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DYSL > SEC Filings for DYSL > Form 8-K on 29-Nov-2011All Recent SEC Filings

Show all filings for DYNASIL CORP OF AMERICA

Form 8-K for DYNASIL CORP OF AMERICA


29-Nov-2011

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

With respect to Dr. Gerald Entine's previously announced retirement as President of Dynasil's RMD Research subsidiary, on November 22, 2011 Dynasil and Dr. Entine entered into a separation agreement pursuant to which Dr. Entine's employment with Dynasil will terminate effective November 30, 2011. In exchange for severance pay equal to Dr. Entine's current annual base salary of $325,000 and the continuation of health and dental benefits for one year, Dr. Entine has agreed to certain non- compete and non-solicitation covenants expiring on December 31, 2012 and a standstill agreement expiring on September 30, 2012. In addition, Dr. Entine has agreed to cause his real estate company, which serves as Dynasil's landlord with respect to its offices in Watertown, Massachusetts, to contribute $52,000 in cash and $75,000 in rental credits to Dynasil for certain lease improvements. Dr. Entine will remain a director of the Company until the completion of his current term at the Annual Meeting of Stockholders in February of 2012, at which time Dr. Entine will retire from the Board of Directors.

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