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 (date of earliest event recorded): April 25, 2001
InMedica Development Corporation
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(Exact name of registrant as specified in charter)
Utah 0-12968 87-0397815
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(State or other juris- (Commission File No.) (IRS Employer
diction of incorporation) Identification No.)
825 N. 300 West, Salt Lake City, Utah 84103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (801) 521-9300
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5. Other Events.
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InMedica Development Corporation ("InMedica" or the "Company") executed
employment contracts with its Chief Executive Officer, Ralph Henson, and its
Chief Financial Officer, Richard Bruggeman, on April 25, 2001. Mr. Henson's
contract reaffirms the provisions of his prior contract (See 8-K of the
Registrant dated December 1, 1999) except paragraphs one and two thereof which
are amended and restated in their entirety to provide for his full time
employment for the period April 1, 2001 until March 31, 2003. Compensation
payable for his services during the period is $7,000 per month during the
remainder of 2001 and $8,000 per month for the balance of the term of the
contract. Mr. Henson is to continue as a member of the Board of Directors of
InMedica. Mr. Henson was also separately granted the right to earn a finders fee
of up to $15,000 for raising up to $1,000,000 for the Company. When earned, the
fee is to be paid in restricted common stock of the Company valued at $.12 per
share, for a maximum of 125,000 shares. Mr. Bruggeman's contract provides for
his part time employment as the Chief Financial Officer of the Company from
April 1, 2001 until March 31, 2003. He has the option to increase the employment
to full time if warranted by the Company's business, at a compensation to be
negotiated. Compensation under the contract is $3,500 per month beginning April
1, 2001 for the balance of the year 2001 and thereafter $4,000 per month for the
remaining term of the contract.
The Company has also executed two promissory notes dated April 26,
2001, payable to its Chairman, Larry E. Clark. The first note documents a series
of existing loans from Mr. Clark to the Company of $262,250 principal and
$26,899.23 accrued interest. The note is due in three payments as follows: on or
before May 31, 2001, $150,000, on or before July 15, 2001, $75,000 and the
balance on or before October 15, 2001. The second note documents an additonal
loan from Mr. Clark to the Company of $10,000 principal and $1,331.74 accrued
interest. The note is due in two payments as follows: on or before May 31, 2001,
$5,000 and the balance on or before July 15, 2001. Accrued interest is included
in the notes through May 31, 2001. Thereafter interest accrues at 10% per annum.
Effective April 25, 2001, the Company paid Mr. Clark for accrued
consulting fees and accrued interest by issuing to his family trust 1,219,025
restricted common shares of InMedica in satisfaction of $123,992 consulting fees
payable and $22,291 accrued interest on the fees. The Company also paid Mr.
Bruggeman for accrued consulting fees and accrued interest by issuing to him
464,975 restricted common shares of InMedica in satisfaction of $52,000
consulting fees payable and $3,797 interest. Shares were issued at $.12 per
share.
7(c) Financial Statements and Exhibits.
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(c) Exhibits.
The Exhibits required to be filed as part of this current report on
Form 8-K are listed in the attached Index to Exhibits.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
INMEDICA DEVELOPMENT CORPORATION
Dated: May 10, 2001 By: /s/ Richard Bruggeman
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Richard Bruggeman, Treasurer
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INDEX TO EXHIBITS
Exhibit Description
10.1 Employment Agreement, effective
as of April 1, 2001 between
the Registrant and Ralph Henson
10.2 Employment Agreement, effective
as of April 1, 2001 between
the Registrant and Richard Bruggeman
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