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<SEC-DOCUMENT>0000897101-10-002313.txt : 20101119
<SEC-HEADER>0000897101-10-002313.hdr.sgml : 20101119
<ACCEPTANCE-DATETIME>20101119171519
ACCESSION NUMBER:		0000897101-10-002313
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101115
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101119
DATE AS OF CHANGE:		20101119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Electromed, Inc.
		CENTRAL INDEX KEY:			0001488917
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MN

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34839
		FILM NUMBER:		101206456

	BUSINESS ADDRESS:	
		STREET 1:		500 SIXTH AVENUE NW
		CITY:			NEW PRAGUE
		STATE:			MN
		ZIP:			56071
		BUSINESS PHONE:		952-758-9299

	MAIL ADDRESS:	
		STREET 1:		500 SIXTH AVENUE NW
		CITY:			NEW PRAGUE
		STATE:			MN
		ZIP:			56071
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>elmd105851_8k.htm
<DESCRIPTION>FORM 8-K DATED NOVEMBER 15, 2010
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="'Times New Roman,serif'">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="'Times New Roman,serif'"> </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'">Washington, D.C. 20549</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'"> </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 22pt" lang=EN-US face="'Times New Roman,serif'">FORM 8-K</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'">CURRENT REPORT</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'"> </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'">Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'"> </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'">Date of report (Date of earliest event reported): November 15, 2010</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 22pt" lang=EN-US face="'Times New Roman,serif'">ELECTROMED, INC.</FONT></B><FONT style="FONT-SIZE: 22pt" lang=EN-US face="'Times New Roman,serif'"> </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="'Times New Roman,serif'">(Exact Name of Registrant as Specified in Its Charter)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">001-34839</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="'Times New Roman,serif'">41-1732920</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="'Times New Roman,serif'">500 Sixth Avenue NW<BR>
New Prague, MN&nbsp; 56071</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'">(Address of Principal Executive Offices)(Zip Code) </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="'Times New Roman,serif'">(952) 758-9299</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'">(Registrant&#146;s Telephone Number, Including Area Code) </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'">Not Applicable</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'">(Former Name or Former Address, if Changed Since Last Report)&nbsp;<BR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="'Times New Roman,serif'">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: </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=black face="'Times New Roman,serif'">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Item 5.02</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT></B></P>
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<P style="TEXT-INDENT: -1in; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'">On November 15, 2010, Dr. Noel D. Collis notified the Board of Directors of Electromed, Inc. (the &#147;Company&#148;) of his resignation from the Board, effective immediately. Dr. Collis was Chairman of the Nominating and Corporate Governance Committee. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'">In his letter of resignation, which is attached to this Current Report as Exhibit 17.1 and is incorporated by reference herein, Dr. Collis raised concerns regarding the Company&#146;s marketing strategy, disclosure of expenses and his access to information. The Company&#146;s Audit Committee and continuing members of the Board believe that the concerns raised by Dr. Collis in his letter of resignation are without merit and that appropriate responses have been taken to keep Dr. Collis informed with respect to the Company&#146;s operations, policies and practices. The Company strongly encourages investors to review the information about the Company contained in its filings with the Securities and Exchange Commission, including the Company&#146;s Annual Report on Form 10-K for the year ended June 30, 2010, as well as its other periodic and current reports filed pursuant to the Securities Exchange Act of 1934, 
as amended.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'">The Company intends to provide Dr. Collis with a copy of the disclosure that it is making in response to this Item 5.02 no later than the date this Current Report is filed with the Securities and Exchange Commission, and will provide Dr. Collis with the opportunity to furnish the Company a letter stating whether he agrees with the statements made in this Current Report. The Company will file an amendment to this Current Report to include any letter received from Dr. Collis in response to such disclosure.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="'Times New Roman,serif'">The Company intends to appoint a director at a future date who satisfies the definition of independence as set forth under the applicable regulations of the SEC and the Nasdaq Capital Market. Until such appointment, the Company intends to rely on Nasdaq Rule 5615(b)(1), which provides a twelve-month phase-in period for a company listing in connection with its initial public offering, to satisfy the Nasdaq Capital Market requirement that its Board be comprised of a majority of independent directors. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="'Times New Roman,serif'">Financial Statements and Exhibits</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="'Times New Roman,serif'">(a)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Financial statements:&nbsp; None.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Pro forma financial information:&nbsp; None.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="'Times New Roman,serif'">(c)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Letter of Resignation submitted November 15, 2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">SIGNATURES</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'"> </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">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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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Electromed, Inc.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Date: November 19, 2010&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Terry M. Belford</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Terry M. Belford</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Chief Financial Officer</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Electromed, Inc.<BR>
Form 8-K Current Report</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'">Letter of Resignation submitted November 15, 2010</FONT></P>
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<DOCUMENT>
<TYPE>EX-17.1
<SEQUENCE>2
<FILENAME>elmd105851_ex17-1.htm
<DESCRIPTION>CORRESPONDENCE ON DEPARTURE OF DIRECTOR
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Exhibit 17.1</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Dear Electromed Board of Directors, </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">This past weekend I attended the funeral of a friend who died of pneumonia after a lengthy hospitalization. Prior to his death I had spoken with several of his doctors, regarding his plan of care and the possibility of using [the Electromed SmartVest<SUP>&#174;</SUP>] in his care. They would not prescribe [the Electromed SmartVest<SUP>&#174;</SUP>] because they were not aware of the technology. It is my belief that my friend&#146;s death was preventable and that I by omission had played a role in it. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">In the summer of 2008, I had arranged to introduce the [Electromed SmartVest<SUP>&#174;</SUP>] and HFCWO technology to the appropriate doctors at the Mayo Clinic. This plan would have cost Electromed NOTHING, placing only my reputation at risk. This plan was first approved then inexplicably blocked by Electromed management. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Over the past two years, I have requested a closer look at the balance sheet. Specifically, I have been concerned about learning the breakdown of the totality of the company&#146;s actual marketing costs.&nbsp; I believe that his amount may run into seven figures. The amount would not be revealed by the CEO. I sent him a private letter asking that the revelation and breakdown of these costs take place. He promised to do so on two separate occasions. However, he did not keep his promise. I am still unable to obtain this information, despite the fact that Electromed is a public company. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">I have a personal mission to see that the HFCWO ([Electromed SmartVest<SUP>&#174;</SUP>]) technology reaches the broader medical community in order that medical practices be transformed and it&#146;s use becomes a &#147;standard of care&#148;, therefore saving countless lives. However, it is quite apparent that I cannot accomplish this goal as long as I am serving on the Electromed Board or having any involvement with this company. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">This letter serves as my notice that I am resigning from the Electromed Board and will cease any association with Electromed, effective immediately. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Thank you, </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Noel Collis </FONT></P>
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