<SEC-DOCUMENT>0001178913-15-000872.txt : 20150313
<SEC-HEADER>0001178913-15-000872.hdr.sgml : 20150313
<ACCEPTANCE-DATETIME>20150313170306
ACCESSION NUMBER:		0001178913-15-000872
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150313
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
FILED AS OF DATE:		20150313
DATE AS OF CHANGE:		20150313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Integrity Applications, Inc.
		CENTRAL INDEX KEY:			0001506983
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				980668934
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54785
		FILM NUMBER:		15700131

	BUSINESS ADDRESS:	
		STREET 1:		102 HA'AVODA STREET
		STREET 2:		P.O.BOX 432
		CITY:			ASHKELON
		STATE:			L3
		ZIP:			7810301
		BUSINESS PHONE:		972 (8) 675-7878

	MAIL ADDRESS:	
		STREET 1:		102 HA'AVODA STREET
		STREET 2:		P.O.BOX 432
		CITY:			ASHKELON
		STATE:			L3
		ZIP:			7810301
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">March 11, 2015</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Delaware</font></td>
<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0-54785&#160;&#160;</font></td>
<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98-0668934</font></td>
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<td colspan="2" width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">102 Ha&#8217;Avoda Street, P.O. Box 432, Ashkelon, Israel</font></font></td>
<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">L3 7810301<font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font></font></td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Entry Into a Material Definitive Agreement.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On March 11, 2015, the arbitrator in the previously disclosed arbitration proceeding among A.D. Integrity Applications Ltd. (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Integrity Israel</font>&#8221;), an Israeli limited company and a wholly owned subsidiary of Integrity Applications, Inc., a Delaware corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), Avner Gal, David Malka, Zvi Cohen, Ilana Freger and Alexander Reykhman, as defendants, and Y.H. Dimri Holdings (2001) Ltd. (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Dimri</font>&#8221;), as the plaintiff, issued a binding arbitration decision (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Arbitration Decision</font>&#8221;) which documents the parties&#8217; negotiated settlement of such arbitration.&#160;&#160;Pursuant to the terms of the Arbitration Decision, (1) Avner Gal, David Malka, Zvi Cohen, Ilana Freger and Alexander Reykhman were ordered to transfer to Dimri, within 14 days after the date of the Arbitration Decision, an aggregate of 440,652 shares of the Company&#8217;s outstanding common stock, (2)&#160;Integrity Israel was ordered to pay to Dimri, within 14 days after the date of the Arbitration Decision, (A) NIS 1,767,674 (approximately $436,571 based on the exchange rate of 4.049 NIS:$1 as of March 11, 2015), as repayment in full of the outstanding principal amount under the Investment Agreement, dated February 18, 2003 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Investment Agreement</font>&#8221;), among Integrity Israel, Avner Gal, Zvi Cohen, David Freger and Yigal Dimri, as adjusted for changes in the Israeli consumer price index since the date on which the loan was made, and (B) NIS 290,000 (approximately $71,623 based on the exchange rate of 4. 049 NIS:$1 as of March 11, 2015) plus VAT, as&#160;partial reimbursement of Dimri&#8217;s attorney&#8217;s fees in the arbitration.&#160;&#160;Subject to the foregoing transfers and payments, the Arbitration Decision releases Integrity Israel, the Company and the other defendants in the arbitration from any legal claim by Yigal Dimri, the principal shareholder of Dimri, and any other companies under his control in respect of the subject matter of the arbitration, including the shareholder loan granted under and any claim of anti-dilution rights under the Investment Agreement, and similarly releases Mr. Dimri and all companies under his control from any legal claim by Integrity Israel, the Company and the other defendants in the arbitration in respect of the subject matter of the arbitration.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The information provided in Item 1.01 with respect to the acceleration of the outstanding principal under the Investment Agreement is incorporated by reference into this Item 2.04.&#160;&#160;The principal outstanding under the Investment Agreement was originally due and payable in quarterly installments commencing on the quarter&#160;after the first year in which the Company reports a profit, with the amount of such payments being equal to 10% of the Company&#8217;s total sales, after deducting VAT, for each such quarter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">March 13, 2015</font></font></div>

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