UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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):July 8, 2019 (July 1, 2019)
Otelco Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware | | 1-32362 | | 52-2126395 |
(State or Other Jurisdiction
of Incorporation) | | (Commission File Number) | | (IRS Employer
Identification No.) |
505 Third Avenue East, Oneonta, AL 35121
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code:(205) 625-3574
Securities registered or to be registered pursuant to Section 12(b) of the Act.
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Class A Common Stock ($0.01 par value per share) | | OTEL | | The Nasdaq Stock Market LLC |
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 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)) |
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| | ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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. ¨
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On July 1, 2019, Otelco Inc. (the “Company”) and Mr. Dennis K. Andrews, the current Senior Vice President – Regulatory Affairs & Human Resources of the Company and a named executive officer in the Company’s 2019 proxy statement, entered into a confidential separation agreement and general release (the “Separation Agreement”). Effective September 30, 2019, the position of Senior Vice President – Regulatory Affairs & Human Resources is being eliminated, resulting in a termination “without cause” for Mr. Andrews pursuant to the terms of his employment agreement. Pursuant to the Separation Agreement, (a) Mr. Andrews will be entitled to a lump sum payment equal to the sum of six months of his base salary for 2019, (b) Mr. Andrews will be entitled to a lump sum payment equal to the prorated bonus he would have received for 2019 had he remained employed by the Company through the end of 2019, (c) all outstanding unvested equity grants issued to Mr. Andrews will become vested and (d) the Company will transfer to Mr. Andrews ownership of his current Company vehicle.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
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.
| | Otelco Inc. |
| | | |
| Date: July 8, 2019 | By: | /s/ Curtis L. Garner, Jr. | |
| | | Curtis L. Garner, Jr. |
| | | Chief Financial Officer |
