UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): May 16, 2013 (May 13, 2013)
MISONIX, INC. | ||||
(Exact name of registrant as specified in its charter)
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New York | 1-10986 | 11-2148932 | ||
(State or other jurisdiction of incorporation)
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(Commission File Number) | (IRS Employer Identification No.) | ||
1938 New Highway, Farmingdale, NY |
11735 | |||
(Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code (631) 694-9555
| ||||
(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 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(c) (e) On May 13, 2013, MISONIX, INC. (the “Company”) appointed Robert S. Ludecker, 45 years old, the Global Vice President of Sales and Marketing for the Company. Mr Ludecker will initially serve in such position until the next annual meeting of the Board of Directors of the Company and until the successor slate of Company officers has been named.
Pursuant to an offer letter from the Company to Mr. Ludecker dated April 8, 2013 (the “Offer Letter”), Mr. Ludecker will (i) receive a base annual salary of $200,000 and (ii) be eligible for a bonus of $50,000 based on accomplishing goals established by the Company within sixty (60) days of Mr. Ludecker’s commencement of employment with the Company. He will also receive a monthly vehicle allowance of $600. Finally, effective sixty (60) days after commencement of his employment, he will be provided (i) short-term and long-term disability coverage and (ii) life insurance coverage in an amount of $450,000, all such coverage to be paid for by the Company.
Mr. Ludecker served as Vice President - Global Sales and Marketing at BioMimetic Therapeutics, Inc. (“BioMimetic”), a publicly-traded biotechnology company specializing in the development and commercialization of drug-device combination products to promote the healing of musculoskeletal injuries and diseases from February 2011 until April 30, 2013. Prior to employment with BioMimetic, Mr. Ludecker served as SVP, Lower Limb Business Unit at Small Bone Innovations, Inc. (“SBI”), a privately-held orthopedic company engaged in the business of providing a product portfolio designed for the small bone and joint surgeon, from February 2008 through February 2011. He first joined SBI in June 2005.
The foregoing description of the Offer Letter is qualified in its entirety by reference to the provisions of the Offer Letter attached to this report as Exhibit 10.1.
The full text of a press release issued on May 13, 2013 announcing the appointment is included as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit 10.1 | Offer Letter, dated April 8, 2013, from MISONIX, INC. to Robert S. Ludecker. | |
Exhibit 99.1 | Press Release of MISONIX, INC., dated May 13, 2013. |
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.
Date: May 16, 2013 |
MISONIX, INC. |
By: /s/ Richard Zaremba Richard Zaremba Senior Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. | Description |
10.1 | Offer Letter, dated April 8, 2013, from MISONIX, INC. to Robert S. Ludecker |
99.1 | Press Release of MISONIX, INC., dated May 13, 2013 |
EXHIBIT 10.1
[MISONIX Letterhead]
April 8, 2013
Robert S. Ludecker
4 Wild Briar Court
Mount Sinai, NY 11766
Re: Offer Letter
Dear Scott:
I am very pleased to offer you the position of Global Vice President of Sales and Marketing for Misonix, Inc.
Upon joining Misonix, Inc., you will receive a base salary of $200,000 annually, paid in twenty four semimonthly payments of $8333.33. You will also be eligible to receive a $50,000 bonus, based on the accomplishments of goals that we establish within 60 days of your start date. A $600.00 monthly vehicle allowance will be authorized to you. You will receive your assignments and report directly to me: (Michael A McManus, Jr.), President and Chief Executive Officer of Misonix.
Upon your first day of service you will be eligible for medical and dental insurance. After 60 days of service, you will receive short term disability, long term disability at no out of pocket cost to you. At this time you will also receive one times your annual salary in life insurance and an additional $250,000 in life insurance as an officer of Misonix, Inc.
After six months of service, you will be eligible to participate in the Misonix, Inc. retirement plan (401k) Misonix, Inc. matches 10% of all money that you contribute to the plan.
As an officer of Misonix, Inc., you will receive 120 hours of vacation time and 40 hours of personal time off.
We request that you fully disclose to Misonix, Inc., any and all agreements relating to your prior employment that may affect your eligibility to be employed by Misonix, Inc. or limit you from performing the duties of a Global Vice President of Sales and Marketing. Moreover, you agree that during the term of your employment with Misonix, Inc. you will not participate or engage in any other employment in which Misonix, Inc. is currently involved or becomes involved with.
As a condition of employment, you sign and comply with a Mutual Employment Agreement. A copy of this Agreement is enclosed for your review.
Sincerely,
/s/ Michael A. McManus
Michael A. McManus
President and CEO
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EXHIBIT 99.1
Misonix Appoints Scott Ludecker
Vice President of Global Sales and Marketing
Company Contact: | Investor Contacts: |
Richard Zaremba | Joe Diaz |
Misonix, Inc. | Lytham Partners, LLC |
631-694-9555 | 602-889-9700 |
invest@misonix.com | mson@lythampartners.com |
www.misonix.com | www.lythampartners.com |
FARMINGDALE, New York – May 13, 2013 – Misonix, Inc. (Nasdaq: MSON), a surgical device company that designs, manufactures and markets innovative therapeutic ultrasonic products worldwide for wound debridement, spinal surgery, cosmetic surgery, neurosurgery, laparoscopic surgery and other surgical applications, announced today the appointment of Scott Ludecker as Vice President of Global Sales and Marketing. Mr. Ludecker will oversee all sales and marketing activities for Misonix worldwide.
With more than 20 years of experience in the global medical device industry, Scott Ludecker has a demonstrated track record of successfully commercializing medical technology and in building and managing global sales distribution networks. Mr. Ludecker most recently served as Vice President of Global Sales and Marketing for BioMimetic Therapeutics, a NASDAQ-listed biotechnology company, specializing in the development and commercialization of products which promote the healing of musculoskeletal injury and diseases, including orthopedic, spine, and sports medicine applications. He was responsible for building the commercial launch strategy and the associated infrastructure to support a global product launch for BioMimetic’s regenerative medicine platform technology, in a market estimated to exceed $1 billion annually in the U.S. Prior to BioMimetic, Mr. Ludecker served in a variety of sales and marketing leadership positions with Small Bone Innovations (SBi), a private New York City-based orthopedic company specializing in small bones, and Smith and Nephew, a leading U.K.-based global provider of orthopedic reconstruction implants and a broad portfolio of medical instruments and supplies. Mr. Ludecker is a graduate of Kenyon College with a Bachelor of Arts degree.
Michael A. McManus, Jr., president and chief executive officer, said, “We are pleased to have an industry professional the caliber of Scott Ludecker join Misonix at this critical point in the history of the Company. Scott has a proven track record of success in many of the markets in which we operate. We look for Scott’s leadership and extensive industry experience to energize our global sales and marketing team to become the competitive and disciplined sales force that will increasingly drive Misonix products into surgical suites around the world. I look forward to working closely with Scott to achieve our strategic goals.”
About Misonix
Misonix, Inc. designs, develops, manufactures and markets therapeutic ultrasonic medical devices. Misonix's therapeutic ultrasonic platform is the basis for several innovative medical technologies. Addressing a combined market estimated to be in excess of $3 billion annually; Misonix's proprietary ultrasonic medical devices are used for wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications. Additional information is available on the Company's Web site at www.misonix.com.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include general economic conditions, delays and risks associated with the performance of contracts, risks associated with international sales and currency fluctuations, uncertainties as a result of research and development, acceptable results from clinical studies, including publication of results and patient/procedure data with varying levels of statistical relevancy, risks involved in introducing and marketing new products, potential acquisitions, consumer and industry acceptance, litigation and/or court proceedings, including the timing and monetary requirements of such activities, the timing of finding strategic partners and implementing such relationships, regulatory risks including approval of pending and/or contemplated 510(k) filings, the ability to achieve and maintain profitability in the Company's business lines, and other factors discussed in the Company's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company disclaims any obligation to update its forward-looking relationships.
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