ONCOSEC MEDICAL INCORPORATED (NASDAQ:ONCS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On July 16, 2018, the Board of Directors (the “Board”) of OncoSec Medical Incorporated (the “Company”) approved (i) the appointment of Ms. Sara M. Bonstein as the Company’s new Chief Financial Officer/Chief Operating Officer, and (ii) the entry into an executive employment agreement with Ms. Bonstein in connection with such appointment. Such appointment became effective on July 16, 2018.
Ms. Bonstein has extensive experience in leading biotech companies. While at Eli Lilly & Company, Ms. Bonstein was a Six Sigma Champion and Black Belt, leading multiple projects relating to clinical research, project management, finance, manufacturing, and commercial sales. Prior to her Six Sigma role, Ms. Bonstein held positions of increasing responsibility at ImClone (which was acquired by Eli Lilly in 2008) including Director of Development Finance where she led all budget and forecast activities for preclinical, clinical and manufacturing research and development. While at Advaxis, she established a strong track record of achieving corporate objectives and streamlining business operations, was responsible for the overall leadership and management of its operations, including corporate finance, investor relations, business development, IT, facilities, legal and human resources and was named the NJBIZ 2016 CFO of the Year for Healthcare for her work.
Ms. Bonstein holds a B.S. in Finance from The College of New Jersey, an M.B.A from Rider University and is a graduate of Johnson & Johnson’s Financial Leadership Development Program.
In connection with the appointment of Ms. Bonstein as the Company’s Chief Financial Officer/Chief Operating Officer, the Company has entered into an executive employment agreement with Ms. Bonstein (the “Bonstein Employment Agreement”). The terms of the Bonstein Employment Agreement generally provide for the following, among other things:
● Eligibility to receive additional equity awards at the discretion of the Board or a committee thereof; and
● If Ms. Bonstein is terminated other than For Cause or if Ms. Bonstein terminates her employment with the Company for Good Reason, then she will be entitled to receive severance compensation from the Company of (i) if such termination occurs at least six months but less than 12 months after the commencement date of her employment, cash payments equal to ½ of Ms. Bonstein’s then-current annual base salary and annual performance-based bonus plus six months’ of medical and dental COBRA premiums; and (ii) if such termination occurs at least 12 months after the commencement date of her employment, cash payments equal to Ms. Bonstein’s then-current annual base salary and annual performance-based bonus plus 12 months’ of medical, vision, and dental COBRA premiums.
The above description of the Bonstein Employment Agreement is intended to be a summary, it does not purport to be complete and it is qualified in its entirety by reference to the full text of the Bonstein Employment Agreement. A copy of the Bonstein Employment Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
No family relationships exist between Ms. Bonstein and any of the Company’s directors or other executive officers. There are no arrangements between Ms. Bonstein and any other person to which Ms. Bonstein was selected as an officer, nor are there any transactions to which the Company is or was a participant and in which Ms. Bonstein has a material interest subject to disclosure under Item 404(a) of Regulation S-K.
In connection with Ms. Bonstein’s appointment as Chief Financial Officer/Chief Operating Officer, the Company announced that Richard Slansky is stepping down as Chief Financial Officer effective as of July 16, 2018, but will remain employed by the Company until August 1, 2018.
Item 9.01 Financial Statements and Exhibits.
ONCOSEC MEDICAL Inc ExhibitEX-10.1 2 ex10-1.htm Exhibit 10.1 EXECUTIVE EMPLOYMENT AGREEMENT This Executive Employment Agreement (the “Agreement”),…To view the full exhibit click here
About ONCOSEC MEDICAL INCORPORATED (NASDAQ:ONCS)
OncoSec Medical Incorporated is a biotechnology company. The Company is focused on designing, developing and commercializing gene therapies, therapeutics and medical approaches to stimulate an anti-tumor immune response for the treatment of cancer. The Company’s lead product candidate, ImmunoPulse IL-12, consists of a plasmid construct encoding the proinflammatory cytokine, IL-12, which is delivered into the tumor through in vivo electroporation. As of July 31, 2016, the Company was pursuing two Phase II trials: ImmunoPulse IL-12 monotherapy in patients with metastatic melanoma and ImmunoPulse IL-12 plus pembrolizumab in patients with advanced, metastatic melanoma. In addition, it is pursuing ImmunoPulse IL-12 monotherapy in patients with triple negative breast cancer. Its ImmunoPulse product candidates are based on its deoxyribonucleic acid (DNA)-based immunotherapy technology, which is designed to stimulate the human immune system, resulting in systemic anti-tumor immune responses.