BIOLIFE SOLUTIONS INC appointed new CEO

Item 5.02 

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.



 
In connection with the Merger and effective as of the Closing, Maurice "Dusty" Tenney, the Chief Executive Officer of GCI prior to the Merger, was appointed as President and Chief Operating Officer of the Company. In connection therewith, Michael Rice, the Company's Chief Executive Officer and President, resigned from his position as President and Roderick de Greef, the Company's Chief Financial Officer and Chief Operating Officer, resigned from his position as Chief Operating Officer. Mr. Rice will continue to serve as the Company's Chief Executive Officer and Mr. de Greef will continue to serve as the Company's Chief Financial Officer.

 

Mr. Tenney, age 58, joins the Company as its Chief Operating Officer and President. Prior to joining the Company, Mr. Tenney was the Chief Executive Officer for GCI since March 2020 where he provided the strategic vision and execution to accelerate and expand growth within the broader life sciences market.

 

Mr. Tenney began his career at General Electric's Aerospace division in Burlington, VT completing its prestigious Edison Engineering program. During his early career, Mr. Tenney held diverse cross-functional roles in engineering, sales and marketing, operations, product and program management, supply chain and international business at GE Aerospace, AlliedSignal and Honeywell. In 2001, Mr. Tenney joined PerkinElmer as the VP of Operations for its Analytical Sciences business. He went on to assume the role of Sr. Vice President of PerkinElmer's Environmental Health business in 2008, where he was responsible for transforming its diverse analytical sciences business comprised of instruments, consumables, services and informatics. In 2014, Mr. Tenney joined Brooks Automation where he held the position as president of its Life Sciences division, driving organic and strategic transformation.

 

Dusty holds a Bachelor of Science in Mechanical Engineering from the University of Maryland - College Park, and a Master of Science in Mechanical Engineering from the University of Vermont.

 

The Company entered into an employment agreement with Mr. Tenney, dated May 3, 2021 (the "Employment Agreement"). The Employment Agreement is not for a definite time period, but rather, will continue until terminated in accordance with its terms. Pursuant to the Employment Agreement, Mr. Tenney will earn a base salary equal to $450,000 per year plus an annual maximum bonus of 70% of Mr. Tenney's base salary, to be payable in cash or stock in the sole discretion of the board of the Company.

 

Mr. Tenney will be entitled to participate in all employee benefit programs established by the Company that are applicable to management personnel. In addition, upon termination without "Cause" (other than by reason of death or disability) or resignation for "Good Reason," Mr. Tenney will receive the following severance payments: (i) his base salary through the date of termination, including unused vacation time and unreimbursed expenses, (ii) a lump sum severance payment equal to 12 months' salary and (iii) an amount equal to the cost of 12 months' medical insurance premiums at a monthly amount equal to the amount of COBRA coverage in effect as of the termination date, plus a tax gross-up with respect to such premiums; provided that if Mr. Tenney's employment is terminated within 90 days following a "Change in Control," Mr. Tenney is entitled to (i) his base salary through the date of termination, including unused vacation time and unreimbursed expenses, (ii) a lump sum severance payment equal to 18 months' salary, (iii) 100% of any incentive cash and/or stock bonus opportunity for the current year and (iv) an amount equal to the cost of 18 months' medical insurance premiums at a monthly amount equal to the amount of COBRA coverage in effect as of the termination date, plus a tax gross-up with respect to such premiums. The Employment Agreement contains a covenant not to compete with the Company or solicit the Company's employees, customers or suppliers for a period of 1 year after the date of termination.

 









 
Other than pursuant to the Merger Agreement and Employment Agreement, there are no arrangements or understandings between Mr. Tenney and any other persons pursuant to which Mr. Tenney was named as an officer. There are also no family relationships between Mr. Tenney and any director, executive officer or person nominated to become a director or executive officer of the Company.

 

The foregoing summary of the Employment Agreement is qualified in its entirety by reference to the text of the Employment Agreement, a copy of which will be attached as an exhibit to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021.