PROCYON CORPORATION (OTCMKTS:PCYN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry Into a Material Definitive Agreements.
On August 21, 2017, Procyon Corporation’s (the “Company”) Board of Directors approved Restated and Amended Executive Employment Agreements entered into between the Company, Amerx and (i) Regina W. Anderson, the Chief Executive Officer of the Company; (ii) Justice W. Anderson, the President of our operating subsidiary, Amerx Health Care Corporation (“Amerx”), (iii) James B. Anderson, the Company’s Chief Financial Officer and the Vice President of Operations of Amerx; and (iv) George Borak, the Vice President of Sales of Amerx.
Regina W. Anderson’s Restated and Amended Executive Employment Agreement, which is effective July 1, 2017, provides for a base annual salary of $158,000 and other benefits, including certain incentive bonus compensation based upon the Company exceeding $3 million in annual net sales. Ms. Anderson’s Agreement calls for a term of one year, but may be terminated by either party, with or without cause, upon thirty day’s written notice.
Justice W. Anderson’s Restated and Amended Executive Employment Agreement, which is effective July 1, 2017, 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 and at the discretion of the Board of Directors. Mr. Anderson’s Agreement calls for a term of one year, but may be terminated by either party, with or without cause, upon thirty day’s written notice.
James B. Anderson’s Restated and Amended Executive Employment Agreement, which is effective July 1, 2017, provides for a base annual salary of $150,000 and other benefits, including short-term and long-term incentive bonus compensation based upon Amerx achieving certain operational and financial goals and at the discretion of the Board of Directors. Mr. Anderson’s Agreement calls for a term of one year, but may be terminated by either party, with or without cause, upon thirty day’s written notice.
George Borak’s Restated and Amended Executive Employment Agreement, which is effective July 1, 2017, provides for a base annual salary of $160,000 and other benefits, including certain incentive bonus compensation based upon Amerx achieving certain financial goals for sales and net profit and at the discretion of the Board of Directors. Mr. Borak’s Agreement calls for a term of one year, but may be terminated by either party, with or without cause, upon thirty day’s written notice.
A copy of Regina W. Anderson’s Restated and Amended Executive Employment Agreement is attached to this report and incorporated herein as Exhibit 10.1. A copy of Justice W. Anderson’s Restated and Amended Executive Employment Agreement is attached to this report and incorporated herein as Exhibit 10.2. A copy of James B. Anderson’s Restated and Amended Executive Employment Agreement is attached to this report and incorporated herein as Exhibit 10.3. A copy of George Borak’s Restated and Amended Executive Employment Agreement is attached to this report and incorporated herein as Exhibit 10.4.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As set forth above, the Company and Amerx entered into Restated and Amended Executive Employment Agreements with Regina W. Anderson, Justice W. Anderson, James B. Anderson and George Borak, as approved by our Board of Directors on July 29, 2016. Copies of Regina W. Anderson’s, Justice W. Anderson’s, James B. Anderson’s and George Borak’s Restated and Amended Executive Employment Agreements are attached to this report and incorporated herein, respectively.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
| 10.1 | Restated and Amended Executive Employment Agreement of Regina W. Anderson. |
| 10.2 | Restated and Amended Executive Employment Agreement of James B. Anderson. |
| 10.3 | Restated and Amended Executive Employment Agreement of Justice W. Anderson. |
| 10.4 | Restated and Amended Executive Employment Agreement of George O. Borak. |
PROCYON CORP ExhibitEX-10 2 procyon822178kex101.htm EXHIBIT 10.1–RESTATED AND AMENDED EMPLOYMENT AGREEMENT RESTATED AND AMENDED EXECUTIVE EMPLOYMENT AGREEMENT This RESTATED 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.
