Attached files
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| EX-10 - MATERIAL CONTRACTS - SCIENTIFIC INDUSTRIES INC | finalscientific_industrie.htm |
| EX-10 - MATERIAL CONTRACTS - SCIENTIFIC INDUSTRIES INC | finalscientific_industrie000.htm |
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):
June 22, 2020
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SCIENTIFIC INDUSTRIES, INC.
_________________________________________________
(Exact
name of registrant as specified in its charter)
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Delaware
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000-6658
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04-2217279
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(State
or other Jurisdiction)
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(Commission
File Number)
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(IRS
Employer No.)
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80 Orville Drive
Bohemia, New York 11716
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(Address
of principal executive offices)
(631) 567-4700
__________________________________________________
(Registrant's
telephone number, including area code)
Not Applicable
__________________________________________________
(Former
name or former address, if changed since last report)
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
The Company’s wholly owned subsidiary, Scientific
Bioprocessing, Inc. (“SBI”) has entered into an
employment agreement with Mr. John A. Moore effective as of July 1,
2020 that runs through June 30, 2023 (the “Moore Employment
Agreement”). Mr. Moore has been a Director of the Company
since January 23, 2019 and has been providing consulting services
to SBI since March 2019. The agreement provides for Mr. Moore to
furnish services as the President of SBI at a yearly base
compensation of $175,000 through June 30, 2021 with an annual
increase of 3% thereafter, a discretionary bonus plus the issuance
of 215,366 stock options of the Company. The agreement may be
renewed at the end of the term by mutual consent for two (2)
additional one-year periods and incorporates non-competition and
confidentiality clauses. In connection with the execution of Mr.
Moore’s employment agreement, his consulting agreement with
SBI has been terminated.
SBI has entered into an employment agreement with Mr. James Polk
effective as of July 1, 2020 that runs through June 30, 2023 (the
“Polk Employment Agreement”). The agreement provides
for Mr. Polk to furnish services as the Chief Commercial Officer of
SBI at a yearly base compensation of $300,000, a discretionary
bonus plus the issuance of 258,439 stock options of the Company.
The agreement may be renewed at the end of the term by mutual
consent for two (2) additional one-year periods and incorporates
non-competition and confidentiality clauses.
A copy
of the form of Moore Employment Agreement and the Polk Employment
Agreement are attached hereto as exhibits. This summary description
does not purport to be complete and is qualified in its entirety by
reference to the form of Moore Employment Agreement and Polk
Employment Agreement which are incorporated herein by
reference.
ITEM 9.01 Financial Statements and Exhibits
(a) and
(b) not applicable
(c)
Exhibits
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Exhibit No.
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Description
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Employment Agreement, dated as of July 1, 2020, between Scientific
Bioprocessing, Inc. and John A. Moore
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Employment Agreement, dated as of July 1, 2020, between Scientific
Bioprocessing, Inc. and James Polk
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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.
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SCIENTIFIC INDUSTRIES, INC.
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Date: June 24, 2020
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By:
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/s/ Helena R. Santos
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Helena R. Santos,
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President and Chief Executive Officer
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