Mts Medication Technologies, Inc /DE/ - Current report filing (8-K)
04 Août 2008 - 7:37PM
Edgar (US Regulatory)
United States
Securities and
Exchange Commission
Washington D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13
OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported): August 4, 2008
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MTS Medication Technologies, Inc.
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(Exact Name of registrant as specified in its charter)
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Delaware
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001-31578
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59-2740462
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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2003 Gandy Boulevard North,
St. Petersburg, Florida 33702
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(Address of principal executive offices) (Zip Code)
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(Registrant's telephone
number, including area code):
(727) 576-6311
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N/A
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(Former name or former address, if changed since last report)
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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-42(c))
Item.
5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On
July 29, 2008, MTS Medication Technologies, Inc. (the Company) entered into an
employment agreement (the Agreement) with Todd E. Siegel, the President and
Chief Executive Officer of the Company.
Pursuant
to the Agreement, Mr. Siegel will continue to
serve as President and Chief
Executive Officer of the Company. The term of the Agreement commences on April 1, 2008 and
terminates on March 31, 2013, but will automatically renew for successive one-year periods
unless earlier terminated. Under the Agreement, Mr. Siegel is entitled to an annual base
salary of $310,246.56. Mr. Siegel will also be eligible to receive bonus compensation in
accordance with such terms as recommended by the Companys Compensation Committee and
approved by the Companys Board of Directors. In the event that the Company
terminates Mr. Siegels employment without cause, the Company will be obligated to
pay, as severance, an amount equal to two times his annual base salary. In such an event,
the Company will also pay Mr. Siegel any Long-Term Incentive Bonus earned prior to the
date of termination. The Agreement further provides that if a change in control occurs and
Mr. Siegels employment is terminated (other than for cause) or Mr. Siegels
compensation, employment related benefits, working conditions, management responsibilities
are materially reduced or altered and Mr. Siegel voluntarily terminates his employment
within sixty days of any such occurrence, then Mr. Siegel shall be entitled to receive, as
severance, an amount equal to 2.99 times his annual base salary and any bonus earned and
the vested and unvested portion of Mr. Siegels Long-Term Incentive Bonus. Under the
Agreement, Mr. Siegel is also bound by customary restrictive covenants, including, without
limitation, non-compete and confidentiality obligations.
The
summary of the employment agreement above is qualified in its entirety by the terms of the
employment agreement which is attached as Exhibits 10.1 to this Current Report on Form 8-K
and is incorporated by reference.
Item 9.01 Financial Statements and Exhibits
(d)
Exhibits.
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Exhibit
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Description
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10.1
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Employment Agreement, dated as of July 29, 2008, between the Registrant and Todd E. Siegel.
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1
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.
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MTS Medication Technologies, Inc.
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(Registrant)
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Date: August 4, 2008
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By:
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/s/ Michael P. Conroy
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Michael P. Conroy
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Vice President and Chief Financial Officer
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2
EXHIBIT INDEX
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Exhibit
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Description
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10.1
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Employment Agreement, dated as of July 29, 2008, between the Registrant and Todd E. Siegel.
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