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Chairman and Chief Executive Officer
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Ocata Therapeutics, Inc. is a clinical stage biotechnology company focused on the development and commercialization of new therapies in the field of regenerative medicine. Ocata's most advanced products are in clinical trials for the treatment of Stargardt's m... more.
Chief Executive Officer
Chairman and Chief Executive Officer
Top Telecom Banker
Chairman and Chief Executive Officer
Interim Chairman and Chief Executive Officer
Chief Executive Officer and Chairman
Managing Director, Co-Head and Founder
Nonetheless, on May 1, 2013, the CEO and Chairman of Ocata Therapeutics, Gary Rabin, wrote in a written interview for the Knoepfler Lab Stem Cell Blog that, "Our IP position includes claims around inducing pluripotency using Oct-4, as well as zero footprint reprogramming using vectorless technology.
Interview with Gary Rabin of Advanced Cell Technology (ACT). Knoepfler Lab Stem Cell Blog, [blog]. Available at: http://www.ipscell.com/2013/05/interview-with-gary-rabin-of-advanced-cell-technology-actc/. Web. 9 Apr. 2015.  Fate Therapeutics (2012). Fate Therapeutics and BD Biosciences Launch BD SMC4 to Improve Cellular Reprogramming and iPS Cell Culture Applications [Press release]. June 11, 2012.
However, as of October 1, 2013, we determined that the roles should be separated and Mr. Heffernan became the Chairman of the Board of Directors and Mr. Rabin became Chief Executive Officer and a member of the Board of Directors.
Subsequently, on January 21, 2014, the Board and Mr. Rabin mutually agreed that he would cease serving in his roles as Chief Executive Officer and as a director of the Company, effective immediately. Gary Rabin, a director and Chief Executive Officer, filed a Form 4 late with respect to one transaction executed in January 2013. This section describes the compensation program for the following executive officers, each of which are considered our "Named Executive Officers" for 2013 under applicable SEC rules: Gary Rabin (Chief Executive Officer through January 21, 2014), Robert P. Lanza, M.D. (Chief Scientific Officer) and Edward Myles (Interim President, Chief Financial Officer and Executive Vice President of Corporate Development). Based on its analysis of peer group compensation and practices, Radford recommended, and the Compensation Committee approved, that 2013 base salaries of Mr. Rabin and Dr. Lanza increase by 5% from 2012, which represented the required increase per their respective employment agreements, which were in place at that time. Gary Rabin After considering Radford's report and recommendations, and based on discussions with both Radford and Mr. Rabin, the Compensation Committee established a 2013 cash bonus incentive arrangement for the Named Executive Officers. The target bonus opportunity was 60% of annual base salary for Mr. Rabin, 40% of annual base salary for Dr. Lanza and 35% of annual base salary for Mr. Myles. Gary Rabin (2) On January 21, 2014, the Board and Mr. Rabin mutually agreed that he would cease serving in his roles as Chief Executive Officer and as a director of the Company, effective immediately. In addition to serving as Chief Executive Officer during fiscal year 2013, Mr. Rabin served as Principal Financial Officer through May 2013 and as Chairman of our Board of Directors through September 2013. Employment Agreement with Gary Rabin Effective July 1, 2011, the Company entered into an amended and restated employment agreement with Gary H. Rabin (the "Rabin Agreement"). Pursuant to the Rabin Agreement, the parties agreed as follows: Mr. Rabin would serve as the Company's chief executive officer and chief financial officer for a term commencing on July 1, 2011 until December 31, 2013 (subject to earlier termination as provided therein). The Company would pay Mr. Rabin a base salary of $500,000 per year, through December 31, 2011, which amount shall increase at the end of each full year of the Rabin Agreement, by an amount determined by the board, but by not less than 5% per year. The Company agreed to pay Mr. Rabin a retention bonus of $41,667 within 10 days of execution of the Rabin Agreement. The retention bonus was paid on August 5, 2011. The Company would pay Mr. Rabin a performance bonus in amount (not less than $100,000 per year) to be determined by the Compensation Committee of the Board of Directors. The Company agreed to issue to Mr. Rabin, upon execution of the Rabin Agreement, (i) 10,000,000 shares of restricted common stock, (ii) an option to purchase 10,000,000 shares of common stock with an exercise price equal to fair market value on the date of grant, (iii) an option to purchase 5,000,000 shares of common stock with an exercise price of $0.30, and (iv) an option to purchase 5,000,000 shares of common stock with an exercise price of $0.45. The options will vest, and the shares will no longer be subject to the Company's right to repurchase for aggregate consideration of $1.00, in equal installments on the last day of each calendar quarter commencing on July 1, 2011 and ending on December 31, 2013. If Mr. Rabin's employment under the Rabin Agreement were to be terminated by the Company without cause (as defined therein), or if Mr. Rabin resigns for good reason (as defined therein), the Company would pay Mr. Rabin (in addition to unpaid base salary, performance bonus and incentive bonus to the date of termination), a lump sum equal to the aggregate installments of base salary in effect on the date of termination and otherwise payable in respect of the period commencing on the date immediately subsequent to the date of termination and ending on the earlier to occur of the first anniversary of such date and December 31, 2013; provided, that, Mr. Rabin execute a standard general release within 60 days of termination. On January 21, 2014, the Board and Mr. Rabin mutually agreed that he would cease serving in his roles as Chief Executive Officer and as a director of the Company, effective immediately. Gary Rabin(1)(2)(3) The targets were based on a percentage of annual base salary and this was 60% for Mr. Rabin, 40% of salary for Dr. Lanza and 35% for Mr. Myles. For Mr. Rabin the maximum bonus could not exceed 125% of the target. (2) In accordance with Mr. Rabin's employment agreement, he is normally entitled to no less than $100,000 per year for any performance-based bonus, however he did not renew his agreement which expired December 31, 2013 and left the Company in January 2014. (3) Pursuant to Mr. Rabin's employment agreement, Mr. Rabin was also eligible to earn a fiscal 2013 incentive-based bonus based on the trading price of the Company's common stock as discussed above under "Employment Agreements. The maximum amount Mr. Rabin was eligible to receive was $1,000,000. Gary Rabin These options held by Mr. Rabin vested in full as of July 1, 2011. (2) These options held by Mr. Rabin vested in equal installments on the last day of each calendar quarter commencing on July 1, 2011 and ending December 31, 2013. Gary Rabin Pursuant to the terms of the Rabin Agreement, if Mr. Rabin had been terminated without Cause or had resigned for Good Reason on December 31, 2013, subject to Mr. Rabin executing a general release of claims against the Company, Mr. Rabin would have been entitled to: (i) within 60 days of December 31, 2013, a lump sum payment of $551,250 (equal to his annual base salary then in effect), and (ii) reimbursement to Mr. Rabin on a month-to-month basis of an amount equivalent to Mr. Rabin's and Mr. Rabin's spouse and dependent's COBRA payments for up to 18 months following the date of termination if Mr. Rabin were to properly elective COBRA coverage, or for the maximum COBRA term allowable by then applicable law for coverage of Mr. Rabin, and his spouse and dependents, for an estimated $28,000 in reimbursements over 18 months, and (iii) full vesting of the stock options and restricted stock incentive awards granted under the Rabin Agreement. The accelerated vesting of stock options and restricted stock would have had no impact at December 31, 2013 as all of Mr. Rabin's stock options and restricted stock were fully vested at that date. Directors who are also one of our employees, such as Mr. Rabin, do not and will not receive any compensation for their services as our directors while they are also serving as an employee. Directors have been and will continue to be reimbursed for travel and other expenses directly related to activities as directors. The foregoing compensation structure for the non-employee directors was established and approved by the Compensation Committee and unanimously ratified by the full Board of Directors in October 2012. Gary Rabin Amended and Restated Employment Agreement dated July 1, 2011 by and between the Registrant and Gary H. Rabin* Separation Agreement, dated as of January 21, 2014 by and between the Registrant and Gary Rabin.
Chief Executive Officer Advanced Cell Technology, Inc.
Former Chairman and CEO Gary Rabin has a 25-year career in finance and operations that primarily encompasses investing in, managing and capital-raising for small-cap and emerging growth companies. From 2007 to 2010, he was the Managing Partner of GR Advisors, LLC, investment manager for two long/short hedge funds focused on the media and communications industry. Until June 2007, he was a Portfolio Manager at MACInvestment Management, LLC ("MAC"), which he joined in November 2005. MAC was a long/short fundamental equity hedge fund concentrating on growth-oriented stocks including technology, communications and healthcare. Previously, he was a Managing Director and Portfolio Manager at Marketus Associates, a long/short hedge fund where he focused on communications, healthcare services, energy and special situations. Prior to that, he was Managing Director and Co-Head of the Media and Telecom Investment Banking Group at CIBC World Markets ("CIBC"), where he was responsible for all corporate finance and M&A, financial restructurings, and principal investing activities (both debt and equity) within the sector. Before joining CIBC, Mr. Rabin served in an operating capacity at a broadband services company when he was Chief Strategy Officer of CAIS Internet, Inc. ("CAIS"). At CAIS, he was responsible for raising over $500 million of financing commitments in both the public equity markets and from his relationships at Kohlberg, Kravis Roberts & Co., Qwest Communications, Cisco, Nortel, 3Com and Microsoft. Mr. Rabin has also started and served as Managing Director and Head of the Global Telecom Investment Banking Group at ING Barings Furman Selz, and was a founder of the telecom group at UBS Securities. He began his career in finance in 1987, and concentrated on energy, utilities, and metals until 1993. Throughout his career, Mr. Rabin has been responsible for building and developing businesses. Mr. Rabin earned an AB in Economics from the University of Michigan.