ProtoKinetix, Incorporated (OTCMKTS:PKTX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
The Company is working on securing a successor CFO who will take over upon Ms. Woodward’s departure from the Company.
Item 1.02 Termination of a Material Definitive Agreement
to the agreement described in Item 1.01 above, Ms. Woodward’s departure from her position as chief financial officer will be prior to the natural expiration of her consulting agreement, dated December 30, 2016 and due to expire on December 31, 2017 (the “Consulting Agreement”). Upon the filing of the Company’s quarterly report for the quarter ended September 30, 2017, and Ms. Woodward’s subsequent resignation, the Consulting Agreement will terminate.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On November 3, 2017 the Company issued a second unsecured promissory note to Clarence E. Smith in the amount of $30,000. The outstanding principal balance on the promissory note is due on demand by Clarence E. Smith and shall accrue simple interest at a rate of 8% per annum from the date the principal balance was advanced.
The above listed promissory notes were issued by the Company in order to acquire the funds necessary to re-purchase Susan M. Woodward’s stock options to purchase up to 12 million shares of common stock of the Company to the settlement agreement discussed in item 1.01 above and attached as Exhibit 10.1 to this Form 8-K current report.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
See Item 1.01 above.
Item 8.01 Other Events
Effective upon the filing of the Company’s Form 10-Q for the quarter ending September 30, 2017, the Company’s address shall be: 412 Mulberry St., Marietta, Ohio 45750.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
ProtoKinetix, Inc. ExhibitEX-10.1 2 ex10x1.htm EXHIBIT 10.1 Exhibit 10.1 SETTLEMENT AGREEMENT AND GENERAL RELEASE This Agreement and General Release (this “Agreement”) is made and entered into as of the 3rd day of November 2017,…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.
