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
July 27, 2010
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Date of Report (date of earliest event reported)
BION ENVIRONMENTAL TECHNOLOGIES, INC.
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Exact name of Registrant as Specified in its Charter
Colorado 000-19333 84-1176672
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State or Other Jurisdiction Commission File IRS Employer Identification
of Incorporation Number Number
Box 566/1774 Summitview Way, Crestone, Colorado 81131
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Address of Principal Executive Offices, Including Zip Code
(212) 758-6622
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Registrant's Telephone Number, Including Area Code
Not applicable
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Former name or former address, if changed since last report
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:
[ ] 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 (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
Effective on July 27, 2010, the Company executed an extension agreement
with Mark A. Smith ('MAS'), the Company's President and General Counsel,
pursuant to which MAS agreed to extend his service to the Company through a
date no later than December 31, 2011 at a salary of $19,000 per month. In
connection therewith the Company granted MAS a cash bonus of $20,000 payable
on January 1, 2011, and a bonus of $20,000 payable in the form of 200,000
warrants exercisable to purchase the Company's restricted stock at a price of
$2.00 per share until January 15, 2019. A copy of the extension agreement is
attached hereto as Exhibit 10.1.
Effective on August 12, 2010, the Company reached an email agreement
with Mr. Edward Schafer pursuant to which Mr. Schafer will join the Company
on approximately September 1, 2010 on a part time consulting basis while he
completes current activities. It is anticipated that Mr. Schafer's time
commitment to Bion will greatly expand in January 2011 when he will assume a
senior executive role with the Company which is intended to last until
December 31, 2013. Mr. Schafer has previously served as Governor of North
Dakota and US Secretary of Agriculture. A more formal agreement is expected
to be executed in several weeks. A copy of the email agreement is attached
hereto as Exhibit 10.2.
ITEM 7.01 REGULATION FD DISCLOSURE.
The Company issued a press release regarding the issuance of a
development permit application by the Pennsylvania Department of
Environmental Protection related to its Kreider Farms #1 project on
August 12, 2010. The press release is attached hereto as Exhibit 99.1.
The Company issued a press release regarding its agreement with Edward
Schafer on August 16, 2010. The press release is attached hereto as Exhibit
99.2.
ITEM 8.01 OTHER EVENTS.
On August 11, 2010 the Company received a development permit from the
Pennsylvania Department of Environmental Protection for its Kreider Farms
Phase 1 system.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information
Not Applicable.
(c) Shell Company Transactions
Not Applicable.
(d) Exhibits
Exhibit 10.1 Extension Agreement with Mark A. Smith
Exhibit 10.2 Agreement with Edward Schafer
Exhibit 99.1 Permit Application Press Release dated
August 12, 2010
Exhibit 99.2 Schafer Agreement Press Release dated
August 16, 2010
SIGNATURE
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.
Bion Environmental Technologies, Inc.
Date: August 17, 2010 By:/s/ Mark A. Smith
Mark A. Smith, President