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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 8, 2008</B>



<P style="font-size: 24pt" align="center"><B>MATRIXX INITIATIVES,
INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>DELAWARE</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-31404</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>87-0482806</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>8515 E. Anderson Drive,
Scottsdale, Arizona<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>85255</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(602) 385-8888</B>
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cellpadding="0" width="30%" border="0">

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 </TR>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>NONE</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="font-size: 10pt" align="left"><B>Item&nbsp;5.02. Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</B>

<P style="font-size: 10pt" align="left">(b)&nbsp;Director Resignation. As
previously reported, Carl J. Johnson retired from his positions as President
and Chief Executive Officer of Matrixx Initiatives, Inc. (the
&#8220;Company&#8221;), effective October&nbsp;31, 2008 (the &#8220;Separation
Date&#8221;). See Item&nbsp;5.02 of the Company&#8217;s Current Report on Form
8-K filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;)
on October&nbsp;22, 2008. Pursuant to the Separation Agreement between the
Company and Mr.&nbsp;Johnson, as described below, Mr. Johnson has resigned from
the Company&#8217;s Board of Directors, effective December&nbsp;16, 2008.
Mr.&nbsp;Johnson did not resign as a result of a disagreement of the type
referred to in Item&nbsp;502(a)(1) of Form 8-K.

<P style="font-size: 10pt" align="left">(e)&nbsp;Separation Arrangement. In
connection with Mr.&nbsp;Johnson&#8217;s retirement, the Company and
Mr.&nbsp;Johnson entered into a Separation Agreement (the &#8220;Separation
Agreement&#8221;) and a Settlement Agreement and Mutual Release (the
&#8220;Release Agreement&#8221;), each dated December&nbsp;8, 2008, pursuant to
which the Company will provide Mr.&nbsp;Johnson the benefits to which he would
have been entitled had his separation from the Company been without
&#8220;Cause&#8221; pursuant to his Amended and Restated Employment Agreement,
dated as of October&nbsp;18, 2006. These benefits, which include one
year&#8217;s base salary ($525,000), payable through October&nbsp;31, 2009; one
year&#8217;s medical and dental benefits; and Mr.&nbsp;Johnson&#8217;s receipt
of a life insurance policy, are described under the heading &#8220;Agreements
With Named Executive Officers &#8211; Employment Agreement with Carl J.
Johnson&#8221; in the Company&#8217;s proxy statement relating to the
Company&#8217;s 2008 Annual Meeting of Stockholders. The Separation Agreement
and the Release Agreement contain the following other key components:

<P>
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border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>Mr.&nbsp;Johnson agreed to remain an employee of the Company through the
current fiscal year, which ends March 31, 2009 (the &#8220;Continued Employment
Period&#8221;). In this capacity, Mr.&nbsp;Johnson will provide advisory
services to the Company&#8217;s Acting President, William Hemelt, on an
as-needed basis. In exchange for his services, consisting of no more than seven
hours per week or thirty hours per month, Mr.&nbsp;Johnson will be paid $7,500
per month in a manner consistent with the Company&#8217;s current payroll
practices.</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>During the Continued Employment Period, Mr.&nbsp;Johnson&#8217;s
restricted stock will continue to vest, resulting in the vesting of an
additional 35,421 shares.</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>The Company will pay Mr.&nbsp;Johnson a cash bonus pursuant to the cash
bonus plan approved by the Company&#8217;s Compensation Committee on
May&nbsp;8, 2008, to the extent the Company satisfies the performance criteria
in such plan. Any such bonus will be pro rated for the nine-month period ended
December&nbsp;31, 2008 (April through December) and will be payable at such
time as the bonus is payable to the Company&#8217;s executive officers. This
cash bonus plan is described in Item&nbsp;5.02 of the Company&#8217;s Current
Report on Form 8-K filed with the SEC on May&nbsp;13, 2008.</TD>
 </TR>

</TABLE>


<P>
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border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>The Company will pay Mr.&nbsp;Johnson $10,000 to defray a portion of his
legal expenses associated with the Separation Agreement and the Release
Agreement.</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>Mr.&nbsp;Johnson will make himself reasonably available to the Company in
connection with ongoing or new litigation or other proceedings to which the
Company is, or may become, a party and for which he may have relevant
information or knowledge and will provide such litigation support services at a
rate of $250 per hour, plus expenses.</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>The Release Agreement contains customary reciprocal releases.</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">2

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the
requirements of the Securities and Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.

<P style="font-size: 10pt; margin-left: 45%" align="left">MATRIXX INITIATIVES,
INC. <BR>
(Registrant)

<P style="font-size: 10pt; margin-left: 45%" align="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
William
J. Hemelt<BR>
Acting President, Chief Operating Officer,<BR>
and Chief
Financial Officer<BR>


<P style="font-size: 10pt" align="left">Date: December&nbsp;12, 2008

<P style="font-size: 10pt" align="center">3

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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{"company-data": {"conformed-name": "MATRIXX INITIATIVES INC", "cik": "0001006195", "assigned-sic": "2834", "irs-number": "870482806", "state-of-incorporation": "DE", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31404", "film-number": "081245243"}, "business-address": {"street1": "8515 E. ANDERSON DRIVE", "city": "SCOTTSDALE", "state": "AZ", "zip": "85255", "phone": "6023858888"}, "mail-address": {"street1": "8515 E. ANDERSON DRIVE", "city": "SCOTTSDALE", "state": "AZ", "zip": "85255"}, "former-company": {"former-conformed-name": "GUMTECH INTERNATIONAL INC \\UT\\", "date-changed": "19960202"}}
Filed by Bowne Pure Compliance
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): December 8, 2008
MATRIXX INITIATIVES,
INC.
(Exact name of registrant as
specified in its charter)
DELAWARE
001-31404
87-0482806
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
8515 E. Anderson Drive,
Scottsdale, Arizona
85255
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(602) 385-8888
NONE
(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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant 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.
(b) Director Resignation. As
previously reported, Carl J. Johnson retired from his positions as President
and Chief Executive Officer of Matrixx Initiatives, Inc. (the
"Company"), effective October 31, 2008 (the "Separation
Date"). See Item 5.02 of the Company's Current Report on Form
8-K filed with the Securities and Exchange Commission (the "SEC")
on October 22, 2008. Pursuant to the Separation Agreement between the
Company and Mr. Johnson, as described below, Mr. Johnson has resigned from
the Company's Board of Directors, effective December 16, 2008.
Mr. Johnson did not resign as a result of a disagreement of the type
referred to in Item 502(a)(1) of Form 8-K.
(e) Separation Arrangement. In
connection with Mr. Johnson's retirement, the Company and
Mr. Johnson entered into a Separation Agreement (the "Separation
Agreement") and a Settlement Agreement and Mutual Release (the
"Release Agreement"), each dated December 8, 2008, pursuant to
which the Company will provide Mr. Johnson the benefits to which he would
have been entitled had his separation from the Company been without
"Cause" pursuant to his Amended and Restated Employment Agreement,
dated as of October 18, 2006. These benefits, which include one
year's base salary ($525,000), payable through October 31, 2009; one
year's medical and dental benefits; and Mr. Johnson's receipt
of a life insurance policy, are described under the heading "Agreements
With Named Executive Officers – Employment Agreement with Carl J.
Johnson" in the Company's proxy statement relating to the
Company's 2008 Annual Meeting of Stockholders. The Separation Agreement
and the Release Agreement contain the following other key components:
•
Mr. Johnson agreed to remain an employee of the Company through the
current fiscal year, which ends March 31, 2009 (the "Continued Employment
Period"). In this capacity, Mr. Johnson will provide advisory
services to the Company's Acting President, William Hemelt, on an
as-needed basis. In exchange for his services, consisting of no more than seven
hours per week or thirty hours per month, Mr. Johnson will be paid $7,500
per month in a manner consistent with the Company's current payroll
practices.
•
During the Continued Employment Period, Mr. Johnson's
restricted stock will continue to vest, resulting in the vesting of an
additional 35,421 shares.
•
The Company will pay Mr. Johnson a cash bonus pursuant to the cash
bonus plan approved by the Company's Compensation Committee on
May 8, 2008, to the extent the Company satisfies the performance criteria
in such plan. Any such bonus will be pro rated for the nine-month period ended
December 31, 2008 (April through December) and will be payable at such
time as the bonus is payable to the Company's executive officers. This
cash bonus plan is described in Item 5.02 of the Company's Current
Report on Form 8-K filed with the SEC on May 13, 2008.
•
The Company will pay Mr. Johnson $10,000 to defray a portion of his
legal expenses associated with the Separation Agreement and the Release
Agreement.
•
Mr. Johnson will make himself reasonably available to the Company in
connection with ongoing or new litigation or other proceedings to which the
Company is, or may become, a party and for which he may have relevant
information or knowledge and will provide such litigation support services at a
rate of $250 per hour, plus expenses.
•
The Release Agreement contains customary reciprocal releases.
2
SIGNATURES
Pursuant to the
requirements of the Securities and Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
MATRIXX INITIATIVES,
INC.
(Registrant)
William
J. Hemelt
Acting President, Chief Operating Officer,
and Chief
Financial Officer
Date: December 12, 2008
3