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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: July 21, 1999
(Date of earliest event reported)
MEDICAL ACTION INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware 0-13251 11-2421849
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
150 Motor Parkway, Hauppauge, New York 11788
(Address of principal executive offices) (Zip Code)
Registrant's telephone number
including area code (516) 231-4600
(Former name or former address, if changed since last report)
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Item 5. Other Events
On July 21, 1999, the Registrant and Paul D. Meringolo entered into an
agreement modifying Mr. Meringolo's Employment Agreement dated February 1, 1993,
as modified on February 5, 1996 and May 28, 1997. The Modification Agreement
extended the term of Mr. Meringolo's employment Agreement to and including March
31, 2004 and increased the base salary thereunder to $210,000.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
(10) Modification Agreement dated as of July 21, 1999.
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.
MEDICAL ACTION INDUSTRIES INC.
By: /s/ Richard G. Satin
--------------------------------
Richard G. Satin, Vice President -
Operations and General Counsel
(Principal Accounting Officer)
Dated: July 30, 1999
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MODIFICATION AGREEMENT
MODIFICATION AGREEMENT made this 21st day of July, 1999, by and between
MEDICAL ACTION INDUSTRIES INC., a Delaware corporation (hereinafter the
"Company") and PAUL D. MERINGOLO (hereinafter the "Employee").
W I T N E S S E T H:
WHEREAS, the Company and Employee entered into an Employment Agreement
dated February 1, 1993 (hereinafter the "Employment Agreement"), as modified by
Modification Agreement dated February 5, 1996 and May 28, 1997 (the
"Modification Agreements"); and
WHEREAS, the Company and Employee desire to amend said Employment
Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
1. Paragraph "3" of the Employment Agreement is hereby deleted and in
its place and stead shall be the following:
"3. TERM. Subject to earlier termination on the terms and conditions
hereinafter provided, the term of the Agreement shall be comprised of a period
commencing on April 1, 1999 hereof and ending March 31, 2004."
2. Paragraph "5(i)" of the Employment Agreement is hereby deleted and
in its place and stead shall be the following:
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"(i) The Company shall pay Employee a salary at the rate of $210,000
per annum, payable in weekly installments, or in such other manner as shall be
agreeable to the Company and Employee."
3. The aforesaid Employment Agreement in all other respects is hereby
ratified and confirmed.
IN WITNESS WHEREOF, the undersigned have executed this Modification
Agreement as of the day and year first above written.
MEDICAL ACTION INDUSTRIES INC.
By: /s/ Richard G. Satin
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Richard G. Satin, Vice President
/s/ Paul D. Meringolo
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Paul D. Meringolo, Employee
