MYND ANALYTICS, INC. (OTCMKTS:MYAN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
Chairman Services Agreement
On April 16, 2018, MYnd Analytics, Inc. (the "Company") and Robin L. Smith, MD, the Chairman of the Board of Directors agreed to amend the Chairman Services Agreement, dated as of July 14, 2017 (the "Chairman Amendment"). to the Chairman Amendment, Dr. Smith’s annual cash fee for the 2018 calendar year will be reduced from $300,000 to $150,000. This change is retroactive to January 1, 2018. Further, to the Chairman Amendment, Dr. Smith was granted an option on April 16, 2018 to purchase 150,000 shares of common stock under the Company's Amended and Restated 2012 Omnibus Incentive Compensation Plan (the"2012 Plan"), which will continue to vest and not be terminated if Dr. Smith is no longer affiliated with the Company. The share granted under the Chairman Amendment will vest according to the following schedule: 1/3 will vest on the date of grant, 1/3 will vest on July 1, 2018, and 1/3 will vest on November 1, 2018.
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain Officers. |
CEO Employment Agreement
On April 19, 2018, the Company and George C. Carpenter, IV, the Chief Executive Officer of the Company, entered into an amendment to his Employment Agreement, dated as of September 7, 2007 (the “CEO Amendment"), to which Mr. Carpenter's annual salary will be reduced from $270,000 to $206,250. This change is retroactive to April 13, 2018. Further, to the CEO Amendment, Mr. Carpenter was granted 34,380 restricted shares of common stock under the 2012 Plan. The shares granted under the CEO Amendment will vest quarterly. If the employee’s relationship with the Company is terminated, the above grant will be prorated. The modification will be reviewed by the parties on or before December 31, 2018.
About MYND ANALYTICS, INC. (OTCMKTS:MYAN)
MYnd Analytics, Inc., formerly CNS Response, Inc., is a cloud-based predictive analytics company that provides objective clinical decision support to mental healthcare providers for the treatment of behavioral disorders, including depression, anxiety, bipolar disorder and post-traumatic stress disorder (PTSD). It uses its neurometric platform, PEER Online, to generate Psychiatric Electroencephalogram, Evaluation Registry Reports to predict the likelihood of response by an individual to certain medications for the treatment of behavioral disorders. The Company’s technology helps in evaluating pharmacotherapy options in patients suffering from non-psychotic behavioral disorders. PEER provides medical professionals with medication sensitivity data for a subject patient based upon the identification and correlation of treatment outcome information from other patients with similar neurophysiologic characteristics. This treatment outcome information is contained in the PEER Online database.
