SODI 8-K
Solitron Devices Inc (SODI)
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
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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).
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. ☐
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.
Other Compensatory Arrangements
On February 19, 2024, the Company modified the compensation of Mr. Tim Eriksen, the Company’s Chief Executive Officer and Chief Financial Officer. Mr. Eriksen’s annual base salary was increased to $100,000 effective as of March 1, 2024.
On February 19, 2024, the Company modified the compensation of Mr. Mark Matson, the Company’s President and Chief Operating Officer. Mr. Matson’s annual base salary was increased to $285,000 effective as of March 1, 2024.
Additionally, on February 19, 2024, the Company modified the compensation of the Board of Directors. Chairman of the Board David Pointer’s annual cash compensation was increased to $40,000; Audit Chairman Johnn Chiste’s annual cash compensation was increased to $30,000; Compensation Committee Chairman Dwight Aubrey’s annual cash compensation was increased to $28,000; and Nominating Committee Chairman Charles Gillman’s annual cash compensation was increased to $24,000.
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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.
| Date: February 22, 2024 | SOLITRON DEVICES, INC. | ||
| By: | /s/ Tim Eriksen | ||
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| Tim Eriksen | |
Chief Executive Officer and | |||
| Chief Financial Officer | |||
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