5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
February 1, 2019 (the “Start Date”), OWC Pharmaceutical Research Corp. (the “Registrant”) appointed Ms.
Sigal Russo as Chief Financial Officer of the Registrant and its wholly-owned Israeli subsidiary, One World Cannabis Ltd. Sigal
Russo will replace Yossi Dagan who resigned as Chief Financial Officer of the Company on February 1, 2019, effective immediately.
Mr. Dagan is leaving the Company on amicable terms to pursue other opportunities.
Russo, aged 40, is a Certified Public Accountant licensed in Israel. Most recently, Ms. Russo served as Senior Director of Finance
of Rosetta Genomics Ltd. (NASDAQ: ROSG), a molecular diagnostics company, where she was responsible for all aspects of Rosetta
Genomics’ finances, and reported to the chief financial officer. Ms. Russo served in various roles at Rosetta Genomics since
2008. Prior to her tenure at Rosetta Genomics, Ms. Russo was an audit manager at Ernst & Young in Israel, specializing in
audits of companies from various fields, both publicly traded and privately owned American and Israeli entities, from 2004 to
2008. Ms. Russo holds a BA in Economics and Accounting, from the Ruppin Academic College.
Russo is entitled to the following compensation in connection with her employment with the Company:
Ms. Russo’s annual salary will be $
and Ms. Russo will also receive a one-time signing bonus of $6,600.
The board of directors approved on February 4, 2019 an option grant to Ms. Russo, to purchase up to 1,500,000
shares of the Registrant’s common stock, under the Registrant’s stock incentive plan. The options shall vest over
a 3-year period from the vesting start date, such that 500,000 Options shall vest upon the one year anniversary of the Start Date
and the remaining Options shall vest in eight equal quarterly installments thereafter.
OWC Pharmaceutical Research Corp
Pharmaceutical Research Corp., through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., (collectively “OWC”
or the “Company”) conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments
for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines.
is also developing unique and effective delivery systems and dosage forms of medical cannabis. All OWC research is conducted at
leading Israeli hospitals and scientific institutions and led by internationally renowned investigators.
Mordechai Bignitz, Chief Executive Officer - OWC Pharmaceutical research crop,