Solitron Devices Files 8-K on Officer/Director Changes, Compensation

TL;DR

**Solitron Devices just filed an 8-K about executive changes and pay, but the details aren't in this snippet.**

AI Summary

Solitron Devices, Inc. filed an 8-K on February 23, 2024, reporting an event that occurred on February 19, 2024. The filing pertains to Item 5.02, which covers the departure or election of directors or officers and compensatory arrangements. The specific details of these changes, including names, dollar amounts, or exact roles, are not provided in the excerpt.

Why It Matters

Changes in executive leadership or compensation can signal strategic shifts or financial health, impacting investor confidence and future company direction.

Risk Assessment

Risk Level: medium — Without specific details on the personnel changes or compensation, the impact on the company's operations and stock price is uncertain.

Key Players & Entities

• Solitron Devices, Inc. (company) — Registrant
• February 19, 2024 (date) — Date of earliest event reported
• February 23, 2024 (date) — Filing date
• Delaware (company) — State of Incorporation
• 901 Sansburys Way, West Palm Beach, Florida, 33411 (company) — Principal Executive Offices
• 561-848-4311 (company) — Registrant's Telephone Number

FAQ

Key Financial Figures

• $100,000 — n's annual base salary was increased to $100,000 effective as of March 1, 2024. On Febr
• $285,000 — n's annual base salary was increased to $285,000 effective as of March 1, 2024. Additio
• $40,000 — nual cash compensation was increased to $40,000; Audit Chairman Johnn Chiste's annual c
• $30,000 — nual cash compensation was increased to $30,000; Compensation Committee Chairman Dwight
• $28,000 — nual cash compensation was increased to $28,000; and Nominating Committee Chairman Char
• $24,000 — nual cash compensation was increased to $24,000. 2 SIGNATURE Pursuant to the requir

Filing Documents

• sodi_8k.htm (8-K) — 21KB
• 0001654954-24-002077.txt ( ) — 128KB
• sodi-20240219.xsd (EX-101.SCH) — 6KB
• sodi-20240219_lab.xml (EX-101.LAB) — 12KB
• sodi-20240219_cal.xml (EX-101.CAL) — 1KB
• sodi-20240219_pre.xml (EX-101.PRE) — 8KB
• sodi-20240219_def.xml (EX-101.DEF) — 2KB
• sodi_8k_htm.xml (XML) — 3KB

From the Filing

sodi_8k.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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): February 19, 2024 Solitron Devices, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 001-04978 22-1684144 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 901 Sansburys Way , West Palm Beach , Florida 33411 (Address of Principal Executive Offices) (Zip Code) ( 561 ) 848-4311 (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 (see General Instruction A.2. below): 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 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. 2 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 Tim Eriksen Chief Executive Officer and Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR