Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Blonder Tongue Laboratories, Inc. (the "Company") and Edward R. Grauch (the
"Executive") have entered into a Deferred Compensation Agreement dated as of
December 29, 2019 (the "Agreement"). Pursuant to the Agreement, the Executive,
who currently serves as the Company's President and Chief Executive Officer, has
agreed to suspend the payment of 25% of his cash compensation for the 2020
calendar year in exchange for the Company accruing, on each date that his cash
compensation would otherwise be payable, a number of shares of the Company's
common stock equal to the cash compensation otherwise payable on such date
divided by the fair market value of the common stock on such date. During 2021,
on the first business day following the close of each calendar quarter, the
Company will distribute to the Executive (or his personal representative, in the
event of the Executive's death) that number of shares of common stock accrued
pursuant to the Agreement during the corresponding quarter of 2020. In the event
of a change of control of the Company, all further suspensions of the
Executive's cash compensation will cease and the Executive will be paid in cash
the fair market value (determined as of the date of such change of control) of
the shares of common stock accrued pursuant to the Agreement. All distributions
under the Agreement will be subject to withholdings and deductions under
applicable tax laws.
A copy of the Agreement is attached to this Current Report on Form 8-K as
Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibit is filed herewith:
Exhibit No. Description
10.1 Deferred Compensation Agreement dated as of December 29, 2019 between
Blonder Tongue Laboratories, Inc. and Edward R. Grauch.
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