UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 6, 2005
Commission File No. 0-11178
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UTAH MEDICAL PRODUCTS, INC.
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(Exact name of Registrant as specified in its charter)
UTAH 87-0342734
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7043 South 300 West
Midvale, Utah 84047
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Address of principal executive offices
Registrant's telephone number: (801) 566-1200
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ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
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On May 6, 2005, the Compensation and Option Committee of the Board of
Directors of Utah Medical Products, Inc. accelerated the vesting of certain
unvested stock options awarded to employees, officers and directors under the
Company's stock option plans, which had exercise prices that were under water as
of market close on May 5, 2005.
Options to purchase 128,063 shares become fully exercisable on December
1, 2005 as a result of the vesting acceleration. Exercise prices of the options
accelerated are $24.02 and $25.59 per share. These options previously became
fully vested on October 1, 2007 and January 1, 2008.
The Company is taking this action to avoid an accounting charge (as
compensation expense) for these options starting in the quarter ending March 31,
2006, as required by FAS 123R.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchanges Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UTAH MEDICAL PRODUCTS, INC.
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REGISTRANT
Date: 5/6/05 By: \s\ Kevin L. Cornwell
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Kevin L. Cornwell
Chairman & CEO