-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B73Th+h53jIS69nwaNBkrwt7nG+gweta4qjLiM/KpWUe7iwSgS6zPaNtqNaReGS1 AMLVP9lIkNvTDer3r3s2DQ== 0000950135-07-000370.txt : 20070129 0000950135-07-000370.hdr.sgml : 20070129 20070129145044 ACCESSION NUMBER: 0000950135-07-000370 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070124 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070129 DATE AS OF CHANGE: 20070129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL DENTEX CORP /MA/ CENTRAL INDEX KEY: 0000913616 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HEALTH SERVICES [8000] IRS NUMBER: 042762050 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23092 FILM NUMBER: 07560521 BUSINESS ADDRESS: STREET 1: 526 BOSTON POST ROAD CITY: WAYLAND STATE: MA ZIP: 01778 BUSINESS PHONE: 5083584422 MAIL ADDRESS: STREET 1: 526 BOSTON POST ROAD CITY: WAYLAND STATE: MA ZIP: 01778 8-K 1 b63902nce8vk.htm FORM 8-K - NATIONAL DENTEX CORPORATION e8vk
 

 
 
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
January 24, 2007
Date of Report (date of earliest event reported)
NATIONAL DENTEX CORPORATION
(Exact name of registrant as specified in its charter)
Commission file number 000-23092
     
MASSACHUSETTS
(State or Other
Jurisdiction of
Incorporation or
Organization)
  04-2762050
(I.R.S. Employer
Identification No.)
     
526 Boston Post Road,
Wayland, MA

(Address of Principal
Executive Offices)
  01778
(Zip Code)
(508) 358-4422
(Registrant’s Telephone No., including Area Code)
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):
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     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 Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 24, 2007, National Dentex Corporation (“National Dentex”) issued a press release announcing that its Board of Directors had approved the appointment of John W. (Josh) Green (age 53) to the new position of Executive Vice President, Laboratory Operations, and had promoted Wayne Coll (age 43) to the position of Chief Financial Officer. National Dentex also announced that its former Chief Financial Officer, Richard F. Becker, Jr. (age 54), would continue to serve as its Executive Vice President and Treasurer and would assume greater responsibility for and management of its Marketing & Sales and Research & Development offices. National Dentex also announced that Arthur B. Champagne (age 66) had been promoted to the position of Senior Vice President
Prior to his appointment as Executive Vice President, Laboratory Operations, Mr. Green had been engaged as a consultant by National Dentex following its acquisition in March 2005 of Green Dental Laboratory, which Mr. Green had founded in 1980 in Heber Springs, Arkansas. In his new position, Mr. Green’s annual base salary will be $350,000 and he will be eligible to participate in National Dentex’s Executive Incentive Compensation Plan for 2007, subject to the plan’s expected future approval by the Board of Directors. During and in respect of the fiscal year ended December 31, 2006, National Dentex paid Mr. Green an aggregate of $180,005 relating to consulting services. On September 1, 2006, Mr. Green became an employee of National Dentex and earned an additional $82,371 in salary over the remainder of the fiscal year. In addition, National Dentex paid Mr. Green $814,540 in March 2006 relating to its acquisition of Green Dental Laboratory. Two additional installments of $814,540 relating to that acquisition are due to be made by National Dentex to Mr. Green in March 2007 and March 2008.
Mr. Becker, who had served as National Dentex’s Chief Financial Officer since 1997 will continue to serve as an executive officer in his continuing position as Executive Vice President and Treasurer. In his new role, Mr. Becker’s annual base salary will be $220,000.
Mr. Champange has been employed by National Dentex and its predecessors for over 40 years and has served as a Vice President of National Dentex since 1986. In his new position, Mr. Champagne’s annual salary will be $185,000.
Prior to his appointment as Chief Financial Officer, Mr. Coll, who has been employed by National Dentex over the past 16 years, served as Vice President, Corporate Controller over the past two years. In his new position, Mr. Coll’s annual base salary will be $160,000.
Messrs. Becker, Champagne, and Coll will be eligible to participate in National Dentex’s Executive Incentive Compensation Plan for 2007, subject to the plan’s expected future approval by the Board of Directors. Messrs. Becker, Champagne, and Coll are participants in National Dentex’s Executive Incentive Compensation Plan for 2006, but final determinations of payments under that plan remain subject to determination following the completion of the Company’s year-end audit and closing of its books. Messrs. Becker and Champagne are participants in the Company’s Supplemental Executive Retirement Plan. Mr. Coll is a participant in the Company’s Supplemental Laboratory Executive Retirement Plan.
A written summary of the compensation arrangement outlined above is attached hereto as Exhibit 10.1 and the press release announcing the appointments of Messrs. Becker, Champagne, Coll and Green to the above new executive officer positions is attached hereto as Exhibit 99.1. Each of such exhibits are incorporated herein by reference.
Item 8.01   Other Events.
In its press release of January 24, 2007, National Dentex announced that Mr. Green, in his new position as Executive Vice President, Laboratory Operations would oversee all forty-three of its existing laboratories, each of which would be aligned in turn under one of three newly appointed vice presidents of operations, Douglas A. Baker, William G. Keller, and Thomas A. Keller. Messrs. Baker, Keller and Keller will report

 


 

directly to Mr. Green, who in turn will report directly to National Dentex’s President and Chief Executive Officer, David L. Brown. National Dentex announced that this realignment was designed to align its laboratory operations in a way that will better enhance decision making and speed of execution.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01   Financial Statements and Exhibits
     (d) Exhibits
     
10.1
  Written Summary of Compensation Arrangements of Richard F. Becker, Jr., Arthur B. Champagne, Wayne Coll and John W. Green, as of January 24, 2007.
 
   
99.1
  Press release of National Dentex Corporation, dated January 24, 2007.

 


 

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, thereunto duly authorized.
         
January 29, 2007
 
NATIONAL DENTEX CORPORATION
(Registrant)


 
 
  By:   /s/ RICHARD F. BECKER, JR.    
    Richard F. Becker, Jr.   
    Executive Vice President and Treasurer   

 


 

         
Exhibit Index
     
10.1
  Written Summary of Compensation Arrangements of Richard F. Becker, Jr., Arthur B. Champagne, Wayne Coll and John W. Green, as of January 24, 2007.
 
   
99.1
  Press release of National Dentex Corporation, dated January 24, 2007.

 

EX-10.1 2 b63902ncexv10w1.txt EX-10.1 - WRITTEN SUMMARY OF COMPENSATION ARRANGEMENTS Exhibit 10.1 NATIONAL DENTEX CORPORATION Written Summary of Compensation Arrangements with Richard F. Becker, Jr., Arthur B. Champagne, Wayne Coll and John W. Green effective upon corporate realignment announced January 24, 2007 Executive Officers: John W. Green Annual base salary: $350,000 Richard F. Becker, Jr. Annual base salary: $220,000 Arthur B. Champagne Annual base salary: $185,000 Wayne Coll Annual base salary: $160,000 Executive Incentive Compensation Plan - 2006 Messrs. Becker, Champagne and Coll each participate, however calculations are not available until year-end audit is completed and books are closed. Executive Incentive Compensation Plan - 2007 All of the above will participate when Board approves plan. Supplemental Executive Retirement Plan Messrs. Becker and Champagne Supplemental Laboratory Executive Retirement Plan Mr. Coll EX-99.1 3 b63902ncexv99w1.txt EX-99.1 - PRESS RELEASE DATED JANUARY 24, 2007 Exhibit 99.1 NATIONAL DENTEX CORPORATION FOR IMMEDIATE RELEASE: 526 Boston Post Road January 24, 2007 Wayland, MA 01778 (508) 358 - 4422 Contact: Richard F. Becker, Executive Vice President & Treasurer NATIONAL DENTEX CORPORATION ANNOUNCES CORPORATE REALIGNMENT NATIONAL DENTEX CORPORATION, WAYLAND, MASSACHUSETTS, January 24, 2007- National Dentex Corporation (NASDAQ: NADX), one of the largest owner/operators of dental laboratories in the United States, today announced a realignment of its corporate organization in order to help it better execute its operational strategy. LABORATORY OPERATIONS The first element of the Company's reorganization is the appointment of John W. (Josh) Green to the new position of Executive Vice President, Laboratory Operations to oversee all forty-three of the Company's laboratories, each of which will be aligned in turn under one of three vice presidents of operations. In this new position, Mr. Green will report directly to David Brown, the Company's President and Chief Executive Officer. Josh Green joined National Dentex as a consultant upon the acquisition by the Company of Green Dental Laboratory in March 2005. Josh started Green Dental in 1980 in Heber Springs, Arkansas and grew it over the years to the point where it generated in excess of $16 million in revenues at the time of its acquisition by National Dentex. With over 25 years of industry experience, Josh Green has earned a reputation as an innovative laboratory operator through Green Dental's product offerings and the clinically relevant professional training that it has offered to its clients. In fulfilling his new duties as Executive Vice President, Laboratory Operations, Josh will be assisted by Douglas A. Baker, William G. Keller, and Thomas A. Keller, who are each being appointed to new positions as Vice President, Operations. In these new positions, each of Doug Baker, Bill Keller, and Tom Keller will report directly to Josh Green. Doug Baker has been with National Dentex since August 2004 when the Company acquired D.H. Baker Dental Laboratory of Traverse City, Michigan. Doug founded D. H. Baker over 25 years ago, and has grown the business through a dedication to consistent quality, outstanding service and educational support aimed at meeting and exceeding client expectations. Bill Keller and Tom Keller both joined National Dentex in October 2006 upon its acquisition of Keller Group, Incorporated, a dental laboratory business with production facilities in St. Louis, Missouri and Louisville, Kentucky, and sales offices in Kansas City, Missouri and Indianapolis, Indiana. We believe that the Keller Group is widely recognized within the dental community as one of the best managed, progressive and innovative laboratory businesses in the country. David Brown, President and CEO, commented, "These changes are designed to align our laboratory operations in a way that will better enhance decision making and speed of execution, as well as help us be in a position to deliver the products and services our clients want and need most. In Josh Green, we are fortunate to have an extremely successful and talented leader with a track record of driving growth and innovation leading the Company's laboratory operations. In Doug Baker, Bill Keller and Tom Keller, we have been able to assemble a distinguished and highly-regarded operations team to support and assist Josh as he undertakes the new position of Executive Vice President, Laboratory Operations." Mr. Brown added, "In connection with this corporate realignment of our personnel, I am also pleased to announce that Art Champagne has been promoted to Senior Vice President. In that position, he will be joining our other Senior Vice President, Donald Merz. Both Art and Don will report directly to me and will provide counsel and guidance to me as well as to Josh Green and his operations team." ADMINISTRATION AND FINANCE The second portion of the Company's corporate reorganization deals with changes within the administration and finance area of National Dentex and focuses on eliminating duplication, coordinating functions, and realigning resources. Richard F. Becker, Jr., who has served as the Company's Chief Financial Officer since 1997, will continue to actively lead and coordinate the Company's various corporate and administrative functions in his continuing position as Executive Vice President and Treasurer, which he has held since 2004. These functions include acquisitions and corporate development, information technology, investor relations and human resources. In addition, Mr. Becker has recently overseen the integration of our new Canadian laboratory and will assume the responsibility for and management of our Marketing & Sales and Research & Development offices. Mr. Brown stated, "Mr. Becker has been an important contributor to the Company's business strategies and has set and managed all aspects of financial and administrative direction for over ten years. In Dick's new position, we expect the Company will continue to benefit from his wide-ranging experience as he further expands his role in our organization and assumes greater responsibility in helping to coordinate the Company's operational and corporate functions with the goal and objective of delivering greater value to our clients." Wayne Coll will succeed Mr. Becker as Chief Financial Officer of the Company. Mr. Coll has been with National Dentex for 16 years, including serving as the Company's Vice President, Corporate Controller over the past two years. In his new position as Chief Financial Officer, Mr. Coll will be primarily responsible for all finance, accounting and tax functions as well as general services and facilities. Mr. Brown added, "I am also delighted to announce the promotion of Wayne Coll to the position of Vice President, CFO. Wayne's strong financial background, industry experience, and proven leadership skills within our organization make him an ideal choice to serve as our CFO." About National Dentex National Dentex Corporation serves an active customer base of over 24,000 dentists through forty-three full service and four branch dental laboratories located in 31 U.S. states and one Canadian province. National Dentex's dental laboratories provide a full range of custom-made dental prosthetic appliances, including dentures, crowns and fixed bridges, and other dental specialties. Safe Harbor Statement This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding our acquisition activity, marketplace competitiveness, opportunities, and expected courses of action, that are based on our current expectations, beliefs, assumptions, estimates, forecasts and projections about the industry and markets in which National Dentex operates. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important factors that may affect future operating results and acquisition activity include the timing, duration and effects of adverse changes in overall economic conditions and other developments that directly or indirectly affect consumer decisions as to whether and when to have dental procedures performed; National Dentex's ability to acquire new laboratories on terms and conditions acceptable to it and its capacity to integrate and successfully operate previously acquired laboratories; governmental regulation of health care; trends in the dental industry towards managed care; increases in labor, benefits and material costs; product development risks; technological innovations; competition from other dental laboratories, including increased competition from dental laboratories located in foreign countries with lower labor and benefit costs, such as China: National Dentex's ability to attract, retain and motivate qualified personnel particularly at a time of corporate realignment; changes in the cost or availability of raw materials, particularly precious metals like gold, platinum and palladium; any impairment in the carrying value of goodwill or other acquired intangibles; compliance with evolving federal securities, accounting, and marketplace rules and regulations applicable to publicly-traded companies on the Nasdaq National Market; and other risks indicated from time to time in National Dentex's filings with the Securities and Exchange Commission, particularly under Item 1A, "Risk Factors" of National Dentex's most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q.
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