UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
October 30, 2008
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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
641 Lexington Avenue, 17th Floor, New York, NY 10022
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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.
On November 10, 2008, the Company and Jeff Kapell, formerly Vice President-
Renewables of Projects Group, executed an agreement terminating Mr. Kapell's
employment with the Company. It is anticipated that Mr. Kapell will provide
consulting services to the Company from time-to-time.
On November 10, 2008 the Company and David Mager, formerly Vice President-
Public Policy of our Bion Services Group, Inc. subsidiary, executed an
agreement terminating Mr. Mager's full-time consulting relation with the
Company. It is anticipated that Mr. Mager may provide some consulting
services to the Company in the future.
Dominic Bassani, Vice President-Special Projects and Strategic Planning of
our Bion Integrated Projects Group, Inc. subsidiary, guaranteed repayment of
a loan to the Company by a shareholder of $65,000, which loan and guarantee
was evidenced by a promissory note executed November 10, 2008. In addition,
Mark A. Smith, the Company's President, has advanced the Company $7,500 on an
open account basis. The advances will be used by the Company for working
capital purposes. It is possible, but not certain, that Mr. Bassani and/or
Mr. Smith will make future advances to the Company.
On November 11, 2008, pursuant to an agreement executed October 30, 2008, the
Company received $75,000 as final reimbursement of legal fees and expenses
incurred in connection with the class action litigations settled during 2007.
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
10.1 Agreement between Jeff Kapell and Bion dated November 1, 2008
10.2 Agreement Between David Mager and Bion dated November 1, 2008
10.3 Promissory Note between Anthony Orphanos and Bion dated October
30, 2008, Guaranteed by Dominic Bassani
10.4 Addendum to Settlement Agreement and Release Stipulation
from Bion, Bion Dairy and Mark Smith dated October 31,
2008
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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: November 13, 2008 By: /s/ Mark A. Smith
Mark A. Smith, President
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