Current Report Filing (8-k)
April 18 2019 - 4:17PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of earliest event reported):
April 15, 2019
AYTU BIOSCIENCE, INC.
(Exact
name of registrant as specified in its charter)
Delaware
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001-38247
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47-0883144
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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373 Inverness Parkway, Suite 206
Englewood, CO 80112
(Address
of principal executive offices, including Zip Code)
Registrant’s
telephone number, including area code:
(720) 437-6580
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On
April 15, 2019, the board of directors (the “
Board
”) of Aytu BioScience, Inc.
(the “
Company
”),
upon the recommendation of the Company’s compensation
committee, agreed to renew the employment agreements of Joshua R.
Disbrow and Jarrett T. Disbrow. The material terms of the
employment agreements are as follows.
Joshua R. Disbrow Employment Agreement
Pursuant to the
terms of Joshua R. Disbrow’s employment agreement (the
“
CEO Employment
Agreement
”), the Company agreed to the following
compensation package:
●
an annual base
salary of $330,000 per annum, which shall be reviewed at the end of
each fiscal year of the Company;
●
restricted stock or
options to be granted on or promptly after August 1, 2019 as
determined by the Committee at that time; and
●
an annual
discretionary bonus with a target amount of 125% of Mr.
Disbrow’s base salary.
The
term of the CEO Employment Agreement is 24-months beginning on the
Effective Date (as defined therein) (the “
CEO Term
”). The CEO Term shall end
immediately upon the occurrence of certain events named therein.
The Company can terminate Mr. Disbrow’s employment with or
without cause (as defined in the CEO Employment Agreement) or as a
result of disability (as defined in the CEO Employment Agreement).
Mr. Disbrow can terminate his employment with our without good
reason (as defined in the CEO Employment Agreement).
The
Company expects to file the CEO Employment Agreement as an exhibit
to its Quarterly Report on Form 10-Q for the quarter ending March
31, 2019. The foregoing description of the CEO Employment Agreement
is qualified in its entirety by reference to the text of the CEO
Employment Agreement, when filed.
Jarrett T. Disbrow Employment Agreement
Pursuant to the
terms of Jarrett T. Disbrow’s employment agreement (the
“
COO Employment
Agreement
”), the Company agreed to the following
compensation package:
●
an annual base
salary of $250,000 per annum, which shall be reviewed at the end of
each fiscal year of the Company;
●
restricted stock or
options to be granted on or promptly after August 1, 2019 as
determined by the Committee at that time; and
●
an annual
discretionary bonus with a target amount of 125% of Mr.
Disbrow’s base salary.
The
term of the COO Employment Agreement is 24-months beginning on the
Effective Date (as defined therein) (the “
COO Term
”). The COO Term shall end
immediately upon the occurrence of certain events named therein.
The Company can terminate Mr. Disbrow’s employment with or
without cause (as defined in the COO Employment Agreement) or as a
result of disability (as defined in the COO Employment Agreement).
Mr. Disbrow can terminate his employment with our without good
reason (as defined in the COO Employment Agreement).
The
Company expects to file the COO Employment Agreement as an exhibit
to its Quarterly Report on Form 10-Q for the quarter ending March
31, 2019. The foregoing description of the COO Employment Agreement
is qualified in its entirety by reference to the text of the COO
Employment Agreement, when filed.
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Effective April 15,
2019, the Board appointed Steven J. Boyd, age 38, to the Board to
fill one of the two vacancies on the Board. Since July 2012 Mr.
Boyd has served as the Chief Investment Officer of Armistice
Capital, LLC, the investment manager of Armistice Capital Master
Fund Ltd. (“
Armistice
”), a hedge fund focused
on health care and consumer sectors based in New York City. Mr.
Boyd founded Armistice Capital, LLC in 2012.
Prior to
founding
Armistice
, Mr. Boyd was a senior
research analyst at Senator
Investment Group
, an associate at York
Capital, an analyst at
SAB Capital Management
and an
analyst at McKinsey &
Company
. Mr. Boyd is a
graduate of the University of Pennsylvania, with degrees in
economics and political science. He serves on the boards of
directors of each of Cerecor, Inc. and EyeGate Pharmaceuticals,
Inc. The
Board
believes that Mr.
Boyd’s experience in the capital markets and strategic
transactions, and his focus on the healthcare industry makes him a
valuable member of the
Board
.
Mr. Boyd has
elected to not receive
any compensation for his
Board
service. At the time of
his appointment it has not been determined which Board committees
Mr. Boyd will serve on.
Other
than the transactions disclosed pursuant to Item 404(a) of
Regulation S-K under Item 1.01 of the Company’s Current
Report on Form 8-K filed with the SEC on December 4, 2018 (the
“
Prior 8-K
”),
the Company is not aware of any other transactions that require
disclosure under Item 404(a) of Regulation S-K. The information set
forth in the Prior 8-K under Item 1.01 is incorporated herein by
reference.
Item 8.01 Other Events.
Effective April 15,
2019, Mr. Gary Cantrell resigned from the Company’s Audit
Committee and as Chairman of the Compensation Committee. Mr.
Cantrell will remain a member of the Compensation Committee. In
addition, effective April 15, 2019, the Board appointed Mr. Michael
Macaluso to the Company’s Audit Committee and the
Compensation Committee and appointed Mr. Macaluso as Chairman of
the Compensation Committee.
SIGNATURES
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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AYTU
BIOSCIENCE, INC.
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Date:
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April
18, 2019
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By:
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/s/
Joshua R. Disbrow
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Joshua
R. Disbrow
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Chief
Executive Officer
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