Unassociated Document
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)
July
16,
2008 (July 15, 2008)
Commission
File No. 000-22390
SHARPS
COMPLIANCE CORP.
(Exact
Name Of Registrant As Specified In Its Charter)
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Delaware
(State
Or Other Jurisdiction Of
Incorporation
Or Organization)
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74-2657168
(IRS
Employer
Identification
No.)
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9220
Kirby Drive, Suite 500
Houston,
Texas 77054
(Address
Of Principal Executive Offices)
Registrant’s
Telephone Number, Including Area Code)
713-432-0300
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:
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 CFR240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item
8.01 Other Events.
Ronald
E. Pierce Matter
On
July
15, 2008, the Company received a demand for arbitration from Ronald E. Pierce
related to a June 2004 employment issue summarized below:
On
June
14, 2004, the Company provided Mr. Ronald E. Pierce, its then current Chief
Operating Officer (“Mr. Pierce”), with notice of non-renewal of his employment
agreement. The Company advised Mr. Pierce that under the terms of the employment
contract no further compensation (including services) was due. The Company
received various letters from Mr. Pierce’s attorney advising that Mr. Pierce is
taking the position that the non-renewal of the employment agreement was not
timely and, therefore, Mr. Pierce was terminated without cause. Additionally,
Mr. Pierce claimed that the Company had no right to terminate him on the
anniversary date of his agreement without the obligation of paying Mr. Pierce
as
if he were terminated without cause. The Company believes that notice of such
non-renewal was timely, and that in accordance with Mr. Pierce’s employment
agreement, the Company was entitled to provide notice thirty (30) days prior
to
the anniversary of its intent to terminate the agreement, and no severance
would
therefore be due to Mr. Pierce.
The
claim
amount under the July 15, 2008 demand for arbitration is $300,001.
The
Company believes it has meritorious defenses against Mr. Pierce’s claims and has
not recorded a liability related to this matter.
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.
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SHARPS
COMPLIANCE
CORP. |
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| Date: July
16, 2008 |
By: |
/s/ David
P.
Tusa |
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David
P. Tusa |
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Executive
Vice
President, Chief Financial Officer, Corporate Secretary and Business
Development |