One Stop Systems Announces Director Departure, Board Changes

TL;DR

OSS director Paul Varga out, new board members in. Keep an eye on compensation changes.

AI Summary

On May 15, 2024, One Stop Systems, Inc. filed an 8-K report detailing several key events. The company announced the departure of Director Paul J. Varga, effective May 15, 2024. Additionally, the report covers the election of new directors and updates to compensatory arrangements for certain officers. The filing also includes information regarding matters submitted to a vote of security holders and financial statements.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Director departures and changes in compensatory arrangements can indicate internal shifts or challenges within the company.

Key Players & Entities

• One Stop Systems, Inc. (company) — Registrant
• Paul J. Varga (person) — Departing Director
• May 15, 2024 (date) — Effective date of director departure

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share OSS The Nasdaq

Filing Documents

• oss-20240515.htm (8-K) — 94KB
• oss-ex10_1.htm (EX-10.1) — 12KB
• 0000950170-24-062422.txt ( ) — 220KB
• oss-20240515.xsd (EX-101.SCH) — 23KB
• oss-20240515_htm.xml (XML) — 4KB

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders. On May 15, 2024, the Company held the Annual Meeting in a virtual format. At the close of business on March 22, 2024, the record date for the Annual Meeting, there were 20,765,435 shares of Company common stock issued and outstanding, which constituted all of the issued and outstanding capital stock of the Company as of the record date. At the Annual Meeting, 13,735,961 of the Company's 20,765,435 shares of common stock entitled to vote as of the record date, or approximately 66.2%, were represented by proxy or in person (virtually), and, therefore, a quorum was present. The proposals voted on at the Annual Meeting are more fully described in the Proxy Statement. The final voting results on the proposals presented for stockholder approval at the Annual Meeting were as follows: Proposal No. 1: The Company's stockholders elected seven directors, each to hold office until the Company's next annual meeting of stockholders, or until their successors are duly elected and qualified, subject to prior death, resignation, or removal, as follows: Nominees Votes For Votes Against Abstentions Broker Non-Votes Kenneth Potashner 3,526,601 5,645,764 534,365 4,029,231 Mitchell Herbets 9,489,709 207,473 9,548 4,029,231 Mike Dumont 9,488,078 207,671 10,981 4,029,231 Joseph Manko, Jr. 9,288,456 269,732 148,542 4,029,231 Greg Matz 7,421,818 2,275,547 9,365 4,029,231 Gioia Messinger 6,092,286 3,595,118 19,326 4,029,231 Michael Knowles 9,493,156 204,904 8,670 4,029,231 Proposal No. 2: The Company's stockholders ratified the appointment of Haskell & White LLP as the Company's independent registered public accounting firm for the year ending December 31, 2024, as follows: Votes For Votes Against Abstentions Broker Non-Votes 12,875,165 850,599 10,197 - Proposal No. 3: The Company's stockholders approved the Plan Amendment t

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amendment No. 3 to 2017 Equity Incentive Plan of One Stop Systems, Inc., dated May 15, 2024. 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

SIGNATURES

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. ONE STOP SYSTEMS, INC. Date: May 20, 2024 By: /s/ John Morrison John Morrison Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR