CHEMBIO DIAGNOSTICS, INC. (NASDAQ:CEMI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(d) On July 4, 2017, Gail S. Page became a member of the Board of Directors (the "Board") of Chembio Diagnostics, Inc. (the "Company").
There were no arrangements or understandings between Ms. Page and any other persons, to which Ms. Page was selected as a director.
Ms. Page will be compensated in accordance with the Company's previously disclosed compensation arrangement for non-employee directors, which will be applied specifically to the timing of her situation as follows:
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She will be paid a $25,000 annual fee (the "Annual Fee") in semi-annual payments, beginning on July 4, 2017 and continuing on each subsequent January 1 and July 1 on which she is still serving as a director. |
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She will receive a $1,000 fee for each Board meeting attended in person and a $500 for each telephonic Board meeting attended. |
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She will receive a $500 fee for attendance at each meeting attended of each Board committee of which she is a member. Committee memberships have not been determined for Ms. Page at this time. |
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On July 4, 2017 (the date on which she became a director), she received stock options to acquire, subject to vesting, 46,875 shares of the Company's common stock, with an exercise price equal to the market price on July 4, 2017. (Because July 4 is a holiday, this would be the market price on July 3, 2017.) Stock options to acquire 9,375 shares became exercisable on July 4, 2017, and stock options to acquire an additional 9,375 shares become exercisable on July 1 of each of the following four succeeding years if and to the extent she is still a director on such vesting date. |
Ms. Page was elected by the Board to serve until the next meeting of the Company's stockholders at which directors will be elected by the shareholders, and will be eligible for nomination and election at that time.
ITEM 7.01.REGULATION FD DISCLOSURE.
On July 5, 2017, the Company issued a press release entitled "Chembio's DPP® Zika System Including the DPP® Micro Reader Approved by Brazil's Health Regulatory Agency". A copy of the press release is furnished herewith as Exhibit99.1.
On July 6, 2017, the Company issued a press release entitled "Gail S. Page Joins Chembio Diagnostics Board of Directors". A copy of the press release is furnished herewith as Exhibit99.1.
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
Exhibits.
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99.1 |
Press Release entitled "Chembio's DPP® Zika System Including the DPP® Micro Reader Approved by Brazil's Health Regulatory Agency", dated July 5, 2017. |
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99.2 |
Press Release entitled "Gail S. Page Joins Chembio Diagnostics Board of Directors", dated July 6, 2017. |
CHEMBIO DIAGNOSTICS, INC. ExhibitEX-99.1 2 ex99_1.htm EXHIBIT 99.1 – PR READER ZIKA Exhibit 99.1 Chembio’s DPP® Zika System Including the DPP® Micro Reader Approved by Brazil’s Health Regulatory Agency MEDFORD,…To view the full exhibit click here
About CHEMBIO DIAGNOSTICS, INC. (NASDAQ:CEMI)
Chembio Diagnostics, Inc. (Chembio), and its subsidiary, Chembio Diagnostic Systems, Inc., develop, manufacture, market and license rapid point-of-care diagnostic tests (POCTs) that detect infectious diseases. The Company’s products available are rapid tests for the detection of human immunodeficiency virus (HIV) 1/2 antibodies, and a multiplex rapid test for the detection of HIV and Syphilis antibodies. The HIV 1/2 rapid tests employ in-licensed and lateral flow technologies that are used with all blood matrices as samples, and are manufactured in a standard cassette format, a dipstick format and a barrel format. Its HIV 1/2 rapid antibody detection test incorporates the Dual Path Platform (DPP) POCT technology. The DPP HIV 1/2 Assay detects antibodies to HIV 1 and 2 in oral fluid samples, as well as in all blood matrices. The Company’s product pipeline includes a multiplex rapid test for earlier detection of HIV and a multiplex test that detects HIV and Syphilis specific antibodies.