imm8k-082207.htm
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported)
August
17, 2007
IMMTECH
PHARMACEUTICALS, INC.
(Exact
name of registrant as specified in its charter)
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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One
North End Avenue
New
York, New York 10282
(Address
of Principal Executive Offices, including Zip Code)
(212)
791-2911
(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):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM 1.01
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Entry
into a Material Definitive
Agreement
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On
August
17, 2007, the Board of Directors (the “Board”) of Immtech Pharmaceuticals, Inc.
(the “Company”) approved the grant of stock options to purchase 138,168 shares
of the Company’s common stock (the “Common Stock”) to all of its non-employee
directors, pursuant to the Company’s 2000 Stock Incentive Plan.
The
Company awarded the stock options to these persons as follows:
Name Number
of Shares of Common Stock Underlying Award
Judy
Lau 50,792
Dr.
Levi
H. K.
Lee 46,792
Donald
F.
Sinex 40,584
The
exercise price of the stock options is $6.85 per share, the fair market value
of
the Common Stock on the date of grant. The stock options expire ten
years from the date of grant. The stock options awarded to Ms. Lau
vest immediately for the purchase of 22,292 shares of Common Stock for Board
service relating to the fiscal year ended on March 31, 2007, and the stock
options to purchase 28,500 shares of Common Stock vest in twenty-four equal
monthly installments beginning on the date of grant for Board service relating
to the fiscal year ending on March 31, 2008. The stock options
awarded to Dr. Lee vest immediately for the purchase of 19,625 shares of Common
Stock for Board service relating to the fiscal year ended on March 31, 2007,
and
the stock options to purchase 27,167 shares of Common Stock vest in twenty-four
equal monthly installments beginning on the date of grant for Board service
relating to the fiscal year ending on March 31, 2008. The stock
options awarded to Mr. Sinex vest immediately for the purchase of 10,084 shares
of Common Stock for Board service relating to the fiscal year ended on March
31,
2007, and the stock options to purchase 30,500 shares of Common Stock vest
in
twenty-four equal monthly installments beginning on the date of grant for Board
service relating to the fiscal year ending on March 31, 2008. The
stock option grants reflect the Board policy for the fiscal year ended on March
31, 2007 of awarding non-employee directors 15,000 stock options for serving
on
the Board, 3,000 stock options for serving as a Board committee member, and
1,000 stock options for serving as the chair of a Board
committee. The stock option grants also reflect the Board policy for
the fiscal year ending on March 31, 2008 of awarding non-employee directors
15,000 stock options for serving on the Board, 10,000 stock options for serving
as the chair of the Audit Committee, 6,000 stock options for serving as the
chair of the Compensation or the Nominating Committees, 5,000 stock options
for
serving as a member of the Audit Committee, and 3,000 stock options for serving
as a member of the Compensation or the Nominating Committees.
SIGNATURES
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.
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Date:
August 22, 2007
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Immtech
Pharmaceuticals, Inc.
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Eric
L. Sorkin
Chairman,
Chief Executive Officer and
President
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