UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Effective May 1, 2023, Michael Edwards, the Company’s Chief Financial Officer (principal financial officer and principal accounting officer), resigned.
(c) Effective May 1, 2023, the Company appointed Michael Dougherty (age 44) to serve as the Company’s new Vice President and Chief Financial Officer (principal financial officer and principal accounting officer).
Prior to joining the Company, Mr. Dougherty served from 2022 through April 2023 as the Chief Financial Officer of Alexa Business Domains, Amazon’s Alexa AI and Voice divisions. From 2020 to 2022, Mr. Dougherty was Chief Financial Officer of TINT and Filestack, two software-as-a-service companies. From 2017 to 2020, Mr. Dougherty served as Chief Financial Officer for Amazon Pay, where he supported Amazon’s digital payment wallet globally. Earlier in his career Mr. Dougherty held various finance positions at Russell Investments and Medisystems Corporation. He is a certified public accountant and a Chartered Global Management Accountant by the American Institute of Certified Public Accountants.
Pursuant to the terms of an offer letter dated April 11, 2023, entered into between the Company and Mr. Dougherty, Mr. Dougherty will receive an annual base salary of $250,000. Mr. Dougherty will also receive a one-time signing bonus, comprised of both cash and equity. The cash portion of the signing bonus will be $30,000 and the equity portion of the signing bonus will be a grant of a restricted stock award of a number of shares of Company common stock equal to the quotient obtained by dividing $100,000 by the average of the closing stock price of the Company’s common stock on each of the 30 trading days prior to the date of grant. In addition, Mr. Dougherty will be eligible to receive further equity grants under the Company’s equity incentive plan at the discretion of the Company’s compensation committee and to participate in the Company’s health insurance and the 401K retirement plans on the same basis and at the same rates as the Company’s similarly situated employees.
Item 8.01. Other Events.
On May 1, 2023, the Company issued a press release announcing the hiring of Michael Dougherty as the Company’s new Chief Financial Officer. The press release is attached as Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||
| 10.1 | Offer Letter between bioAffinity Technologies, Inc. and Michael Dougherty dated April 11, 2023. | ||
| 99.1 | Press Release of bioAffinity Technologies, Inc., dated May 1, 2023. | ||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| BIOAFFINITY TECHNOLOGIES, INC. | ||
| By: | /s/ Maria Zannes | |
| Maria Zannes | ||
| President and Chief Executive Officer | ||
Dated: May 1, 2023