PROCYON CORPORATION (OTCMKTS:PCYN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On March 9, 2018, Procyon Corporation (the “Corporation”) and Amerx Health Care Corporation, the Corporation’s subsidiary (“Amerx”), executed an Amended and Restated Executive Employment Agreement, effective January 9, 2018, with Justice W. Anderson. On the same day, the Corporation executed an Amended and Restated Executive Employment Agreement, effective January 9, 2018, with Regina W. Anderson.
A copy of the Amended and Restated Executive Employment Agreement of Justice W. Anderson is attached to this report as Exhibit 10.1 and incorporated herein. A copy of the Amended and Restated Executive Employment Agreement of Regina W. Anderson is attached to this report as Exhibit 10.2 and incorporated herein.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On March 9, 2018, the Corporation and Amerx executed an Amended and Restated Executive Employment Agreement, effective January 9, 2018, with Justice W. Anderson. The Agreement provides that Mr. Anderson will serve as the Corporation’s Chief Executive Officer and Amerx’s President for a period of six months, but can be terminated upon thirty day’s notice with or without cause. The Agreement further provides for a base annual salary of $210,000 and other benefits, including certain incentive bonus compensation based upon Amerx achieving certain financial goals for sales and net profit at the discretion of the Board of Directors.
On March 9, 2018, the Corporation and Amerx executed an Amended and Restated Executive Employment Agreement, effective January 9, 2018, with Regina W. Anderson. The Agreement provides that Mr. Anderson will serve as the Corporation’s Chairman of the Board for term through December 31, 2018, subject to approval by the Corporation’s Board of Directors at the Annual Meeting. The Agreement can be terminated upon thirty day’s notice with or without cause. The Agreement provides for a base annual salary of $70,000 and other benefits, including certain incentive bonus compensation based upon the Corporation’s net income before Net Operating Loss.
A copy of the Amended and Restated Executive Employment Agreement of Justice W. Anderson is attached to this report as Exhibit 10.1 and incorporated herein. A copy of the Amended and Restated Executive Employment Agreement of Regina W. Anderson is attached to this report as Exhibit 10.2 and incorporated herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
PROCYON CORP ExhibitEX-10.1 2 ex_107910.htm EXHIBIT 10.1 ex_107910.htm Exhibit 10.1 RESTATED AND AMENDED EXECUTIVE EMPLOYMENT AGREEMENT This RE-STATED AND AMENDED EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”),…To view the full exhibit click here
About PROCYON CORPORATION (OTCMKTS:PCYN)
Procyon Corporation (Procyon) operates through its subsidiary, Amerx Health Care Corporation (Amerx). Amerx develops and markets medical products used in the treatment of pressure ulcers, stasis ulcers, wounds, dermatitis, inflammation and other skin problems. Its product lines include AMERX, AMERIGEL and HELIX3 Bioactive Collagen. Amerx markets a line of AMERIGEL skin and wound care products made with Oakin that promotes healing in wound and problematic skin conditions, including the AMERIGEL Hydrogel Wound Dressing, AMERIGEL Hydrogel Gauze Dressing, AMERIGEL Saline Wound Wash, AMERIGEL Care Lotion and AMERIGEL Barrier Lotion. HELIX3 is available in two forms: Collagen Powder (HELIX3 CP) and Collagen Matrix (HELIX3 CM). Its wound care product line consists of AMERX Calcium Alginate Dressing, AMERX Foam Dressing, AMERX Gauze Dressing, AMERX Hydrocolloid Dressing and Amerx Wound Care Kits.