Onconova Therapeutics,Inc. (NASDAQ:ONTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Onconova Therapeutics,Inc. (NASDAQ:ONTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Onconova Therapeutics,Inc. (NASDAQ:ONTX) 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 July26, 2018, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Onconova Therapeutics,Inc. (the “Company”) approved stock option awards for the Company’s employees, including each of the Company’s named executive officers, to the Onconova Therapeutics,Inc. 2018 Omnibus Incentive Compensation Plan (the “2018 Plan”). In determining the number of shares subject to each named executive officer’s stock option award, the Compensation Committee considered recommendations from Radford, the Company’s independent compensation consultant. To support its recommendations, Radford utilized data from the Company’s updated 2018 peer group and competitive market survey data.

The Compensation Committee awarded the following stock option awards to the Company’s named executive officers:

NamedExecutiveOfficer

Position

NumberofSharesSubjecttheStockOption

Ramesh Kumar, Ph.D.

Chief Executive Officer

1,065,600

Steven M. Fruchtman, M.D.

President and Chief Medical Officer

400,000

Manoj Maniar, Ph.D.

Senior Vice President of Product Development

300,000

The stock option awards will vest over three years, one-third on the first anniversary of the date of grant and thereafter in 24 equal monthly installments over the following two years, subject to the named executive officer’s continued employment or service through the applicable vesting dates and are in all cases subject to the terms and conditions of the Company’s form of nonqualified stock option award agreement and the 2018 Plan.

The 2018 Plan was filed with the Company’s Current Report on Form8-K, filed with the Securities Exchange Commission (the “SEC”) on June29, 2018 and the form of nonqualified stock option award agreement is attached as an exhibit to this Form8-K. The Company’s filings may be accessed electronically by means of the SEC’s home pageon the Internet at http://www.sec.gov or by means of the Company’s home pageon the Internet at https://onconovatherapeutics.gcs-web.com under the heading “Investors& Media — Financial Information — SEC Filings.”

Item 5.02 Financial Statements and Exhibits.

(d)

Exhibit Number

Description

10.1

Formof Nonqualified Stock Option Award Agreement under the Onconova Therapeutics,Inc. 2018 Omnibus Incentive Compensation Plan.


Onconova Therapeutics, Inc. Exhibit
EX-10.1 2 a18-17981_1ex10d1.htm EX-10.1 Exhibit 10.1   ONCONOVA THERAPEUTICS,…
To view the full exhibit click here

About Onconova Therapeutics,Inc. (NASDAQ:ONTX)

Onconova Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company operates through the identification and development of oncology therapeutics segment. It is focused on discovering and developing small molecule drug candidates to treat cancer. The Company has created a targeted anti-cancer agents designed to work against specific cellular pathways that are important to cancer cells. It has over three clinical-stage product candidates and various preclinical programs that target kinases, cellular metabolism or cell division in preclinical development. The Company’s lead product candidate, rigosertib, is being tested in both intravenous (IV) and oral formulations as a single agent, and the oral formulation is also being tested in combination with azacitidine, in clinical trials for patients with myelodysplastic syndromes (MDS), and related cancers. Its other product candidates include Briciclib and Recilisib.