Looking to collect…

September 22, 2004

OSI Systems (OSIS) , which earlier today saw its CEO open the Nasdaq stock market, disclosed in its recent K that a former executive was looking to collect a nice chunk of change from the company. Back in March, the company acquired medical device manufacturer Spacelabs for $46 million. Spacelabs had been a part of another company called Instrumentarium that General Electric (GE) acquired last year, but was required to spin off as part of the acquisition, which is why OSI purchased it. Spacelabs president Richard Atkin left OSI in late July and now he’s looking for $1.5 million plus punitive damages from the company. It’s not clear how much Atkin was making at Spacelabs and whatever severance contract he may have had in place is not part of the public record.

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