OncoCyte Corporation (NYSEMKT:OCX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

OncoCyte Corporation (NYSEMKT:OCX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 27, 2017, we entered into an Employment Termination and Release Agreement (the “Agreement”) with our Vice President of Research Karen Chapman in connection with her resignation. Dr. Chapman’s employment will terminate on March 22, 2017.
We will pay Dr. Chapman an annual bonus of $69,000 based on her performance as an OncoCyte employee during 2016, and she will be entitled to receive payments of installments of her regular base salary, any paid time off remaining unused or unpaid, and coverage by any OncoCyte employee benefit plans available for all OncoCyte employees generally, through March 22, 2017 when her employment terminates.
Under the Agreement, we have agreed to extend to February 28, 2018 the expiration date of Dr. Chapman’s employee stock options that are vested on the termination date of her employment. In consideration of the extension of the expiration of date of her vested stock options, Dr. Chapman has agreed that until May 31, 2017 she will not, without our prior written consent, offer, sell, contract to sell, pledge, grant any option to purchase or otherwise dispose of, or enter into any short sale, hedging or similar transactions with respect to, any “Lock-up Shares,” as defined in the Agreement with reference to her vested stock options. Dr. Chapman may, however, enter into a 10b5-1 planned sale agreement provided that any sale transactions do not take place prior to May 31, 2017.
Under the Agreement, Dr. Chapman has also agreed to release OncoCyte, BioTime, Inc. (“BioTime”), BioTime subsidiaries, and each of their respective former, current or future officers, directors, employees, agents, fiduciaries, shareholders, insurers, and benefit plans from any and all claims, liabilities, causes of action, damages, losses, demands or obligations relating to or based upon, in whole or in part, her employment or termination of employment. She has also agreed to maintain the confidentiality of, and not to disclose or use, confidential information of OncoCyte, BioTime or BioTime subsidiaries.

About OncoCyte Corporation (NYSEMKT:OCX)

OncoCyte Corporation is a development-stage biotechnology company focused in the field of regenerative medicine. The Company is developing molecular cancer diagnostics utilizing a discovery platform that focuses on identifying genetic markers expressed in various types of cancer. It operates through the research and development of diagnostic tests for the detection of cancer segment. Its initial focus will be confirmatory diagnostics, utilizing liquid biopsy technology, for use in conjunction with imaging to confirm initial diagnoses within certain oncology indications. In addition, it will be developing screening diagnostics as replacements for screening imaging procedures. For some indications, it will also be pursuing the probability of recurrence of a specific cancer through the development of prognostics or companion diagnostics that help a physician determine which therapy is the optimal treatment for the patient. It offers diagnostic tests for lung, breast and bladder cancer.

OncoCyte Corporation (NYSEMKT:OCX) Recent Trading Information

OncoCyte Corporation (NYSEMKT:OCX) closed its last trading session down -0.15 at 5.80 with 4,823 shares trading hands.

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