UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 9, 2006
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Birner Dental Management Services, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Colorado
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(State or Other Jurisdiction of Incorporation)
0-23367 84-1307044
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File Number) (IRS Employer Identification No.)
3801 East Florida Avenue, Suite 508, Denver, CO 80210
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(Address of Principal Executive Offices) (Zip Code)
(303) 691-0680
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(Registrant's Telephone Number, Including Area Code)
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(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. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 DFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement
Effective January 1, 2006 the Board of Directors of Birner Dental Management
Services, Inc. (the "Company") approved an executive management bonus pool for
2006 for the following executive officers of the Company: Frederic W.J. Birner,
Chairman of the Board and Chief Executive Officer; Mark A. Birner, President,
and Dennis N. Genty, Chief Financial Officer, Secretary and Treasurer. The
potential bonus pool is equal to 20% of pre-tax and pre-stock and option grant
profits of the Company and is payable quarterly if certain revenue and pre-tax
profits goals are met. Total executive management cash compensation for 2006 is
limited to 110% or 120% of 2005 total annual cash compensation, depending on the
goals met.
The Board of Directors also established the following base salaries of the named
executives for 2006. These salaries remain in effect until otherwise approved by
the Board of Directors.
Named Executive Base Salary
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Frederic W.J. Birner $320,000
Mark A. Birner $230,000
Dennis N. Genty $230,000
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, thereunto duly authorized.
BIRNER DENTAL MANAGEMENT SERVICES, INC.
a Colorado corporation
Date: January 9, 2006 By: /s/ Dennis N. Genty
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Name: Dennis N. Genty
Title: Chief Financial Officer