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.
© Edgar Online, source Glimpses