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): February 13, 2007 (February 7,
2007)
CHEMBIO
DIAGNOSTIC, INC.
(Exact
name of registrant as specified in its charter)
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Nevada
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0-30379
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88-0425691
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||
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(State
or other jurisdiction
|
(Commission
File Number)
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(IRS
Employer
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||
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of
Incorporation)
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Identification
Number)
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|||
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3661
Horseblock Road
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||||
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Medford,
NY 11763
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||||
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(Address
of principal executive offices)
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631-924-1135
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||||
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(Registrant’s
Telephone Number)
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N/A
(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:
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.
| (e) |
On
February 7, 2006, the Company’s Compensation Committee approved
discretionary bonuses for the fiscal year ended December 31, 2006
for
several of the Company’s Named Executive Officers. Lawrence A. Siebert,
the Company’s Chief Executive Officer, was granted a bonus of $20,000, and
Richard J. Larkin, the Company’s Chief Financial Officer, was granted
$15,000. In addition, Avi Pelossof, the Company’s former President of
Sales and Marketing who resigned from the Company effective January
31,
2007, was granted $12,000, and Javan Esfandiari, who serves as the
Company’s Vice President of Research and Development, was granted $12,000.
These bonuses were paid solely on a discretionary basis, and not
pursuant
to any bonus plan.
|
| (f) |
The
following table summarizes all compensation recorded by the Company
in
each of the last two completed fiscal years for our principal executive
officer, our two most highly compensated executive officers other
than our
principal executive officer whose annual compensation exceeded $100,000,
and up to two additional individuals for whom disclosure would have
been
made in this table but for the fact that the individual was not serving
as
an executive officer of our company at December 31, 2006. In addition,
to
comply with the SEC’s Interim final rules regarding Executive Compensation
Disclosure published on December 29, 2006, the valuation of the option
awards in this table have been calculated to provide disclosure of
the
compensation costs of the option awards over the requisite service
period
in accordance with FAS123R.
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|
Name
and Principal
Position
|
Year
|
Salary
($)1
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Bonus
($)2
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Option
Awards ($)3
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All
Other Compensation
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Total
($)
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|||||||||||||
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Lawrence
A. Siebert, CEO and Director4
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2006
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$
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207,115
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$
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20,000
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$
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21,017
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$
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7,200
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$
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255,332
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||||||||
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2005
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155,998
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-
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12,268
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4,154
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172,420
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||||||||||||||
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Richard
J. Larkin, CFO
|
2006
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$
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140,385
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$
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15,000
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$
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27,300
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$
|
-
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$
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182,685
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||||||||
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2005
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122,773
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900
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18,624
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-
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142,297
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||||||||||||||
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Avi
Pelossof, Vice President of Sales and Marketing5
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2006
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$
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156,538
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$
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12,000
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$
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51,081
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$
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6,120
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$
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225,739
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||||||||
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2005
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133,899
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16,500
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31,991
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3,766
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186,156
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||||||||||||||
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Javan
Esfandiari, Vice President of Research and Development
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2006
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$
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150,385
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$
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12,000
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$
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41,390
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$
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4,800
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$
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208,575
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||||||||
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2005
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133,380
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18,712
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27,619
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2,954
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182,665
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||||||||||||||
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Les
Stutzman - Vice President of Marketing
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2006
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$
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116,539
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$
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11,500
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$
|
12,009
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$
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$
20,075
|
6 |
$
|
160,123
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|||||||
1 Salary
is total base salary.
2
Any bonus earned was paid solely on a discretionary basis, and not pursuant
to
any bonus plan.
3
The valuations of these options reflect the compensation costs of each
option
award over the requisite service period in accordance with FAS123R.
4
Mr.
Siebert also serves as a director on the Company’s board of directors. Mr.
Siebert does not receive any compensation for this director role.
5 Mr.
Pelossof voluntarily resigned from the Company on December 6, 2006, effective
January 31, 2007.
6 This
amount represents the rental payments the Company makes for the apartment
Mr.
Stutzman rents when he visits the Company.
In
accordance with General Instruction B.2 of Form 8-K, the information in this
Current Report on Form 8-K shall not be deemed “filed” for the purpose of
Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing. This Current Report on Form 8-K
does
not constitute a determination of whether any information included herein
is
material.
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 thereunto
duly authorized.
Date:
February 13,
2007
Chembio
Diagnostics, Inc.
By: /s/
Lawrence A. Siebert
Lawrence A. Siebert
Chief Executive Officer