Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 26, 2018, the Board of Directors of Oncolix, Inc. (the “Company”) voted to increase the number of Directors to five from the current four, and elected Sherry Grisewood to serve as a Director until her resignation or replacement by action of the stockholders of the Company. After her election, the Board of Directors is comprised of Ms. Grisewood, Dr. John Holaday, Dale Zajicek, Dr. Jerry Youkey, and Michael Redman, the CEO.
Ms. Grisewood is an experienced financial professional with over 30 years’ experience in investment banking, advisory and research capacities across a wide variety of equity investment and corporate-directed activities, primarily for early stage life science, med-device and related technology companies. She has participated in over 80 transactions involving initial public offerings, secondaries, private placements, M&A and licensing/strategic collaborations. Through her extensive corporate and academic interactions, she has experience with therapeutic areas such as immunotherapy, regenerative medicine, nucleic acid-based technologies and therapeutic medical devices that are being developed by US and non-US life science companies.
Ms. Grisewood has been active at the Board level for several early stage life science and medical device companies over the last 20 years. She is currently the Chairman of the Audit Committee and is a member of the Compensation Committee for Tapimmune, Inc., a NASDAQ-listed, clinical stage cancer immunotherapy company. She is a member of the Board of Directors of Mobitech Regenerative Medicine, Inc., an early stage orthopedics device company. She holds a Bachelor of Science degree, with Highest Honors, in Life Sciences from Ramapo College of New Jersey and earned the Chartered Financial Analyst (CFA) designation. Sherry holds several FINRA licenses, including the general securities principal, investment banking and research principal licenses. She is a member of the CFA Institute, the Tissue Engineering and Regenerative Medicine Society International (TERMIS), the American Society of Gene and Cell Therapy, the European Federation of Biotechnology, Women in Bio and the Jazz Society of New Jersey.
The Company has concluded that the specific experiences, qualifications and skills described above, including, without limitation, the significant background in finance, constitute the skill set necessary to serve as the Company’s Director.
The Company considers Ms. Grisewood, Dr. Holaday and Mr. Zajicek to be independent directors.
As compensation, the Board has granted Ms. Grisewood an option to acquire 1,000,000 shares of Common Stock for $0.036 per share. The option expires June 26, 2023, and vests as follows: 1/3 in the date of grant, 1/3 on the first anniversary and 1/3 on the second anniversary. Ms. Grisewood will also receive cash compensation of $1,000 per month.
The term of each Director continues until the next election by stockholders, or their resignation or removal by action of the majority of stockholders. The next election by stockholders is expected in May 2019.