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TOPIC: Retirement benefits for Chris..

Retirement benefits for Chris.. 29 Oct 2014 04:57 #2555

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Cytori "over-extends itself" to make the separations between the Company and its employees in the present "clean up phase" as positive looking as can be. So the wording is "retirement" instead of "firing" etc

That severance agreements than still are made is not really surprising for a Co-founder. :KO:

As previously disclosed in the Current Report on Form 8-K filed on April 2, 2014, Cytori Therapeutics, Inc. (the “Company”) appointed Marc Hedrick, as President and Chief Executive Officer (“CEO”) following Christopher Calhoun’s retirement from the position of CEO of the Company and agreement to serve as Managing Director during a transition period to facilitate the orderly transfer of his responsibilities.
On October 22, 2014, the Company entered into a Confidential Separation Agreement and General Release of All Claims (the “Agreement”) with Mr. Calhoun. Pursuant to the Agreement Mr. Calhoun resigned his employment with the Company as Managing Director effective September 29, 2014 (“Separation Date”). Mr Calhoun provided the Company a general release of all claims and the Company agreed to pay Mr. Calhoun One Hundred Twenty Nine Thousand Five Hundred and Seventy Six Dollars ($ 129,576) and to continue Mr. Calhoun’s benefits through December 31, 2014 (the “Severance Payments”).
Pursuant to the Agreement, Mr. Calhoun would be eligible to receive additional severance payments (“Additional Severance Payments”) of either six months or twelve months of his annual salary prior to the Separation Date contingent upon the Company executing certain business development transactions for an aggregate of either $ 7 million or $ 15 million in upfront cash license payments to the Company.
Pursuant to the Agreement, all of Mr. Calhoun’s vested stock options (representing 969,165 shares) shall remain exercisable for two years or until they expire pursuant to their terms of grant. Mr. Calhoun’s unvested stock options granted on January 31, 2013, exercisable at $ 2.74 per share (151,042 shares) were accelerated and fully vested and shall also remain exercisable for the period ending two years following the Separation Date. In addition, the Company’s Board of Directors shall determine in its discretion whether to grant Mr. Calhoun any bonus compensation beyond the foregoing Severance Payments for his service to the Company in 2014.
This description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Confidential Separation Agreement and General Release of All Claims, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q to be filed on or about November 6, 2014.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Retirement benefits for Chris.. 29 Oct 2014 06:01 #2556

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this is an 'ex-employee' friendly financing instead of shareholder friendly financing ...ooops, did Marc mix both up ? :-)

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Retirement benefits for Chris.. 29 Oct 2014 06:59 #2557

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Cytori always has "shined" in portraying an irresponsible lack of sensitivity and respect for spending shareholders´money.

I do not think that will change ever- maybe with a new CEO.

I also think there should be a sense of urgency to weed out the BOD- at least 2/3 of the present Directors should be forced out or gently take their hat. :bye:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Retirement benefits for Chris.. 29 Oct 2014 09:00 #2558

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I did not think it possible to find a CEO with worse credibility then Chris Calhoun, however, once again Cytori has managed to do so with Mark
Hedrik. Problem is that share holders that were once powerful and influential have been eviscerated by dilution. Every word out of this guys mouth has been fiction. He has to go although an incompetent BOD would be unable to secure a suitable replacement,that will be able to successfully monetize what is left of Cytori. Fas, still waiting for the answer to your questions, guess response was lost in the mail. This company cares nothing about it's shareholders,never has, never will.

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Retirement benefits for Chris.. 29 Oct 2014 10:36 #2559

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Retirement benefits for Chris.. 29 Oct 2014 11:33 #2563

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My God, you just can't make this stuff up :puke: The gluttony that prevails despite all that has transpired is unbelievable. How do these guys even look in a mirror. :evil: :evil: :evil:

d9

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Retirement benefits for Chris.. 29 Oct 2014 11:44 #2565

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As I posted on another topic, info to follow on class action next week.

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