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
April
29, 2020
Date
of Report (Date of earliest event reported)
BALLANTYNE
STRONG, INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
1-13906 |
|
47-0587703 |
| (State
or other jurisdiction of |
|
(Commission |
|
(IRS
Employer |
| incorporation
or organization) |
|
File
No.) |
|
Identification
Number) |
| 4201
Congress Street, Suite 175 |
|
|
| Charlotte,
North Carolina |
|
28209 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(704)
994-8279
(Registrant’s
telephone number including area code)
Not
Applicable
(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):
| [ ] |
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
Shares, $.01 par value |
|
BTN |
|
NYSE
American |
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 or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On April 29, 2020, in
response to the impact of the COVID-19 pandemic on the Company, the economy and the industry, each executive officer of
Ballantyne Strong, Inc. (the “Company”) agreed to a temporary reduction in the base salaries otherwise payable to
the executive officers. On April 30, 2020, the Board of Directors of the Company approved these reductions. Mark D. Roberson,
Chief Executive Officer of the Company, and Ray F. Boegner, President of Strong Entertainment, have agreed to a 60% reduction
in each of their salaries, and Todd R. Major, Chief Financial Officer of the Company, has agreed to a 25% reduction of his salary.
Following such reductions, Messrs. Roberson’s, Boegner’s and Major’s annual base salary rates are $100,000,
$110,000, and $150,000, respectively.
The
base salary reductions are effective from April 13, 2020 (which is the beginning of the Company’s current pay period) until
June 30, 2020. The base salary reductions are expected to be temporary until the Company resumes normal operations.
The
Company entered into letter agreements with Messrs. Roberson, Boegner and Major regarding the salary reductions. The description
set forth above is qualified in its entirety by the full text of the letter agreements, which are attached to this Current Report
on Form 8-K as Exhibits 10.1, 10.2 and 10.3 and are incorporated herein by reference.
Item
9.01. Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
| |
BALLANTYNE
STRONG, INC. |
| |
|
|
| Date:
April 30, 2020 |
By: |
/s/
Todd R. Major |
| |
|
Todd
R. Major |
| |
|
Chief
Financial Officer |
