Form 8-K for NOVELOS THERAPEUTICS, INC.
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15-Dec-2006
Unregistered Sale of Equity Securities, Financial Statements and Exhib
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
On December 11, 2006, we granted options to purchase common stock to the persons and in the amounts that follow:
Executive Officers Shares
Harry Palmin 150,000
Christopher J. Pazoles, Ph.D. 100,000
M. Taylor Burtis 100,000
George Vaughn 30,000
We also granted additional options to purchase up to 230,000 shares of common stock to certain other employees and consultants. All of the above options have an exercise price of $0.91 per share which represents the closing price of our common stock on December 11, 2006 as reported on the Over the Counter Bulletin Board and an expiration date of December 11, 2016. The options were granted as compensation for employment or consulting services, as applicable. The options will vest and become exercisable for 1/3 of the maximum number of shares granted on the first anniversary of the date of grant, and shall vest and become exercisable for an additional 1/3 on the last day of each year thereafter, so that the options shall be fully vested on the third anniversary of the date of grant. The options granted to employees are evidenced by an agreement in the form of the incentive stock option agreement filed as Exhibit 10.1 to this report. The options granted to consultants are evidenced by an agreement in the form of the non-statutory stock option agreement filed as Exhibit 10.2 to this report.
These issuances were exempt from registration under the Securities Act of 1933 pursuant to an exemption under Section 4(2) thereof as a sale of securities not involving any public offering.
The form of the incentive stock option agreement, the form of non-statutory stock option agreement and the form of non-statutory director stock option agreement filed as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3, respectively, to this report are the forms to be used for all options granted under our 2006 Stock Incentive Plan.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit No. Description
10.1 Form of Incentive Stock Option under Novelos
Therapeutics, Inc.'s 2006 Stock Incentive Plan
10.2 Form of Non-Statutory Stock Option under Novelos
Therapeutics, Inc.'s 2006 Stock Incentive Plan
10.3 Form of Non-Statutory Director Stock Option
under Novelos Therapeutics, Inc.'s 2006 Stock
Incentive Plan
Insiders Buying = Good!!
Nice find Amo!!
