Manhattan Bridge Capital, Inc 8-K, filed Sep 29, 2021
Manhattan Bridge Capital, Inc (LOAN)
About this 8-K
Manhattan Bridge Capital, Inc filed this 8-K on September 29, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K 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 Section 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 | ||
| The
|
Indicate by check mark whether the registrant is an emerging growth company as defined in 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 of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On September 28, 2021, Assaf Ran, President and Chief Executive Officer of Manhattan Bridge Capital, Inc. (the “Company”), and the Company entered into a waiver agreement (the “Voluntary Salary Waiver”) pursuant to which Mr. Ran voluntarily agreed to waive his base salary, to be paid pursuant to his employment agreement, for the months of October, November and December 2021. As a result of the Voluntary Salary Waiver, Mr. Ran’s base salary for the year ending December 31, 2021 will total $228,750.00 in the aggregate.
This summary is qualified in its entirety by reference to the full text of the Voluntary Salary Waiver, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Voluntary Salary Waiver Letter Agreement dated September 28, 2021, by and between Manhattan Bridge Capital, Inc. and Assaf Ran | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| MANHATTAN BRIDGE CAPITAL, INC. | ||
| Date: September 29, 2021 | By: | /s/ Vanessa Kao |
| Name: | Vanessa Kao | |
| Title: | Chief Financial Officer | |
Exhibit 10.1
September 28, 2021
Assaf Ran, President and CEO
Manhattan Bridge Capital, Inc.
60 Cutter Mill Road, Suite 205
Great Neck, NY, 11201
Re: Waiver of Portion of Salary
Dear Mr. Ran:
Reference is made to that certain Employment Agreement, dated March 1, 1999 (the “Employment Agreement”), by and between yourself and Manhattan Bridge Capital, Inc. (formerly known as DAG Media, Inc.), a New York corporation (the “Company”). The purpose of this letter agreement is to set forth your voluntary agreement to forgo your base salary to be paid for the months of October, November and December 2021 (the “Waived Salary”) that would otherwise be earned by you pursuant to the Employment Agreement.
You agree that (i) the Company will not pay you, and you shall have no right to, the Waived Salary and (ii) your voluntary waiver of the Waived Salary shall not constitute a breach by the Company of the Employment Agreement and shall not give you a right to terminate your employment pursuant to Employment Agreement for any reason.
Except as set forth in this letter, all other terms and conditions set forth in the Employment Agreement shall remain unmodified and in full force and effect. If there is any conflict between this letter and the Employment Agreement, the terms of this letter agreement shall govern and control. This letter agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and when a counterpart has been executed by each of the parties hereto, all of the counterparts, when taken together, shall constitute one and the same agreement.
Please execute this letter in the space provided below in order to evidence your agreement with the terms hereof.
Sincerely,
Manhattan Bridge Capital, Inc.
| By: | /s/ Vanessa Kao | |
| Name: | Vanessa Kao | |
| Title: | Chief Financial Officer |
| ACKNOWLEDGED AND AGREED: | |
| /s/ Assaf Ran | |
| Assaf Ran | |