Modsys International Ltd 8-K 2015
Date of Report (Date of earliest event reported) August 30, 2015
MODSYS INTERNATIONAL LTD.
(Exact name of registrant as specified in its charter)
Registrant’s telephone number, including area code (206) 395-4152
(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 (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 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12)
☐ Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))
☐ Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
ModSys International Ltd. (“Modern Systems”) previously announced on August 13, 2015 that Rick Oppedisano, Vice President of Marketing, will leave the company effective September 29, 2015. On August 30, 2015, Modern Systems entered into a Separation Agreement and Release (the “Separation Agreement”) with Mr. Oppedisano, stating that the separation date of his service is September 29, 2015, that he will receive $16,666.67 severance, less required deductions and withholdings, and that he will receive $3,207.09 as a 75% payment of COBRA healthcare costs. In exchange for the severance payments, Mr. Oppedisano agreed to a standard release of claims. The foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
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, thereunto duly authorized.