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TMCNet:  MEDICAL ACTION INDUSTRIES INC FILES (8-K) Disclosing Change in Directors or Principal Officers

[June 12, 2014]

MEDICAL ACTION INDUSTRIES INC FILES (8-K) Disclosing Change in Directors or Principal Officers

(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As reported in Medical Action Industries Inc.'s (the "Company") Current Report on Form 8-K, filed on June 3, 2014, on June 2, 2014 (the "Closing Date"), the Company completed the sale to Medira Inc., (the "Buyer") a Delaware corporation and an affiliate of Inteplast Group, Ltd. of (i) 100% of the membership units of Medegen Medical Products, LLC, a Delaware limited liability company and a wholly-owned indirect subsidiary of the Company, and (ii) certain assets of the Company's Patient Care business unit, including the containment business assets (the "Transaction").

Upon the closing of the Transaction on the Closing Date: (i) Mr. Charles L.

Kelly, Jr. resigned as Vice President of the Company and President and General Manager of the Company's Patient Care business unit and joined the Buyer's business, effective as of the same date, and (ii) the Company paid Mr. Kelly a transaction bonus in the amount of $150,000 (net of applicable withholding obligations).


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