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) December 30, 2010
PSYCHEMEDICS
CORPORATION
(Exact Name of Registrant As Specified
In Its Charter)
Delaware
(State or Other Jurisdiction of
Incorporation)
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1-13738
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58-1701987
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(Commission
File Number)
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(I.R.S.
Employer Identification
No.)
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125
Nagog Park, Acton, Massachusetts
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01720
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(978)
206-8220
(Registrant’s
Telephone Number, Including Area Code)
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 (see General Instructions A.2. below):
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
5.02
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DEPARTURE
OF DIRECTORS OF CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF
CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS
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(b) On
December 30, 2010, William R. Thistle retired as Senior Vice President and
General Counsel of Psychemedics Corporation (the “Company”) to take effect on
December 31, 2010.
(e) On
December 30, 2010, the Company and Mr. Thistle entered into a letter agreement
to confirm the terms of Mr. Thistle’s retirement from the
Company. The letter agreement provides for payment to Mr. Thistle of
accrued vacation through the retirement date plus continued payments to Mr.
Thistle of eight weeks of base salary plus reimbursement of certain health plan
payments during such period. Mr. Thistle will be eligible
to receive an annual bonus for 2010 based on his employment through the end of
the year, subject to the terms of the Company’s bonus plan. He has
also agreed to be available to assist the Company in certain pending litigation
matters. Mr. Thistle’s long term incentives, including stock options,
and other employee benefits will be provided in accordance with the terms of the
underlying plans, programs and award agreements, based on his retirement from
the Company.
SIGNATURE
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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PSYCHEMEDICS
CORPORATION
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Dated:
December 30, 2010
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By:
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/s/ Raymond C. Kubacki | |
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Raymond
C. Kubacki
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Chief
Executive Officer
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