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STATES</font></div>
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D.C.&#160;&#160;20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt">CURRENT REPORT</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
of Report (Date of earliest event reported):&#160;&#160;October 21, 2009
(October 18, 2009)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">BIOCANCELL
THERAPEUTICS INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Exact
name of registrant as specified in its charter)</font></div>
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            </td>
            <td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
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            </td>
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      or other jurisdiction of incorporation)</font></div>
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      File Number</font></div>
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      Employer Identification No.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.6pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beck
Science Center, 8 Hartom St, Har Hotzvim, Jerusalem, Israel, 97775</font></div>
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of principal executive offices and zip code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
telephone number, including area code:<font style="DISPLAY: inline; FONT-WEIGHT: bold"> 972-2-548-6555</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
name or former address, if change since last report)</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions:</font></div>
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              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17CFR
      230.425)</font></div>
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              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
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              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
            </td>
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              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      5.02</font></div>
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            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officer</font></div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 18, 2009, we entered into an employment agreement with Mr. Uri Danon,
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pursuant
to which he will serve as our Chief Executive Officer.&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr. Danon
served as our President between 2005 and 2006, and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">has been</font> Chief
Executive Officer of Atox Bio, Ltd.&#160;(which develops treatments for
autoimmune diseases and sepsis), <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">since 2003, and has
informed us of his intention to resign this position after a short transition.
</font>He previously managed international projects for Teva Pharmaceutical
Industries, Ltd.,&#160;including the development of the drug Copaxone in a
solution in pre-filled syringes (a drug with sales of over $2 billion per year),
and was CEO of Epigenesis, Ltd.,&#160;a cell therapy development company.
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">He holds
an MBA in Marketing from Bar Ilan University, and a B.Sc. in Industrial
Engineering and Management from Tel Aviv University.</font></font>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the employment agreement, Mr. Danon will serve as our Chief Executive
Officer&#160;as of November 1, 2009. Either we or Mr. Danon may terminate this
agreement upon the provision of&#160;ninety days&#160;advance written notice to
the other party expressing an intention to terminate the agreement. We also may
terminate this agreement for cause, defined in the agreement as including the
following on the part of Mr. Danon: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i) a
material breach of any term of the&#160;agreement; (ii) any breach of Mr.
Danon's fiduciary duties to us, including, without limitation, any material
conflict of interest for the promotion of his benefit; (iii) fraud, felonious
conduct or dishonesty; (iv) embezzlement of our funds; (v) any conduct which is
materially injurious to us, monetary or otherwise; (vi) conviction of any
felony; (vii) misconduct, gross negligence or willful misconduct in performance
of duties and/or responsibilities assigned in the agreement; or (viii) refusal
to perform the duties and/or responsibilities assigned in the agreement for any
reason other than illness or incapacity, or disregard or insubordination of any
lawful resolution and/or instruction of the Board of Directors with respect to
Mr. Danon's duties and/or responsibilities towards us. </font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
agreement provides Mr. Danon with a monthly salary of 42,000 NIS (approximately
$11,350). His salary is subject to adjustment throughout the term of the
agreement due to cost-of-living increases. We will also provide Mr. Danon with
other social benefits such as a company car,&#160;a laptop computer, a cellular
telephone, and pension and similar payments. We will reimburse Mr. Danon for
reasonable expenses incurred by him in the course of his employment with us.
</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
committed to pay Mr. Danon a one-time fundraising bonus, provided that at least
an aggregate amount of $10 million is raised by us between January 30, 2010 and
the termination of his employment with us, in any form, except for loans from
financial institutions and grants under the auspices of the Israeli Ministry of
Industry, Trade and Labor, such as Chief Scientist grants and bi-national funds.
The bonus will be $100,000, provided, however, that an amount will be deducted
on a pro-rata basis for the proportion of the funds raised provided by known
pre-existing investors (i.e. entities from which we have received funds or
assets prior to January 30, 2010). Payment will be made in cash if more than $5
million in aggregate has been raised in equity offerings, or in stock options
otherwise.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the
terms of his employment agreement, Mr. Danon must refrain from competing with us
during the term of his employment and for one year from the date of termination
of his employment with us. Further, during his employment and for one year after
his employment terminates, Mr.&#160;Danon may not offer or solicit any of our or
our subsidiary&#8217;s employees away from their dealings with us or our subsidiary.
He also<a name="eolPage54"> must grant us all rights in any products that he
develops during the course of his employment with us. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, Mr. Danon must maintain the confidentiality of all proprietary
information of ours that he receives through his employment with us.
</font></a></font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the terms of Mr. Danon's employment agreement, we intend to grant Mr. Danon
options to purchase 450,000 shares of our common stock at an exercise price of
3.18 NIS (approximately $0.86) per share, pursuant to our 2007 Stock Option
Plan, of which options to purchase 80,000 shares will vest immediately, and the
remainder will vest over the course of four years, with partial acceleration in
return for the achievement of pre-determined milestones by pre-set dates.
</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 21, 2009, Ofer Goldberg resigned his position on our Board of
Directors.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left">On November 1, 2009, our current Chief Executive Officer and Deputy
Chairman, Mr. Avi Barak, will conclude his term as Chief Executive Officer.
Pursuant to a resolution of our Board of Directors, as of that date, Mr. Barak
will be appointed Chairman of our Board of Directors.</div>
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      9.01</font></div>
              </td>
              <td>
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<tr>
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      No.</font></div>
              </td>
              <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom" width="67%" style="BORDER-BOTTOM: black 2px solid">
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              <td valign="top" width="8%" style="TEXT-ALIGN: left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.1</font></div>
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      </font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Employment
      Agreement with Uri Danon, dated as of October 18,
  2009.</font></div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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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.</font></div>
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      </font></td>
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      THERAPEUTICS, INC.</font></div>
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="81%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="81%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      October 21, 2009</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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            <td align="left" valign="top" width="81%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Avraham Hampel</font></font></div>
            </td>
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            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      Hampel</font></div>
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      </font></td>
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      </font></td>
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{"company-data": {"conformed-name": "BIOCANCELL THERAPEUTICS INC.", "cik": "0001451980", "assigned-sic": "2834", "irs-number": "204630076"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-53708", "film-number": "091130389"}, "business-address": {"street1": "BECK SCIENCE CENTER", "street2": "8 HARTOM STREET, HAR HOTZVIM", "city": "JERUSALEM", "state": "L3", "zip": "97775", "phone": "972-2-548-6555"}, "mail-address": {"street1": "BECK SCIENCE CENTER", "street2": "8 HARTOM STREET, HAR HOTZVIM", "city": "JERUSALEM", "state": "L3", "zip": "97775"}}
form8k091021.htm
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 (Date of earliest event reported):  October 21, 2009
(October 18, 2009)
_______________
BIOCANCELL
THERAPEUTICS INC.
(Exact
name of registrant as specified in its charter)
Delaware
333-156252
20-4630076
(State
      or other jurisdiction of incorporation)
Commission
      File Number
(IRS
      Employer Identification No.)
Beck
Science Center, 8 Hartom St, Har Hotzvim, Jerusalem, Israel, 97775
(Address
of principal executive offices and zip code)
Registrant's
telephone number, including area code:
972-2-548-6555
(Former
name or former address, if change since last report)
Check the
appropriate box below if the Form 8-K filing is to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions:
o
Written
      communications pursuant to Rule 425 under the Securities Act (17CFR
      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
Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officer
On
October 18, 2009, we entered into an employment agreement with Mr. Uri Danon,
pursuant
to which he will serve as our Chief Executive Officer.
Mr. Danon
served as our President between 2005 and 2006, and
has been
Chief
Executive Officer of Atox Bio, Ltd. (which develops treatments for
autoimmune diseases and sepsis),
since 2003, and has
informed us of his intention to resign this position after a short transition.
He previously managed international projects for Teva Pharmaceutical
Industries, Ltd., including the development of the drug Copaxone in a
solution in pre-filled syringes (a drug with sales of over $2 billion per year),
and was CEO of Epigenesis, Ltd., a cell therapy development company.
He holds
an MBA in Marketing from Bar Ilan University, and a B.Sc. in Industrial
Engineering and Management from Tel Aviv University.
Pursuant
to the employment agreement, Mr. Danon will serve as our Chief Executive
Officer as of November 1, 2009. Either we or Mr. Danon may terminate this
agreement upon the provision of ninety days advance written notice to
the other party expressing an intention to terminate the agreement. We also may
terminate this agreement for cause, defined in the agreement as including the
following on the part of Mr. Danon:
(i) a
material breach of any term of the agreement; (ii) any breach of Mr.
Danon's fiduciary duties to us, including, without limitation, any material
conflict of interest for the promotion of his benefit; (iii) fraud, felonious
conduct or dishonesty; (iv) embezzlement of our funds; (v) any conduct which is
materially injurious to us, monetary or otherwise; (vi) conviction of any
felony; (vii) misconduct, gross negligence or willful misconduct in performance
of duties and/or responsibilities assigned in the agreement; or (viii) refusal
to perform the duties and/or responsibilities assigned in the agreement for any
reason other than illness or incapacity, or disregard or insubordination of any
lawful resolution and/or instruction of the Board of Directors with respect to
Mr. Danon's duties and/or responsibilities towards us.
The
agreement provides Mr. Danon with a monthly salary of 42,000 NIS (approximately
$11,350). His salary is subject to adjustment throughout the term of the
agreement due to cost-of-living increases. We will also provide Mr. Danon with
other social benefits such as a company car, a laptop computer, a cellular
telephone, and pension and similar payments. We will reimburse Mr. Danon for
reasonable expenses incurred by him in the course of his employment with us.
We have
committed to pay Mr. Danon a one-time fundraising bonus, provided that at least
an aggregate amount of $10 million is raised by us between January 30, 2010 and
the termination of his employment with us, in any form, except for loans from
financial institutions and grants under the auspices of the Israeli Ministry of
Industry, Trade and Labor, such as Chief Scientist grants and bi-national funds.
The bonus will be $100,000, provided, however, that an amount will be deducted
on a pro-rata basis for the proportion of the funds raised provided by known
pre-existing investors (i.e. entities from which we have received funds or
assets prior to January 30, 2010). Payment will be made in cash if more than $5
million in aggregate has been raised in equity offerings, or in stock options
otherwise.
Under the
terms of his employment agreement, Mr. Danon must refrain from competing with us
during the term of his employment and for one year from the date of termination
of his employment with us. Further, during his employment and for one year after
his employment terminates, Mr. Danon may not offer or solicit any of our or
our subsidiary's employees away from their dealings with us or our subsidiary.
He also
must grant us all rights in any products that he
develops during the course of his employment with us.
In
addition, Mr. Danon must maintain the confidentiality of all proprietary
information of ours that he receives through his employment with us.
Pursuant
to the terms of Mr. Danon's employment agreement, we intend to grant Mr. Danon
options to purchase 450,000 shares of our common stock at an exercise price of
3.18 NIS (approximately $0.86) per share, pursuant to our 2007 Stock Option
Plan, of which options to purchase 80,000 shares will vest immediately, and the
remainder will vest over the course of four years, with partial acceleration in
return for the achievement of pre-determined milestones by pre-set dates.
On
October 21, 2009, Ofer Goldberg resigned his position on our Board of
Directors.
On November 1, 2009, our current Chief Executive Officer and Deputy
Chairman, Mr. Avi Barak, will conclude his term as Chief Executive Officer.
Pursuant to a resolution of our Board of Directors, as of that date, Mr. Barak
will be appointed Chairman of our Board of Directors.
Item
      9.01
Financial
      Statements and Exhibits
(d)
Exhibits
Exhibit
      No.
Description
10.1
Employment
      Agreement with Uri Danon, dated as of October 18,
  2009.
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.
BIOCANCELL
      THERAPEUTICS, INC.
Dated:
      October 21, 2009
By:
/s/ Avraham Hampel
Avraham
      Hampel
Company
      Secretary