BIOMERICA INC
For the period ended May 31, 2024. Filed Aug 28, 2024.
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FY2024 · Filed Aug 28, 2024
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Item 9B. OTHER INFORMATION
On August 28, 2024, the Company entered into an employment agreement with their Chief Financial Officer, Mr. Gary Lu, wherein if Mr. Lu is terminated by the Company without cause, or if Mr. Lu voluntarily terminates his employment with the Company with cause, then the Company will be required to pay Mr. Lu a severance payment equal to twelve months of base salary. The definition of “cause” for each type of termination is found in the agreement, along with other material terms. This agreement is attached hereto as Exhibit 10.8.
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