Form 8-K - Current report
03 August 2023 - 7:00AM
Edgar (US Regulatory)
0000098338
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2023-07-31
2023-07-31
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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 earliest event reported: July 31,
2023
TSR, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware |
|
001-38838 |
|
13-2635899 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
400 Oser Avenue, Suite 150, Hauppauge, NY 11788
(Address of Principal Executive Offices) (Zip
Code)
(631) 231-0333
(Registrant’s telephone number, including
area code)
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) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
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, par value $0.01 per share |
|
TSRI |
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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 July 31, 2023, TSR, Inc.
(the “Company”) entered into an Addendum to Employment Agreement (the “Addendum”) with its Chief Executive Officer,
Thomas C. Salerno (the “CEO”), which supplements and replaces certain terms to the Employment Agreement between the Company
and the CEO made and entered into as of November 2, 2020 (the “Original Agreement”). Per the Addendum, the modifications to
the Original Agreement shall be effective November 3, 2023. Except as specifically modified by the Addendum, all other provisions of the
Original Agreement remain in full force and effect.
Employment Term. Except
in the event of an earlier termination as provided in Section 4 of the Original Agreement, the term of employment for the CEO shall renew
on November 3, 2023 (“Effective Date”) and will continue thereafter until November 3, 2026 (“Term of Employment”).
Base Salary and Annual
Bonus Program. The CEO’s compensation as modified by the Addendum is as follows:
Base Salary. During
the CEO’s Term of Employment, the Company will pay the CEO a base salary at the rate of not less than $395,000.00 per annum as may
be adjusted at the discretion of the Board from time to time (the “Base Salary”).
Annual Bonus Program.
In addition to the Base Salary, the CEO shall be eligible to participate in the Company’s discretionary annual bonus program with
a total bonus potential of up to 45% of Base Salary for each fiscal year during the Term of Employment (the “Target Bonus Amount”)
based upon performance metrics agreed upon by Company and the CEO. The CEO must be employed on date of payment to be eligible or have
earned any Target Bonus Amount.
The description of the Addendum
is qualified in its entirety by reference to the complete text thereof, which has been filed with this Current Report on Form 8-K as Exhibit
10.1 and is incorporated herein by reference. For a summary of the remaining provisions of the Original Agreement, please refer to the
Company’s Current Report on Form 8-K filed on November 6, 2020, as well as the Company’s other periodic filings with the Securities
and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
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 hereunto
duly authorized.
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TSR, Inc. |
|
|
|
|
By: |
/s/ John G. Sharkey |
|
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John G. Sharkey |
|
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Senior Vice President and Chief Financial Officer |
Dated: August 2, 2023
Exhibit 10.1
ADDENDUM TO EMPLOYMENT AGREEMENT
This Addendum supplements
and replaces certain terms to the Employment Agreement between TSR, Inc., a Delaware corporation (the “Company”) and Thomas
C. Salerno (“Employee”), made and entered into as of November 2, 2020 (the “Agreement”). Employee and the Company
hereby agree to the modifications herein. Unless stated otherwise, the modifications shall be effective November 3, 2023. Any provision
of the Agreement shall remain in full force and effect unless specifically modified by this Addendum.
1. Term
of Employment. Except for earlier termination as provided in Section 4 of the Agreement, the term of employment under the
Agreement will renew on November 3, 2023, (“Effective Date”) and will continue thereafter until November 3, 2026 (“Term
of Employment”).
3. Compensation
and Other Remuneration. In exchange for services rendered by Employee under the terms of the Agreement, the Company shall provide
the following:
3.1 Base
Salary. During Employee’s Term of Employment, the Company will pay to Employee a base salary at the rate of not less than $395,000.00
per annum as may be adjusted at the discretion of the Board from time to time (the “Base Salary”).
3.2 Annual
Bonus Program. In addition to the Base Salary, Employee shall be eligible to participate in the Company’s discretionary annual
bonus program (“Annual Bonus”) with a total bonus potential of up to 45% of Employee’s Base Salary for each fiscal
year during the Term of Employment (the “Target Bonus Amount”) based upon performance metrics agreed upon by Company and Employee.
Employee must be employed on date of payment to be eligible or have earned any Target Bonus Amount.
By signing below, Employee acknowledges that
Employee has read this Addendum or it has been read to Employee; Employee understands and voluntarily accepts the terms and conditions
set out within it, and that this Addendum, together with the Agreement, establish the terms and conditions of Employee’s employment
with the Company, and supersedes any other agreements, verbal or written, on this subject matter.
CONFIRMED AND AGREED:
TSR, Inc. |
|
|
|
|
|
|
|
|
By: |
/s/ Bradley M. Tirpak |
|
By: |
/s/ Thomas C Salerno |
|
Bradley M. Tirpak |
|
|
Thomas C. Salerno |
|
Title: Chairman of the Board |
|
|
|
v3.23.2
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Jul. 31, 2023 |
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Document Period End Date |
Jul. 31, 2023
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Entity File Number |
001-38838
|
Entity Registrant Name |
TSR, Inc.
|
Entity Central Index Key |
0000098338
|
Entity Tax Identification Number |
13-2635899
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
400 Oser Avenue
|
Entity Address, Address Line Two |
Suite 150
|
Entity Address, City or Town |
Hauppauge
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
11788
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City Area Code |
631
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Local Phone Number |
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Title of 12(b) Security |
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|
Trading Symbol |
TSRI
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Security Exchange Name |
NASDAQ
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