Unassociated Document
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): December 24, 2009
SPO
MEDICAL INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-11772
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25-1411971
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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3, Gavish
Street, POB 2454, Kfar Saba, Israel
(Address
of principal executive offices, including Zip Code)
+972-9-764-3570
(Registrant's
telephone number, including area code)
20
Hata’as St, POB 2454, Kfar Saba, Israel
(Former
name or former address, if changed since last report.)
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):
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 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
By mutual
agreement of SPO Medical Inc. (hereinafter, the "Company") and Mr. Jeff Feuer,
effective as of December 24, 2009, Mr. Feuer has resigned from all positions
held with the Company. Prior to his resignation, Mr. Feuer served as the
Company’s Chief Financial Officer.
In
connection with his resignation, on December 24, 2009, the Company’s wholly
owned subsidiary SPO Medical Ltd. (“SPO Ltd”) and Mr. Feuer entered into an
agreement terminating Mr. Feuer’s employment agreement with SPO Ltd. Under the
agreement entered into relating to his termination, SPO Ltd. agreed
to remit to Mr. Feuer amounts payable to him under the agreement in the
aggregate amount of NIS 332,500 (representing approximately $87,600 at the
United States Dollar –Israeli New Shekel exchange rate in effect on the date of
this report), of which NIS258,000 (approximately $68,000) is payable on a
monthly basis of NIS 21,500 (approximately $5,665 at the United States Dollar
–Israeli New Shekel exchange rate in effect on the date of this report) per
month over a 12 month period between February 2010 and January 2011 and the
balance of NIS 74,500 (approximately $19,600 at the United States
Dollar –Israeli New Shekel exchange rate in effect on the date of this report )
payable between January and March 2010. In addition, in a separate agreement
entered into between the Company and Mr. Feuer on December 24, 2009, Mr. Feuer
will be able to exercise options for 469,000 shares for the Company’s common
stock par value $0.001 per share (the “Common Stock”) previously granted to him
through December 31, 2014. The options are exercisable at per share exercise
prices ranging between $0.13 and $0.78. In addition, the Company agreed to award
to Mr. Feuer options for an additional 200,000 shares of the Company’s Common
Stock at a per share exercise price of $0.01 and exercisable through December
2014. Each of Mr. Feuer, the Company and SPO Ltd furnished to the other general
releases.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a)
Financial Statements.
None.
(b) Pro
Forma Financial Information.
None.
(c)
Exhibits.
None.
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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Dated:
December 31, 2009
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SPO
MEDICAL INC.
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By:
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/s/ Michael
Braunold
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Michael
Braunold
Chief
Executive Officer
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