UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 8, 2020
BIOSPECIFICS TECHNOLOGIES CORP.
(Exact Name of Registrant as Specified in Charter)
Delaware | 000-19879 | 11-3054851 | ||
(State or Other Jurisdiction | (Commission | (IRS Employer | ||
of Incorporation) | File Number) | Identification No.) |
2 Righter Parkway | ||
Delaware Corporate Center II | ||
Wilmington, DE | 19803 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: 516.593.7000
(Former name or former address, if changed since last report)
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):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425). |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)). |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)). |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
||
Common Stock, Par Value $0.001 | BSTC | Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Introductory Comment
Throughout this Current Report on Form 8-K, the terms we, us, our and Company refer to BioSpecifics Technologies Corp.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 7, 2020, the Company filed a Current Report on Form 8-K (the Initial Form 8-K) reporting the appointment of Mr. Patrick Hutchison as the Chief Financial Officer of the Company on a part-time basis. Effective June 8, 2020, Mr. Hutchison will serve as the Companys Chief Financial Officer on a full-time basis (the Full-Time Transition). Biographical and other information regarding Mr. Hutchison is included in the Initial Form 8-K and is incorporated herein by reference.
In connection with the Full-Time Transition, the Company amended that certain letter agreement with Mr. Hutchison, with an effective date of January 6, 2020 (as described in the Initial Form 8-K) (the Employment Agreement) and entered into a letter agreement with Mr. Hutchison on June 4, 2020 (the Amendment) amending certain terms of the Employment Agreement.
Pursuant to the Amendment, Mr. Hutchisons annual base salary will be increased to $300,000 and the target amount of his annual incentive cash bonus will be increased to 30% of his annual rate of base salary. Additionally, the Amendment provides that if the Company terminates Mr. Hutchisons employment without cause (as defined in the Employment Agreement), Mr. Hutchison is entitled to the payment of any earned but unpaid base salary through the date of termination, and if Mr. Hutchison executes, delivers, and complies with a waiver and general release of claims in favor of the Company, he will also be eligible to receive the aggregate amount equal to six months of his then-current base salary, payable in equal installments over the six-month period following the date of the termination of his employment. Apart from the foregoing, the terms of the Employment Agreement, as described in the Initial Form 8-K, remain in full force and effect.
SIGNATURES
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.
BioSpecifics Technologies Corp. |
||||||
By: |
/s/ Carl A. Valenstein |
|||||
Carl A. Valenstein | ||||||
Corporate Secretary |
Dated: June 8, 2020