UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 24, 2023, Salona Global Medical Device Corporation (the “Company”) appointed Michael Seckler, 58, to the position of Chief Executive Officer. From June 13, 2023 through July 24, 2023, Mr. Seckler served as Interim Chief Executive Officer of the Company. From October 2022 through May 2023, Mr. Seckler served as Chief Operating Officer and from January 2020 through September 2022, Mr. Seckler served as Senior Vice President of FerGene, a gene therapy company affiliated with Ferring International Center, SA, a Swiss multinational biopharmaceutical company (“Ferring”). From January 2017 through December 2019, Mr. Seckler was Vice President of Global Marketing and Corporate Communications at Ferring.
In connection with Mr. Seckler’s appointment as Chief Executive Officer, he will be paid an annual salary of US$100,000 and variable compensation based on incentives of up to US$200,000 annually. Additionally, he has been granted options under the Company’s 2021 Amended and Restated Stock Option Plan to purchase up to 750,000 common shares of the Company vesting equally over a three-year period, with a term of five years and an exercise price per share of CAD$0.29. In connection with Mr. Seckler’s prior appointment as Interim Chief Executive Officer he was granted options under the Company’s 2021 Amended and Restated Stock Option Plan to acquire an aggregate of 250,000 common shares of the Company, vesting equally over a three-year period, with a term of five years and an exercise price per share of CAD$0.25. The options and underlying shares for both grants are subject to a four month and one day hold period commencing on the date of grant pursuant to the policies of the TSX Venture Exchange. In addition, Mr. Seckler continues to be eligible to participate in the benefit programs generally available to executive officers of the Company.
There are no arrangements or understandings between Mr. Seckler and any other persons pursuant to which he was selected as Chief Executive Officer. There are also no family relationships between Mr. Seckler and any director or executive officer of the Company and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 8.01. Other Events.
On July 25, 2023, the Company issued a press release providing an update on cost cuts, on-going debt restructuring and the appointment of Mr. Seckler as Chief Executive Officer. The press release is furnished as Exhibit 99.1to this Current Report on Form 8-K.
On July 25, 2023, the Company moved its principal executive office to 49 Natcon Dr, Shirley NY 11967. The Company's telephone number remains the same: 1-800-760-6826.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
| 99.1 | Press Release of Salona Global Medical Device Corporation dated July 25, 2023 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| SALONA GLOBAL MEDICAL DEVICE CORPORATION | |
| Date: July 27, 2023 | By: /s/ Dennis Nelson |
| Name: Dennis Nelson Title: Chief Financial Officer |