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<TITLE>Form 8-K January 1, 2007</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>UNITED STATES<BR>SECURITIES AND
EXCHANGE COMMISSION</FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WASHINGTON, D.C. 20549  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 8-K</FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of report (Date
of earliest event reported):&nbsp;&nbsp;January 1, 2007 </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B>IDEXX LABORATORIES, INC.</B></FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<I>(Exact name of registrant as specified in its charter)</I> </FONT> </P>


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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delaware</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>000-19271</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>01-0393723</FONT></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(State or other jurisdiction<BR>of incorporation) </I> </FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(Commission File Number)</I> </FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(IRS Employer<BR>Identification No.)</I> </FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One IDEXX Drive, Westbrook, Maine</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>04092</FONT></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) </I> </FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(ZIP Code)</I> </FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(207) 556-0300</B><BR><I>(Registrant&#146;s
telephone number, including area code)</I> </FONT> </P>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Not Applicable</B><BR><I>(Former
name or former address, if changed since last report)</I> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2): </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written communications
purusant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting material
purusant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications purusant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications purusant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 5.02</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; </B><B>Compensatory Arrangements of Certain Officers.</B></FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 1, 2007 the Company entered into new executive employment agreements with all of
its executive officers (individually an &#147;Agreement&#148; and collectively the
&#147;Agreements&#148;). The Agreements obligate IDEXX Laboratories, Inc. (the
&#147;Company&#148;) to make certain payments and provide certain benefits to the
Company&#146;s executive officers upon a qualifying termination of employment that follows
a change in control of the Company, as described further below. The Agreements supersede
similar agreements previously entered into by the Company and its executive officers. The
Agreements for all of the executive officers are identical except as described below. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agreements become effective upon a change in control of the Company, which will occur
generally upon (a) the acquisition by any person of 30% or more of the shares of common
stock or combined voting power of the Company&#146;s outstanding securities, (b) a change
in the composition of the Company&#146;s board of directors over a 24-month period such
that a majority of the board no longer consists of incumbent directors or directors
nominated or elected by incumbent directors, (c) a reorganization, merger, consolidation,
or sale or other disposition of all or substantially all of the assets of the Company
where the shareholders of the Company immediately prior to such transaction cease to own a
majority of the outstanding shares of common stock and the combined voting power of the
Company&#146;s outstanding voting securities in substantially the same proportion as their
ownership immediately prior to the transaction, or (d) approval by the shareholders of a
complete liquidation or dissolution of the Company or sale of substantially all of the
assets of the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
a change in control, the Company may not generally reduce an executive officer&#146;s base
salary or target bonus, or the aggregate benefits to which the executive officer is
entitled under incentive plans and welfare benefit plans, below the level to which the
executive officer was entitled prior to the change in control. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a period of two years following a change in control, if the employment of an executive
officer is terminated by the Company without cause or by the executive officer for good
reason, as defined below, then the Company shall provide the following payments and
benefits to the executive officer: (1) a prorated payment of the executive officer&#146;s
target bonus for the portion of the year of termination prior to the date of termination,
(2) an amount equal to two times (three times in the case of Jonathan Ayers) the sum of
the executive officer&#146;s base salary plus the average bonus received by the executive
officer for the three full fiscal years preceding the change in control, and (3) the
continuation of life insurance, disability insurance, medical and dental coverage, and
other benefits for a period of two years (three years in the case of Jonathan Ayers)
following the date of termination. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
a change in control, each outstanding stock option, restricted stock unit, or other equity
award (an &#147;Equity Award&#148;) held by an executive officer shall become immediately
exercisable or vested as to 25% of the number of shares as to which such Equity Award
otherwise would not then be exercisable or vested. Following a termination of the
executive officer&#146;s employment by the Company within two years following a change in
control other than for cause or by the executive officer for good reason, all Equity
Awards held by the executive officer shall become fully exercisable and vested. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Agreements, &#147;good reason&#148; is defined as (a) any material diminution in the
executive officer&#146;s duties or responsibilities, (b) any reduction in the executive
officer&#146;s base salary or target bonus, or the aggregate benefits to which the
executive officer is entitled under incentive plans and welfare benefit plans, below the
level to which the executive officer was entitled prior to the change in control, (c) a
reduction in vacation benefits, (d) relocation or a requirement of substantially greater
travel, or (e) certain breaches by the Company of the Agreement. Under the Agreements with
Jonathan Ayers, Chairman and Chief Executive Officer, William Wallen, Senior Vice
President and Chief Scientific Officer, Merilee Raines, Corporate Vice President and Chief
Financial Officer, and Conan Deady, Corporate Vice President and General Counsel, if any
of such executive officers does not hold the same position with the entity surviving any
change in control, then good reason shall be deemed to exist. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
payments to an executive officer under the Agreement cause the executive officer to be
subject to an excise tax under Section 4999 of the Internal Revenue Code of 1986, as
amended, the Company will pay the officer an additional amount that would, net of any
taxes or penalties (including excise taxes) on such additional amount, allow the executive
officer to retain the amount he or she would have received had he or she not been subject
to the excise tax under Section 4999. However, if the payments to the executive officer
are no more than 110% of the maximum amount of payments that the executive officer could
receive under the Agreement without becoming subject to the excise tax, then no
&#147;gross-up&#148; payment will be made and the payments to the executive officer shall
be reduced to such maximum amount. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agreements have an initial term expiring on September 30, 2008. Commencing on October 1,
2008 and on each anniversary of such date (each of such dates is referred to as a
&#147;Renewal Date&#148;), each of the Agreements shall automatically renew for a period
of one year, unless the Company shall have provided notice to the executive officer within
120 days prior to the Renewal Date indicating that the Agreement will not be extended. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing description of the terms and conditions of the Agreements is qualified in its
entirety by reference to the Agreements, which are filed as Exhibits 10.1, 10.2,10.3,
10.4, and 10.5 hereto and are incorporated herein by reference. </FONT></P>



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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.01</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Financial
Statement and Exhibits.</B></FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>See the Exhibit Index
attached to this Current Report on Form 8-K, which is incorporated herein by reference. </FONT></TD>
</TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SIGNATURES</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>




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     <TD WIDTH="50%"><FONT SIZE="2">Dated: January 5, 2007</FONT></TD>
     <TD WIDTH="50%"><FONT SIZE="2"><B>IDEXX LABORATORIES, INC.</B> </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT SIZE="2"></FONT></TD>
     <TD><FONT SIZE="2">By: /s/ Conan R. Deady</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT SIZE="2"></FONT></TD>
     <TD><FONT SIZE="2">Conan R. Deady<BR>
Corporate Vice President, General Counsel and Secretary</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT SIZE="1"></FONT></TD>
     <TD><FONT SIZE="1"></FONT></TD></TR>
</TABLE>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX</FONT></H1>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description
of Exhibit</U></FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive
Employment Agreement dated January 1, 2007, between the Company and Jonathan W. Ayers </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive
Employment Agreement dated January 1, 2007, between the Company and William C. Wallen,
PhD </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3  </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive
Employment Agreement dated January 1, 2007, between the Company and Merilee Raines </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive
Employment Agreement dated January 1, 2007, between the Company and Conan R. Deady </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.5 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form
of Executive Employment Agreement dated January 1, 2007, between the Company and each of
Thomas J. Dupree, S. Sam Fratoni, PhD, Robert S. Hulsy, Irene C. Kerr, Ali Naqui, PhD, Quentin
J. Tonelli, PhD and Michael J. Williams</FONT></TD>
</TR>
</TABLE>
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{"company-data": {"conformed-name": "IDEXX LABORATORIES INC /DE", "cik": "0000874716", "assigned-sic": "2835", "irs-number": "010393723", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19271", "film-number": "07513387"}, "business-address": {"street1": "ONE IDEXX DRIVE", "city": "WESTBROOK", "state": "ME", "zip": "04092-2041", "phone": "2078560300"}, "mail-address": {"street1": "ONE IDEXX DRIVE", "city": "WESTBROOK", "state": "ME", "zip": "04092-2041"}, "former-company": {"former-conformed-name": "IDEXX CORP / DE", "date-changed": "19600201"}}
Form 8-K January 1, 2007
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
Date of report (Date
of earliest event reported):  January 1, 2007
IDEXX LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-19271
01-0393723
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
One IDEXX Drive, Westbrook, Maine
04092
(Address of principal executive offices)
(ZIP Code)
(207) 556-0300
(Registrant's
telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2):
[  ]
Written communications
purusant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material
purusant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement
communications purusant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement
communications purusant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers;
Compensatory Arrangements of Certain Officers.
On
January 1, 2007 the Company entered into new executive employment agreements with all of
its executive officers (individually an "Agreement" and collectively the
"Agreements"). The Agreements obligate IDEXX Laboratories, Inc. (the
"Company") to make certain payments and provide certain benefits to the
Company's executive officers upon a qualifying termination of employment that follows
a change in control of the Company, as described further below. The Agreements supersede
similar agreements previously entered into by the Company and its executive officers. The
Agreements for all of the executive officers are identical except as described below.
The
Agreements become effective upon a change in control of the Company, which will occur
generally upon (a) the acquisition by any person of 30% or more of the shares of common
stock or combined voting power of the Company's outstanding securities, (b) a change
in the composition of the Company's board of directors over a 24-month period such
that a majority of the board no longer consists of incumbent directors or directors
nominated or elected by incumbent directors, (c) a reorganization, merger, consolidation,
or sale or other disposition of all or substantially all of the assets of the Company
where the shareholders of the Company immediately prior to such transaction cease to own a
majority of the outstanding shares of common stock and the combined voting power of the
Company's outstanding voting securities in substantially the same proportion as their
ownership immediately prior to the transaction, or (d) approval by the shareholders of a
complete liquidation or dissolution of the Company or sale of substantially all of the
assets of the Company.
Following
a change in control, the Company may not generally reduce an executive officer's base
salary or target bonus, or the aggregate benefits to which the executive officer is
entitled under incentive plans and welfare benefit plans, below the level to which the
executive officer was entitled prior to the change in control.
For
a period of two years following a change in control, if the employment of an executive
officer is terminated by the Company without cause or by the executive officer for good
reason, as defined below, then the Company shall provide the following payments and
benefits to the executive officer: (1) a prorated payment of the executive officer's
target bonus for the portion of the year of termination prior to the date of termination,
(2) an amount equal to two times (three times in the case of Jonathan Ayers) the sum of
the executive officer's base salary plus the average bonus received by the executive
officer for the three full fiscal years preceding the change in control, and (3) the
continuation of life insurance, disability insurance, medical and dental coverage, and
other benefits for a period of two years (three years in the case of Jonathan Ayers)
following the date of termination.
Upon
a change in control, each outstanding stock option, restricted stock unit, or other equity
award (an "Equity Award") held by an executive officer shall become immediately
exercisable or vested as to 25% of the number of shares as to which such Equity Award
otherwise would not then be exercisable or vested. Following a termination of the
executive officer's employment by the Company within two years following a change in
control other than for cause or by the executive officer for good reason, all Equity
Awards held by the executive officer shall become fully exercisable and vested.
2
Under
the Agreements, "good reason" is defined as (a) any material diminution in the
executive officer's duties or responsibilities, (b) any reduction in the executive
officer's base salary or target bonus, or the aggregate benefits to which the
executive officer is entitled under incentive plans and welfare benefit plans, below the
level to which the executive officer was entitled prior to the change in control, (c) a
reduction in vacation benefits, (d) relocation or a requirement of substantially greater
travel, or (e) certain breaches by the Company of the Agreement. Under the Agreements with
Jonathan Ayers, Chairman and Chief Executive Officer, William Wallen, Senior Vice
President and Chief Scientific Officer, Merilee Raines, Corporate Vice President and Chief
Financial Officer, and Conan Deady, Corporate Vice President and General Counsel, if any
of such executive officers does not hold the same position with the entity surviving any
change in control, then good reason shall be deemed to exist.
If
payments to an executive officer under the Agreement cause the executive officer to be
subject to an excise tax under Section 4999 of the Internal Revenue Code of 1986, as
amended, the Company will pay the officer an additional amount that would, net of any
taxes or penalties (including excise taxes) on such additional amount, allow the executive
officer to retain the amount he or she would have received had he or she not been subject
to the excise tax under Section 4999. However, if the payments to the executive officer
are no more than 110% of the maximum amount of payments that the executive officer could
receive under the Agreement without becoming subject to the excise tax, then no
"gross-up" payment will be made and the payments to the executive officer shall
be reduced to such maximum amount.
The
Agreements have an initial term expiring on September 30, 2008. Commencing on October 1,
2008 and on each anniversary of such date (each of such dates is referred to as a
"Renewal Date"), each of the Agreements shall automatically renew for a period
of one year, unless the Company shall have provided notice to the executive officer within
120 days prior to the Renewal Date indicating that the Agreement will not be extended.
The
foregoing description of the terms and conditions of the Agreements is qualified in its
entirety by reference to the Agreements, which are filed as Exhibits 10.1, 10.2,10.3,
10.4, and 10.5 hereto and are incorporated herein by reference.
Item 9.01
Financial
Statement and Exhibits.
(d)
Exhibits
See the Exhibit Index
attached to this Current Report on Form 8-K, which is incorporated herein by reference.
3
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 5, 2007
IDEXX LABORATORIES, INC.
By: /s/ Conan R. Deady
Conan R. Deady
Corporate Vice President, General Counsel and Secretary
4
EXHIBIT INDEX
Exhibit No.
Description
of Exhibit
10.1
Executive
Employment Agreement dated January 1, 2007, between the Company and Jonathan W. Ayers
10.2
Executive
Employment Agreement dated January 1, 2007, between the Company and William C. Wallen,
PhD
10.3
Executive
Employment Agreement dated January 1, 2007, between the Company and Merilee Raines
10.4
Executive
Employment Agreement dated January 1, 2007, between the Company and Conan R. Deady
10.5
Form
of Executive Employment Agreement dated January 1, 2007, between the Company and each of
Thomas J. Dupree, S. Sam Fratoni, PhD, Robert S. Hulsy, Irene C. Kerr, Ali Naqui, PhD, Quentin
J. Tonelli, PhD and Michael J. Williams