8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 19, 2014 (March 13, 2014)

CHEMBIO DIAGNOSTICS, INC.

(Exact name of registrant as specified in its charter)

Nevada	0-30379	88-0425691
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification Number)

3661 Horseblock Road, Medford, NY 11763

(Address of principal executive offices and zip code)

(631)924-1135

(Registrant's telephone number, including area code)

Not Applicable.

(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 obligations of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17CFR 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-14c))

Item 1.01. Entry into a Material Definitive Agreement.

On March 13, 2014, Chembio Diagnostics, Inc. (the "Company") entered into an employment agreement (the "Employment Agreement") with Mr. John J. Sperzel III to serve as Chief Executive Officer of the Company beginning on March 13, 2014.  This Employment Agreement is described in Item 5.02, which description is incorporated by reference into this Item 1.01.

On March 13, 2014, the Company entered into a consulting agreement (the "Consulting Agreement") with Mr. Lawrence A. Siebert, pursuant to which Mr. Siebert resigned from his position as chief executive officer and as a director (including resigning as Chairman of the Board).  Also, under the Consulting Agreement, Mr. Siebert will serve as a consultant available to the CEO of the Company for a term of six months.  The Company agreed to pay Mr. Siebert a rate equal to his most recent rate as chief executive officer of the Company, which is $24,167 per month.  The Company also agreed to provide health insurance reimbursement to Mr. Siebert during the term of the Consulting Agreement on the same terms as during his service as CEO, and to pay him for 12 days of unused vacation time accrued during his tenure as CEO.  In the event of termination of the Consulting Agreement by the Company, Mr. Siebert is entitled to compensation for any amounts that would have been due had termination not occurred.

Item 5.02(b) and (c). Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 13, 2014 (the "Effective Date"), the Company entered into an Employment Agreement with Mr. John J. Sperzel III to serve as the Company's CEO for a term of three years.  The Company will pay Mr. Sperzel an annual base salary of $375,000, with the possibility of a discretionary, performance-based annual cash bonus of up to 40% of his base salary.  The Employment Agreement also provides for a grant of 250,000 options to purchase shares of the Company's common stock, 43,132 of which will be incentive stock options under the Company's 2008 Stock Incentive Plan (the "Plan"), and 206,868 of which will be non-qualified stock options. The options will become exercisable at the rate of 50,000 shares per year for each of the first through the fifth anniversary of the Effective Date.  In the event Mr. Sperzel's employment is terminated by reason of disability or for "cause," as defined in the Employment Agreement, all compensation, including his base salary, his right to receive a performance bonus, and the vesting of any unvested options, will cease as of his termination date, and Mr. Sperzel will receive no severance benefits.  If the Company terminates Mr. Sperzel's employment without cause or Mr. Sperzel terminates his employment for a reasonable basis, as defined in the Employment Agreement (which includes involuntary termination within a six-month period upon a "Change of Control"), then the Company will pay Mr. Sperzel his base salary for a period of six months as severance and all of his unvested stock options shall immediately become vested.  The Employment Agreement also contains provisions prohibiting Mr. Sperzel from (i) soliciting the Company's employees for a period of 24 months following his termination, (ii) soliciting the Company's customers, agents, or other sources of distribution of the Company's business for a period of twelve months following his termination, and (iii) except where termination is involuntary upon a "Change in Control," engaging or participating in any business that directly competes with the business activities of the Company in any market in which the Company is in business or plans to do business during the period in which he is entitled to severance, or for a period of six months if he is not entitled to severance payments under the Employment Agreement.  The foregoing description of the Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement.

On March 17, 2014, the Board of Directors of the Company elected Mr. Sperzel to serve as a member of the Board until the next Annual Meeting of Stockholders of the Company.

Prior to joining the Company, Mr. Sperzel, age 50, was the President and CEO of International Technidyne Corporation (ITC) from September 2011 to December 2013.  Mr. Sperzel served as President at Axis-Shield from September 2004 to September 2011.  He also has held senior leadership positions at Bayer Diagnostics (Siemens Dx), Instrumentation Laboratory, and Boehringer Mannheim Diagnostics (Roche Dx). Mr. Sperzel graduated from Plymouth State College in New Hampshire, with a B.S. in Business Administration/Management. He currently serves as an advisor to the board of the Diagnostic Marketing Association, and was the president of the Board of that Association in 2007.

On March 13, 2014, Lawrence A. Siebert resigned as CEO and director of the Company (including resigning as Chairman of the Board).  Mr. Siebert previously announced his plan to retire from the Company in September 2013, and this was reported in a Form 8-K at that time.  Mr. Siebert has entered into a six-month Consulting Agreement with the Company.  This Consulting Agreement is described in Item 1.01 of this Report.

Item 7.01. REGULATION FD DISCLOSURE.

On March 14, 2014, the Company issued a press release entitled "John Sperzel Appointed as President and CEO of Chembio Diagnostics."  A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this Item 7.01 of this Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.  The information in this Item 7.01 of this Form 8-K also shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, except to the extent that the Company specifically incorporates it by reference.

Item 9.01.Financial Statements and Exhibits.

Exhibit No.Description

99.1 Press Release, dated March 14, 2014.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		CHEMBIO DIAGNOSTICS, INC.
Dated: March 19, 2014
	________________________________________
		/s/ John J. Sperzel III
		John J. Sperzel III
		Chief Executive Officer

EX-99.1

John Sperzel appointed as President and CEO of Chembio Diagnostics

MEDFORD, N.Y., March 14, 2014 -- Chembio Diagnostics, Inc. (Nasdaq:CEMI) a leader in point-of-care ("POC") diagnostic tests for infectious diseases, today announced the appointment of John Sperzel as President and CEO, effective March 13, 2014.

An experienced senior executive in both private and public companies, Mr. Sperzel comes to Chembio with an outstanding record of accomplishments. His career includes over 25 years in the In Vitro Diagnostic market with extensive experience in Point of Care (POC) testing.

Most recently, Mr. Sperzel served as President and CEO of International Technidyne Corporation (ITC), a privately-held POC diagnostic company. While at ITC, he led a corporate turnaround which won the 2012 "Most Dramatic Transformation" award among Warburg Pincus-owned Healthcare companies. He also led the acquisition of Accriva Diagnostics (Accumetrics), which strengthened ITC's leadership position in POC Cardiovascular diagnostics.

Previously, Mr. Sperzel served as President at Axis-Shield where he built a successful commercial team that delivered rapid revenue growth in the United States POC market. He also held senior leadership positions at Bayer Diagnostics (Siemens Dx), Instrumentation Laboratory, and Boehringer Mannheim Diagnostics (Roche Dx).  Mr. Sperzel graduated from Plymouth State College in New Hampshire, with a B.S. in Business Administration/Management. He currently serves as an advisor to the board of the Diagnostic Marketing Association.

"We are delighted to welcome John as CEO at Chembio. His experience, leadership and drive for success will be important as we position Chembio for future growth" said Dr. Barbara DeBuono, the Chairperson of Chembio's CEO Search Committee and a member of its Board of Directors.

"I am excited to lead Chembio as President and CEO," said Mr. Sperzel. "Chembio has a history of innovation in POC Infectious Disease testing and a consistent track record of revenue growth. I look forward to building a strong Chembio brand and providing quality products and services to our global customers and partners."

Mr. Sperzel succeeds Lawrence A. Siebert, who has served the company as CEO for over ten years.  In September 2013 Mr. Siebert announced his plan to retire from Chembio.

Mr. Siebert has resigned as Chief Executive Officer and a director of the company and entered into a six-month consulting agreement with the Company in order to support the leadership transition.  Mr. Siebert has indicated his appreciation of and gratitude for the hard work, loyalty and commitment of Chembio's employees, the stewardship of the board, and the support of all stakeholders.

"Chembio also is extremely fortunate to have benefited from the dedication, leadership and vision of Larry Siebert for so many years.  The Company is deeply indebted to Larry, and we wish him all the best," stated Dr. DeBuono.

About Chembio Diagnostics

Chembio Diagnostics, Inc. develops, manufactures, licenses and markets proprietary rapid diagnostic tests in the growing $10 billion point-of-care testing market. Chembio's two FDA PMA-approved, CLIA-waived, rapid HIV tests are marketed in the U.S. by Alere, Inc. Chembio markets its HIV STAT-PAK® line of rapid HIV tests internationally to government and donor-funded programs directly and through distributors. Chembio has developed a patented point-of-care test platform technology, the Dual Path Platform (DPP®) technology, which has significant advantages over lateral-flow technologies. This technology is providing Chembio with a significant pipeline of business opportunities for the development and manufacture of new products based on DPP®. Headquartered in Medford, NY, with approximately 200 employees, Chembio is licensed by the U.S. Food and Drug Administration (FDA) as well as the U.S. Department of Agriculture (USDA), and is certified for the global market under the International Standards Organization (ISO) directive 13.485. For more information, please visit: www.chembio.com.

Forward-Looking Statements

Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, Chembio's ability to obtain additional financing and to obtain regulatory approvals in a timely manner, as well as the demand for Chembio's products. Chembio undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Chembio's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Chembio's success are more fully disclosed in Chembio's most recent public filings with the U.S. Securities and Exchange Commission.

CONTACTS:Chembio Diagnostics

Susan Norcott

(631) 924-1135, ext. 125

snorcott@chembio.com

         Vida Strategic Partners (investors)

Stephanie C. Diaz

      (415) 675-7401

sdiaz@vidasp.com