Current Report Filing (8-k)
14 September 2017 - 6:16AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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 11, 2017
DOCUMENT
SECURITY SYSTEMS, INC.
(Exact
name of registrant as specified in its charter)
New
York
|
|
001-32146
|
|
16-1229730
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer
Identification
No.)
|
200
Canal View Boulevard
Suite
300
Rochester,
NY
|
|
14623
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Registrant’s
telephone number, including area code:
(585) 325-3610
Not
Applicable
(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))
|
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
1.01 Entry into a Material Definitive Agreement
On
September 11, 2017, Document Security Systems, Inc. (the “Company”) and Heng Fai Ambrose Chan (“Mr. Chan”)
entered into an Employment Agreement (the “Agreement”) which will take effect on October 1, 2017. Pursuant to the
Agreement, the Company agrees to employ Mr. Chan to serve as the Chief Executive Officer of the Company’s recently formed
wholly-owned subsidiary, DSS International Inc., and that subsidiary’s wholly-owned subsidiary, DSS Asia Limited (collectively,
“DSS International”). Pursuant to the Agreement, DSS International’s Board of Directors will establish an executive
committee (the “Executive Committee”) to oversee Mr. Chan’s activities, and Mr. Chan will report directly to
the Executive Committee and shall be subject to the supervision of, and shall have such authority as is delegated to him by the
Executive Committee, which authority shall be sufficient to perform his duties under the Agreement. Mr. Chan’s service under
the Agreement will be part-time. Under the Agreement, Mr. Chan will receive an annual salary of $1 and the Company will reimburse
him for his reasonable travel and other business expenses. The term of the agreement is three years although Mr. Chan can terminate
the agreement at any time. Mr. Chan also serves as a director of the Company.
Within
thirty days of the effective date of the Agreement, the Company will make a one-time investment in DSS International of $1,000,000,
with such funds to be used primarily for investment in DSS International and the growth and development of DSS International.
Specifically, those funds will be used for employment of staff, to establish offices in Singapore, Hong Kong and the United States
as needed, and for the acquisition of equipment and other necessary and proper business expenses. Mr. Chan will provide sufficient
office space for one employee in each of Hong Kong and Singapore. The Agreement also contains customary protections for the Company’s
proprietary information.
The Employment Agreement is filed as exhibit 10.1 to this report. The foregoing description of the terms of the Employment
Agreement is qualified in its entirety by reference to the full text of such exhibit.
Item
9.01 Financial Statements and Exhibits
(d) Exhibits
SIGNATURE
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.
|
DOCUMENT
SECURITY SYSTEMS, INC.
|
|
|
|
Dated:
September 13, 2017
|
By:
|
/s/
Jeffrey Ronaldi
|
|
|
Jeffrey
Ronaldi
|
|
|
Chief
Executive Officer
|
DSS (AMEX:DSS)
Historical Stock Chart
From Apr 2024 to May 2024
DSS (AMEX:DSS)
Historical Stock Chart
From May 2023 to May 2024