UNITED
STATES
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 REPORTED)
July
22,
2008 (July 18, 2008)
Commission
File No. 000-22390
SHARPS
COMPLIANCE CORP.
(Exact
Name Of Registrant As Specified In Its Charter)
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Delaware
(State
Or Other Jurisdiction Of
Incorporation
Or Organization)
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74-2657168
(IRS
Employer
Identification
No.)
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9220
Kirby Drive, Suite 500
Houston,
Texas 77054
(Address
Of Principal Executive Offices)
Registrant’s
Telephone Number, Including Area Code)
713-432-0300
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 CFR240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item
8.01 Other Events.
Ronald
E. Pierce Matter
On
July
18, 2008, the Company responded to a July 15, 2008 request for Arbitration
from
a former employee, Ronald E. Pierce (“Pierce”). In its response, the Company
advised that the request for arbitration was filed more than four (4) years
from
the date upon which Pierce knew, or should have known, of any alleged breach
of
contract. Accordingly, the Company will not agree to arbitrate a time barred
claim.
The
original June 2004 employment issue is summarized below:
On
June
14, 2004, the Company provided Mr. Ronald E. Pierce, its then current Chief
Operating Officer, with notice of non-renewal of his employment agreement.
The
Company advised Mr. Pierce that under the terms of the employment contract
no
further compensation (including services) was due. The Company received various
letters from Mr. Pierce’s attorney advising that Mr. Pierce is taking the
position that the non-renewal of the employment agreement was not timely and,
therefore, Mr. Pierce was terminated without cause. Additionally, Mr. Pierce
claimed that the Company had no right to terminate him on the anniversary date
of his agreement without the obligation of paying Mr. Pierce as if he were
terminated without cause. The Company believes that notice of such non-renewal
was timely, and that in accordance with Mr. Pierce’s employment agreement, the
Company was entitled to provide notice thirty (30) days prior to the anniversary
of its intent to terminate the agreement, and no severance would therefore
be
due to Mr. Pierce.
The
claim
amount under the July 15, 2008 demand for arbitration is $300,001.
The
Company believes it has meritorious defenses against Mr. Pierce’s claims and has
not recorded a liability related to this matter.
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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Date:
July 22, 2008
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SHARPS
COMPLIANCE CORP.
By: /s/
David P.
Tusa
Executive
Vice President, Chief Financial Officer,
Corporate
Secretary and Business
Development
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