TransAct Technologies Appoints New CFO and Directors

TL;DR

TransAct Tech brings in a new CFO and two board members. Big changes ahead?

AI Summary

TransAct Technologies Inc. announced on September 4, 2024, changes in its executive team and board of directors. The company appointed Kevin D. Murray as Chief Financial Officer and Treasurer, effective September 3, 2024. Additionally, the Board of Directors appointed two new independent directors, Steven J. D'Ambrosio and Mark J. R. Johnson, effective September 4, 2024.

Why It Matters

These executive and board changes could signal a shift in the company's strategic direction or financial management, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in key executive and board positions can introduce uncertainty regarding future strategy and financial performance.

Key Players & Entities

• TransAct Technologies Inc. (company) — Registrant
• Kevin D. Murray (person) — Appointed Chief Financial Officer and Treasurer
• Steven J. D'Ambrosio (person) — Appointed Independent Director
• Mark J. R. Johnson (person) — Appointed Independent Director
• September 4, 2024 (date) — Date of earliest event reported
• September 3, 2024 (date) — Effective date for CFO appointment

FAQ

Key Financial Figures

• $618,000 — a base salary at an annualized rate of $618,000, subject to review and adjustment in th
• $206,000 — 2024, Mr. Dillon's bonus is targeted at $206,000. Mr. Dillon is also eligible to receive
• $407,958 — a base salary at an annualized rate of $407,958, subject to review and adjustment in th
• $414,000 — ch RSUs have a grant date fair value of $414,000 as calculated under a Black-Scholes val

Filing Documents

• o952448k.htm (8-K) — 46KB
• ex10_1.htm (EX-10.1) — 67KB
• ex10_2.htm (EX-10.2) — 82KB
• transactlogo.jpg (GRAPHIC) — 33KB
• 0001214659-24-016184.txt ( ) — 502KB
• tact-20240904.xsd (EX-101.SCH) — 3KB
• tact-20240904_lab.xml (EX-101.LAB) — 33KB
• tact-20240904_pre.xml (EX-101.PRE) — 22KB
• o952448k_htm.xml (XML) — 4KB

02 Departure of Directors or Certain

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 4, 2024 (the "Effective Date"), TransAct Technologies Incorporated (the "Company") entered into employment agreements with each of John M. Dillon (the "CEO Employment Agreement"), the Company's Chief Executive Officer, and Steven A. DeMartino (the "CFO Employment Agreement"), the Company's President, Chief Financial Officer, Treasurer and Secretary (together, the "Executives"). Each of the Executives remains employed in the same position and with the same titles that he held prior to entering into his respective employment agreement (each, an "Employment Agreement"). Each Employment Agreement runs until the first anniversary of the Effective Date thereof and will automatically renew for successive one-year periods unless either party provides notice of non-renewal at least 90 days prior to the expiration of any such one-year period. A description of each Employment Agreement is set forth below. CEO Employment Agreement The CEO Employment Agreement replaces and supersedes the letter agreement, dated April 24, 2023, between Mr. Dillon and the Company in connection with his initial appointment as interim Chief Executive Officer, but does not affect the Confidential Information and Intellectual Property Agreement, entered into as of April 24, 2023, between Mr. Dillon and the Company. The CEO Employment Agreement will help to ensure that the Company continues to receive the benefits of Mr. Dillon's leadership for the foreseeable future following the removal of his "interim" status as Chief Executive Officer in May 2023. Compensation . Mr. Dillon is entitled to receive a base salary at an annualized rate of $618,000, Committee"). Mr. Dillon is entitled to part

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: Exhibit Description 10.1 Executive Employment Agreement by and between TransAct Technologies Incorporated and John M. Dillon, dated as of September 4, 2024. 10.2 Executive Employment Agreement by and between TransAct Technologies Incorporated and Steven A. DeMartino, dated as of September 4, 2024. 104 Cover page from this Current Report on Form 8-K, formatted in Inline XBRL 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. TRANSACT TECHNOLOGIES INCORPORATED By: /s/ Steven A. DeMartino Steven A. DeMartino President, Chief Financial Officer, Treasurer and Secretary Date: September 6, 2024

View Full Filing

View this 8-K filing on SEC EDGAR