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): June 15, 2006
|
Chembio
Diagnostics, Inc.
|
(Exact
name of registrant as specified in its charter)
|
Nevada
|
333-85787
|
88-0425691
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
3661
Horseblock Road, Medford, NY 11763
(Address
of principal executive offices)
(Zip
Code)
Registrant's
telephone number, including area code (631)
924-1135
|
N/A
|
(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 (see General Instruction A.2. below):
[
] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[
] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
101. Entry Into a Material Definitive Agreement
On
June
15, 2006, the Company and Lawrence A. Siebert, the chief executive officer
and
president of the Company, agreed to a new employment agreement for Mr.
Siebert
to continue as the chief executive officer and president of the Company
for an
additional term of two years, beginning effective May 10, 2006. Mr. Siebert's
salary is $240,000, which shall be reviewed by the Company’s board of directors
for a potential increase at the end of the first 12 months. Mr. Siebert
also
shall be eligible for a bonus of up to 50% of his salary, consisting of
(i) a
bonus of up to 25% of his salary that is at the complete discretion and
determination of the board of directors, and (ii) a bonus of up to an additional
25% of his salary that will be determined based upon revenue and earnings
performance criteria established each year by the board of
directors.
The
board
of directors also has increased the annual salary compensation of the following
individuals to the amounts indicated: Avi Pelossof, vice president of sales,
marketing and business development, $170,000; Javan Esfandiari, director
of
research and development, $160,000; Richard Larkin, chief financial officer,
$150,000; Richard Bruce, vice president and director of operations, $140,000.
In
addition, the board of directors has established that each of these individuals,
plus two other individuals, are eligible for an annual bonus on the same
basis
as the bonus described above for Mr. Siebert, except that the maximum percentage
amount of salary for each aspect of the bonus for which each of these six
individuals is eligible is one-half of the percentage for which Mr. Siebert
is
eligible. As a result, the maximum total bonus for which each of these
five
individuals is eligible is 25% of that individual's salary.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
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 thereunto
duly authorized.
Date:
June 21, 2006 CHEMBIO
DIAGNOSTICS, INC.
By: /s/
Lawrence A. Siebert
Lawrence
A. Siebert
Chief
Executive Officer