UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
July 2, 2007 (June 28, 2007)
Date of Report (Date of earliest event reported)
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Sharps Compliance Corp.
(Exact name of Registrant as specified in its charter)
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Delaware 000-22390 74-2657168
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
9220 Kirby Drive, Suite 500
Houston, Texas 77054
(Address of principal executive offices, including zip code)
(713) 432-0300
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
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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):
|_| Written communication pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02 Departure of Directors of Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Officer Compensation
On June 28, 2007 the Compensation Committee of the Board of Directors approved
discretionary cash bonuses of $15,000 each to the following Company officers,
(i) Dr. Burton J. Kunik, Chairman, Chief Executive Officer and President, (ii)
David P. Tusa, Executive Vice President and Chief Financial Officer and (iii)
Mark L. Iske, Senior Vice President of Operations. The discretionary bonuses
were awarded based upon the individual performance of such officers during
fiscal year 2007 and the Company's operating and financial performance for the
same period.
Non-Employee Board of Director Compensation
In accordance with the Company's Non-Employee Board of Director Compensation
Policy, restricted stock awards totaling 49,500 were issued to the following
non-employee directors on July 2, 2007:
- Ramsay H. Gillman (8,750);
- John R. Grow (9,500);
- Parris H. Holmes (9,250);
- F. Gardner Parker (9,500); and
- Philip C. Zerrillo (12,500).
The restricted stock awards vest one-third at each anniversary (July 2, 2008,
2009 and 2010). The form of the Restricted Stock Award Agreement is filed as an
exhibit to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1 Form of Restricted Stock Award Agreement
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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.
SHARPS COMPLIANCE CORP.
a Delaware corporation
Dated: July 2, 2007 By: /s/ David P. Tusa
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David P. Tusa
Executive Vice President, Chief
Financial Officer, Business
Development and Corporate Secretary