QUALSTAR CORP FILES (8-K/A) Disclosing Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Officer
On August 21, 2013, Qualstar Corporation ("Qualstar" or the "Company") issued a
press release announcing the elimination of the position of Vice President of
Marketing and the termination of the employment of Robert K. Covey, the
Company's Vice President of Marketing, effective August 16, 2013.
A copy of the Press Release is attached hereto as Exhibit 99.1.
Compensation of Interim Chief Executive Officer
On August 19, 2013, the Board, based on the recommendation of the Compensation
Committee, agreed to compensate Steven N. Bronson, the Company's interim Chief
Executive Officer, with, among other things, an annual salary of $200,000 per
year commencing on July 3, 2013, the date of Mr. Bronson's appointment. Mr.
Bronson's employment agreement is in the process of being prepared and upon
execution will be filed as an Exhibit.
Item 8.01. Other Events.
On August 19, 2013, the Board agreed to reimburse BKF Capital Group, Inc. for
its documented expenses actually incurred in connection with the Special Meeting
of Shareholders held on June 20, 2012 in the amount of $199,033.56, and the
Annual Meeting of Shareholders held on June 28, 2013 in the amount of
$156,795.49, both of which brought about a positive change and benefit for the
Company. The Board also agreed to reimburse BKF Capital Group, Inc. for its
documented expenses of $39,019.37 actually incurred in connection with proposed
derivative litigation to prevent the prior board of directors from paying
Lawrence Firestone a severance package in excess of $1,000,000 prior to the
installation of the newly elected Board, which was for the benefit of the
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description 99.1 Press release issued by Qualstar Corporation on August 21, 2013.
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