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) September 10, 2004
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DEL GLOBAL TECHNOLOGIES CORP.
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(Exact name of registrant as specified in charter)
New York 0-3319 13-1784308
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One Commerce Park, Valhalla, NY 10595
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (914) 686-3600
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(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 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))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. ENTRY INTO OF A MATERIAL DEFINITIVE AGREEMENT.
On September 10, 2004, the registrant entered into a separation
agreement and release (the "Separation Agreement") with Thomas V. Gilboy, the
former Chief Financial Officer of the registrant. The Separation Agreement,
which is attached hereto as EXHIBIT 99.01 and incorporated herein by reference,
provides for a payment of $140,000 by the registrant to Mr. Gilboy. In
consideration for this payment, the Change in Control Agreement between the
registrant and Mr. Gilboy dated October 28, 2002 (the "Gilboy Change in Control
Agreement") was terminated and Mr. Gilboy agreed to release and discharge the
registrant, as more fully described in the Separation Agreement.
ITEM 1.02. TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.
See ITEM 1.01 for a discussion of the termination of the Gilboy Change
in Control Agreement. The parties terminated the Gilboy Change in Control
Agreement in connection with Mr. Gilboy's resignation from the position of Chief
Financial Officer of the registrant effective August 30, 2004.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
99.01 Separation Agreement and Release dated September 10, 2004.
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.
DEL GLOBAL TECHNOLOGIES CORP.
(Registrant)
Date: September 15, 2004
By: /s/ Walter Schneider
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Walter Schneider
Chief Executive Officer and President
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.01 Separation Agreement and Release dated
September 10, 2004
