blgo20170212_8k.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 10, 2017

  

 

BioLargo, Inc.

(Exact name of registrant as specified in its charter)

 

  

 

Delaware

  

000-19709

  

65-0159115

(State or other jurisdiction

of incorporation)

  

(Commission File Number)

  

(IRS Employer

Identification No.)

 

 

14921 Chestnut St., Westminster, CA 92683

  

92704

(Address of principal executive offices)

  

(Zip Code)

 

Registrant’s telephone number, including area code: (949) 643-9540

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

 

 
 
 

 

Item 1.01      Entry into a Material Definitive Agreement

 

On February 10, 2017, BioLargo, Inc. (the “Company”) and its Chief Financial Officer Charles K. Dargan, II formally agreed to extend the engagement agreement dated February 1, 2008 (the “Engagement Agreement”, which had been previously extended multiple times), pursuant to which Mr. Dargan has been serving as the Company’s Chief Financial Officer. The Engagement Extension Agreement dated as of February 10, 2017 (the “Engagement Extension Agreement”) provides for an additional term to expire September 30, 2017 (the “Extended Term”), and is retroactively effective to the termination of the prior extension on October 1, 2016.

 

Mr. Dargan shall be compensated through the issuance of an option to purchase 300,000 shares of the Company’s common stock, at a strike price of $0.69 per share which is equal to the closing price of the Company’s common stock on February 10, 2017, to expire February 10, 2027, and to vest over the term of the engagement with 125,000 shares having vested as of February 10, 2017, and the remaining shares to vest 25,000 shares monthly beginning March 1, 2017, and each month thereafter, so long as this Agreement is in full force and effect.

 

Mr. Dargan will continue to be reimbursed for business expenses he incurs in connection with the performance of his services as the Company’s Chief Financial Officer. All other provisions of the Engagement Agreement not expressly amended pursuant to the Engagement Extension Agreement remain the same, including provisions regarding indemnification and arbitration of disputes.

 

Item 9.01 Financial Statements and Exhibits

 

 

4.1

Option to purchase common stock issued to Charles K. Dargan dated February 10, 2017

 

10.1†

Engagement Extension Agreement dated as of February 10, 2017 between BioLargo, Inc. and Charles K. Dargan, II.

 

†

Management contract or compensatory plan, contract or arrangement

 

SIGNATURES

 

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.

 

 

Date: February 14, 2017

 

  

 

BIOLARGO, INC.

         
 

 

  

 

  

 

By:

 

/s/ Dennis P. Calvert

 

 

  

 

  

 

  

 

Dennis P. Calvert

 

 

  

 

  

 

  

 

President and Chief Executive Officer