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):
February 10, 1997
Gum Tech International, Inc.
---------------------------------------------------
(Exact name of registrant as specified in it charter)
Utah 0-27646 87-0482806
- ---------------------------- ---------- ----------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
4205 North Seventh Avenue
Suite 300
Phoenix, AZ 85013-3080
--------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (602) 277-0606
Not applicable
-----------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. Other Events
On February 10, 1998, the Board of Directors of Gum Tech International,
Inc. accepted the resignation of Chairman, Chief Executive Officer and
President, Gerald N. Kern prior to a scheduled review of Mr. Kern's performance.
The severance package includes a payment of $200,000 to Mr. Kern, of which
$50,000 will be held in trust for 120 days and is subject to a mutual
non-disparagement clause. The Company will also forgive $116,000 of debt and
officer's advances owed by Mr. Kern to the Company. Additionally, Mr. Kern will
receive 100,000 Gum Tech stock options, exercisable up to one year at $5.81 per
share upon cancellation of all his existing options.
Gary Kehoe, the company's current Chief Operating Officer was named the
interim-President. Bruce Jorgenson was named as the Chairman of the Board of
Directors.
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.
GUM TECH INTERNATIONAL, INC.
(Registrant)
By: /s/ Jeffrey L. Bouchy
--------------------------------
Senior Vice President-Chief
Financial Officer
Dated: February 13, 1998
