SUI Group Holdings Ltd 8-K, filed Feb 24, 2023
SUI Group Holdings Ltd. (SUIG)
About this 8-K
SUI Group Holdings Ltd filed this 8-K on February 24, 2023, reporting on events of February 20, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 20, 2023, Mill City Ventures III, Ltd., a Minnesota corporation (the “Company”), entered into new executive employment agreements with Mr. Douglas M. Polinsky, Chief Executive Officer of the Company, and Mr. Joseph A. Geraci, II, Chief Financial Officer of the Company. Those two executives have been executive officers of the Company since its founding.
Each employment agreement will be effective as of January 1, 2023, and last for two full years thereafter, ending on December 31, 2024, subject to extension by mutual agreement of the parties. Mr. Polinsky’s employment agreement provides for a base annual salary of $200,000, and Mr. Geraci’s employment agreement provides for a base annual salary of $200,000. Each executive is also entitled to have health insurance provided by the Company and the ability to contribute to the Company’s 401(k) plan.
Each employment agreement contains two-year non-competition and non-solicitation covenants, as well as a customary covenants relating to the confidentiality of Company information. In the event that an executive is terminated for cause, as defined in the employment agreements, or in the event that the executive’s services are terminated due to death or disability, the terminated executive will be entitled to receive only his base annual salary through the date of termination. In the event of other non-cause terminations, the Company will be obligated to pay the terminated executive’s base annual salary through the remainder of the employment term.
The descriptions of the employment agreements contained in this report does not purport to be complete and is qualified in its entirety by reference to the full text of those employment agreements, which will be filed as exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022.
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SIGNATURE
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.
MILL CITY VENTURES III, LTD. | |||
Date: February 24, 2023 | By: | /s/ Joseph A. Geraci, II | |
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| JOSEPH A. GERACI, II | |
Chief Financial Officer | |||
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