UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 8-K
___________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: December 16, 2011
(Date of earliest event reported)
NOVELOS THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 333-119366 | 04-3321804 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
One Gateway Center, Suite 504
Newton, MA 02458
(Address of principal executive offices)
(617) 244-1616
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 5.02 | COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS |
On December 16, 2011, the Company’s board of directors granted options to purchase a total of 1,460,100 shares of the Company’s common stock under the 2006 Stock Incentive Plan to directors, officers, employees and consultants of the Company, including the following grants to the Company’s Named Executive Officers:
· | An option granted to Harry S. Palmin to purchase 335,100 shares of common stock at an exercise price of $0.45 per share, which option will vest in equal quarterly installments over a four-year period; and |
· | An option granted to Christopher J. Pazoles to purchase 100,000 shares of common stock at an exercise price of $0.45 per share, which option will vest in equal quarterly installments over a three-year period. |
On December 16, 2011, the Company’s board of directors also approved an increase to Mr. Palmin’s base salary from $270,000 to $275,400 and an increase to Dr. Pazoles’ base salary from $250,000 to $255,000. The salary increases will become effective January 1, 2012.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 20, 2011 | NOVELOS THERAPEUTICS, INC. | |
By: | /s/ Harry S. Palmin | |
Name: Harry S. Palmin | ||
Title: President and Chief Executive Officer |
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