Item 1.01 Entry into a Material Definitive Agreement.
On July 28, 2021, Procyon Corporation's (the "Company") Board of Directors
approved Restated and Amended Executive Employment Agreements entered into
between the Company, Amerx and (i) Justice W. Anderson, the Chief Executive
Officer of the Company and the President of our operating subsidiary, Amerx
Health Care Corporation ("Amerx"); (ii) James B. Anderson, the Company's Chief
Financial Officer and the Vice President of Operations of Amerx; and (iii)
George Borak, the Vice President of Sales of Amerx.
Justice W. Anderson's Restated and Amended Executive Employment Agreement, which
is effective July 1, 2021, provides for a base annual salary of $257,000 and
other benefits, including certain incentive bonus compensation based upon Amerx
achieving certain financial goals for sales and net profit and at the discretion
of the Board of Directors. Mr. Anderson's Agreement calls for a term of one
year, but may be terminated by either party, with or without cause, upon thirty
day's written notice.
James B. Anderson's Restated and Amended Executive Employment Agreement, which
is effective July 1, 2021, provides for a base annual salary of $187,200 and
other benefits, including short-term and long-term incentive bonus compensation
based upon Amerx achieving certain operational and financial goals and at the
discretion of the Board of Directors. Mr. Anderson's Agreement calls for a term
of one year, but may be terminated by either party, with or without cause, upon
thirty day's written notice.
George Borak's Restated and Amended Executive Employment Agreement, which is
effective July 1, 2021, provides for a base annual salary of $187,200 and other
benefits, including certain incentive bonus compensation based upon Amerx
achieving certain financial goals for sales and net profit and at the discretion
of the Board of Directors. Mr. Borak's Agreement calls for a term of one year,
but may be terminated by either party, with or without cause, upon thirty day's
written notice.
A copy of Justice W. Anderson's Restated and Amended Executive Employment
Agreement is attached to this report and incorporated herein as Exhibit 10.1. A
copy of James B. Anderson's Restated and Amended Executive Employment Agreement
is attached to this report and incorporated herein as Exhibit 10.2. A copy of
George Borak's Restated and Amended Executive Employment Agreement is attached
to this report and incorporated herein as Exhibit 10.3.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As set forth above, the Company and Amerx entered into Restated and Amended
Executive Employment Agreements with Justice W. Anderson, James B. Anderson and
George Borak, as approved by our Board of Directors on July 28, 2021. Copies of
Justice W. Anderson's, James B. Anderson's and George Borak's Restated and
Amended Executive Employment Agreements are attached to this report and
incorporated herein, respectively.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Restated and Amended Executive Employment Agreement of Justice W.
Anderson.
10.2 Restated and Amended Executive Employment Agreement of James B.
Anderson.
10.3 Restated and Amended Executive Employment Agreement of George O. Borak© Edgar Online, source Glimpses
PROCYON CORPORATION 
