<SEC-DOCUMENT>0000950123-11-091165.txt : 20111021
<SEC-HEADER>0000950123-11-091165.hdr.sgml : 20111021
<ACCEPTANCE-DATETIME>20111021130036
ACCESSION NUMBER:		0000950123-11-091165
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20111017
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20111021
DATE AS OF CHANGE:		20111021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Galena Biopharma, Inc.
		CENTRAL INDEX KEY:			0001390478
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33958
		FILM NUMBER:		111151933

	BUSINESS ADDRESS:	
		STREET 1:		310 N. STATE STREET
		STREET 2:		SUITE 208
		CITY:			LAKE OSWEGO
		STATE:			OR
		ZIP:			97034
		BUSINESS PHONE:		855 855 GALE

	MAIL ADDRESS:	
		STREET 1:		310 N. STATE STREET
		STREET 2:		SUITE 208
		CITY:			LAKE OSWEGO
		STATE:			OR
		ZIP:			97034

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RXi Pharmaceuticals Corp
		DATE OF NAME CHANGE:	20110926

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GALENA BIOPHARMA, INC.
		DATE OF NAME CHANGE:	20110922

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RXI PHARMACEUTICALS CORP
		DATE OF NAME CHANGE:	20110921
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>b88669e8vk.htm
<DESCRIPTION>FORM 8-K
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of report (Date of earliest event reported): October&nbsp;17, 2011</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>GALENA BIOPHARMA, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


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    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">001-33958
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-8099512</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other
jurisdiction of <BR>
incorporation or
organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">310 N. State Street, Suite&nbsp;208<BR>
Lake Oswego, Oregon 97034<BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Address of Principal Executive</FONT></DIV>
Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (855)&nbsp;855-4523</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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):
</DIV>


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    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;</TD>
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    <TD> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
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    <TD> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
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    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
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    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
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<TR><TD colspan="9"><A HREF="#B88669000">Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</A></TD></TR>
<TR><TD colspan="9"><A HREF="#B88669001">SIGNATURES</A></TD></TR>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Appointment of Principal Accounting Officer</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective October&nbsp;17, 2011, Galena Biopharma, Inc. (&#147;we,&#148; &#147;our,&#148; &#147;us&#148; or the &#147;Company&#148;)
entered into an employment agreement with Kwang Lee, pursuant to which Mr.&nbsp;Lee will serve as our
Vice President of Finance and principal accounting officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the employment agreement, Mr.&nbsp;Lee is entitled to: (i)&nbsp;receive an annual salary of
$180,000; and (ii)&nbsp;a grant under our Amended and Restated 2007 Incentive Plan of stock options to
purchase 60,000 shares of our common stock. The stock options will vest and become exercisable in
12 equal quarterly installments beginning on the first quarterly anniversary of the effective date
of his employment, provided, in each case, that Mr.&nbsp;Lee remains in our continuous employ through
such vesting date, and will be on the other terms set forth in our standard form of stock option
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, Mr.&nbsp;Lee will be eligible under the employment agreement to: (i)&nbsp;receive an
annual bonus (as determined by the Compensation Committee of our board of directors) of up to 20%
of his annual salary; and (ii)&nbsp;participate in all employee benefit plans in effect for our
employees from time to time. Subject to Mr.&nbsp;Lee&#146;s relocation to Portland, Oregon, Mr.&nbsp;Lee will
receive a $25,000 sign-on bonus and will be reimbursed by us for up to $25,000 of relocation
expenses. We also have agreed in the employment agreement to reimburse Mr.&nbsp;Lee for his expenses
associated with up to six months&#146; of temporary housing in Portland.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The employment agreement provides that upon termination of Mr.&nbsp;Lee&#146;s employment without
&#147;cause&#148; (as defined) by us or by Mr.&nbsp;Lee for &#147;good reason&#148; (as defined), Mr.&nbsp;Lee will be entitled
to payment of: (i)&nbsp;any accrued but unpaid salary and unused vacation as of the date of his
termination; (ii)&nbsp;three months of salary from the date of termination; and (iii)&nbsp;continued
participation, at our expense, for three months from the date of termination in any
Company-sponsored group benefit plans in which Mr.&nbsp;Lee participated as of the date of termination.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

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    <TD colspan="3" align="left">GALENA BIOPHARMA, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: October 21, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark J. Ahn
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark J. Ahn&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
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