ProtoKinetix, Incorporated (OTCMKTS:PKTX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
ProtoKinetix, Incorporated (the “Company” or “ProtoKinetix”) has previously entered into consulting agreements with Clarence E. Smith, the Company’s President and Chief Executive Officer, Edward P. McDonough, a member of the Board of Directors, and Grant Young each effective January 1, 2017. Effective September 1, 2017, the Company entered into first amendments to each of the consulting agreements.
The amendments extended the term of each agreement from December 31, 2017 to December 31, 2018. Additionally, the amendments provide for automatic renewal in one-year increments upon expiration of the amended term unless either party gives 30 days written notice of its intention not to renew.
On September 1, 2017, Mr. Smith, Mr. McDonough and Mr. Young, in connection with their respective amended agreements, were granted the following stock options to the Company’s 2017 Stock Option and Stock Bonus Plan (the “2017 Plan”) at an exercise price equal to the average of the closing price as quoted on the over-the-counter markets on each trading day between August 1, 2017 and August 31, 2017:
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Mr. Smith: 5,000,000 shares of common stock of the Company at an exercise price of $0.06 per share. to an option agreement between Mr. Smith and the Company in substantially the form attached to the 2017 Plan, the option vests in quarterly installments of 1,250,000 shares of common stock until fully vested.
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Mr. McDonough: 1,000,000 shares of common stock of the Company at an exercise price of $0.06 per share. to an option agreement between Mr. McDonough and the Company in substantially the same form attached to the 2017 Plan, the option vests in quarterly installments of 250,000 shares of common stock until fully vested. |
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Mr. Young: 5,000,000 shares of common stock of the Company at an exercise price of $0.06 per share. to an option agreement between Mr. Young and the Company in substantially the same form attached to the 2017 Plan, the option vests in quarterly installments of 1,250,000 shares of common stock until fully vested. |
In addition to changes described above, certain other clerical amendments were made to each of the consulting agreements.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 1, 2017 the Company entered into amendments related to the consulting agreements of Mr. Smith and Mr. McDonough as described in Section 1.02 above.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
ProtoKinetix, Inc. ExhibitEX-10.1 2 ex10x1.htm EXHIBIT 10.1 Exhibit 10.1 AMENDMENT TO CONSULTING AGREEMENT This Amendment to the Consulting Agreement (the “Amendment”) is entered into on September 1,…To view the full exhibit click here
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.
