ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
(c) Effective April 11, 2022, Scientific Industries, Inc. (the "Company"), hired
Reginald Averilla as its Chief Financial Officer, replacing Helena R. Santos in
that role, which she had held since August 2002. Mr. Averilla, age 44, brings to
the Company over 10 years of financial accounting and management experience,
including private and public company governance and mergers and acquisitions.
From July 2020 to April 2022, Mr. Averilla served as VP Controller of Medical
Knowledge Group, a privately held company that provides marketingsolutions in
the biopharmaceutical industry. From 2017 to July 2020, Mr. Averilla served as
VP Controller for Film Expo Group, a privately held company that organizes
events in the motion picture industry. Prior to 2017, Mr. Averilla served as the
Assistant Controller to SFX Entertainment, previously a publicly-traded company
that produces live events and digital entertainment content focused. Mr.
Averilla received his B.S. in Accounting from CUNY Hunter College and is a
Certified Public Accountant.
(e) Upon the commencement of his employment, Mr. Averilla will receive an annual
salary of $170,000 and be eligible to receive a discretionary bonus of 10% of
his base salary. Mr. Averilla will be granted options to purchase 20,000 shares
of the Company's common stock, which options shall vest over a four-year period,
beginning with a 25% vest on the first anniversary of the grant date and the
remainder thereafter in equal monthly installments, in accordance with the
Company's 2022 Equity Incentive Plan.
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