Entry into Employment Agreement with Ronald P. Erickson, Chief Executive Officer
On August 4, 2017, the Board of Directors Visualant, Incorporated (the Company) approved an Employment Agreement with Ronald P. Erickson pursuant to which the Company engaged Mr. Erickson as the Companys Chief Executive Officer through June 30, 2018.
Mr. Ericksons annual compensation is $180,000. Mr. Erickson is also entitled to receive an annual bonus and equity awards compensation as approved by the Board. The bonus should be paid no later than 30 days following earning of the bonus.
Mr. Erickson will be entitled to participate in all group employment benefits that are offered by the Company to the Companys senior executives and management employees from time to time, subject to the terms and conditions of such benefit plans, including any eligibility requirements.
If the Company terminates Mr. Ericksons employment at any time prior to the expiration of the Term without Cause, as defined in the Employment Agreement, or if Mr. Erickson terminates his employment at any time for Good Reason or due to a Disability, Mr. Erickson will be entitled to receive (i) his Base Salary amount for one year; and (ii) medical benefits for eighteen months.
Other terms and conditions are included in and the foregoing descriptions are qualified in their entirety by reference to the full text of the agreements, copies of which are attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference into this Item 5.02.
Item 9.01Financial Statements and Exhibits.
Ronald P. Erickson Employment Agreement dated July 1, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Registrant: VISUALANT, INCORPORATED
/s/Ronald P. Erickson
Ronald P. Erickson CEO
August 10, 2017
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