VASC » Topics » Item 1.01 Entry into a Material Definitive Agreement.

This excerpt taken from the VASC 8-K filed Jun 5, 2008.

Item 1.01  Entry into a Material Definitive Agreement.

 

On and effective as of Monday, June 2, 2008, Vascular Solutions, Inc. (“VSI”) and AngioDynamics, Inc. entered into an agreement (“Agreement”) with VNUS Medical Technologies, Inc. (“VNUS”) which settled their pending patent litigation with VNUS.

 

Under the terms of the Agreement, VNUS has granted to VSI a non-exclusive and non-sublicensable license to the applicable patents for use in endovenous laser therapy and VSI has agreed to pay VNUS a royalty on all of its Vari-Lase® products shipped within the U.S. Within three business days after execution of the Agreement, VSI is obligated to pay VNUS an aggregate amount of $3.1 million to cover royalties under the Agreement on Vari-Lase products shipped within the U.S. from the launch of the product in 2003 through the end of the first quarter of 2008. Commencing with the second quarter of 2008, VSI will make quarterly royalty payments under the Agreement on on-going U.S. shipments of Vari-Lase products through the remaining life of the applicable patents. VNUS and VSI have also agreed under the Agreement to dismiss all of the pending litigation between the parties.

 

On June 3, 2008, VSI issued a press release announcing the execution of the Agreement. A copy of the press release is filed as Exhibit 99.1 to this Form 8-K. VSI intends to file the Agreement with its Quarterly Report on Form 10-Q for the period ending June 30, 2008.

 

This excerpt taken from the VASC 8-K filed Apr 10, 2008.

Item 1.01.   Entry into a Material Definitive Agreement.

 

On April 8, 2008, Vascular Solutions, Inc. (the “Company”) entered into a settlement agreement (“Agreement”) with Diomed, Inc. (“Diomed”) relating to the previously disclosed litigation entitled Diomed, Inc. v. AngioDynamics, Inc. and Vascular Solutions, Inc. that was filed in the U.S. District Court for the District of Massachusetts (the “Court”). A copy of the Agreement is filed with this Form 8-K as Exhibit 10.1 and the description below is qualified in its entirety by reference thereto.

 

Pursuant to the Agreement, (i) the Company will make a one-time payment of $3.586 million to Diomed, (ii) the Company and Diomed will jointly request that the United States Court of Appeals for the Federal Circuit dismiss the pending appeal by the Company, and (iii) Diomed will provide to the Company a satisfaction of judgment, releasing the Company from the monetary obligation imposed by the Court on August 3, 2007 in its entirety of the judgment against the Company. The Agreement will become effective upon approval by the Court which is expected to occur on April 16, 2008.

 

A copy of the press release is furnished as Exhibit 99.1 to this Report.

 

This excerpt taken from the VASC 8-K filed Dec 28, 2007.

Item 1.01. Entry into Material Definitive Agreement

 

On December 26, 2007, Vascular Solutions, Inc. (the “Company”) amended the Loan and Security Agreement, dated December 31, 2003 (the “Agreement”) with Silicon Valley Bank in order to increase its available revolving line of credit, provide for Letters of Credit as part of its revolving line of credit, and to extend the term of the Agreement.

 

The Company’s new line of credit includes a limit of up to the lesser of $10,000,000 or up to eighty percent (80%) of the Company’s accounts receivable plus up to thirty percent (30%) of the Company’s inventory plus up to (75%) of the Company’s unrestricted cash held at the bank minus any outstanding letters of credit and revolving advances. Interest accrues at a rate equal to the greater of one-half of one percentage point (0.50%) above the Prime Rate or 7.25%. Revolving advances made pursuant to the Agreement are secured by the Company’s property and assets. In addition, the Company may request Letters of Credit as part of its new revolving line of credit.

 

Pursuant to the terms of the Agreement, the Company is bound by certain affirmative and restrictive covenants, including an obligation to maintain a minimum tangible net worth and minimum adjusted earnings.

 

The Agreement will remain in effect until December 25, 2009.

 


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.

 

 

 

 

VASCULAR SOLUTIONS, INC.


Date:  December 28, 2007

 

By: 


/s/ James Hennen

 

 

 

James Hennen
Chief Financial Officer

 

 





This excerpt taken from the VASC 8-K filed Nov 16, 2007.

Item 1.01.   Entry into Material Definitive Agreement

 

On November 14, 2007, Vascular Solutions, Inc. (the “Company”) amended its lease agreements with IRET – Plymouth, LLC (“IRET”) for its Maple Grove and Plymouth facilities. As part of the lease agreement amendments, Company agreed to terminate its sublease of 10,411 square feet of office space with Insignia Systems, Inc. (“Insignia”) effective July 31, 2008.

 

Pursuant to the Maple Grove lease amendment, the term of the lease, which was set to expire on September 30, 2008, is extended until September 30, 2015. In addition, commencing September 1, 2008, the Company will lease an additional 35,151 square feet, net of the termination of the Insignia sublease, of office and warehouse space at its current facility for a total of 79,297 square feet of space at the Maple Grove facility. Commencing September 1, 2008, the Company will pay IRET $57,159.92 per month and is obligated to pay IRET a total of $5,175,781.04 over the term of the lease plus the corresponding operating expenses. The Company may elect to renew the lease upon written notice to IRET for two (2) periods of five (5) years each.

 

Pursuant to the Plymouth lease amendment, the term of the lease, which was set to expire on September 30, 2008, is extended until September 30, 2015. The Plymouth facility totals 13,966 square feet of primarily warehouse space. Commencing on October 1, 2008, the Company will pay IRET $5,237.25 per month for a total of $497,887.80 over the term of the lease plus the corresponding operating expenses. The Company may elect to renew the lease upon written notice to IRET for two (2) periods of five (5) years each. A copy of the lease agreement amendments and the sublease termination agreement are furnished as Exhibits 99.1, 99.2, and 99.3 to this Report.

 

This excerpt taken from the VASC 8-K filed Dec 29, 2006.

Item 1.01.    Entry into Material Definitive Agreement

 

On December 28, 2006, Vascular Solutions, Inc. (the “Company”) renewed its revolving line of credit with Silicon Valley Bank that includes a limit of up to the lesser of $5,000,000 and seventy-five percent (75%) of the Company’s accounts receivable together with twenty-five percent (25%) of the Company’s inventory. Interest accrues at a rate equal to one-half of one percentage point (0.50%) above the Prime Rate. Revolving advances made pursuant to the Agreement are secured by the Company’s property and assets.

 

Pursuant to the terms of the Loan Agreement, the Company is bound by certain affirmative and restrictive covenants, including an obligation to maintain a minimum tangible net worth and a certain liquidity ratio.

 

The Loan Agreement will remain in effect until December 27, 2007.

 

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.

 

 

 

VASCULAR SOLUTIONS, INC.


Date:  December 28, 2006

 

By: 


/s/ James Hennen

 

 

 

James Hennen
Chief Financial Officer






This excerpt taken from the VASC 8-K filed Dec 28, 2006.

Item 1.01.  Entry into Material Definitive Agreement

 

On December 28, 2006, Vascular Solutions, Inc. (the “Company”) entered into a lease agreement with IRET – Plymouth, LLC (“IRET”) for the lease of an additional 13,966 square feet of warehouse space. The space is located in a suburb of Minneapolis, Minnesota.

 

Pursuant to the terms of the agreement, the Company will lease 13,966 square feet commencing January 1, 2007. The Company will pay IRET $5,232 per month. The Company will also pay the corresponding operating expenses associated with the space.

 

The lease shall terminate on September 30, 2008. The Company may elect to renew the lease for one additional term of three years. The Company is obligated to pay IRET $109,872 over the term of the lease plus the corresponding operating expenses.

 


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.

 

 

 

 

VASCULAR SOLUTIONS, INC.


Date:  December 28, 2006

 

By: 


/s/ James Hennen

 

 

 

James Hennen
Chief Financial Officer






This excerpt taken from the VASC 8-K filed Dec 29, 2005.

Item 1.01. Entry into Material Definitive Agreement

        On December 29, 2005, Vascular Solutions, Inc. (the “Company”) modified the Loan and Security Agreement, dated December 31, 2003 (the “Agreement”) with Silicon Valley Bank in order to add an equipment line of credit and to extend the term of the Agreement.

        As modified on December 29, 2005, the Agreement provides the Company with an equipment line of credit up to $2,000,000. The Company agrees to borrow at least $1,000,000 of equipment advances on or before January 6, 2006. Interest accrues at a rate equal to one and one-half of one percentage point (1.50%) above the Prime Rate. Advances made pursuant to the Agreement are secured by the Company’s property and assets.

        The Agreement also renews the revolving line of credit with a limit of up to the lesser of $5,000,000 and seventy-five (75%) of the Company’s accounts together with twenty-five (25%) of the Company’s inventory. Interest accrues at a rate equal to one-half of one percentage point (0.50%) above the Prime Rate. Revolving advances made pursuant to the Agreement are secured by the Company’s property and assets.

        Pursuant to the terms of the Agreement, the Company is bound by certain affirmative and restrictive covenants, including an obligation to maintain a minimum tangible net worth and a certain liquidity ratio.

        The agreement will remain in effect until December 28, 2006.


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.

VASCULAR SOLUTIONS, INC.
 
 
Date: December 29, 2005 By:    /s/ James Hennen
James Hennen
 Chief Financial Officer




This excerpt taken from the VASC 8-K filed Dec 15, 2005.

Item 1.01   Entry into a Material Definitive Agreement.

On Friday, December 9, 2005, the Board of Directors of Vascular Solutions, Inc. (the “Company”) approved an amendment to the Company’s Stock Option and Stock Award Plan (the “Plan”) and two new forms of agreements for awards under the Plan. Under the Plan each non-employee director of the Company is granted an option to purchase 10,000 shares of the Company’s common stock upon election or re-election to the Board. The amendment to the Plan revised the vesting provisions for these options granted to the non-employee directors under the Plan. Prior to the amendment each such option was fully vested as of the grant date of the option. After the amendment each such option will vest in 12 equal monthly installments over the 12 months following the grant date. The amendment to the Plan also revised the language of the Plan to resolve an ambiguity in the provisions regarding the exercisability of a non-employee director option upon termination, death or disability of the director. The Plan now clearly provides that, upon termination of the director’s service as a director for any reason other than gross and willful misconduct, the option is exercisable for three months after termination, except that in the event the director dies or becomes disabled while the option is exercisable, then the option will be exercisable for 12 months after such death or disability or until the expiration of the term of the option, whichever comes first.

The Board also approved two forms of agreements for use in connection with awards under the Plan. One was a new version of the form of option agreement for use in granting non-employee director options under the Plan. This revised form reflects the new vesting provisions which were added to the plan by the amendment. The other new agreement is a form of restricted stock award agreement for use in granting restricted stock awards under the Plan. The restricted stock award agreement provides that the shares subject to the award will vest 50% on the second anniversary, an additional 25% on the third anniversary and the remaining 25% on the fourth anniversary of the date of grant, subject to earlier vesting in the event of a change in control as defined in the form of agreement. The recipient of the award will be entitled to exercise the rights of a stockholder, including the right to vote the shares and receive dividends on the shares, after the date of grant of the award. If the recipient of a restricted stock award ceases to be an employee of the Company for any reason, including termination, death or disability, prior to the vesting of all of the shares subject to the award, then the recipient forfeits all rights to the unvested shares subject to the award.

The Plan as amended, as well as the revised form of non-employee director stock option agreement and the new form of restricted stock award agreement, are each filed as exhibits to this Form 8-K and incorporated herein by reference.

This excerpt taken from the VASC 8-K filed Apr 1, 2005.

Item 1.01. Entry into Material Definitive Agreement

        On March 31, 2005, Vascular Solutions, Inc. (the “Company”) entered into a sublease agreement with Insignia Systems, Inc. (“Insignia”) for the sublease of 10,227 square feet of manufacturing, office, research and laboratory space. The space is connected to the Company’s current facility in a suburb of Minneapolis.

        Pursuant to the terms of the agreement, the Company will sublease 1,183 square feet commencing April 1, 2005 and 9,044 square feet commencing October 1, 2005. The Company will pay Insignia $10 per square foot per year. The rent is due on a monthly basis. The Company will also pay the corresponding operating expenses associated with the space.

        The term of the sublease shall terminate on the earlier of (i) September 30, 2008, or (ii) such date after September 30, 2008 as the Company may elect, but not to extend past January 14, 2010. The Company is obligated to pay Insignia $307,205 over the term of the sublease plus the corresponding operating expenses.

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.

VASCULAR SOLUTIONS, INC.
 
 
Date: April 1, 2005   By:   /s/ James Hennen  

    James Hennen 
    Chief Financial Officer 






Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki