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): May 20, 2013
Delaware 000-6658 04-2217279 ___________ ____________ __________________ (State or other (Commission (IRS Employer No.) jurisdiction of File Number) incorporation) |
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
The Company has agreed to extend the Employment Agreements of Helena R. Santos, Chief Executive Officer and President and Robert P. Nichols, Executive Vice President for two additional years from July 1, 2013 to June 30, 2015 on the same terms as then current agreements. Except that their base salaries for the year ending June 30, 2014 are to be $150,000 and $135,000, respectively, and for the year ending June 30, 2015, $154,000 and $139,000, respectively.
ITEM 9.01 Financial Statements and Exhibits
(a) and (b) not applicable
(c) Exhibits
Exhibit No. Exhibit
___________ ________________________________________
10A-1 Copy of Amended Employment Agreement
dated, May 20, 2013 of Helena R. Santos
10A-2 Copy of Amended Employment Agreement
dated, May 20, 2013 of Robert P. Nichols
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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.
SCIENTIFIC INDUSTRIES, INC.
(Registrant)
Date: May 20, 2013
By: /s/ Helena R. Santos
__________________________________
Helena R. Santos,
President and Chief Executive Officer
Officer
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AMENDED EMPLOYMENT AGREEMENT
Scientific Industries, Inc., a Delaware corporation, 70 Orville Drive, Bohemia, New York 11716 (the "Company"), and Robert P, Nichols an individual residing at 16 Adams Street, Rocky Point, New York 11778 (the ?Employee?) hereby agree that the Employment Agreement between the Company and the Employee dated September 30, 2011 be amended in the following particulars only:
Section 2: "Term. The employment of Employee by the Company pursuant hereto shall be through June 30, 2015, unless terminated earlier pursuant to the provisions of Section 7 hereof; such period is herein referred to as the "Term".
Section 4: "Salary. As his compensation hereunder, Employee shall be paid by the Company an annual base salary for the 12 month periods ending June 30, 2014 and June 30, 2015 at the rates of $135,000 and $139,000 per annum, respectively. The base salary shall be payable in equal weekly installments. The Company at the sole and absolute discretion of the Board may pay to Employee a bonus for his services during each of the fiscal years ending June 30, 2013, June 30, 2014 and June 30, 2015. The bonus, if any, shall be paid within four months following the end of the related period. The Board in determining the amount of a bonus, if any, shall consider the achievement and surpassing of goals or projections set forth or referred to in the operation plan for the relevant period approved by the Board, including but not limited to, cash flow and earnings; the Employee's performance of his executive responsibilities, and such other criteria as the Board deems relevant."
All other terms and provisions shall remain in full form and effect.
Dated: May 20, 2013
SCIENTIFIC INDUSTRIES, INC.
/s/ Helena R. Santos By:________________________ Helena R. Santos, President |
ROBERT P. NICHOLS
/s/ Robert P. Nichols ____________________________ |
AMENDED EMPLOYMENT AGREEMENT
Scientific Industries, Inc., a Delaware corporation, 70 Orville Drive, Bohemia, New York 11716 (the "Company"), and Helena R. Santos an individual residing at 16 Gerta Court, Selden, New York (the "Employee") hereby agree that the Employment Agreement between the Company and the Employee dated September 13, 2011 be amended in the following particulars only:
Section 2: "Term. The employment of Employee by the Company pursuant hereto shall be through June 30, 2015 unless terminated earlier pursuant to the provisions of Section 7 hereof; such period is herein referred to as the "Term".
Section 4:"Salary. As her compensation hereunder, Employee shall be paid by the Company an annual base salary for the 12-month periods ending June 30, 2014 and June 30, 2015 at the rates of $150,000 and $154,000 per annum, respectively. The base salary shall be payable in equal weekly installments. The Company at the sole and absolute discretion of the Board of Directors may pay to Employee a bonus for her service for each of the fiscal years ending June 30, 2013, June 30, 2014 and June 30, 2015. Each bonus, if any, shall be paid within a date which is no later than four months following the end of the year. The Board in determining the amount of a bonus, if any, shall consider the achievement and surpassing of goals or projections set forth or referred to in the operation plan for the relevant period approved by the Board, including but not limited to, cash flow and earnings; the Employee's performance of her executive responsibilities, and such other criteria as the Board deems relevant."
All other terms and provisions shall remain in full form and effect.
Dated: May 20, 2013
SCIENTIFIC INDUSTRIES, INC.
/s/ Robert P. Nichols
By: ____________________________
Robert P. Nichols,
Executive Vice President
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HELENA R. SANTOS
/s/ Helena R. Santos ____________________________ |