UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities and Exchange Act of
1934
Date
of
Report (Date of earliest reported): April 1, 2007
OSIRIS
CORPORATION
(Exact
name of registrant as specified in charter)
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Delaware
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333-44586
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58-3565680
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(State
or other jurisdiction
|
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(Commission
|
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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1475
32
nd
Avenue, Lachine, Quebec, Canada
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H8T
3J1
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (514) 635-7000
Copies
to:
Gregory
Sichenzia, Esq.
Thomas
A.
Rose, Esq.
Sichenzia
Ross Friedman Ference LLP
1065
Avenue of the Americas
New
York,
New York 10018
Phone:
(212) 930-9700
Fax:
(212) 930-9725
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 (see General Instructions A.2. below):
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))
ITEM
5.02
Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers
On
April
1, 2008, the Osiris Corporation (the “Company”), appointed Ilan Danieli as Chief
Operating Officer, pursuant to the terms of an employment agreement of the
same
date. Mr. Danieli will receive an annual base salary (subject to increase)
of
$240,000. Mr. Danieli will receive quarterly bonuses based on performance
criteria set by the Compensation Committee of the Board with a target maximum
annualized bonus equal to 50% of his base salary. Mr. Danieli shall be entitled
to customary benefits. In the event the Agreement is terminated by the Company
without cause or by Mr. Danieli for good reason (each as defined in the
Agreement), Mr. Danieli shall be entitled to a lump sum payment equal to his
annual salary, in addition to all monies owed through the date of termination.
He shall also be entitled to the vesting of all equity awards and the right
to
continued participation in the Company’s health insurance plan for a period of
twelve months.
The
Company also entered into an agreement to indemnify Mr. Danieli under certain
circumstances.
Mr.
Danieli, age 36, has been working as a consultant to Osiris since August 2007.
Form April 2005 through July 2007, Mr. Danieli was Vice President of Operations
for Laurus Capital Management, a private hedge fund. From January 2003 to March
2005, Mr. Danieli was co-owner of Link Productions, Inc., a design and print
production company. Mr. Danieli was an independent business consultant from
May
2002 through January 2003 and was Director of Marketing for Magnolia Broadband
from July 2000 to April 2002. Mr. Danieli received a BA from Bar-Ilan
University, Ramat Gan, Israel in June 1996 and an MBA from the University of
Virginia in May 2000.
Item
9.01
Financial
Statements and Exhibits
|
10.1
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Employment
Agreement between Ilan Danieli and Osiris Corporation, effective
as of
April 1, 2008
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10.2
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Indemnification
Agreement between Ilan Danieli and Osiris Corporation, effective
as of
April 1, 2008
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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OSIRIS
CORPORATION
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Date:
April 3, 2008
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/s/
PETTER M. ETHOLM
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Petter
M.Etholm,
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President
and Chief Executive Officer
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