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CYNO > SEC Filings for CYNO > Form 8-K on 6-Sep-2013All Recent SEC Filings

Show all filings for CYNOSURE INC



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.

(b) (e) On September 6, 2013, Joseph P. Caruso resigned as Vice Chairman and as a member of the Board of Directors and as President of Cynosure, Inc. (the "Company").

Pursuant to a Separation Agreement and Release (the "Agreement") entered into by and among Mr. Caruso on the one hand, and Palomar Medical Technologies, LLC ("Palomar") and the Company on the other hand, effective as of September 6, 2013, Mr. Caruso will receive (i) $2,400,000 as Separation Pay, in installments over two years, and (ii) the remaining 35% of his Retention Bonus and a Gross-Up Payment, as defined in his employment agreement with Palomar and described in the Form S-4 Registration Statement filed April 12, 2013 under "Interests of Directors and Executive Officers of Palomar in the Merger". Cynosure will also pay Mr. Caruso's legal costs up to $25,000. In consideration of the foregoing, Mr. Caruso has agreed to (1) customary non-disclosure and assignment of inventions provisions, (2) customary noncompetition and nonsolicitation provisions for 18 months, followed by a noncompetition provision for an additional six months thereafter, and (3) a customary release.

This summary does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed by the Company with its next Quarterly Report on Form 10-Q.

(c) On September 6, 2013, Michael R. Davin was elected President of the Company.

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