Jeffrey Parry
About Jeffrey Parry
Independent director at ELAB (PMGC Holdings Inc.); age 64; appointed June 2023. Background spans restructuring and maritime operations: founder/partner at Mystic Marine Advisors LLC (since 1998), former Executive Chairman at TBS Shipping (2012–2018), and CEO of Nasdaq-listed Aries Maritime Transport Limited (2008–2009). Education: BA, Brown University; MBA, Columbia University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TBS Shipping Limited | Executive Chairman | 2012–2018 | Led successful restructuring; co-founded Valhalla Shipping with $167M equity investment by institutions |
| Aries Maritime Transport Limited (Nasdaq) | Chief Executive Officer | Jul 2008–Oct 2009 | Led turnaround and sale to strategic investors |
| Poten & Partners | Managing Director | 2001–2007 | Co-founded Poten Capital Services LLC (broker-dealer) in 2006 |
| Cool FM; 7X Television (Athens, Greece) | Founder | Earlier career | Media entrepreneurship |
| One Fifth Avenue Apartment Corporation | President | Earlier career | Governance role |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mystic Marine Advisors LLC | Founder/Partner | 1998–present | Advisory firm focused on emerging/turnaround situations |
| Globus Maritime Ltd (Nasdaq) | Independent Director | 2010–present | Audit Committee member |
| Digitrax Entertainment Inc. | Independent Director | Since 2022 | Music technology startup |
Board Governance
- Independence: Board determined Parry is independent under Nasdaq rules; annual questionnaires and review support no material relationships .
- Committees: Chair, Nominating & Corporate Governance; Member, Audit; Member, Compensation .
- Board meetings: 6 meetings in FY 2024 (attendance rate not disclosed). Audit Committee met 4 times in FY 2024, with private sessions with auditors and executive sessions .
- Director oversight: Audit Committee reviews related-party transactions and cybersecurity; Compensation Committee governs exec and director pay; Nominating Committee sets board composition and governance criteria .
- Annual/Special meeting attendance: Company does not require directors to attend stockholder meetings .
Fixed Compensation
| Component | FY 2024 Actual | Current Policy (as of Oct 2025) | Notes |
|---|---|---|---|
| Annual cash retainer (Independent Director) | $55,000 | $55,500; paid quarterly at $13,875 | Meeting/attendance bonuses may be paid (not itemized); reasonable expenses reimbursed |
Performance Compensation
| Award Type | Grant Date | Quantity | Price/Terms | Vesting | Status |
|---|---|---|---|---|---|
| Non-statutory stock options (Director) | Jun 1, 2023 | 49 shares pre-adjusted; 14 shares as-adjusted | Exercise price $7,000 pre-adjusted; $24,500 as-adjusted; 10-year life | 25% at 1-year; remaining 75% monthly over 36 months | Beneficial ownership indicates 11 options exercisable within 60 days as of Oct 10, 2025 |
| Advisory board options | Aug 16, 2021 | 30 shares | $840 exercise price; 10-year life; vest accelerated Dec 3, 2022 | Accelerated to full vesting | Exercised all 30 on Dec 16, 2022 |
| Advisory board options | Sep 30, 2022 | 12 shares | $840 exercise price; 10-year life; vest accelerated Dec 3, 2022 | Accelerated to full vesting | Not separately disclosed as exercised |
Equity plan includes clawback provisions consistent with Dodd-Frank and exchange listing standards . Hedging transactions by directors are prohibited under insider trading policy .
Other Directorships & Interlocks
| Company | Relationship to ELAB | Potential Conflict/Interlock |
|---|---|---|
| Globus Maritime Ltd (Nasdaq) | Unrelated industry (shipping) | No ELAB customer/supplier linkage disclosed; audit committee role underscores financial oversight experience |
| Digitrax Entertainment Inc. | Unrelated industry (music tech) | No ELAB linkage disclosed |
Expertise & Qualifications
- Financial and operational restructuring experience; investment banking familiarity; board experience at Nasdaq-listed company .
- Education: BA (Brown), MBA (Columbia) .
- Governance: Chairs Nominating Committee; serves on Audit and Compensation; experience with audit oversight and director selection frameworks .
Equity Ownership
| Metric | Mar 6, 2025 | Oct 10, 2025 |
|---|---|---|
| Common shares owned | 30 shares | 9 shares |
| Options exercisable within 60 days | 29 shares | 11 shares |
| Series B Preferred | 0 | 0 |
| % of Common Stock | <1% | <1% |
| % of Voting Power | <1% | <1% |
Note: Company executed multiple reverse stock splits (1:200 on Nov 27, 2024; 1:7 on Mar 10, 2025; 1:3.5 on Sep 2, 2025). Share counts and option quantities shown in filings are retrospectively adjusted .
Governance Assessment
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Strengths:
- Independent status, multi-committee membership, and Chair of Nominating Committee support governance rigor and board refresh processes .
- Audit Committee involvement in related-party transaction approval and cybersecurity oversight enhances investor protections .
- Modest personal ownership and standard director cash retainer reduce potential self-enrichment risk for Parry; no Series B Preferred exposure .
-
Risks/Red Flags (company-level environment Parry operates within):
- Extreme voting concentration in Series B Preferred held by GB Capital (CEO) and Northstrive (Chairman): combined ~92% voting power if issuances approved, which can diminish minority investor influence and board accountability .
- Staggered board adoption (effective 2026) may further entrench incumbents, limiting rapid shareholder-driven change .
- Extensive related-party consulting and secondment agreements with GB Capital and Northstrive demand robust Audit Committee scrutiny to prevent conflicts and ensure arm’s-length terms .
-
Implications for board effectiveness and investor confidence:
- Parry’s committee roles position him as a key check-and-balance on related-party matters and board composition. His independence and external audit committee experience are positives, but effectiveness will hinge on rigorous enforcement of charters and transparent disclosures amid concentrated control and milestone-heavy executive agreements .
Section 16(a) compliance: Company states directors/officers complied in FY 2024, except a Form 3 for another director; no delinquency noted for Parry .
Attendance: Specific director attendance rates are not disclosed; Board met 6 times; Audit Committee met 4 times in FY 2024 .
Director compensation structure: Cash retainer dominant in 2024; prior equity option grant in 2023. No committee chair fee table disclosed; meeting fees referenced generally .
Policies: Hedging prohibited; clawback in equity plan; code of ethics and committee charters publicly posted .