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SCIO > SEC Filings for SCIO > Form 8-K on 5-Jul-2013All Recent SEC Filings

Show all filings for SCIO DIAMOND TECHNOLOGY CORP | Request a Trial to NEW EDGAR Online Pro



Termination of a Material Definitive Agreement, Change in Directors

Item 1.02 Termination of a Material Definitive Agreement

On June 30, 2013, the Consulting Agreements, each dated March 6, 2013 (the "Consulting Agreement"), between Scio Diamond Technology Corporation (the "Company") and each of Michael R. Monahan and Theo Strous, were terminated by mutual agreement of the Company and each of Messrs. Monahan and Strous, in each case effective June 30, 2013. The Company did not incur any early termination penalties.

Mr. Monahan served as a member of the Company's Board of Directors (the "Board") until his resignation as described under Item 5.02 below, and beneficially owns approximately 11.3% of the Company's outstanding common stock. Additionally, Mr. Monahan's law firm, Adams Monahan, LLP, has previously provided legal services to the Company. Mr. Strous continues to serve as a member of the Board.

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

On June 30, 2013, Michael R. Monahan notified the Board of his intent to resign from the Board, effective June 30, 2013. Mr. Monahan's resignation was due to personal reasons and was not based upon any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

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