Kustom Entertainment, Inc 8-K, filed Apr 21, 2020
Kustom Entertainment, Inc. (KUST)
About this 8-K
Kustom Entertainment, Inc filed this 8-K on April 21, 2020, reporting on events of April 17, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
Form8-K
CURRENTREPORT
Pursuantto Section 13 or 15(d) of the
SecuritiesExchange Act of 1934
Dateof Report (Date of earliest event reported): April 17, 2020
DIGITALALLY, INC.
(ExactName of Registrant as Specified in Charter)
| Nevada | 001-33899 | 20-0064269 |
|---|---|---|
| (State or other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification No.) |
9705Loiret Blvd., Lenexa, KS 66219
(Addressof Principal Executive Offices) (Zip Code)
(913)814-7774
(Registrant’stelephone number, including area code)
Securities registered under Section 12(g) of the Exchange Act:
| Common Stock, $0.001 par value | DGLY | NASDAQ |
|---|---|---|
| (Title of class) | Trading Symbol(s) | (Name of each exchange on which registered) |
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<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| [ ] | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
| --- | --- |
(e) The Compensation Committee of the Board of Directors (the “Committee”) of the Company determined that the cash portion of the annual base salaries of Stanton E. Ross, President and Chief Executive Officer, and Thomas J. Heckman, Chief Financial Officer, Treasurer and Secretary, shall be reduced to annual rates of $150,000 each for the balance of 2020 commencing May 1, 2020.
The Committee also decided that the balance of the annual salaries of Messrs. Ross and Heckman for 2020, which are $69,230.76 and $55,384.00, respectively, as of May 1, 2020 will be paid through the issuance of shares of restricted stock under the 2018 Stock Option and Restricted Stock Plan with the Company paying the applicable federal and state taxes on such amounts. The Company will issue Messrs. Ross and Heckman 75,250 shares and 60,200 shares, respectively, effective April 17, 2020 based on a closing price of $0.92 per share on such date.
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
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.
Date: April 21, 2020
| Digital Ally, Inc. | |
|---|---|
| By: | /s/ Stanton E. Ross |
| Name: | Stanton<br> E. Ross |
| Title: | Chairman,<br> President and Chief Executive Officer |