TRANSACT TECHNOLOGIES INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K) – Marketscreener.com

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
On December 20, 2022, TransAct Technologies Incorporated (the “Company”) and Bart C. Shuldman, the Company’s Chief Executive Officer (the “Executive”), entered into an Amended and Restated Employment Agreement, dated as of December 14, 2022 (the “Amended Agreement”). The Amended Agreement amends and restates the Executive’s Employment Agreement, dated July 31, 1996 (the “1996 Agreement”), as amended by the Amendment to Employment Agreement, effective as of January 1, 2008 (together with the 1996 Agreement, the “Prior Agreement”). The Amended Agreement is not intended to change the economics of the Executive’s terms of employment, including the Executive’s compensation as described each year in the Company’s definitive proxy statement for its Annual Meeting of Stockholders. The primary purpose of the Amended Agreement is to bring up-to-date certain provisions in the Prior Agreement to be consistent with current law and practice and to clarify certain other provisions to reflect the understanding of the parties by removing potential ambiguities as to interpretation and intent.
The Amended Agreement updates certain provisions of the Prior Agreement to better align them with the Internal Revenue Code of 1986, as amended, and modernizes certain other provisions that have become outdated due to legal and regulatory developments. As noted above, the Executive’s compensation as disclosed in the summary compensation table and related narrative disclosure contained in the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 18, 2022 remains unchanged by the Amended Agreement.
The impacted provisions include those captioned “Employment Period,” “Termination by the Company with Cause,” “Termination by the Executive,” “Termination by the Company without Cause,” “Change in Control,” “Termination Event,” “Continuation of Benefits,” “Restrictive Covenants and Confidentiality Covenants,” “Indemnification” and “Parachute Payments.” The foregoing description of the Amended Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
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