Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
BION ENVIRONMENTAL TECHNOLOGIES INC entered into MAS Agreement with Mark A. Smith valued at surrender of approximately 30% of his Company holdings (as of December 2023); cancellation of all Co (effective 2024-04-01).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Mark A. Smith
- Value
- surrender of approximately 30% of his Company holdings (as of December 2023); cancellation of all Co
- Effective
- 2024-04-01
Exact text from the filing
Item 1.01 Entry Into a Material Definitive Agreement. Effective April 1, 2024 the Company entered into two material definitive agreements regarding voluntary surrender for cancellation of securities of the Company (and related matters) by: a) members of the family of Dominic Bassani, recently deceased former Chief Executive Officer and (with his family) the Company’s largest shareholder (collectively “Bassani Family”)(see Exhibit 10.1)(“Bassani Family Agreement”), and b) Mark A. Smith, President of the Company and a director (“MAS”)(see Exhibit 10.2)(“MAS Agreement”). The Bassani Family and MAS entered into these agreements with the intention of mitigating dilution to shareholders as new, successor management is added to the Company’s management team. The Bassani Family has agreed to surrender not less than approximately 20% of its Company holdings (as of December 2023) which surrender will increase to approximately 30% based on certain financing performances set forth in Exhibit 10.1.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
BION ENVIRONMENTAL TECHNOLOGIES INC entered into Bassani Family Agreement with Bassani Family valued at surrender of not less than approximately 20% of its Company holdings (as of December 2023) which sur (effective 2024-04-01).
- Action
- entry
- Counterparty
- Bassani Family
- Value
- surrender of not less than approximately 20% of its Company holdings (as of December 2023) which sur
- Effective
- 2024-04-01
Exact text from the filing
Item 1.01 Entry Into a Material Definitive Agreement. Effective April 1, 2024 the Company entered into two material definitive agreements regarding voluntary surrender for cancellation of securities of the Company (and related matters) by: a) members of the family of Dominic Bassani, recently deceased former Chief Executive Officer and (with his family) the Company’s largest shareholder (collectively “Bassani Family”)(see Exhibit 10.1)(“Bassani Family Agreement”), and b) Mark A. Smith, President of the Company and a director (“MAS”)(see Exhibit 10.2)(“MAS Agreement”). The Bassani Family and MAS entered into these agreements with the intention of mitigating dilution to shareholders as new, successor management is added to the Company’s management team. The Bassani Family has agreed to surrender not less than approximately 20% of its Company holdings (as of December 2023) which surrender will increase to approximately 30% based on certain financing performances set forth in Exhibit 10.1.
View on SEC.gov