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 9, 2021

 

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.)

 

 

 

3301 Electronics Way

 

West Palm Beach, Florida

 

33407

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (561) 848-4311

 

_____________________________________________ 

(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

 

 

 

 

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.

 

As disclosed below, the stockholders of Solitron Devices, Inc. (the “Company”) approved the 2019 Stock Incentive Plan at the 2021 Annual Meeting of Stockholders held on December 9, 2021 (the “Annual Meeting”). The Board of Directors of the Company previously adopted the 2019 Stock Incentive Plan on June 28, 2019. A summary of the 2019 Stock Incentive Plan is set forth on the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on July 3, 2019 and the Company’s definitive proxy statement filed with the SEC on November 5, 2021 (the “Proxy Statement”).

 

Item 5.07. Submission of Matters to a Vote of Security Holders.

 

The following matters were voted upon at the Annual Meeting. Each stockholder of common stock was entitled to one vote on each of the five director nominees and one vote on each matter properly presented at the Annual Meeting for each share of common stock owned by that stockholder on the record date.

 

Proposal 1 – The election of five (5) directors. The Class III director will serve for a term until the 2022 Annual Meeting of Stockholders, the Class I directors will serve for a term until the 2023 Annual Meeting of Stockholders and the Class II directors will serve for a term until the 2024 Annual Meeting of Stockholders.

 

Nominee

Class

Votes For

Votes Against

Abstain

Broker Non-Votes

Dwight P. Aubrey

Class I

1,074,694

1,432

42,945

173,239

John F. Chiste

Class I

1,074,735

1,441

42,895

173,239

Tim Eriksen

Class II

1,096,145

1,430

21,496

173,239

David W. Pointer

Class II

1,074,355

22,211

22,505

173,239

Charles M. Gillman

Class III

1,017,474

79,092

22,505

173,239

 

Proposal 2 – The ratification of the selection of MaloneBailey LLP as the Company’s independent certified public accountants for the fiscal year ending February 28, 2022.

 

Votes For

Votes Against

Abstain

1,289,688

379

2,243

 

Proposal 3 – A non-binding advisory vote on the compensation of the named executive officers of the Company (“Say on Pay”).

 

Votes For

Votes Against

Abstain

Broker Non-Votes

945,607

35,673

137,791

173,239

 

Proposal 4 – A non-binding advisory vote on the frequency of the advisory vote on Say on Pay in future years.

 

One Year

Two Years

Three Years

Broker Non-Votes

830,050

778

287,661

173,239

 

The Company has considered the outcome of this advisory vote and has determined, as was recommended by the Company’s Board of Directors in the Proxy Statement, that the Company will hold an advisory vote every year on the Company’s executive compensation until the next required frequency vote.

 

Proposal 5 – The approval of the 2019 Stock Incentive Plan.

 

Votes For

Votes Against

Abstain

Broker Non-Votes

996,396

95,042

27,633

173,239

 

 
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Section 7 – Regulation FD

 

Item 7.01. Regulation FD Disclosure.

 

The Company anticipates that once it has completed its relocation to its new facility and headquarters it will realize annual, aggregate cost savings of approximately $1.0 million, consisting of the elimination of the $40,000 monthly rent, reduced costs for gases and utilities due to the smaller footprint of the new facility and headquarters, the Company’s decision to not relocate and operate the Company’s wafer fab at the new facility and headquarters, payroll savings and insurance cost savings.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.

 

Description

10.1

 

Solitron Devices, Inc. 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on July 3, 2019).

 

 
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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.

 

 

SOLITRON DEVICES, INC.

 

 

 

 

 

Date: December 14, 2021

By:

/s/ Tim Eriksen

 

 

 

Tim Eriksen

 

 

 

Chief Executive Officer

 

 

 
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