Bioptix, Inc. (NASDAQ:BIOP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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Bioptix, Inc. (NASDAQ:BIOP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective June 30, 2017, to approval by the Board of Directors of Bioptix, Inc. (the “Company”), the Company entered into a Retention Agreement with Jeffrey McGonegal, Chief Financial Officer and Principal Accounting Officer of the Company (the “Retention Agreement”).The Retention Agreement superseded the previous employment agreement with Mr. McGonegal.

The Retention Agreement provides for Mr. McGonegal’s continued service as the Company’s Chief Financial Officer and Principal Accounting Officer until April 30, 2018, or unless sooner terminated to the provisions of the Retention Agreement. Mr. McGonegal will continue to receive an annual base salary of $272,005. In the event Mr. McGonegal’s employment is terminated by the Company without Cause (as defined in the Retention Agreement), or Mr. McGonegal becomes disabled (as defined in the Retention Agreement), he will continue to receive his base salary until April 30, 2018.

As part of the Retention Agreement, among other provisions, Mr. McGonegal agreed to waive his rights to 67,172 outstanding stock options in exchange for a one-time lump-sum payment of $50,000. Additionally the Retention Agreement provides that during the term of the agreement, and for a period of one-hundred and twenty days after termination of the Retention Agreement, upon notice by Mr. McGonegal or in the event of achievement of a specified common share closing price, the Company will make a computed payment to Mr. McGonegal to terminate 21,000 outstanding stock options, all as specified in the Retention Agreement.

As of the execution date of the Retention Agreement Mr. McGonegal shall be awarded 20,000 restricted stock units, which shall vest and become non-forfeitable on the Employment Termination Date (as defined in the Retention Agreement).

The foregoing description of the Retention Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Retention Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K which is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.


Bioptix, Inc. Exhibit
EX-10.1 2 ex10x1.htm EXHIBIT 10.1 Exhiibt 10.1   RETENTION AGREEMENT THIS RETENTION AGREEMENT (this “Agreement”) is entered into as of the 30th day of June,…
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About Bioptix, Inc. (NASDAQ:BIOP)

Bioptix, Inc., formerly Venaxis, Inc., provides Enhanced Surface Plasmon Resonance (SPR) platform for the detection of molecular interactions. The Company’s line of Enhanced SPR instruments are designed to increase the flexibility and reliability of SPR. Its SPR biosensors shed light on important binding parameters that are crucial for determining whether a biologic or small molecule drug will be efficacious in humans and at what dose a drug should be administered. Its technology is an ultra-sensitive detection platform. The design of its SPR spectrometers allows discrete areas within the sample cell to be interrogated simultaneously by use of photo-diode arrays aligned to the reflected beam from the sample cell. Its biosensors provide information on kinetic processes (association and dissociation), binding affinities, analyte concentrations and real-time molecule detection. The Company offers 404pi Enhanced SPR System, which enables real-time detection of biomolecular interactions.