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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)
September 30, 1997
HYDRON TECHNOLOGIES, INC.
(Exact name of Registrant as Specified in Its Charter)
Commission File Number 0-6333
New York 13-1574215
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1001 Yamato Road, Boca Raton, Florida 33431
(Address of Principal Executive Offices)
(561) 994-6191
(Registrant's Telephone Number, including area code)
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Item 5. Other Events.
On September 30, 1997, Harvey Tauman, formerly the Chairman, Chief Executive
Officer, President and Treasurer of Hydron Technologies, Inc. (the "Company"),
whose employment was terminated by the Company on September 19, 1997, resigned
his position as a director of the Company (the "Resignation"). In addition, Mr.
Tauman concurrently commenced an action (the "Action") against the Company in
the Circuit Court of the Fifteenth Judicial District in and for Palm Beach
County, Florida, alleging breach of contract in connection with the termination
of his employment and seeking damages of not less than $4 million, plus
interest. In his complaint Mr. Tauman also seeks a declaration that his
employment was terminated without cause and that he may continue to exercise his
stock options for the duration of their term notwithstanding the termination of
his employment. The Company is reviewing Mr. Tauman's complaint and intends to
defend the action vigorously.
Mr. Tauman currently holds options to purchase 300,000 shares of the Company's
common stock, par value $.01 per share, consisting of options to purchase (x)
100,000 shares at an exercise price of $2.285 per share, which options are
exercisable until November 7, 2000, and (y) 200,000 shares at an exercise price
of $2.625 per share, which options are exercisable until May 15, 1999. As stated
in the Company's Current Report on Form 8-K filed on September 29, 1997, as of
September 19, 1997, based on information filed by Mr. Tauman with the Securities
and Exchange Commission (the "SEC"), in addition to the 300,000 shares of common
stock issuable upon exercise of the above-mentioned options, Mr. Tauman was the
beneficial owner of 2,145,000 shares of the Company's outstanding common stock.
According to information filed with the SEC and information obtained by the
Company from its transfer agent, Mr. Tauman, immediately prior to the
aforementioned Resignation and commencement of the Action, sold 396,730 shares
of common stock. Accordingly, after giving effect to such sales Mr. Tauman is
currently the beneficial owner of 1,748,270 shares of common stock.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused and authorized this report to be signed on its behalf
by the undersigned.
Dated: October 9, 1997
Hydron Technologies, Inc.
By: /s/ Richard Banakus
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Richard Banakus, President
