Ting Li
About Ting Li
Ting Li (age 48) has served as an independent director of Harvard Apparatus Regenerative Technology, Inc. (HRGN) since November 6, 2018. She has 20+ years of investment banking experience, is a managing partner at Donghai Securities Co., Ltd. (since 2007), Vice President of the Jilin Enterprise Chamber of Commerce, and advisor to the School of Continuing Education of Tsinghua University. She holds a bachelor’s degree in accounting from Changchun Taxation College and a master’s in software engineering from Jilin University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Donghai Securities Co., Ltd. | Managing Partner | 2007–present | Investment banking leadership; customer–enterprise relationship building |
| Jilin Enterprise Chamber of Commerce | Vice President | Current (not dated) | Business network leadership |
| Tsinghua University – School of Continuing Education | Advisor | Current (not dated) | Advisory role in education |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company boards (past 5 years) | — | — | None disclosed for Ms. Li in HRGN proxy biographies |
Board Governance
- Class II Director; service since 2018; Board determined she is independent under Nasdaq standards (HRGN is not listed on Nasdaq but applies the definition) .
- Committee assignments: Compensation Committee member (committee is entirely independent; chaired by Dr. Shmerling) .
- Attendance: Board held 13 meetings in 2024; each director attended at least 75% of Board and committee meetings of which they were a member; all directors participated in the 2024 annual meeting .
- Committee activity cadence: Audit Committee met 4 times in 2024; Compensation Committee did not hold a formal meeting in 2024 but acted by written consent to review its charter; Governance Committee did not hold a formal meeting in 2024 but acted by written consent .
Fixed Compensation
HRGN compensates non‑employee directors primarily with stock options in lieu of cash fees.
| Component | FY 2024 Amount | Vesting/Structure | Notes |
|---|---|---|---|
| Cash fees | $0 | N/A | No cash retainer paid to non‑employee directors |
| Option awards (grant-date fair value) | $45,000 for Ting Li | Vests in full in quarterly increments over one year | FASB ASC 718 valuation; see 10‑K Note 15 |
| Policy baseline (annual) | $20,000 option award | Quarterly vest over one year | In lieu of cash fees |
| Policy baseline (post‑Annual Meeting) | $25,000 option award | Quarterly vest over one year; grant date is 5th business day after annual meeting | In addition to $20,000 baseline |
Policy amendment (conditional on a ≥$10,000,000 private placement including common stock): initial and annual option grants of 30,000 shares to Board Chair and Audit Chair; 20,000 shares to other non‑employee directors; quarterly vesting over one year .
Performance Compensation
No performance-based metrics are disclosed for director pay; options vest based on time.
| Performance Metrics Tied to Director Compensation | FY 2024 | Notes |
|---|---|---|
| Metrics (revenue, EBITDA, TSR, ESG) | None disclosed | Director options vest in time‑based quarterly increments; no RSUs/PSUs or performance targets cited |
Vesting schedules:
- Baseline director option awards vest in full in quarterly increments over one year from grant .
- Annual option award is granted on the 5th business day following the annual stockholders’ meeting; quarterly vesting over one year .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for Ms. Li |
| Private/non‑profit/academic roles | Vice President, Jilin Enterprise Chamber of Commerce; Advisor, Tsinghua University School of Continuing Education |
| Interlocks with competitors/suppliers/customers | None disclosed for Ms. Li |
| Related party transactions (director-specific) | None disclosed for Ms. Li; Company disclosed a 2024 bridge loan from CEO Junli He, repaid Aug 29, 2024 |
Expertise & Qualifications
- Investment banking expertise; managing partner role since 2007 .
- Education: BS in Accounting (Changchun Taxation College); MS in Software Engineering (Jilin University) .
- Board-relevant skills cited by HRGN: education and investment banking experience supporting Board service .
Equity Ownership
| Metric | As of | Amount | Notes |
|---|---|---|---|
| Beneficial ownership (shares) | Apr 21, 2025 | 133,207; represents <1% | Includes options exercisable within 60 days |
| Beneficial ownership (shares) | Apr 22, 2024 | 115,522; represents <1% | SEC definition includes options exercisable within 60 days |
| Director stock options outstanding | Dec 31, 2024 | 135,758 options | Issued as director compensation; aggregate outstanding by director |
| Anti‑hedging/short‑sale policy | Policy prohibits hedging and short sales for directors and officers | Alignment-positive; pre‑approval required for transactions |
No pledging, ownership guidelines, or deferred compensation for directors are disclosed in the proxy materials reviewed .
Governance Assessment
- Strengths: Independent director; Compensation Committee member; documented attendance (≥75%); option‑based compensation aligns incentives to equity value; formal anti‑hedging policy reduces misalignment risk .
- Watch items:
- Compensation Committee did not hold a formal meeting in 2024, acting by written consent; while permissible, limited meeting cadence may constrain proactive oversight outside charter reviews .
- Director compensation paid solely in options (no cash retainer); alignment is high, but if options are significantly out‑of‑the‑money, retention/engagement could be impacted; no repricing policy was disclosed for directors .
- Conflicts/related parties: No related‑party transactions disclosed for Ms. Li; a 2024 bridge loan with the CEO (repaid) is a company‑level related‑party transaction the Audit Committee must oversee per charter, highlighting the need for robust independent committee process .
Overall, Ms. Li exhibits independence, relevant financial expertise, and sustained engagement. Ensure continued active Compensation Committee oversight (beyond written consents) and monitor option grant practices for dilution and alignment. Board declassification proposals and governance process disclosures suggest responsiveness to shareholder preferences, supporting investor confidence .