UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): September, 14, 2018

IRADIMED CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

(407) 677-8022

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Employment Agreements of Certain Officers

Iradimed Corporation (the “Company”) has entered into an employment agreement modification dated as of September 14, 2018 with John McCreery, the Chief Operating Officer of the Company. This modification amends the existing employment agreement dated as of March 27, 2017 between the Company and Mr. McCreery to increase Mr. McCreery’s annual bonus from 30% of his base salary to 50% of his base salary, which amount may be adjusted based on the overall profitability of the Company and his individual performance. The other terms of the existing employment agreement remain unchanged. This summary description is qualified in its entirety by reference to the employment agreement modification between the Company and Mr. McCreery, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The Company has entered into an employment agreement with Louis Waldman, dated as of September 18, 2018, in connection with Mr. Waldman’s position as Controller. Pursuant to his employment agreement, Mr. Waldman’s salary will be $181,670 per year and he is eligible for an annual bonus based on the overall profitability of the Company and his individual performance. The employment agreement continues until terminated by us or by Mr. Waldman in accordance with the terms of the agreement. If Mr. Waldman is terminated by us without cause or he terminates his employment with us for good reason, each as defined under the agreement, we must pay him an amount equal to six months base salary. The agreement also contains non-solicitation, non-compete and confidentiality provisions.

This summary description is qualified in its entirety by reference to the employment agreement between the Company and Mr. Waldman, which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The Company has entered into an employment agreement with Francis Casey, dated as of September 21, 2018, in connection with Mr. Casey’s position as Vice President of Regulatory and Quality Assurance. Pursuant to his employment agreement, Mr. Casey’s salary will be $158,912 per year and he is eligible for an annual bonus based on the overall profitability of the Company and his individual performance. The employment agreement continues until terminated by us or by Mr. Casey in accordance with the terms of the agreement. If Mr. Casey is terminated by us without cause or he terminates his employment with us for good reason, each as defined under the agreement, we must pay him an amount equal to six months base salary. The agreement also contains non-solicitation, non-compete and confidentiality provisions.

This summary description is qualified in its entirety by reference to the employment agreement between the Company and Mr. Casey, which is filed as Exhibit 10.3 to this Current Report on Form 8-K and is incorporated herein by reference.

 

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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