Current Report Filing (8-k)
January 04 2021 - 5:00PM
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):
December 29, 2020
BIOANALYTICAL
SYSTEMS, INC.
(Exact name of registrant as specified in
its charter)
Indiana
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0-23357
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35-1345024
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(State or otherjurisdiction of
incorporation ororganization)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.)
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2701 Kent Avenue
West Lafayette, Indiana
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47906-1382
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including
area code: (765) 463-4527
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
Securities registered pursuant to Section
12(b) of the Act:
Title of each class
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Trading Symbols
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Name of exchange on which registered
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Common Shares
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BASi
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NASDAQ Capital Market
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 29, 2020
Bioanalytical Systems, Inc. (the “Company”) entered into an Amended and Restated Employment Agreement (the “Employment
Agreement”) with Robert Leasure, Jr. The Employment Agreement amends and restates Mr. Leasure’s existing employment
agreement, dated January 27, 2020 (the "Existing Agreement").
Pursuant to the Employment
Agreement, Mr. Leasure agrees to continue to serve as the President and Chief Executive Officer of the Company for a term ending
on December 31, 2022; provided that the term of the Employment Agreement will be automatically extended for successive one year
terms after the expiration of the initial term unless either party gives notice of termination of Mr. Leasure's employment at least
90 days prior to the end of the then-current term. Mr. Leasure will (i) be entitled to receive an annual base salary of $480,000,
(ii) have an annual incentive opportunity of up to 50% of his base salary and (iii) be entitled to vacation in accordance with
Company policy and reimbursement for ordinary and necessary business expenses. Mr. Leasure will also be entitled to participate
in the Company’s benefit plans and programs provided to Company executives generally, subject to eligibility requirements
and other terms and conditions of those plans. Also under the terms of the Employment Agreement and under the Company’s 2018
Equity Incentive Plan (the “Plan”), on the effective date of the Employment Agreement, Mr. Leasure received 40,000
restricted stock units, subject to vesting and forfeiture, including in the event of Mr. Leasure’s termination by the Company
for cause or Mr. Leasure’s resignation other than for good reason (each as defined in the Employment Agreement).
The Employment Agreement
provides for certain non-competition, non-solicitation and confidentiality undertakings. Should Mr. Leasure’s employment
be terminated by reason of Mr. Leasure’s death, by the Company without cause or in the event of Mr. Leasure’s disability
(as defined in the Employment Agreement), or by Mr. Leasure for good reason, Mr. Leasure or his estate would be entitled to his
base salary and a prorated portion of his annual incentive award for the year in which termination occurs, in each case through
the effective date of the termination of his employment. If Mr. Leasure’s employment is terminated by the Company other than
for cause, or by Mr. Leasure for good reason, in either case within 12 months after a change in control (as defined in the Plan)
(i) the Company would pay to Mr. Leasure in a lump sum, as severance compensation, an amount equal to two times his base salary
then in effect plus two times his annual incentive compensation paid for the Company’s last calendar year, (ii) all unvested
outstanding options to purchase the Company’s common shares, unvested awards of restricted shares and unvested awards of
restricted share units held by Mr. Leasure would vest immediately prior to the termination and, in the case of any such options,
remain exercisable for a period of 30 days following the effective date of the termination, and (iii) Mr. Leasure would be entitled
to receive, a pro-rata portion of the number of performance shares that would have been earned by Mr. Leasure if the performance
conditions related thereto were satisfied at the target level for such awards and Mr. Leasure had been employed on the date required
to earn such shares.
The foregoing summary
of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement,
a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the period ended December 31, 2020.
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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Bioanalytical Systems, Inc.
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Date: January 4, 2021
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By:
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/s/ Beth A. Taylor
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Beth A. Taylor
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Chief Financial Officer, Vice President –
Finance
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