<SEC-DOCUMENT>0001654954-19-004575.txt : 20190418
<SEC-HEADER>0001654954-19-004575.hdr.sgml : 20190418
<ACCEPTANCE-DATETIME>20190418161523
ACCESSION NUMBER:		0001654954-19-004575
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190415
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20190418
DATE AS OF CHANGE:		20190418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AYTU BIOSCIENCE, INC
		CENTRAL INDEX KEY:			0001385818
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				470883144
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		19756072

	BUSINESS ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 206
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		(720) 437-6580

	MAIL ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 206
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AYTU BIOSCIENCE, INC.
		DATE OF NAME CHANGE:	20150609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rosewind CORP
		DATE OF NAME CHANGE:	20070110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>aytu_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington, D.C. 20549</font></div>
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FORM 8-K</font></div>
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CURRENT REPORT</font></div>
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date of
Report (Date of earliest event reported):&#xA0;<font style="font-weight: bold">April 15, 2019</font></font></div>
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AYTU BIOSCIENCE, INC.</font></div>
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Delaware</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
001-38247</font></div>
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47-0883144</font></div>
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373 Inverness Parkway, Suite 206</font></div>
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Englewood, CO 80112</font></div>
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of principal executive offices, including Zip Code)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Registrant&#x2019;s
telephone number, including area code: <font style="font-weight: bold">(720) 437-6580</font></font></div>
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N/A</font></div>
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name or former address, if changed since last report)</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 1.01 Entry into a Material Definitive Agreement.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
April 15, 2019, the board of directors (the &#x201C;<font style="font-weight: bold">Board</font>&#x201D;) of Aytu BioScience, Inc.
(the &#x201C;<font style="font-weight: bold">Company</font>&#x201D;),
upon the recommendation of the Company&#x2019;s compensation
committee, agreed to renew the employment agreements of Joshua R.
Disbrow and Jarrett T. Disbrow. The material terms of the
employment agreements are as follows.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Joshua R. Disbrow Employment Agreement</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
terms of Joshua R. Disbrow&#x2019;s employment agreement (the
&#x201C;<font style="font-weight: bold">CEO Employment
Agreement</font>&#x201D;), the Company agreed to the following
compensation package:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 84px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an annual base
salary of $330,000 per annum, which shall be reviewed at the end of
each fiscal year of the Company;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 84px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">restricted stock or
options to be granted on or promptly after August 1, 2019 as
determined by the Committee at that time; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 84px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an annual
discretionary bonus with a target amount of 125% of Mr.
Disbrow&#x2019;s base salary.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
term of the CEO Employment Agreement is 24-months beginning on the
Effective Date (as defined therein) (the &#x201C;<font style="font-weight: bold">CEO Term</font>&#x201D;). The CEO Term shall end
immediately upon the occurrence of certain events named therein.
The Company can terminate Mr. Disbrow&#x2019;s employment with or
without cause (as defined in the CEO Employment Agreement) or as a
result of disability (as defined in the CEO Employment Agreement).
Mr. Disbrow can terminate his employment with our without good
reason (as defined in the CEO Employment Agreement).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company expects to file the CEO Employment Agreement as an exhibit
to its Quarterly Report on Form 10-Q for the quarter ending March
31, 2019. The foregoing description of the CEO Employment Agreement
is qualified in its entirety by reference to the text of the CEO
Employment Agreement, when filed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Jarrett T. Disbrow Employment Agreement</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
terms of Jarrett T. Disbrow&#x2019;s employment agreement (the
&#x201C;<font style="font-weight: bold">COO Employment
Agreement</font>&#x201D;), the Company agreed to the following
compensation package:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 84px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an annual base
salary of $250,000 per annum, which shall be reviewed at the end of
each fiscal year of the Company;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 84px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">restricted stock or
options to be granted on or promptly after August 1, 2019 as
determined by the Committee at that time; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 84px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an annual
discretionary bonus with a target amount of 125% of Mr.
Disbrow&#x2019;s base salary.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
term of the COO Employment Agreement is 24-months beginning on the
Effective Date (as defined therein) (the &#x201C;<font style="font-weight: bold">COO Term</font>&#x201D;). The COO Term shall end
immediately upon the occurrence of certain events named therein.
The Company can terminate Mr. Disbrow&#x2019;s employment with or
without cause (as defined in the COO Employment Agreement) or as a
result of disability (as defined in the COO Employment Agreement).
Mr. Disbrow can terminate his employment with our without good
reason (as defined in the COO Employment Agreement).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company expects to file the COO Employment Agreement as an exhibit
to its Quarterly Report on Form 10-Q for the quarter ending March
31, 2019. The foregoing description of the COO Employment Agreement
is qualified in its entirety by reference to the text of the COO
Employment Agreement, when filed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<font style="font-family: Times New Roman; font-size: 13px">Effective April 15,
2019, the Board appointed Steven J. Boyd, age 38, to the Board to
fill one of the two vacancies on the Board. Since July 2012 Mr.
Boyd has served as the Chief Investment Officer of Armistice
Capital, LLC, the investment manager of Armistice Capital Master
Fund Ltd. (&#x201C;<font style="font-weight: bold">Armistice</font>&#x201D;), a hedge fund focused
on health care and consumer sectors based in New York City. Mr.
Boyd founded Armistice Capital, LLC in 2012. <font style="color: #000000; background-color: #FFFFFF">Prior to
founding</font> <font style="background-color: #FFFFFF">Armistice</font><font style="color: #000000; background-color: #FFFFFF">, Mr. Boyd was a senior
research analyst at Senator</font> <font style="background-color: #FFFFFF">Investment Group</font><font style="color: #000000; background-color: #FFFFFF">, an associate at York
Capital, an analyst at</font> <font style="background-color: #FFFFFF">SAB Capital Management</font>
<font style="color: #000000; background-color: #FFFFFF">and an
analyst at McKinsey &amp;</font> <font style="background-color: #FFFFFF">Company</font><font style="color: #000000; background-color: #FFFFFF">. Mr. Boyd is a
graduate of the University of Pennsylvania, with degrees in
economics and political science. He serves on the boards of
directors of each of Cerecor, Inc. and EyeGate Pharmaceuticals,
Inc. The</font> <font style="background-color: #FFFFFF">Board</font> <font style="color: #000000; background-color: #FFFFFF">believes that Mr.
Boyd&#x2019;s experience in the capital markets and strategic
transactions, and his focus on the healthcare industry makes him a
valuable member of the</font> <font style="background-color: #FFFFFF">Board</font><font style="color: #000000; background-color: #FFFFFF">.</font> <font style="background-color: #FFFFFF">Mr. Boyd has</font> <font style="color: #000000; background-color: #FFFFFF">elected to not receive
any compensation for his</font> <font style="background-color: #FFFFFF">Board</font> <font style="color: #000000; background-color: #FFFFFF">service. At the time of
his appointment it has not been determined which Board committees
Mr. Boyd will serve on.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Other
than the transactions disclosed pursuant to Item 404(a) of
Regulation S-K under Item 1.01 of the Company&#x2019;s Current
Report on Form 8-K filed with the SEC on December 4, 2018 (the
&#x201C;<font style="font-weight: bold">Prior 8-K</font>&#x201D;),
the Company is not aware of any other transactions that require
disclosure under Item 404(a) of Regulation S-K. The information set
forth in the Prior 8-K under Item 1.01 is incorporated herein by
reference.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 8.01 Other Events.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Effective April 15,
2019, Mr. Gary Cantrell resigned from the Company&#x2019;s Audit
Committee and as Chairman of the Compensation Committee. Mr.
Cantrell will remain a member of the Compensation Committee. In
addition, effective April 15, 2019, the Board appointed Mr. Michael
Macaluso to the Company&#x2019;s Audit Committee and the
Compensation Committee and appointed Mr. Macaluso as Chairman of
the Compensation Committee.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">SIGNATURES</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">AYTU
BIOSCIENCE, INC.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">April
18, 2019</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">/s/
Joshua R. Disbrow</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Joshua
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<font style="font-family: Times New Roman; font-size: 13px">Chief
Executive Officer</font></div>
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