry was granted incentive awards of 26,200 fully vested warrants exercisable at $0.75 per share on August 27, 2007 and 26,200 fully vested warrants exercisable at $1.07 per share on February 28, 2008. The exercise prices of the warrants are equal to the fair value of the Company’s stock as of the grant dates. During his employment term, Mr. Berry also received compensation in the form of health care benefits from the Company. Starting March 1, 2009, Peter Berry entered into a Consulting Agreement to provide advisory services to the Company for the period of March 1, 2009 through January 1, 2010. The compensation for Mr. Berry’s services under this agreement was set for $16,000 for the month of March 2009 and $28,890 for each month thereafter until expiration of the contract.
-I really think we may finally be close. Best Regards-Baseball Fan!
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