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 25, 2016
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 Indusitries, Inc. have been extended to June 30, 2017 on the same terms and conditions as their respective agreements except that the annual compensation for the fiscal year ending June 30, 2017 will be $162,080 for Ms. Santos, $146,000 for Mr. Nichols and $147,000 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 Employment Agreement
dated May 25, 2016 of Helena R. Santos
10A-2 Copy of Extension to Employment Agreement
dated May 25, 2016 of Robert P. Nichols
10A-3 Copy of Extension to Employment Agreement
between Altamira Industries, Inc., and
Brookman P. March dated May 25, 2016
|
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 51, 2016
By: /s/ Helena R. Santos
______________________________________
Helena R. Santos,
President and Chief Executive Officer
Officer
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SECOND EXTENSION
Scientific Industries, Inc., a Delaware corporation (the "Company), with offices at 80 Orville Drive, Suite 102, Bohemia, New York 11716, 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, and extended on June 9, 2015, be further extended and amended in the following particulars only:
1. The period of employment is extended through June 30, 2017.
2. The compensation to be paid to Employee for the period commencing July 1, 2016 and ending June 30, 2017 shall be $162,000. 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, 2016, and June 30, 2017.
All other terms and provisions shall remain in full form and effect.
Dated: May 25, 2016
SCIENTIFIC INDUSTRIES, INC.
By: /s/ Robert P. Nichols
_____________________
Robert P. Nichols,
Executive Vice President
|
HELENA R. SANTOS
/s/ Helena R. Santos __________________________ |
Third Amendment to
Employment Agreement
The Employment Agreement dated May 16, 2013 (as amended by the Amendment dated May 21, 2014, the "Agreement") by and between ALTAMIRA INSTRUMENTS, INC, a Delaware corporation (the "Company"), and BROOKMAN P. MARCH (?March?), who resides at 24188 Buckingham Way Port Charlotte, FL 33980, is hereby amended to provide the term of employment is extended through June 30, 2017, 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, 2017, shall be at the rate of $147,000 per annum; 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 and 2017. 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 25th day of May 2016
ALTAMIRA INSTRUMENTS, INC.,
By: /s/ Helena R. Santos ____________________ Name: Helena R. Santos Title: CEO |
BROOKMAN P. MARCH
/s/ Brookman P. March ______________________ |
EXTENSION
Scientific Industries, Inc., a Delaware corporation (the "Company"), with offices at 80 Orville Drive, Suite 102, Bohemia, New York 11716, 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, and further amended on June 9, 2015, be further extended and amended in the following particulars only:
Section 2: -Term. The employment of Employee by the Company pursuant hereto shall be through June 30, 2017, 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, 2017 at the rate of $146,000 per annum. 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, 2016, and June 30, 2017.
All other terms and provisions shall remain in full form and effect.
Dated: May 25, 2016
SCIENTIFIC INDUSTRIES, INC.
By: /s/ Helena R. Santos ____________________________ Helena R. Santos, President |
ROBERT P. NICHOLS
/s/ Robert P. Nichols ____________________________ |