Patrick Pace
About Patrick W. Pace, M.D.
Independent director appointed in April 2012; age 53 as of March 31, 2025. Managing Director on UTIMCO’s Private Equity team (Leadership Team and Investment Committee), with prior roles at EDG Partners (Advisor), Citadel Investment Group (Managing Director), AIG Investments (led healthcare high yield/distressed), UBS (Senior Analyst, medical devices), and Credit Suisse First Boston (equities). Education: B.A. with Honors in Psychology, Vanderbilt University; M.D., The University of Texas Medical School at Houston .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UTIMCO | Managing Director, Private Equity; Leadership Team; Investment Committee | — | Oversees global PE, VC, private credit |
| EDG Partners | Advisor | — | — |
| Citadel Investment Group | Managing Director | — | — |
| AIG Investments | Led healthcare high yield & distressed debt investing | — | — |
| UBS | Senior Analyst covering medical device industry | — | — |
| Credit Suisse First Boston | Equities professional | — | — |
| University of Virginia Hospital | Resident in Otolaryngology (ENT) | — | — |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| MMIS, Inc. | Board Member | Not disclosed | — |
| Nanospectra Biosciences | Chairman | Private | — |
| UT-Health School of Biomedical Informatics | Advisory Council Member | — | — |
| St. David’s Foundation | Investment Committee Member | — | — |
Board Governance
- Committee assignments: Audit Committee member; Nominating Committee member .
- Independence: Board determined Dr. Pace is independent under NYSE rules; also designated as an “audit committee financial expert” .
- Attendance: Board held 1 in-person and 3 telephonic meetings; Audit Committee met 4 times; each director attended at least 75% of the aggregate meetings; all directors attended the 2024 Annual Meeting of Shareholders .
- Board structure: No Chairman of the Board; three of four directors are independent; audit, compensation, and nominating committees composed entirely of independent directors .
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Per-quarter director fee (cash) | $1,250 |
| Annual retainer (cash) | $5,000 |
| Cash fees paid (fiscal year) | $5,000 |
Notes:
- Director cash compensation is a fixed quarterly retainer; directors are reimbursed for out-of-pocket expenses .
Performance Compensation
| Metric | FY 2024 |
|---|---|
| Equity compensation (options + RSUs) – grant date fair value | $9,778 |
| Equity award structure | Discretionary option/equity grants at Board’s discretion (no disclosed performance metrics) |
- Outstanding options at fiscal year-end (director awards):
- Exercisable: 41,946; Unexercisable: 43,054 .
- No director-specific performance targets tied to equity (e.g., revenue growth, EBITDA, TSR) disclosed; grants valued under ASC 718 .
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Conflict |
|---|---|---|
| UTIMCO | Investment leadership roles | Broad investment reach; no related-party transactions disclosed with ECIA |
| MMIS, Inc. | Board Member | Not disclosed as ECIA supplier/customer; no related-party transactions disclosed |
| Nanospectra Biosciences | Chairman | Not disclosed as ECIA supplier/customer; no related-party transactions disclosed |
Expertise & Qualifications
- Financial and investment expertise with deep healthcare credit/equity experience; designated audit committee financial expert .
- Medical background (M.D., ENT training) complements medical device industry knowledge .
- Prior sell-side and buy-side roles indicate strong analytical rigor and capital markets fluency .
Equity Ownership
| Metric | Value |
|---|---|
| Shares beneficially owned | 187,720 |
| Ownership as % of shares outstanding | 1.58% (based on 11,879,645 shares) |
| Options exercisable within 60 days (included in beneficial ownership calc) | 38,602 |
Outstanding director options (as of fiscal year-end):
| Status | Count |
|---|---|
| Exercisable | 41,946 |
| Unexercisable | 43,054 |
Context:
- Beneficial ownership snapshot as of June 23, 2025; options exercisable within 60 days differ from fiscal year-end outstanding option counts due to timing/vesting dynamics .
Compensation Committee Analysis (Board Context)
- Compensation Committee members: Vern D. Kornelsen and Robert H. Fries; Pace is not a member .
- Committee held one meeting in FY 2025; administers stock option plans; stated view that compensation policies do not create material risk .
- Use of independent compensation consultants not disclosed; no consultant conflicts disclosed .
Related Party Transactions (Board Context)
- FY 2025: $40,727 paid to an entity controlled by director Robert H. Fries for financial and tax consulting services; no related-party transactions disclosed involving Dr. Pace .
Governance Assessment
-
Positives:
- Independence and audit committee financial expert designation bolster investor confidence in financial oversight .
- Engagement: ≥75% attendance and participation in audit/nominating committees; presence at 2024 Annual Meeting indicates commitment .
- Ownership alignment: 1.58% stake including exercisable options suggests meaningful personal exposure for a micro-cap board member .
-
Watch items:
- Board-level related-party payments (to Fries) are a governance sensitivity; not directly implicating Pace but can affect overall board independence perceptions. RED FLAG .
- Two-member audit committee (Kornelsen and Pace) may constrain oversight bandwidth in complex periods despite financial expertise .
- No Chairman/Lead Independent Director may dilute clarity of independent leadership, though committee independence is maintained .
-
Compensation signals:
- Director equity compensation (ASC 718 fair value) present; grants discretionary and not performance-linked for directors, limiting pay-for-performance alignment at the board level .
-
Independence and conflicts:
- UTIMCO role entails broad investment activities; no ECIA-related party transactions disclosed with Pace, mitigating direct conflict risk at this time .