Current Report Filing (8-k)
07 October 2022 - 7:31AM
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2022-09-30
2022-09-30
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2022-09-30
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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): September 30, 2022
Sharps
Technology, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Nevada
(State
or Other Jurisdiction of Incorporation)
| 001-41355 |
|
82-3751728 |
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
105
Maxess Road, Melville, New York 11747
(Address
of Principal Executive Offices)
(631)
574 -4436
(Registrant’s
Telephone Number, Including Area Code)
(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 CFR 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)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
Stock, $0.0001 par value |
|
STSS |
|
NASDAQ
Capital Market |
| Common
Stock Purchase Warrants |
|
STSSW |
|
NASDAQ
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item
5.02 |
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On
September 30, 2022, Sharps Technology, Inc. (the “Company”) entered into a formal employment agreement (the “Agreement”)
with Andrew R. Crescenzo (age 65), who has been serving as the Company’s Chief Financial Officer (CFO) on a contract services basis
for the last three years.
Mr.
Crescenzo’s term as the Company’s CFO will begin on September 30, 2022, and continue until terminated by either party, subject
to the terms of the Agreement (the “Term”). For his services, Mr. Crescenzo will be paid $225,000 a year and shall receive
a one-time $18,750 incentive payment upon the commencement of the Agreement. During the course of the Term, Mr. Crescenzo will be eligible
for (i) performance bonuses to be granted at the discretion of the Company’s Compensation Committee and (ii) to participate in
the Company’s 2022 Equity Incentive Plan. The Agreement contains a perpetual confidentiality covenant as well as non-competition
and employee and customer non-solicitation covenants that apply during the Term and for a period of one year following Mr. Crescenzo’s
termination.
Before
joining the Company as CFO in May 2019 under a consulting agreement with CFO Consulting Partners LLP, Mr. Crescenzo served in various
finance roles in the biotech, manufacturing and distribution industries. From 2014 to 2016, he was CFO of United Metro Energy and from
2006 to 2014, he served as Senior VP of Finance at Enzo Biochem (NYSE:ENZ). Prior to 2006, Mr. Crescenzo was an Executive Director (2002-2006)
and a Senior Manager (1997-2002) at Grant Thornton LLP. Mr. Crescenzo is a Certified Public Accountant and received his Bachelor of Business
Administration from Adelphi University.
There
are no other arrangements or understandings between Mr. Crescenzo and any other person pursuant to which Mr. Crescenzo was appointed
CFO of the Company. There are also no family relationships between Mr. Crescenzo and any director or executive officer of the Company,
and Mr. Crescenzo has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of
Regulation S-K.
The
foregoing is a summary description of the Agreement. For a full description, please refer to the copy of the Agreement that is incorporated
by reference and filed herewith as Exhibit 10.1.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date:
October 6, 2022
| |
SHARPS
TECHNOLOGY, INC. |
| |
|
| |
/s/
Robert M. Hayes |
| |
Robert
M. Hayes |
| |
Chief
Executive Officer |
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