TSS, Inc. Files 8-K: Board Changes and Officer Compensation Updates
Ticker: TSSI · Form: 8-K · Filed: Jun 27, 2024 · CIK: 1320760
| Field | Detail |
|---|---|
| Company | Tss, Inc. (TSSI) |
| Form Type | 8-K |
| Filed Date | Jun 27, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $300,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
TSS, Inc. reshuffled its board and updated exec pay. Watch for new strategic direction.
AI Summary
On June 27, 2024, TSS, Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. The filing includes the election of new directors and updates to compensatory arrangements for certain officers. Specific details regarding the individuals appointed and the terms of their compensation are provided within the document.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance, impacting investor confidence and stock valuation.
Risk Assessment
Risk Level: medium — Changes in board and executive compensation can indicate internal shifts that may affect future company performance and strategy.
Key Numbers
- 000-33627 — Commission File Number (Identifies the company's filing with the SEC.)
- 20-2027651 — I.R.S. Employer Identification No (Company's tax identification number.)
Key Players & Entities
- TSS, Inc. (company) — Registrant
- Delaware (jurisdiction) — State of incorporation
- 20240627 (date) — Date of Report
FAQ
Who were the directors or officers whose departure was reported?
The filing indicates a 'Departure of Directors or Certain Officers' as an item, but specific names of departing individuals are not listed in the provided text.
Were any new directors elected?
Yes, the filing lists 'Election of Directors' as an item, indicating new directors were appointed.
What specific changes were made to officer compensation?
The filing mentions 'Compensatory Arrangements of Certain Officers' as an item, suggesting updates to executive pay, but the details are not in the provided text.
What is the exact date of the earliest event reported in this 8-K?
The date of the earliest event reported is June 27, 2024.
What is the primary business of TSS, Inc. according to the filing?
TSS, Inc. is classified under SERVICES-MANAGEMENT CONSULTING SERVICES [8742].
Filing Stats: 606 words · 2 min read · ~2 pages · Grade level 8.9 · Accepted 2024-06-27 08:31:32
Key Financial Figures
- $300,000 — o increase Mr. Marrott's base salary to $300,000. In connection with Mr. Marrott's appo
Filing Documents
- tssi20240626_8k.htm (8-K) — 25KB
- ex_693185.htm (EX-99.1) — 6KB
- ex_693186.htm (EX-99.2) — 21KB
- 0001437749-24-021333.txt ( ) — 176KB
- tssi-20240627.xsd (EX-101.SCH) — 3KB
- tssi-20240627_def.xml (EX-101.DEF) — 10KB
- tssi-20240627_lab.xml (EX-101.LAB) — 14KB
- tssi-20240627_pre.xml (EX-101.PRE) — 10KB
- tssi20240626_8k_htm.xml (XML) — 2KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On June 27, 2024, TSS, Inc. (the "Company") issued a press release announcing the appointment of Karl Todd Marrott as Chief Operating Officer of the Company, effective July 1, 2024. A copy of the press release is being furnished herewith as Exhibit 99.1. Mr. Marrott joined the Company in 2022 and most recently served as Senior Vice President of Operations. Mr. Marrott brings a wealth of experience and expertise that has since driven significant improvements across the Company's organization. Prior to joining the Company, Mr. Marrott held the position of Vice President of Operations at Applied Technical Services from 2019 to 2022. Mr. Marrott and the Company are currently parties to an Employment Agreement, dated October 26, 2022. Effective July 1, 2024, the Company has agreed to increase Mr. Marrott's base salary to $300,000. In connection with Mr. Marrott's appointment to Chief Operating Officer, the Company and Mr. Marrott entered into an award agreement, dated June 27, 2024. In accordance with the terms of the award agreement, Mr. Marrott received 250,000 shares of restricted stock, vesting in equal annual installments on the first and second anniversaries of the grant date. A copy of Mr. Marrott's award agreement is filed as Exhibit 99.2 to this Form 8-K and incorporated by reference into this description.
Financial Statements and Exhibits
Financial Statements and Exhibits. 99.1 Press Release, dated June 27, 2024 99.2 Award Agreement, dated June 27, 2024, between TSS, Inc. and Todd Marrott 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) S I G N A T U R E S 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. TSS, INC. By: /s/ Darryll Dewan Darryll Dewan Chief Executive Officer Date: June 27, 2024