BIOMERICA INC
For the period ended Nov 30, 2024. Filed Jan 14, 2025.
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Nov 30, 2024 · Filed Jan 14, 2025
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ITEM 5. OTHER INFORMATION
On January 13, 2025, the Company entered into an employment agreement with their Chief Executive Officer, Mr. Zack Irani, wherein if Mr. Irani is terminated by the Company without cause following a change in control, or if Mr. Irani voluntarily terminates his employment with the Company with cause following a change in control, then the Company will be required to pay Mr. Irani a severance payment equal to twelve months of base salary. The definition of “Change of control” and “cause” for each type of termination is found in the agreement, along with other material terms. This agreement is attached hereto as Exhibit 10.1.
On January 13, 2025, the Company entered into an employment agreement with their Executive Vice Chairman, Mr. Allen Barbieri, an executive officer of the corporation, wherein if Mr. Barbieri is terminated by the Company without cause following a change in control, or if Mr. Barbieri voluntarily terminates his employment with the Company with cause following a change in control, then the Company will be required to pay Mr. Barbieri a severance payment equal to twelve months of base salary. The definition of “Change of control” and “cause” for each type of termination is found in the agreement, along with other material terms. This agreement is attached hereto as Exhibit 10.2.
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