Amended Current Report Filing (8-k/a)
March 06 2020 - 6:53AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K/A
(Amendment
No. 1)
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of earliest event reported: February 28, 2020
TSR,
Inc.
(Exact
Name of Registrant as Specified in Charter)
Delaware
|
|
00-8656
|
|
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)
|
|
☐
|
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, par value $0.01 per share
|
|
TSRI
|
|
NASDAQ
Capital Market
|
Preferred
Share Purchase Rights1
|
|
--
|
|
--
|
1Registered
pursuant to Section 12(b) of the Act pursuant to a Form 8-A filed by the registrant on March 15, 2019. Until the Distribution
Date (as defined in the registrant’s Rights Agreement dated August 29, 2018), the Preferred Share Purchase rights will be
transferred only with the share of the registrant’s Common Stock to with the Preferred Share Purchase Rights are attached.
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. ☐
EXPLANATORY
NOTE
The
purpose of this Amendment No. 1 (this “Amendment”) to the Current Report on Form 8-K dated February 28, 2020, filed
with the Securities and Exchange Commission (the “SEC”) by TSR, Inc. (the “Company” on March 5, 2020 (as
amended, the “Report”), is to amend the Company’s disclosures under Items 1.02 and 5.02 regarding the termination
of Mr. Christopher Hughes from the Company. The dates of notice and termination have been updated to include the correct year
of “2020” rather than “2019.”
|
Item
1.02
|
Termination
of a Material Definitive Agreement
|
On
February 28, 2020, we provided oral notice, and on February 29, 2020, we provided written notice to our President, Chief Executive
Officer and Treasurer, Mr. Christopher Hughes, that his employment with TSR, Inc. (the “Company”) was terminated for
“Cause” as defined in Section 6(a) of his Amended and Restated Employment Agreement (the “Employment Agreement”),
dated August 9, 2018.
The
Employment Agreement provides that Mr. Hughes was to be paid a base salary of $400,000 per annum, an annual discretionary bonus
with advance payments on a quarterly basis based on the amount of the bonus that would have been earned through the end of each
quarter according to standards established by the Company’s Compensation Committee and approved by the Board of Directors,
participation in any employee benefit plan generally available to the Company’s executives, executive medical benefits and
a car (leased or owned at the sole discretion of the Company). Under the Employment Agreement, the Company has the right to immediately
terminate Mr. Hughes’ employment for “Cause”, in which event Mr. Hughes shall be entitled to receive his base
salary for the month in which the termination is effective.
On
March 2, 2020, the Company received a letter from Mr. Hughes, providing notice of his intent to resign for “Good Reason”
as defined in Section 7(c) of the Employment Agreement pursuant to which he claims to be entitled to the “Enhanced Severance
Amount” under the Employment Agreement. This amount which would be equal to the sum of (a) his base salary through the date
of termination or resignation plus his bonus pro-rated through such date, (b) an amount equal to two times his base salary plus
two times his bonus for the then-current fiscal year, or if such bonus amount cannot be determined, two times the bonus paid to
him in the prior fiscal year, (c) continued group health insurance benefits (including both group health insurance benefits generally
offered to all eligible employees of the Company and supplemental executive health insurance benefits) until the earlier of the
second anniversary of termination or such time as Mr. Hughes is eligible for comparable coverage under the group health insurance
plans of another employer and (d) reimbursement for the monthly cost of his car lease until the second anniversary of the termination
of his employment; provided that, as a condition to his right to receive the payments and benefits in clauses (b), (c) and (d),
Mr. Hughes executes, delivers and does not revoke a release of all claims against the Company and its affiliates.
A
copy of the Employment Agreement is attached as Exhibit 10.1 to the Current Report on Form 8-K that we filed with the Securities
and Exchange Commission on August 14, 2018, and is incorporated herein by reference. The foregoing description of the Employment
Agreement is qualified in its entirety by reference to the full text of the Employment Agreement.
The
Employment Agreement incorporates the terms and provisions of a Maintenance of Confidence and Non-Compete Agreement between the
Company and Mr. Hughes dated as of August 9, 2018. The Maintenance of Confidence and Non-Compete Agreement sets forth Mr. Hughes’
covenants against the disclosure of confidential information, covenants against the solicitation of customers, employees and independent
contractors and a covenant against competition (all in accordance with the terms set forth therein) and supercedes any prior agreements
entered into by Mr. Hughes pertaining to such covenants. A copy of the Maintenance of Confidence and Non-Compete Agreement between
the Company is attached as Exhibit 10.2 to the Current Report on Form 8-K that we filed with the Securities and Exchange Commission
on August 14, 2018, and is incorporated herein by reference. The foregoing description is qualified in its entirety by reference
to the full text of the Maintenance of Confidence and Non-Compete Agreement.
|
Item
5.02.
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
|
(b) On
February 28, 2020, we provided oral notice, and on February 29, 2020, we provided written notice to Mr. Christopher Hughes that
effective as of February 29, 2020, he had been terminated from his positions as President, Chief Executive Officer (principal
executive officer) and Treasurer of the Company and as President of TSR Consulting Services, Inc., a wholly-owned subsidiary of
the Company.
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.
|
TSR, Inc.
|
|
|
|
|
By:
|
/s/
John G. Sharkey
|
|
|
John G. Sharkey
|
|
|
Senior Vice President
and Chief Financial Officer
|
Dated:
March 5, 2020
2
TSR (NASDAQ:TSRI)
Historical Stock Chart
From Mar 2024 to Apr 2024
TSR (NASDAQ:TSRI)
Historical Stock Chart
From Apr 2023 to Apr 2024