REPRO MED SYSTEMS, INC. (OTCMKTS:REPR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
Appointment of Executive Officer
On January 17, 2017, Repro Med Systems, Inc. dba RMS Medical
Products (RMS) hired Mr. Eric Bauer as its Chief Operating
Officer, effective immediately.
Mr. Bauer, age 60, has more than 25 years of executive management
experience in a variety of manufacturing and FDA regulated
industries. Prior to joining RMS Medical Products, Mr. Bauer was
Chief Executive Officer of 2020Value, LLC, a consulting and
coaching business, from 2015 to 2017. He assisted clients with
maximizing long-term sustainable value by focusing on people,
processes and products. He established operational excellence
supported through strategic initiatives to bring significant
EBITDA growth with highly efficient teams for client
organizations. From 2011 to 2015, Mr. Bauer served in the role of
Chief Executive Officer for KAKO Beauty Products, consisting of
the development of prestige skin care goods together with
designing, packaging, marketing and implementation of a channel
distribution strategy. From 2008 to 2011, Mr. Bauer was Chief
Executive Officer of Chemaid Laboratories, a Private Equity-owned
contract manufacturing company providing high quality skin care,
haircare, fragrance and bath products to the prestige cosmetics
industry. At Chemaid, Mr. Bauer implemented innovations with the
highest quality approach. With PL responsibility, he presided
over the Company instilling his strategic vision, maximizing
long-term shareholder value, which doubled revenue growth with a
significant increase in EBITDA and pioneered cultural change in
the Company.
Compensatory Arrangements
On January 17, 2017 (the Effective Date), RMS and Mr. Bauer
entered into an employment agreement. The following summary of
the employment agreement does not purport to be complete and is
subject to and qualified in its entirety by the terms of the
employment agreement.
The material terms of the agreement are as follows:
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Mr. Bauers annual base compensation will be $275,000. |
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Mr. Bauer will receive a one-time sign on bonus of $25,000 |
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Mr. Bauer shall be eligible to earn an annual bonus in |
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Mr. Bauer will receive a sign-on stock option grant of |
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Mr. Bauer will receive up to $35,000 in expense |
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The term of the employment is one year from the Effective |
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The Company or Mr. Bauer may terminate Mr. Bauers |
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Upon termination of Mr. Bauers employment by the Company |
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About REPRO MED SYSTEMS, INC. (OTCMKTS:REPR)
REPRO MED SYSTEMS, INC. (RMS) designs, manufactures and markets medical devices for the ambulatory infusion market and emergency medical applications. The Company’s products include FREEDOM60 Syringe Infusion System (FREEDOM60), RMS HIGH-Flo Subcutaneous Safety Needle Sets (HIgH-Flo), RES-Q-VAC Portable Medical Suction System (RES-Q-VAC) and On-Line Calculator. The FREEDOM60 consists of the FREEDOM60 Syringe Infusion Pump and RMS Precision Flow Rate Tubing. The HIgH-Flo is designed for self-administration of medicine under the skin. The RES-Q-VAC is a hand-operated suction device that removes fluids from a patient’s airway by attaching the RES-Q-VAC pump to various sterile and non-sterile single-use catheters sized for adult and pediatric suctioning. The On-Line Calculator is a tool to help determine which of the Company’s Precision Flow Rate Tubing and RMS HIgH-Flo Subcutaneous Needle Sets are to be used based on the medication being administered and time of infusion. REPRO MED SYSTEMS, INC. (OTCMKTS:REPR) Recent Trading Information
REPRO MED SYSTEMS, INC. (OTCMKTS:REPR) closed its last trading session up +0.010 at 0.420 with 5,500 shares trading hands.