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CMN > SEC Filings for CMN > Form 8-K on 2-Nov-2012All Recent SEC Filings

Show all filings for CANTEL MEDICAL CORP



Change in Directors or Principal Officers, Other Events, Financial Statements

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

Amended and Restated Executive Severance Agreements

On October 31, 2012, Cantel Medical Corp. (the "Company") amended and restated the Executive Severance Agreement, dated as of January 1, 2010 (as amended to date, the "Severance Agreement"), between the Company and Andrew A. Krakauer, the Company's President and Chief Executive Officer.

The amendments to the Severance Agreement increased the amount of severance payable to Mr. Krakauer in the event of a termination without cause in a non-change of control situation from 18 months' base salary to (a) 24 months' base salary plus (b) two times Mr. Krakauer's annual bonus based on the rate in effect as of the relevant termination date (currently 85% of his annual base salary). The amendments also updated certain other references to bonus amounts to reflect current percentages and to provide for automatic updating of such percentages for future increases, if any. Subject to the foregoing, the remainder of the terms of the Severance Agreement are as previously described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 1, 2011, which description is incorporated by reference herein. This foregoing summarizes the amendments to the Severance Agreement, but does not purport to be complete and is qualified in its entirety by the terms and conditions of the Severance Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 8.01 Other Events

On November 1, 2012, the Company announced that its Board of Directors declared an increase in its semiannual cash dividend from $0.0467 to $0.055 per share of outstanding common stock payable on December 14, 2012, to stockholders of record as of the close of business on November 14, 2012.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.                            Exhibit Description
10.1          Amended and Restated Executive Severance Agreement dated as of
              October 31, 2012 between Registrant and Andrew A. Krakauer.

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