SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): December 1, 1999
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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Effective December 1, 1999 InMedica Development Corporation (the
"Company") appointed Ralph Hensen to replace Larry E. Clark as President and
Chief Executive Officer of the Company. Mr. Clark will remain as Chairman of the
Board. Mr. Henson was previously employed as Director of Sales and acting
Director of Clinical Programs of In-line Diagnostics of Farmington, Utah. Prior
to his employment with In-Line, Mr. Henson was employed with Mallinckrodt
Medical in sales and marketing, including service as Export Sales and Marketing
Manger for Mallinckrodt Sensor Systems of Hannef, Germany and national sales
manager with HemoCue, Inc. of Mission Viejo, California. In connection with the
appointment of Mr. Henson, the Company entered an employment contract with Mr.
Henson, agreeing to pay him $5,833.33 per month for a period of six months. If
the Company is successful in raising $150,000 in capital, then the employment
agreement automatically extends for an additional six months. In addition, the
Company has agreed to issue to Mr. Henson 75,000 shares of restricted common
stock, effective December 1, 1999. The Company understands that Larry E. Clark
will transfer an additional 25,000 shares of his personal stock to Mr. Henson in
a private transaction. Further, the Company has agreed to pay Mr. Henson a bonus
of 1.5% of the net acquisition price of the Company in any acquisition or 2.5%
of the net amount of any capital raised during the next six months. Mr. Henson
may elect to accept bonus compensation by receiving up to 100,000 additional
shares of restricted common stock of the Company.
Concurrently with the foregoing, the Company received the resignation
of John Merendino as a Director of the Company due to personal circumstances and
the Board of Directors appointed Mr. Henson to serve on the Board of Directors.
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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: December 1 ,1999 /s/Richard Bruggman
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Richard Bruggeman, Treasurer
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INDEX TO EXHIBITS
Exhibit Description
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1 Employment Agreement, effective
as of December 1, 1999 between
the Registrant and Ralph Henson
2 Investment Letter of Ralph Henson
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