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MDCI > SEC Filings for MDCI > Form 8-K on 28-May-2013All Recent SEC Filings

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Change in Directors or Principal Officers

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

On May 28, 2013, Medical Action Industries Inc. (the "Company") announced the appointment of Mr. Paul Chapman to the newly created position of President and Chief Operating Officer. Mr. Chapman will also continue to serve on the Company's Board of Directors (the "Board"). Mr. Paul D. Meringolo, who formerly held dual positions as the Company's President and Chief Executive Officer, will continue to serve as the Company's Chief Executive Officer.

Mr. Chapman will be entitled to receive the following payments and benefits in his capacity as President and Chief Operating Officer: (i) a base salary at an annual rate of $408,000; (ii) a bonus of up to 65% of his base salary; (iii) an auto allowance; and (iv) participation in the benefit plans and programs of the Company that are generally applicable to employees or to senior executives.

As of the close of business on May 20, 2013, Mr. Chapman was also granted options to purchase 400,000 shares of the Company's common stock in accordance with the Company's 1994 Stock Incentive Plan for his work as the Company's interim Chief Operating Officer and future work in the newly created position of President and Chief Operating Officer.

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