Retractable Technologies,Inc. (NYSEMKT:RVP) 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
The option to purchase up to 3,000,000 shares of Common Stock of
the Company granted to Thomas J. Shaw on November1, 2016
terminated by its terms on December27, 2016 due to the
shareholders vote against the proposal to approve such option.
On December27, 2016, an option under the Companys First Amended
2008 Stock Option Plan to purchase up to 50,000 shares was
granted by the Compensation and Benefits Committee of the Board
of Directors of the Company to Douglas W. Cowan, the Companys
Vice President, Chief Financial Officer, and Director. The option
vests in twelve months and terminates on December27, 2026. The
exercise price of the option was 50% of the fair market value of
the Companys Common Stock on the grant date, by reference to the
previous days closing price, which was $1.05 per share. The
option is intended to be an incentive stock option.
On December27, 2016, an option under the Companys First Amended
2008 Stock Option Plan to purchase up to 50,000 shares was
granted by the Compensation and Benefits Committee of the Board
of Directors of the Company to Michele M. Larios, the Companys
Vice President, General Counsel, and Secretary. The option vests
in twelve months and terminates on December27, 2026. The exercise
price of the option was 50% of the fair market value of the
Companys Common Stock on the grant date, by reference to the
previous days closing price, which was $1.05 per share. The
option is intended to be an incentive stock option.
On December27, 2016, options under the Companys First Amended
2008 Stock Option Plan to purchase up to 50,000 shares were
granted by the Compensation and Benefits Committee of the Board
of Directors of the Company to each of the Companys three
independent Directors (Marco Laterza, Walter O. Bigby,Jr., and
Amy Mack). The options vest immediately and terminate on
December27, 2026. The exercise price of the option was 50% of the
fair market value of the Companys Common Stock on the grant date,
by reference to the previous days closing price, which was $1.05
per share. The options are intended to be non-qualified stock
options.
Item 5.07 – Submission of Matters to a Vote of Security
Holders.
A Special Meeting of Shareholders of Retractable
Technologies,Inc. was held on December27, 2016. Abstentions are
considered present for purposes of calculating the vote but are
not considered to have been voted in favor of the matters voted
upon, and broker non-votes are not considered present for
purposes of calculating the votes.
The final voting results are as follows:
Proposal 1: Approval of the option grant to Thomas J.
Shaw
The shareholders voted against the approval of the option grant
to Thomas J. Shaw, as set forth in the table below:
|
For |
|
Against |
|
Abstain |
|
Broker Non-Votes |
|
|
192,498 |
18,715,247 |
20,644 |
|
Item 8.01 Other Events.
On December27, 2016, the Company issued a press release, a copy
of which is attached to this Form8-K as Exhibit99, announcing the
declaration of a dividend to the SeriesI and II ClassB Preferred
Stock shareholders.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits
99 Press release announcing the declaration of a dividend to
the SeriesI and II ClassB Preferred Stock shareholders.
About Retractable Technologies, Inc. (NYSEMKT:RVP)
Retractable Technologies, Inc. designs, develops and manufactures safety medical products for the healthcare industry. The Company markets VanishPoint and PatientSafe products. The VanishPoint products are designed specifically to prevent needle stick injuries and to prevent reuse. The VanishPoint safety products include tuberculin, insulin and allergy antigen VanishPoint syringes; 0.5mL, 1mL, 2mL, 3mL, 5mL and 10mL VanishPoint syringes, and the VanishPoint autodisable syringe. It also sells the VanishPoint intravenous catheter, the VanishPoint blood collection tube holder and the VanishPoint blood collection set. The PatientSafe syringe reduces the risk of bloodstream infections resulting from catheter hub contamination. Its PatientSafe products include 3mL, 5mL, 10mL, 20mL, 30mL and 60mL syringes, and the PatientSafe Luer cap. Its product designs include retractable needle syringe designs, retractable needle designs and retractable needle dental syringe designs. Retractable Technologies, Inc. (NYSEMKT:RVP) Recent Trading Information
Retractable Technologies, Inc. (NYSEMKT:RVP) closed its last trading session up +0.031 at 0.990 with 154,997 shares trading hands.