-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GPkuYNVgM6flhBONpzh/9x99noBMZguf/N/IlpLm9DrHFudambtqZkFdMNT5PL6d m6KcDqayjFqILBIQ33yxsw== 0001260415-09-000049.txt : 20091201 0001260415-09-000049.hdr.sgml : 20091201 20091201123853 ACCESSION NUMBER: 0001260415-09-000049 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091130 ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091201 DATE AS OF CHANGE: 20091201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNASIL CORP OF AMERICA CENTRAL INDEX KEY: 0000030831 STANDARD INDUSTRIAL CLASSIFICATION: GLASS, GLASSWARE, PRESSED OR BLOWN [3220] IRS NUMBER: 221734088 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27503 FILM NUMBER: 091214231 BUSINESS ADDRESS: STREET 1: 385 COOPER RD CITY: WEST BERLIN STATE: NJ ZIP: 08091 BUSINESS PHONE: 8567674600 MAIL ADDRESS: STREET 1: 385 COOPER RD CITY: WEST BERLIN STATE: NJ ZIP: 08091 8-K 1 dyn8k-113009.txt 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 Act of 1934 Date of Report (Date of earliest event reported) November 30, 2009 -------------------------- Dynasil Corporation of America ------------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 000-27503 22- 1734088 - --------------------------- ---------- ----------- (State or other (Commission (IRS Employer jurisdiction of incorporation) File Number) Identification No.) 385 Cooper Road, West Berlin, New Jersey 08091 --------------------------- (Address of principal executive offices) (ZIP Code) Registrant's telephone number, including area code: (856)-767-4600 Not Applicable ------------------------------------------------------------ (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 (see General Instructions A.2. below): [] 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)) Section 1 - Registrant's Business and Operations Item 3.02 UNREGISTERED SALES OF EQUITY SECURITIES To the extent the event described under Items 8.01 may constitute the sale of equity securities, that description is incorporated herein by reference. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 30, 2009, the Registrant, Dynasil Corporation of America ("Dynasil") appointed Richard Johnson, of The Woodlands, TX, as its Chief Financial Officer. Mr. Johnson, 55, served as Chief Financial Officer for Tejas Research and Engineering, an engineering and manufacturing firm in the oil and gas industry, from January through September of 2009. He served as COO at Mondrian-Hall, Inc., Canada's leading supplier of imaging equipment, supplies and service to the technical, display graphics and photo marketplace, from 2006 to 2007. From 1989 until 2006, he held numerous financial positions of increasing responsibility, including Treasurer, VP Finance, and CFO at Charrette Corporation, a firm that serviced the printing and design industries. In those positions, Mr. Johnson helped to increase that company's annual revenues from approximately $40 million to $130 million. Over the course of his career, Mr. Johnson has been involved in or led more than 20 acquisitions in all aspects of the acquisition process. He also has significant experience with a wide range of financing activities and structures. Mr. Johnson has a B.S. and an M.B.A. in Finance. Dynasil and Mr. Johnson signed an Employment Agreement, effective November 30, 2009, with a twenty-four (24) month term that is an exhibit to this 8-K filing and is incorporated by reference herein. Mr. Johnson's compensation package includes an annual salary of $150,000, eligibility for a target bonus payout of 33% of base pay per fiscal year based on accomplishment of specific goals and receipt of standard Dynasil benefits and expense reimbursements. He also is receiving certain relocation reimbursements up to $15,000 as well as a signing/retention bonus in the form of options to acquire 20,000 shares of Dynasil common stock at an exercise price of 33% above market price as of his hire date. The stock options have a three year exercise period and will vest two years from date of hire. Mr. Johnson also is receiving a grant of 7,500 restricted shares of Dynasil stock that will vest in equal amounts every twelve months over a three year period. Mr. Johnson replaces Mr. Paul Weaver who will complete Dynasil's financial reporting for its 2009 fiscal year, which ended on September 30, 2009, prior to completing his employment with Dynasil on or before January 15, 2010. ITEM 8.01. OTHER EVENTS On November 30, 2009, Dynasil issued an aggregate of 946,431 shares of its Common Stock, $.0005 par value per share, as a result of the exercise of the conversion rights by holders of 710,000 shares of its Series B 10% Cumulative Convertible Preferred Stock (the "Series B Preferred Shares"). Dynasil had previously called all of the Series B Preferred Shares for redemption on November 30, 2009. As a result of the issuance of those shares of Common Stock, Dynasil now has outstanding an aggregate of 12,378,018 shares of Common Stock. Section 9 - Financial Statements and Exhibits Item 9.01. Financial Statements and Exhibits. EXHIBIT INDEX (c) Exhibits 10.1 Employment Agreement between Dynasil Corporation of America and Richard A. Johnson, effective November 30, 2009. 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. DYNASIL CORPORATION OF AMERICA (Registrant) Date: By Craig T. Dunham President EX-99 2 dyn8k113009ex99-1.txt DYNASIL CORPORATION OF AMERICA AGREEMENT OF EMPLOYMENT THIS AGREEMENT is effective as of November 30, 2009 by and between DYNASIL CORPORATION OF AMERICA, a Delaware corporation with offices at 385 Cooper Road, West Berlin, New Jersey, 08091, for itself and/or on behalf of any of its wholly-owned subsidiaries (collectively, the "Company") and Richard Johnson ("Employee"), whose current address is 11 S. Manorcliff Place, The Woodlands, TX 77382. 1. Employment. Effective at the Date of Hire (the "Effective Date"), the Company agrees to employ Employee as Chief Financial Officer of the Company with such duties as are customary for such position. Employee shall perform these duties subject to the direction and supervision of the Executive Leadership and Board of Directors of the Company. Employee accepts such employment and agrees to devote his full time, effort and skills to the conduct of the combined Company's businesses, performing to the best of Employee's abilities such duties as may be reasonably requested by the Company. Employee agrees to serve the Company diligently and faithfully so as to advance the Company's best interests and agrees to not take any action in conflict with the Company's best interests. 2. Term. (a) The initial term of employment of Employee hereunder shall be for a period of twenty four (24) months commencing on the Effective Date, subject to the conditions set forth herein. (b) This Agreement can be extended at the end of the initial term for additional terms of twelve (12) months based on mutual written agreement. 3. Compensation. (a) Base Salary. Employee shall receive as base salary, during the Term of this Agreement, of $12,500 per month (which is equivalent to One Hundred Fifty Thousand Dollars ($150,000) over a twelve month period). (b) Bonus. Employee shall be eligible for a target bonus of 33% of base pay per fiscal year based on accomplishment of specific goals, which will be set by the Company's CEO and the Employee, with Board of Directors' approval. The bonus shall be prorated for any partial years worked and may be paid in any combination of cash or stock at the Employees discretion. Any bonus payout will occur after the end of the fiscal year when audited results are completed. (c) Benefits. Employee shall be entitled to the standard benefits provided at his base location and four weeks of vacation earned as per base location policies. (d) Reimbursement for Expenses. Employee will receive reimbursement from the Company for expenses reasonably incurred by Employee on behalf of the Company in accordance with the Company's normal policies with respect to expense reimbursements. (e) Severance. In the event of termination by the company without Cause, or termination by the employee for Good Reason, the Company will provide salary continuation to Employee of three (3) months at base salary only as well as maintaining the then existing level of the Company's contribution to health care insurance payments for the employee for six (6) months (unless employee receives alternative coverage during the period) and will pay a prorated earned bonus on the normal bonus payment date. Good Reason is defined as either a material diminution of the Employees duties or a significant reduction in the Employees pay or benefits. In the event of Severence, Employee shall make himself reasonably available to answer questions by telephone during the salary continuation period. Otherwise, the Company will have no obligation to make any severance payments to or for Employee. 4. Termination. This Agreement is subject to termination prior to the expiration of its initial term or any extended term for the following reasons, in addition to the voluntary termination by the Employee or termination by the Company without Cause: (a) Termination for Cause. The Company and Employee agree that no future or further salary or other benefits (except for any benefits which are required by law) will be payable to or for the Employee by the Company and the employment relationship between the parties will terminate immediately following the occurrence of any one or more of the following events: (i) Employee violates any of the terms or conditions of this Agreement in any material respect and such violation is not corrected within fifteen (15) days after notice thereof is provided to Employee; (ii) Employee commits a felony, gross misdemeanor, act of dishonesty or moral turpitude or violates in any material way any of the rules, regulations or policies of the Company; or (iii) Employee engages in a general course of conduct of non- cooperation, negligence or other misconduct materially and adversely affecting the welfare, reputation, continuity or future of the Company's business or operations. (b) Death or Disability. If Employee dies or becomes totally and permanently disabled during the term of employment, the parties agree that the employment relationship and this Agreement will terminate automatically. "Total disability" means the inability of Employee, resulting from sickness, disease, injury or physical or mental illness, to perform in all material respects all of the services pertaining to his employment under this Agreement. Such total disability will be deemed "permanent" if Employee has not recovered and returned to render the full services of his employment hereunder within six (6) months of becoming totally disabled. 5. Confidential Information/Trade Secrets. Employee acknowledges that during the course and as a result of his employment hereunder, Employee may receive or have access to, or contribute to the production of Confidential Information or Trade Secrets. Confidential Information or Trade Secrets means information that is proprietary to or in the unique knowledge of the Company (including information discovered or developed in whole or in part by Employee); or information that derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. Confidential Information shall also include all terms and conditions of this Agreement. Employee understands and acknowledges that all such information that he will obtain in the course of Employee's employment hereunder constitutes Confidential Information or Trade Secrets. In particular, Employee agrees that Confidential Information or Trade Secrets includes among other things, procedures, manuals, reports, lists of clients, customers, suppliers, prospects, products, contracts, prices paid by the Company's customers or to suppliers, research projects and/or results, research and development and commercialization endeavors, financial forecasts or projections, pending or threatened litigation, claims and other matters. Employee further acknowledges and appreciates that any Confidential Information or Trade Secrets constitute valuable assets of the Company and that each of them intends any such information to remain secret and confidential. Employee therefore specifically agrees that except to the extent required by Employee's duties to the Company or as permitted by the express written consent of the Company's President and CEO or its Board of Directors, Employee shall never, either during employment hereunder or for a period of five (5) years thereafter, directly or indirectly use, discuss or disclose any of its Confidential Information or Trade Secrets or otherwise use such information to his own or a third party's benefit. 6. Return of Property. Employee agrees that upon the termination of his employment hereunder, that he will immediately return to the Company all the Company's property of any kind then in Employee's possession or under his control, including, without limitation, the originals and all copies of any and all documents, files or records (including computer data, disks, programs, or printouts) that contain any non-public information that in any way relates to the Company, any of its subsidiaries or affiliates, any of their products or services, clients, suppliers or other aspects of any of their business(es) or prospects. Employee further agrees to not retain any summary of such information. 7. Non-competition. Employee understands and agrees that, in the performance of his duties under this Agreement, Employee may at times meet with the Company's customers and/or suppliers and that, as a consequence of using or associating himself with their name, goodwill and professional reputation, Employee's employment will place him in a position where Employee can further develop personal and professional relationships with the Company's current and prospective customers and/or suppliers. Employee further acknowledges that in the performance of his duties under this Agreement, Employee will be provided with certain specialized skills, training and/or know-how, as well as possess the Confidential Information or Trade Secrets referred to above. Employee understands and agrees that this goodwill and reputation, as well as Employee's skills, training, know-how and knowledge of Confidential Information or Trade Secrets could be used to compete with the Company. Accordingly, Employee agrees that, during the course of Employee's employment with Company and for two years from the date of Employee's termination of employment (whether voluntarily or involuntarily) or the termination of this Agreement at the end of any term, except as approved by the Company in writing which will not be unreasonably withheld, Employee shall not directly or indirectly, individually or with others: (a) Cause or attempt to cause any existing customer of the Company to divert, terminate, limit, not renew or modify adversely any business relationship with the Company. (b) Solicit, employ or contract with any of Company's or any of its subsidiaries' employees. The term "employ" for purposes of this paragraph means to enter into an arrangement for the provision of personal services as a full-time or part-time employee, independent contractor, agent or otherwise. (c) Compete with the Company in the research, design, development, manufacture or sale of any of its then current or contemplated products or services. Employee further agrees during the above-stated five year period to inform any new person, firm or entity with whom Employee proposes to enter into an employment or a business relationship, before accepting such employment or entering into such a relationship, of the restrictions on Employee set forth in Paragraphs 5, 6 and 7 of this Agreement.8. Consideration. Employee and Company agree that the provisions of this Agreement are reasonable and necessary for the protection of Company. 9. Remedies for Breach. Each party acknowledges that breach by the other party of the provisions of this Agreement will cause the first party irreparable harm that is not fully remedied by monetary damages. Accordingly, each party agrees that the other party shall, in addition to any relief afforded by law, be entitled to injunctive relief. Each party agrees that both damages at law and injunctive relief shall be proper modes of relief and are not to be considered alternative remedies. 10. General Provisions. The parties acknowledge and agree as follows: (a) This Agreement contains the entire understanding of the parties with regard to its subject matter. There are no other agreements or understandings, whether oral or written, or express or implied, with regard to such subject matter. This Agreement supersedes and replaces any and all prior agreements or understandings between the parties relating to its subject matter. (b) This Agreement may be amended or modified only by a writing signed by all parties. (c) Waiver by either Company or Employee of a breach of any provision, term or condition hereof shall not be deemed or construed as a further or continuing waiver thereof or a waiver of any breach of any other provision, term or condition of this Agreement. (d) The rights and obligations of Company hereunder may be transferred or assigned to any successor or assign of the Company. The term "Company" as used herein is intended to include Dynasil Corporation of America, its successors and/or assigns, if any. No assignment of this Agreement shall be made by Employee, and any purported assignment shall be null and void. (e) Employee's obligations under Paragraphs 5, 6, and 7 of this Agreement shall survive any change in Employee's employment status with Company, by promotion or otherwise, and the termination of Employee's employment with Company. (f) If any Court finds any provision or part of this Agreement to be unreasonable, in whole or in part, such provision shall be deemed and construed to be reduced to the maximum duration, scope or subject matter allowable under applicable law. Any invalidation of any provision or part of this Agreement will not invalidate any other part of this Agreement. (g) This Agreement will be governed by, construed and enforced in accordance with the laws of New Jersey. (h) This Agreement may be executed in any number of counterparts, including counterparts transmitted by telecopier or facsimile, any one of which shall constitute an original of this Agreement. When counterparts of facsimile copies have been executed by all parties, they shall have the same effect as if the signatures to each counterpart or copy were upon the same document and copies of such documents shall be deemed valid as originals. The parties agree that all such signatures may be transferred to a single document upon the request of any party. This Agreement is intended to be a legally binding document fully enforceable in accordance with its terms. EMPLOYEE: DYNASIL CORPORATION OF AMERICA Richard A. Johnson Craig T. Dunham, President and CEO -----END PRIVACY-ENHANCED MESSAGE-----