Current Report Filing (8-k)
July 21 2014 - 11:38AM
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):
July 21, 2014
UNIVERSAL SECURITY INSTRUMENTS, INC.
(Exact name
of registrant as specified in its charter)
Maryland |
0-7885 |
52-0898545 |
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
of Incorporation) |
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Identification No.) |
11407 Cronhill Drive, Suite A, Owings
Mills, Maryland 21117
(Address of Principal Executive Offices)
Registrant’s telephone number, including
area code: (410) 363-3000
Inapplicable
(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:
| ¨ | 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)) |
INFORMATION TO BE INCLUDED IN THE REPORT
| Item 1.01. | Entry into a Material Definitive Agreement. |
On July 21, 2014, the
Registrant entered into an Addendum to the Second Amended and Restated Employment Agreement dated as of July 18, 2005 with Harvey
B. Grossblatt, President and Chief Executive Officer of the Registrant (the “Addendum”). The Addendum extended the
term of Mr. Grossblatt’s employment by one year, from July 31, 2014 to July 31, 2015. In addition, the Registrant continued
the bonus threshold on which the Executive may earn a bonus for the fiscal year beginning April 1, 2014 at 4% of shareholders’
equity as of April 1, 2014.
| Item 9.01. | Financial Statements and Exhibits. |
The following
exhibits are filed herewith:
Exhibit No. |
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10.1 |
Addendum, dated July 21, 2014, to Second Amended and Restated Employment Agreement |
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
thereunto duly authorized.
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UNIVERSAL SECURITY INSTRUMENTS, INC. |
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(Registrant) |
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Date: July 21, 2014 |
By: |
/s/ Harvey B. Grossblatt |
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Harvey B. Grossblatt |
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President |
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Exhibit 10.1
ADDENDUM TO
SECOND AMENDED AND RESTATED EMPLOYMENT
AGREEMENT
THIS ADDENDUM TO
SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Addendum”) is made as of the 21st
day of July, 2014 by and between UNIVERSAL SECURITY INSTRUMENTS, INC., a Maryland corporation (the “Company”)
and HARVEY B. GROSSBLATT (the “Executive”).
INTRODUCTORY STATEMENT
The Company and Executive
entered into a Second Amended and Restated Employment Agreement dated as of July 18, 2005, as amended (the “Original Agreement”).
The parties desire to extend the term of the Original Agreement for an additional one-year term and amend certain provisions of
the “Bonus Formula” set forth therein.
NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
A. All capitalized terms not otherwise
defined in this Addendum shall have the meanings set forth in the Original Agreement.
B. The first sentence of Section
1(b) of the Original Agreement is hereby amended in it entirety to read as follows:
Subject to Section 7, the Company shall employ the Executive pursuant to the terms hereof for the period commencing as of the date hereof and ending on July 31, 2015. |
C. In all other respects, the Original
Agreement, as amended hereby, shall remain in full force and effect.
IN WITNESS WHEREOF,
the parties have executed this Addendum as of the day and year first above written.
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UNIVERSAL SECURITY INSTRUMENTS, INC. |
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By: |
/s/ |
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James B. Huff, Vice President |
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/s/ |
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Harvey B. Grossblatt |
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