Dariohealth Corp. current report, 25 November 2013

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Business Context and Reporting Period

This Form 8-K is a current report filed by LabStyle Innovations Corp. (not Dariohealth Corp.) on November 29, 2013, regarding events occurring between November 24 and November 27, 2013. The company is incorporated in Delaware with principal executive offices in Ramat Gan, Israel.

Key Financial Metrics

This filing is a current report regarding corporate governance and personnel changes. It does not provide financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics.

Material Changes

  • Departure of CFO: Mordechi Hershkowitz resigned as Chief Financial Officer, Treasurer, and Secretary effective November 24, 2013. The departure was mutual and not due to any disagreement. He will remain for a 3-month transition period.
  • Appointment of New CFO: Gadi Levin was appointed Chief Financial Officer, Treasurer, and Secretary effective November 26, 2013. His prior experience includes CFO roles at Adira Energy Ltd., KCPS & Company, and Profimex.
  • Director Resignation: Prof. Itamar Raz voluntarily resigned from the Board of Directors on November 25, 2013. He will continue to serve as head of the Scientific Advisory Board.

Guidance, Outlook, and Compensation Details

The filing contains no financial guidance, outlook, or discussion of risks and contingencies related to operations. However, it details the compensation for the new CFO, Gadi Levin:

  • Salary: NIS 34,000 per month for the first three months, increasing to NIS 37,000 per month thereafter.
  • Severance: 30 days of severance plus applicable Israeli law requirements if terminated at will; only applicable Israeli law requirements if terminated for Cause.
  • Covenants: Includes a 12-month non-competition and non-solicitation agreement.

Investor Verification Checklist

  • Verify the correct registrant name is LabStyle Innovations Corp., as the input metadata referenced Dariohealth Corp.
  • Confirm the transition plan for the outgoing CFO, Mordechi Hershkowitz, to ensure continuity of financial reporting.
  • Review the attached Employment Agreement (Exhibit 10.1) for full terms regarding Gadi Levin's appointment.
  • Check subsequent filings for the appointment of a replacement for Prof. Itamar Raz on the Board of Directors.