ProtoKinetix, Incorporated (OTCMKTS:PKTX) 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 June 12, 2020, in order to free up shares of common stock available for awards under the Amended 2017 Stock Option and Stock Bonus Plan (the “2017 Plan”), the Board of Directors (the “Board”) of ProtoKinetix, Incorporated (the “Company”) canceled options to the 2017 Plan as follows:
| · | Michael Guzzetta (CFO): Canceled options to purchase 4,000,000 shares of common stock of the Company at an exercise price of $0.26 per share. |
| · | Grant Young (Consultant): Canceled options to purchase 5,000,000 shares of common stock of the Company at an exercise price of $0.26 per share. |
Also on June 12, 2020, the Board granted 7,000,000 new stock options (3,500,000 to the Company’s CFO and 3,500,0000 to the consultant) with a term of six years, fully vested and exercisable at a price of $0.12 per share, expiring on June 11, 2026. Mr. Guzzetta and Mr. Young agreed to the cancelation and subsequent new issuance of options.
To date 83,100,000 options have been granted and remain outstanding under the 2017 Plan.
About ProtoKinetix, Incorporated (OTCMKTS:PKTX)
ProtoKinetix, Incorporated is a research and development-stage bio-technology company. The Company is focused on scientific medical research of Anti-Freeze Glycoproteins (AFGPs) or anti-aging glycoproteins, known as AAGPs. AFGP is found in nature as a compound produced by some fish, insects, reptiles, bacteria and plants that enable survival in freezing temperatures. Health Care Applications of AAGP fall into various categories, such as harvesting, storage and transplanting cells, tissues and organs, and treatments for conditions and diseases caused by stress factors, including ultraviolet (UV) radiation, oxidation and inflammation. The Company is engaged in preparing to start Phase I and Phase II human clinical trials at the University of Alberta.
