Dyadic International Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

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On November 8, 2024, Dyadic International, Inc. (the “Company”) entered into an employment agreement (the “Agreement”) with Ping Rawson, the Company’s Chief Financial Officer. Pursuant to the Agreement, Ms. Rawson will receive an annual base salary in the amount of $269,024 and, in the discretion of the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”), will be eligible to receive an annual target bonus of up to 25 percent of Ms. Rawson’s annual base salary for the calendar year. Such bonus will be determined based 50 percent on the Company’s results of operations and 50 percent on individual goals and objectives. Ms. Rawson may also receive an additional discretionary bonus, as and if the Company may determine from time to time. Any bonus that is determined to be payable by the Compensation Committee may be payable in cash, or a combination of cash and options and restricted stock units, determined in the sole discretion of the Compensation Committee and to the extent permissible under applicable law. Pursuant to the Employment Agreement, Ms. Rawson also will have the opportunity to be awarded an annual equity award, which is currently anticipated to consist of stock options.

 

If Ms. Rawson’s employment is terminated during the term of the Agreement by the Company without cause, or by Ms. Rawson for good reason, subject to execution of a release and compliance with her restrictive covenants, Ms. Rawson will be entitled to receive, in the reasonable discretion of the Compensation Committee, a pro rata portion of her potential annual target bonus for the calendar year, and continuation of her annual base salary and welfare benefits for the twelve-month period following the date of termination.

 

Ms. Rawson’s employment agreement also includes a one-year post-termination non-competition provision and a two-year post-termination employee, vendor and customer non-solicitation provision.

 

The foregoing description of the Agreement is only a summary of the material terms thereof, does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

 

(d) Exhibits

 

        

** Identifies a management contract or compensatory plan or arrangement.

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 8, 2024