Blog: ONCONOVA THERAPEUTICS, INC. : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) – Marketscreener.com

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 10, 2022, Onconova Therapeutics, Inc. (the “Company”) appointed Mark
Guerin, as Chief Operating Officer in addition to his current role as Chief
Financial Officer. Mr. Guerin has served in numerous roles at the Company since
he joined in September 2013 following the Company’s initial public offering and
has served as the Company’s Chief Financial Officer since September 1, 2016.

In connection with Mr. Guerin’s appointment, the Compensation Committee of the
Board of Directors of the Company (the “Compensation Committee”) approved (i) an
adjustment of Mr. Guerin’s base salary to $475,000 per year, (ii) a stock option
award to purchase 50,250 shares of the Company’s common stock (the “Options”)
and (iii) a restricted stock unit award covering 16,500 shares of the Company’s
common stock (the “RSUs”) pursuant to the Onconova Therapeutics, Inc. 2021
Incentive Compensation Plan (the “2021 Plan”). Mr. Guerin and the Company also
entered into an amendment to Mr. Guerin’s employment agreement with the Company
(the “Amendment”), which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and is incorporated herein by reference.

The Options 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 Mr. Guerin’s continued employment or service
through the applicable vesting dates and subject to the terms and conditions of
the Company’s form of nonqualified stock option award agreement and the 2021
Plan.

The RSUs will vest 33% on the first and second anniversaries of the date of
grant and 34% on the third anniversary of the date of grant, subject to
Mr. Guerin’s continued employment or service through the applicable vesting
dates and subject to the terms and conditions of the Company’s form of
restricted stock unit agreement and the 2021 Plan.

On June 10, 2022, Abraham N. Oler, Senior Vice President, Corporate Development
and General Counsel, notified the company of his resignation effective June 17,
2022 to pursue an opportunity outside the biotechnology sector. The Company
waived the notice period required under his employment agreement and thanked
Mr. Oler for his contributions to the Company.

Item 7.01. Regulation FD Disclosure.

On June 13, 2022, the Company issued a press release announcing the appointment
of Mr. Guerin to the Chief Operating Officer position in addition to his current
role as the Chief Financial Officer, the appointment of Dr. Makovski Silverstein
as Senior Director and Head of Corporate Development and the resignation of
Mr. Oler. The press release is attached as Exhibit 99.1 to this Current Report
on Form 8-K and is incorporated into this Item 7.01 by reference.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto,
is being furnished and shall not be deemed “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by
reference into any registration statement or other document pursuant to the
Securities Act of 1933, as amended, except as expressly set forth in such
filing.

Item 9.01. Financial Statements and Exhibits.



Exhibit No.                                   Exhibit
                Employment Agreement Amendment between Onconova Therapeutics, Inc. and
  10.1        Mark Guerin dated June 10, 2022

  99.1          Press Release dated June 13, 2022

              Cover page interactive data file (embedded within the Inline XBRL
104.1         document)

© Edgar Online, source Glimpses

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s