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 9, 2015
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 Employment Agreements of Helena R. Santos, as President, Robert P. Nichols, as Executive Vice President, and Brookman P. March, President of the Company's subsidiary, Altamira Instruments, Inc. have been extended to June 30, 2016 on the same terms and conditions as their respective agreements except that the annual compensation for the fiscal year ending June 30, 2016 will be $157,080 for Ms. Santos, $141,780 for Mr. Nichols and $142,800 for Mr. March, which in each case will be increased to an amount, if any, that represents the same percentage increase from $154,000, for Ms. Santos and $139,000 for Mr. Nichols and $140,000 for Mr. March.
ITEM 9.01 Financial Statements and Exhibits
(a) and (b) not applicable
(c) Exhibits
Exhibit No. Exhibit
___________ _____________________________
10A-1 Copy of Extension to Amended Employment Agreement
dated, June 9, 2015 of Helena R. Santos
10A-2 Copy of Amended Employment Agreement
dated, June 9, 2015 of Robert P. Nichols
10A-3 Copy of Second Amendment to Employment Agreement
dated, June 9, 2015 of Brookman P. March
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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: June 9, 2015
By: /s/ Helena R. Santos
__________________________________
Helena R. Santos,
President and Chief Executive
Officer
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EXTENSION
Scientific Industries, Inc., a Delaware corporation, 80 Orville Drive, Suite 102, Bohemia, New York 11716 (the "Company"), and Helena R. Santos (the ?Employee?) hereby agree that the Employment Agreement between the Company and the Employee dated September 13, 2011 as amended by the Amended Employment Agreement, dated May 20, 2013 be amended in the following particulars only:
1. The period of employment is extended through June 30, 2016.
2. The compensation to be paid to Employee for the period commencing July 1, 2015 ending June 30, 2016 shall be the greater of: (i) $157,080, or (ii) an amount which represents the same percentage increase, if any, in the Consumer Price Index for the year ending June 30, 2015 from that of June 30, 2014. The Company at the sole and absolute discretion of the Board may pay to Employee a bonus for her services during each of the fiscal years ending June 30, 2015, and June 30, 2016
All other terms and provisions shall remain in full form and effect.
Dated: June 9th, 2015
SCIENTIFIC INDUSTRIES, INC.
By: /s/ Robert P. Nichols
_____________________
Robert P. Nichols,
Executive Vice President
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HELENA R. SANTOS
/s/ Helena R. Santos _________________________ |
AMENDED EMPLOYMENT AGREEMENT
Scientific Industries, Inc., a Delaware corporation, 80 Orville Drive, Suite 102, Bohemia, New York 11716 (the "Company"), and Robert P, Nichols an individual residing at 16 Adams Street, Rocky Point, New York 11718 (the "Employee") hereby agree that the Employment Agreement between the Company and the Employee dated September 30, 2011, as amended by the Amended Employment Agreement dated May 20, 2013, be further amended in the following particulars only:
Section 2: "Term. The employment of Employee by the Company pursuant hereto shall be through June 30, 2016, 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 period ending June 30, 2015 at the rate of $139,000 per annum, and for the 12 months ending June, 30, 2016, the greater of $141,780, or an amount which represents the same percentage increase in the Consumer Price Index for the year ending June 30, 2015 from that of June 30, 2014. 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, 2015, and June 30, 2016.
All other terms and provisions shall remain in full form and effect.
Dated: June 9th, 2015
SCIENTIFIC INDUSTRIES, INC.
By: /s/ Helena R. Santos ____________________________ Helena R. Santos, President |
ROBERT P. NICHOLS
/s/ Robert P. Nichols ____________________________ |
Second Amendment to Employment Agreement
The Employment Agreement dated May 16, 2013, as amended by the Amendment dated May 21, 2015 (the "Agreement") by and between ALTAMIRA INSTRUMENTS, INC, a Delaware corporation (the "Company"), and BROOKMAN P. MARCH, who resides at 105 Cambridge Court, Harwick, Pennsylvania 15049 ("March") is hereby amended to provide the term of employment is extended through June 30, 2016, and that the compensation of March to be paid by the Company for the performance of his duties set forth in Paragraph 3 for the year ending June 30, 2015, shall be at the rate of $140,000 per annum and for the year ending June 30, 2016 shall be the greater of (i) $142,800, or (ii) an amount which represents the same percentage increase in the Consumer Price Index for the year ending June 30, 2015 from June 30, 2014 ; and at the sole and absolute discretion of the Board of Directors, the Company may pay March a bonus in addition in recognition of his services and results of the Company's operation for the twelve month period ending June 30, 2016. All other terms of the Employment Agreement remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the 9th day of June 2015.
ALTAMIRA INSTRUMENTS, INC.,
By /s/ Helena R. Santos Name: Helena R. Santos Title: CEO |
BROOKMAN P. MARCH
/s/ Brookman P. March __________________________ |