Dynasil Corp OF America (Other) (8-K)
13 Noviembre 2007 - 2:07PM
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 Act of 1934
Date of Report (Date of earliest event reported) November 8, 2007
Dynasil Corporation of America
(Exact name of registrant as specified in its charter)
New Jersey 000-27503 22- 1734088
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(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 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On November 8, 2007, the Registrant, Dynasil Corporation of America
("Dynasil"), entered into an agreement (the "Amendment Agreement") amending
the Agreement of Employment effective October 1, 2004 (the "Original
Agreement") between Dynasil and Craig T. Dunham, its President and Chief
Executive Officer. The Original Agreement specified compensation for an
initial three year term which ended September 30, 2007 and it also
provided for unlimited one year extensions with compensation
terms to be developed. Since the original agreement was signed,
revenues for Dynasil have more than quadrupled and the market
capitalization of the company is more than 50 times
higher. Comparative salary data was used to make compensation
adjustments which resulted in an increase in base pay and a reduction
in the bonus payout formula. The Amendment Agreement modifies
the Original Agreement for the next year with the following changes:
(a) Mr. Dunham's base salary is increased to $150,000 per year;
(b) Mr. Dunham's bonus for fiscal 2008 will be 47% of a
"Core Bonus" pool comprised of 15% of Dynasil's net profits before
taxes after subtracting an amount equal to an 8% annual return
on Dynasil's shareholders' equity. Mr. Dunham's bonus is
payable on or before December 31, 2008
in such combination of cash or Dynasil stock as he shall specify; and
(c) Mr. Dunham's car or car allowance is eliminated.
(d) Otherwise, the Original Agreement continues in effect.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
EXHIBIT INDEX
(c) Exhibits
10.1 Employment Agreement Amendment by and between Dynasil and Craig
T. Dunham effective as of November 8, 2007.
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
Dynasil Corp of America (CE) (USOTC:DYSL)
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