UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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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 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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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. ☐
Section 5 – Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 23, 2021, the Compensation Committee approved the modification of the compensation of Mr. Tim Eriksen, the Company’s Chief Executive Officer and Interim Chief Financial Officer. Mr. Eriksen’s annual base salary was increased to $90,000 effective as of January 1, 2022. The Compensation Committee also awarded Mr. Eriksen a discretionary bonus of $65,000.
On December 23, 2021, the Compensation Committee approved the modification of the compensation of Mr. Mark Matson, the Company’s President and Chief Operating Officer. Mr. Matson’s annual base salary was increased to $240,000 effective as of January 1, 2022. The Compensation Committee also awarded Mr. Matson a discretionary bonus of $162,500.
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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.
| SOLITRON DEVICES, INC. | |||
| Date: December 27, 2021 | By: | /s/ Tim Eriksen | |
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| Tim Eriksen | |
| Chief Executive Officer and | |||
| Interim Chief Financial Officer | |||
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Cover |
Dec. 23, 2021 |
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| Cover [Abstract] | |
| Entity Registrant Name | Solitron Devices, Inc. |
| Entity Central Index Key | 0000091668 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Document Period End Date | Dec. 23, 2021 |
| Entity File Number | 001-04978 |
| Entity Incorporation State Country Code | DE |
| Entity Tax Identification Number | 22-1684144 |
| Entity Address Address Line 1 | 3301 Electronics Way |
| Entity Address City Or Town | West Palm Beach |
| Entity Address State Or Province | FL |
| Entity Address Postal Zip Code | 33407 |
| City Area Code | 561 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Local Phone Number | 848-4311 |