SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
February 14, 2020
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SCIENTIFIC INDUSTRIES, INC.
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(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
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(Registrant's
telephone number, including area code)
Not Applicable
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(Former
name or former address, if changed since last report)
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS
On February 14, 2020, the Company terminated Mr. Brookman P. March,
who had been the Company’s Vice President-Corporate Strategy
and Vice President of Sales for the Company’s wholly-owned
subsidiary, Altamira Instruments, Inc. Pursuant to the employment
agreement between the Company and Mr. March, the company is
obligated to pay severance pay for one year from the termination
date plus health and insurance benefits.
ITEM 9.01 Financial Statements and Exhibits
(a) and (b) not applicable
(c) exhibits
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: February 14, 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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Delivered Via Email:
(bmarch@altamirainstruments.com)
February 13, 2020
Brookman March
2200 Kings Highway 3-L, #206
Port Charlotte, FL 33980
Dear Brook:
Pursuant to Section 9(c) of your Employment
Agreement dated July 1, 2017 (the “Employment
Agreement”), this letter
shall serve as written notice of your termination of employment
with Scientific Industries, Inc. (the “Company”), effective February 14, 2020 (the
“Termination
Date”). This letter
outlines certain information relating to the termination of your
employment.
Final
Pay. The Company will pay you
your salary through the Termination Date, in accordance with the
Company’s standard payroll practices.
Severance
Payment. Pursuant to Section 9(c) of the Employment
Agreement, the Company will pay your salary for one year from the
Termination Date (the “Severance
Payment”), including any
accrued but unused vacation and sick time. The Severance Payment
will be paid to you in accordance with the Company’s standard
payroll practices.
Health
Insurance Benefits. The Company will continue your enrollment in the
Company’s health insurance for one year from the Termination
Date.
Other
than the Final Pay and the Severance Payment, you are not entitled
to receive any further compensation from the Company.
Stock Options
Through the Termination Date. The Company has granted you
the following options to purchase common stock of the Company (the
“Options”):
options for up to 7,500 shares of its Common Stock pursuant to the
Company’s 2012 Stock Option Plan. As of the Termination Date,
5,000 Options are vested. The Options are exercisable subject to
the terms of the applicable Option Agreement and the
Company’s 2012 Stock Option Plan. The Options will continue
to vest in accordance with the Option Agreement(s) and the Plan,
and automatically cease to vest as of the Termination
Date.
Deactivation
of Access. As of the
Termination Date, your access to the Company’s premises,
email, keycards, or other logins or permissions will be
disabled.
Non-Competition;
Non-Interference; Non-Solicitation. You are reminded of your obligations under Section
7 of the Employment Agreement regarding Non-Competition,
Non-Interference, and Non-Solicitation.
Return
of Property. You are further
requested to return all Company property or equipment and
proprietary information as required by Section 6(d) of the
Employment Agreement within 5 days of the Termination
Date.
Company
Contact. If you have any
questions regarding your termination, please contact me at
631-930-1901 or email at
hsantos@scientificindustries.com
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Scientific Industries,
Inc.
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By:
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/s/ Helena Santos
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Name: Helena
Santos
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Title:President
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