UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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) August 2, 2007
BioScrip, Inc.
(Exact Name of Registrant as Specified in its Charter)
|
|
|
|
|
Delaware
|
|
0-28740
|
|
05-0489664 |
(State or Other Jurisdiction of
|
|
(Commission
|
|
(IRS Employer |
Incorporation)
|
|
File Number)
|
|
Identification No.) |
|
|
|
|
|
100 Clearbrook Road, Elmsford, New York
|
|
10523 |
(Address of Principal Executive Offices)
|
|
(Zip Code) |
Registrants telephone number, including area code (914) 460-1600
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240-14d-2(b)).
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)).
TABLE OF CONTENTS
Item 1.01 Entry Into a Material Definitive Agreement.
On August 2, 2007, BioScrip, Inc. (BioScrip or the Company) entered into a severance
agreement with Stanley G. Rosenbaum, BioScrips Executive Vice President, Chief Financial Officer and
Treasurer. Under the terms of the agreement Mr. Rosenbaum is entitled to receive severance payment
protection in the event of the termination of his employment under certain circumstances. The
severance protections provided to Mr. Rosenbaum under this Agreement replace and modify the
severance provisions contained in his severance letter agreement dated June 21, 2006.
If Mr. Rosenbaums employment is terminated due to his death or disability, (i) he is
entitled to receive his salary, bonus and other benefits earned and accrued through the date of
termination, (ii) all fully vested and exercisable options may be exercised by his estate for one
year following termination, and (iii) any stock grants that are subject to forfeiture shall become
non-forfeitable and shall fully vest. In addition, if Mr. Rosenbaum should
remain disabled for six months following his termination for disability, he shall also be entitled
to receive for a period of two years following termination, his annual salary at the time of
termination (less any proceeds received by him on account of Social Security payments or similar
benefits and the proceeds of any Company provided long-term disability insurance) and continuing
coverage under all benefit plans and programs to which he was previously entitled.
If
the Company terminates Mr. Rosenbaum for Cause or if Mr. Rosenbaum terminates his
employment without Good Reason (each as defined in the agreement), (i) he shall be entitled to receive
his salary, bonus and other benefits earned and accrued through the date of termination, (ii) all
vested and unvested stock options shall lapse and terminate (except that in the event of
termination without Good Reason he shall have 30 days from the date of termination to exercise any
vested options), and (iii) any stock grants made to him that are subject to forfeiture shall be
immediately forfeited.
If the Company terminates Mr. Rosenbaums employment without Cause or Mr. Rosenbaum terminates his employment for Good Reason, (i) he is entitled to
receive his salary, bonus and other benefits earned and accrued through the date of termination,
(ii) for a period of two years following termination he shall be entitled to receive his annual
salary at the time of termination and continuing coverage under all benefit plans and programs to
which he was previously entitled, (iii) all unvested options shall become vested and immediately
exercisable in accordance with the terms of the options and he shall become vested in any other
pension or deferred compensation plan, and (iv) any stock grants that are subject to forfeiture
shall become non-forfeitable and shall fully vest.
The foregoing summary is qualified in its entirety by reference to the complete text of the
severance agreement, a copy of which is filed with this report as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
|
|
|
(c) Exhibits.
|
|
The following information is furnished as an exhibit to this Current Report: |
|
|
|
Exhibit No.
|
|
Description of Exhibit |
10.1
|
|
Severance Agreement between
BioScrip, Inc. and Stanley G. Rosenbaum. |
2