Bovie Medical (NYSE:BVX) said it reached a new settlement with a former executive that puts to bed a long-running lawsuit for $400,000.
Melville, N.Y.-based Bovie said it agreed to pay Steven Livneh, the former head of the Bovie Canada arm it formed after acquiring Lican Developments for $350,000 in cash in 2006, some $400,000 to settle the lawsuit.
That’s a drop from a prior settlement that would have seen the medical device company shell out $668,000 to Livneh.
The settlement calls for Bovie to pay out the $400,000 in 6 installments starting Dec. 10 and ending May 24, 2014, according to a regulatory filing.
Bovie will also upgrade an Icon VS generator it sold to Livneh, sell him another 3 Icon VS devices "designated as ‘not for human use,’" plus 150 generators for use on humans and "provide Livneh with various information relating to the Icon VS generator," according to the filing.
The deal also calls for Bovie to issue an exclusive license to Livneh to sell its Seal-N-Cut device in China and a non-exclusive license to sell the Seal-N-Cut outside of the People’s Republic. Each party will pay the other a 3% royalty on sales of the device, according to the filing.
