Current Report Filing (8-k)
May 19 2021 - 4:29PM
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) May 19, 2021 (May 13, 2021)
MECHANICAL
TECHNOLOGY, INCORPORATED
(Exact
name of registrant as specified in its charter)
Nevada
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000-06890
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14-1462255
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(State
or other jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification Number)
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325
Washington Avenue Extension
Albany,
New York
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12205
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(Address
of registrant's principal executive office)
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(Zip
code)
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(518)
218-2550
(Registrant's
telephone number, including area code)
N/A
(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):
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☐
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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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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☐
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
symbol(s)
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Name
of each exchange on
which registered
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Common Stock, par value
$0.001 per share
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MKTY
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The Nasdaq Capital Market
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
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 May 13, 2021, the Board of Directors (the “Board”) of Mechanical Technology, Incorporated (the “Company”)
approved certain modifications to the compensation arrangement with Michael Toporek, the Company’s Chief Executive Officer. Mr.
Toporek’s annual base cash compensation was increased from $160,000 to $300,000. Further, the Board approved a one-time grant of
stock options to purchase 500,000 shares of the Company’s common stock, par value $0.001 per share. The stock options are scheduled
to vest in equal installments on the first, second and third anniversaries of May 13, 2021, so long as Mr. Toporek remains in the service
of the Company on each such anniversary. The stock options will expire five years after each applicable vesting date.
In addition, the
Board approved a cash bonus in an aggregate amount of up to $100,000 based on the satisfaction of certain financial goals to be proposed
by Mr. Toporek and approved by the Compensation Committee of the Board.
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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MECHANICAL
TECHNOLOGY, INCORPORATED
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Date: May 19,
2021
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By:
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/s/
Jessica L. Thomas
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Name:
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Jessica L. Thomas
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Title:
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Chief Financial
Officer
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