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) June 20, 2016
MODSYS INTERNATIONAL LTD.
(Exact name of registrant as specified in its charter)
| ISRAEL | | 333-06208 | | N/A |
(State or other jurisdiction
of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| 600 University Street, Suite 2409, Seattle WA | | 98101 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code (206) 395-4152
(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 (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12)
☐ Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))
☐ Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 20, 2016, ModSys International Ltd., or Modern Systems, entered into a Transition Agreement and Release Transition, or Transition Agreement, with Matthew Bell, Modern Systems’ Chief Executive Officer. Pursuant to the Transition Agreement, Mr. Bell will remain Chief Executive Officer through February 28, 2017, or the Separation Date, on which date Mr. Bell will resign as an officer and employee of the Company. During the transition period, Mr. Bell will be entitled to receive his normal base salary compensation and benefits. Mr. Bell will continue to vest in his restricted stock units through the Separation Date. The Transition Agreement also includes a standard release of claims. The foregoing description of the Transition Agreement is qualified in its entirety by reference to the full text of the Transition Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 10.1 | Transition Agreement dated June 20, 2016 |
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, thereunto duly authorized.
| | MODSYS INTERNATIONAL LTD. |
| | (Registrant) |
| | | |
| DateJune 23, 2016 | By | /s/ Matt Bell |
| | | Matt Bell |
| | | Chief Executive Officer |
| Exhibit Number | | Description |
| 10.1 | | Transition Agreement dated June 20, 2016 |
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