8-K
TABLE TRAC INC (TBTC)
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
Date of Report (Date of earliest event reported): December 15, 2022
Table Trac, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 001-32987 | 88-0336568 |
|---|---|---|
| (State of Incorporation) | (Commission file number) | (IRS Employer<br> <br> Identification Number) |
6101 Baker Road, Suite 206,
Minnetonka, Minnesota 55345
(Address of principal executive offices) (Zip Code)
(952) 548-8877
(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 filing 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 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 |
|---|---|---|
| N/A | N/A | N/A |
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 of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Robert Siqveland resigned from his position as Chief Operating Officer and Secretary of Table Trac, Inc. (the “Company”), effective March 31, 2023. In connection with his resignation, the Company entered into a letter agreement with Mr. Siqveland, agreeing to provide Mr. Siqveland with the following payments and benefits: (i) a severance payment equal to 12 months of his current salary (exclusive of any bonus), payable 75% on April 15, 2023 and 25% on January 15, 2024, subject to continued compliance with Company policies; (ii) accelerated vesting of unvested stock options to purchase 20,000 shares of the Company’s common stock that were awarded to Mr. Siqveland on May 14, 2021, vesting 100% as of December 15, 2022, and extension of the period during which such options remain exercisable to 12 months from March 31, 2023; and (iii) accelerated vesting of 12,500 unvested restricted stock shares that were awarded to Mr. Siqveland on March 25, 2022, vesting 100% as of December 15, 2022.
| Item 9.01. | Financial Statements and Exhibits. |
|---|---|
| Exhibit<br><br> <br>No. | Description |
| --- | --- |
| 10.1 | Letter Agreement between Table Trac, Inc. and Robert Siqveland, dated December 15, 2022 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBLR document) |
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.
| TABLE TRAC, INC. | |
|---|---|
| (Registrant) | |
| By: | /s/ Randy Gilbert |
| Randy Gilbert, Chief Financial Officer | |
| Dated: December 20, 2022 |
ex_457642.htm
Exhibit 10.1
Date: December 15, 2022
From: Chad Hoehne, CEO, President & Chairman
To: Robert Siqveland, Secretary & COO
Mr. Siqveland,
As part of a larger restructuring of roles surrounding the operations management of the Company and with grateful recognition of your 27 years of service to Table Trac, Inc. which you have served as Investor Relations, General Sales and Marketing Manager, Salesperson, Corporate Secretary, Compliance Manager, Advisor to the Board and Chief Operations Officer, Table Trac is offering you the following incentives in exchange for separation from employment.
| ● | Your role with Table Trac is available to you through March 31, 2023. These incentives are yours at the execution of this document. You will receive twelve months of severance based on your current base salary (exclusive of any bonus) to begin on the April 1, 2023. Your severance will be paid in two installments as follows: 75% on April 15, 2023. 25% on January 15, 2024, subject to your continued compliance with Company policies. |
|---|---|
| ● | Acceleration of the vesting in stock options and restricted shares previously awarded to you as follows: |
| --- | --- |
| o | 20,000 shares of stock options were awarded to you on May 14, 2021. All of these options will be 100% vested as of December 15, 2022. In addition, Section 3 of your Stock Option agreement has been modified to allow 12 months from March 31, 2023 to be exercised. |
| --- | --- |
| o | 12,500 shares of Restricted Stock Shares were awarded to you on March 25, 2022 of 12,500. As of December 15^th^, 2022 these shares will be 100% vested. |
| --- | --- |
| /s/ Chad Hoehne | 12/15/2022 |
| --- | --- |
| Chad Hoehne President and CEO | Date |
| Accepted | |
| /s/ Robert Siqveland | 12/19/2022 |
| Robert Siqveland | Date |
6101 Baker Road Suite 206 Minnetonka, MN 55345