<?xml version='1.0' encoding='us-ascii' standalone='no'?>
<html xmlns='http://www.w3.org/1999/xhtml' xmlns:xbrli='http://www.xbrl.org/2003/instance' xmlns:dei='http://xbrl.sec.gov/dei/2023' xmlns:i='http://www.xbrl.org/2003/instance' xmlns:xbrldi='http://xbrl.org/2006/xbrldi' xmlns:iso4217='http://www.xbrl.org/2003/iso4217' xmlns:ix='http://www.xbrl.org/2013/inlineXBRL' xmlns:ixt='http://www.xbrl.org/inlineXBRL/transformation/2015-02-26' xmlns:ixt-sec='http://www.sec.gov/inlineXBRL/transformation/2015-08-31' xmlns:utr='http://www.xbrl.org/2009/utr' xmlns:link='http://www.xbrl.org/2003/linkbase' xmlns:xlink='http://www.w3.org/1999/xlink' xmlns:xsi='http://www.w3.org/2001/XMLSchema-instance'>
<head>
<!-- Produced by edgar-services.com using EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2023 [PPW059MFYJAKVD4CR2GW]. www.edgarsuite.com -->
<title>TAYLOR DEVICES INC - Form 8-K SEC filing</title>
<meta content='text/html; charset=UTF-8' http-equiv='Content-Type' />
</head>
<body>
<div style='display:none'>
<ix:header>
<ix:hidden>
<ix:nonNumeric name='dei:EntityCentralIndexKey' contextRef='D230911' id='fact1'>0000096536</ix:nonNumeric>
<ix:nonNumeric name='dei:AmendmentFlag' contextRef='D230911' id='fact2'>false</ix:nonNumeric>
</ix:hidden>
<ix:references>
<link:schemaRef xlink:arcrole='http://www.xbrl.org/2003/linkbase' xlink:href='tayd-20230911.xsd' xlink:type='simple'/>
</ix:references>
<ix:resources>
<i:context id='D230911'>
<i:entity>
<i:identifier scheme='http://www.sec.gov/CIK'>0000096536</i:identifier>
</i:entity>
<i:period>
<i:startDate>2023-09-11</i:startDate>
<i:endDate>2023-09-11</i:endDate>
</i:period>
</i:context>
</ix:resources>
</ix:header>
</div>
<div style='margin-left:72pt;width:468pt'>UNITED STATES<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><b>SECURITIES AND EXCHANGE COMMISSION</b><br/><b>Washington, D.C. 20549</b></p>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><b>FORM <ix:nonNumeric name='dei:DocumentType' contextRef='D230911' escape='true'>8-K</ix:nonNumeric></b></p>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><b>CURRENT REPORT</b><br/><span style='font-size:10pt'><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></span></p>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><ix:nonNumeric name='dei:DocumentPeriodEndDate' contextRef='D230911' format='ixt:datemonthdayyearen'><ix:nonNumeric name='dei:DocumentEffectiveDate' contextRef='D230911' format='ixt:datemonthdayyearen'>September 11, 2023</ix:nonNumeric></ix:nonNumeric><br/><span style='font-size:10pt'>Date of Report (Date of earliest event reported)</span></p>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'>&#160;</span></p>
<table style='border-collapse:collapse;width:100%;margin-left:0.75pt'><tr><td valign='top' style='width:100%;border-bottom:0.75pt solid #000000'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><b><ix:nonNumeric name='dei:EntityRegistrantName' contextRef='D230911' escape='true'>TAYLOR DEVICES INC</ix:nonNumeric></b></p>
</td></tr>
<tr><td valign='top' style='width:100%'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'>(Exact name of registrant as specified in its charter)</span></p>
</td></tr>
</table>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><span style='font-size:10pt'>&#160;</span></p>
<table style='margin:0 auto;border-collapse:collapse;width:532.5pt'><tr style='height:9.75pt'><td valign='top' style='width:212.25pt;border-bottom:0.75pt solid #000000'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'><b><ix:nonNumeric name='dei:EntityIncorporationStateCountryCode' contextRef='D230911' format='ixt-sec:stateprovnameen'>New York</ix:nonNumeric></b></span></p>
</td><td valign='top' style='width:108pt;border-bottom:0.75pt solid #000000'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'><b><ix:nonNumeric name='dei:EntityFileNumber' contextRef='D230911' escape='true'>000-3498</ix:nonNumeric></b></span></p>
</td><td valign='top' style='width:212.25pt;border-bottom:0.75pt solid #000000'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'><b><ix:nonNumeric name='dei:EntityTaxIdentificationNumber' contextRef='D230911' escape='true'>16-0797789</ix:nonNumeric></b></span></p>
</td></tr>
<tr><td valign='top' style='width:212.25pt'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'>(State or other jurisdiction</span><br/><span style='font-size:10pt'>&#160; of incorporation)</span></p>
</td><td valign='top' style='width:108pt'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'>(Commission File</span><br/><span style='font-size:10pt'>Number)</span></p>
</td><td valign='top' style='width:212.25pt'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'>(IRS Employer</span><br/><span style='font-size:10pt'>Identification No.)</span></p>
</td></tr>
</table>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><span style='font-size:10pt'>&#160;</span></p>
</div>
<div style='margin-left:72pt'><table style='border-collapse:collapse;width:504pt;margin-left:0.75pt'><tr><td valign='top' style='width:270pt;border-bottom:0.75pt solid #000000'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'><b><ix:nonNumeric name='dei:EntityAddressAddressLine1' contextRef='D230911' escape='true'>90 Taylor Drive</ix:nonNumeric></b><b>, </b><b><ix:nonNumeric name='dei:EntityAddressCityOrTown' contextRef='D230911' escape='true'>North Tonawanda</ix:nonNumeric></b><b>, </b><b><ix:nonNumeric name='dei:EntityAddressStateOrProvince' contextRef='D230911' format='ixt-sec:stateprovnameen'>New York</ix:nonNumeric></b></span></p>
</td><td valign='top' style='width:54pt;border-bottom:0.75pt solid #000000'><p style='font:12pt Times New Roman;margin:0'>&#160;</p>
</td><td valign='top' style='width:180pt;border-bottom:0.75pt solid #000000'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'><b><ix:nonNumeric name='dei:EntityAddressPostalZipCode' contextRef='D230911' escape='true'>14120</ix:nonNumeric></b></span></p>
</td></tr>
<tr><td valign='top' style='width:270pt'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'>(<ix:nonNumeric name='dei:EntityAddressAddressDescription' contextRef='D230911' escape='true'>Address of principal executive offices</ix:nonNumeric>)</span></p>
</td><td valign='top' style='width:54pt'><p style='font:12pt Times New Roman;margin:0'>&#160;</p>
</td><td valign='top' style='width:180pt'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'>(Zip Code)</span></p>
</td></tr>
</table>
</div>
<div style='margin-left:72pt;width:468pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><ix:nonNumeric name='dei:PhoneFaxNumberDescription' contextRef='D230911' escape='true'>Registrant's telephone number, including area code</ix:nonNumeric>: (<b><ix:nonNumeric name='dei:CityAreaCode' contextRef='D230911' escape='true'>716</ix:nonNumeric>) <ix:nonNumeric name='dei:LocalPhoneNumber' contextRef='D230911' escape='true'>694-0800</ix:nonNumeric></b></p>
<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:0pt;text-align:center'><b>Not Applicable</b></p>
<table style='border-collapse:collapse;width:100%;margin-left:0.75pt'><tr><td valign='top' style='width:100%;border-top:0.75pt solid #000000'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'>(Former name or former address, if changed since last report)</p>
</td></tr>
</table>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><span style='font-size:10pt'>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:</span></p>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><span style='font:10pt MS Gothic'><ix:nonNumeric name='dei:WrittenCommunications' contextRef='D230911' format='ixt-sec:boolballotbox'>&#9744;</ix:nonNumeric></span><span style='font-size:10pt'> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></p>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><span style='font:10pt MS Gothic'><ix:nonNumeric name='dei:SolicitingMaterial' contextRef='D230911' format='ixt-sec:boolballotbox'>&#9744;</ix:nonNumeric></span><span style='font-size:10pt'> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></p>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><span style='font:10pt MS Gothic'><ix:nonNumeric name='dei:PreCommencementTenderOffer' contextRef='D230911' format='ixt-sec:boolballotbox'>&#9744;</ix:nonNumeric></span><span style='font-size:10pt'> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></p>
<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><span style='font-family:MS Gothic'><ix:nonNumeric name='dei:PreCommencementIssuerTenderOffer' contextRef='D230911' format='ixt-sec:boolballotbox'>&#9744;</ix:nonNumeric></span> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'>Securities registered pursuant to Section 12(b) of the Act:</p>
<table style='margin:0 auto;border-collapse:collapse'><tr><td valign='middle' style='padding-left:5.4pt;padding-right:5.4pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='border-bottom:1px solid #000000'>Title of each class</span></p>
</td><td valign='middle' style='padding-left:5.4pt;padding-right:5.4pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='border-bottom:1px solid #000000'>Trading Symbol(s)</span></p>
</td><td valign='middle' style='padding-left:5.4pt;padding-right:5.4pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='border-bottom:1px solid #000000'>Name of each exchange on which registered</span></p>
</td></tr>
<tr><td valign='middle' style='padding-left:5.4pt;padding-right:5.4pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'>None</p>
</td><td valign='middle' style='padding-left:5.4pt;padding-right:5.4pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'>None</p>
</td><td valign='middle' style='padding-left:5.4pt;padding-right:5.4pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'>None</p>
</td></tr>
</table>
<hr style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'/><p style='line-height:0;margin:0'></p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0'>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;203.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0;text-align:right'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Emerging growth company &#160;&#160;&#160;&#160;<span style='font-family:MS Gothic'><ix:nonNumeric name='dei:EntityEmergingGrowthCompany' contextRef='D230911' format='ixt-sec:boolballotbox'>&#9744;</ix:nonNumeric></span></p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0'>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. </p>
<p style='font:10pt Times New Roman;margin:0;text-align:right'><span style='font-family:MS Gothic'>&#9744;</span> </p>
<hr style='border:0;height:0;width:0;margin:14pt 0 0 0'/><p style='font:10pt Times New Roman;margin:0;text-align:center'>2</p>
<hr style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'/><p style='line-height:0;margin:0'></p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0'><b>Section</b> <b>1 &#8211;&#160;Registrant's Business and Operations</b></p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0'><b>Item 1.01 Entry into a Material Definitive Agreement.</b></p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<p style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-align:justify'>On September 11, 2023, the Compensation Committee of Taylor Devices, Inc. approved an Employment Agreement between Taylor Devices, Inc. and Paul M. Heary, Chief Financial Officer.</p>
<p style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-align:justify'>By the terms, the Company will continue to employ the Executive for a period of one year after the date of the Agreement. After the initial term, this Agreement will automatically renew each year for one additional year. However, either party may elect not to renew this Agreement for any renewal period by providing ninety days written notice of such election prior to the end of the initial term or renewal period. If this agreement is not renewed by the Executive, no Severance Package shall be paid. If this Agreement is not renewed by the Company, the Executive shall be entitled to the Severance Package. The Severance Package consists of the continuation of the Executive's base salary for a period of 12 months and, if the Executive elects COBRA continuation of health insurance under the applicable Company plan, reimbursement of premiums for up to twelve (12) months.</p>
<p style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-align:justify'>Under the Agreements, the Company agrees to pay Mr. Heary a base salary of two hundred thirty-one thousand dollars per year, subject to increase at the discretion of the Board. The Executive shall be eligible for an Incentive Compensation Plan based on Company performance as approved by the Board of Directors. </p>
<p style='font:10pt Times New Roman;margin:0;text-align:justify'>The Company may terminate the employment of the Executive without further obligation to the Executive at any time for Cause, as defined in Section 1.1(e) of the Employment Agreement. The Company may terminate the employment of the Executive without Cause, or for any reason. The Executive may terminate this Agreement and his employment with the Company at any time for Good Reason, as defined in Section 1.1(f) of the Employment Agreement. If, within ninety (90) days after the effective date of the termination of the Executive&#8217;s employment by the Company without Cause or by the Executive for Good Reason (or such longer period as the Company, in its discretion, may designate), the Executive executes a waiver and release agreement, in a form satisfactory to the Company, that releases the Company and all Affiliates from any and all claims of any nature whatsoever relating to Executive&#8217;s employment (including, without limitation, any and all statutory claims), the Company shall provide the Executive with the Severance Package, paid monthly in accordance with the Company&#8217;s normal payroll practices. The Company shall provide the form of waiver and release to Executive within ten (10) days of the effective date of Executive&#8217;s termination of employment. The provisions of the Severance Package will constitute full and final satisfaction of all rights and entitlements that the Executive has or may have arising from or related to the termination of his employment, whether pursuant to statute, contract, common law or otherwise.</p>
<p style='font:10pt Times New Roman;margin:0;text-align:justify'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0;text-align:justify'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0;text-align:justify'>Section 9 - Financial Statements and Exhibits</p>
<p style='font:10pt Times New Roman;margin:0;text-align:justify'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0;text-align:justify'>Item 9.01 Financial Statements and Exhibits</p>
<p style='font:10pt Times New Roman;margin:0;text-indent:36pt'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0;text-indent:36pt'>(d) Exhibits</p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<p style='font:10pt Times New Roman;margin:0'><kbd style='position:absolute;font:10pt Times New Roman;margin-left:36pt'><span style='border-bottom:1px solid #000000'>Exhibit No.</span></kbd><kbd style='margin-left:144pt'></kbd><span style='border-bottom:1px solid #000000'>Description</span>&#160;</p>
<p style='font:10pt Times New Roman;margin:0'>&#160;</p>
<table style='margin:0 auto;border-collapse:collapse;width:100%'><tr><td valign='top' style='width:54pt'><p style='font:10pt Times New Roman;margin:0'>&#160;</p>
</td><td valign='top' style='width:27pt'><p style='font:10pt Times New Roman;margin:0'>10</p>
</td><td valign='top'><p style='font:10pt Times New Roman;margin:0;text-align:justify'><span style='color:#0000FF;border-bottom:1px solid #0000FF'><a href='td_ex10z1.htm' style='text-decoration:none'>Employment Agreement dated as of September 11, 2023 between the Registrant and Paul M. Heary</a></span>.</p>
<p style='font:10pt Times New Roman;margin:0;text-align:justify'>&#160;</p>
</td></tr>
</table>
<hr style='border:0;height:0;width:0;margin:14pt 0 0 0'/><p style='font:10pt Times New Roman;margin:0;text-align:center'>3</p>
<hr style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'/><p style='line-height:0;margin:0'></p>
<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>&#160;</p>
<p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center'><span style='font-size:10pt'><b>SIGNATURES</b></span></p>
<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>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.</p>
<table style='border-collapse:collapse;width:423pt;margin-left:0.75pt'><tr><td colspan='2' valign='top' style='width:198.75pt'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:justify'><span style='font-size:10pt'><b>TAYLOR DEVICES, INC.</b></span></p>
</td></tr>
<tr><td colspan='2' valign='top' style='width:198.75pt'><p style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:justify'><span style='font-size:10pt'>(registrant)</span></p>
</td></tr>
<tr style='height:4pt'><td valign='top' style='width:198pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><br/>&#160;</p>
<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Date: &#160;September 11, 2023</p>
</td><td valign='top' style='width:26.25pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><br/>&#160;</p>
<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>By: &#160;</p>
</td><td valign='top' style='width:198pt;border-bottom:0.5pt solid #000000'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>&#160;</p>
<p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'><br/> /s/ Timothy J. Sopko</p>
</td></tr>
<tr><td valign='top' style='width:198pt'><p style='font:10pt Times New Roman;margin:0'>&#160;</p>
</td><td valign='top' style='width:26.25pt'><p style='font:10pt Times New Roman;margin:0'>&#160;</p>
</td><td valign='top' style='width:198pt'><p style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Timothy J. Sopko, Chief Executive Officer</p>
</td></tr>
</table>
<hr style='border:0;height:0;width:0;margin:14pt 0 0 0'/><p style='font:10pt Times New Roman;margin:0;text-align:center'>4</p>
<p style='font:10pt Times New Roman;margin:0;margin-right:18pt;text-align:center'>&#160;</p>
<p style='font:8pt Times New Roman;margin:0'>&#160;</p>
</div>
</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "tayd-20230911.htm", "description": "TAYLOR DEVICES INC - FORM 8-K SEC FILING", "secsgml_size_bytes": 21402}]
{"company-data": {"conformed-name": "TAYLOR DEVICES INC", "cik": "0000096536", "assigned-sic": "3569", "irs-number": "160797789", "state-of-incorporation": "NY", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-03498", "film-number": "231247051"}, "business-address": {"street1": "90 TAYLOR DR", "city": "NORTH TONAWANDA", "state": "NY", "zip": "14120", "phone": "7166940800"}, "mail-address": {"street1": "90 TAYLOR DR", "city": "N TONAWANDA", "state": "NY", "zip": "14120"}}
TAYLOR DEVICES INC - Form 8-K SEC filing
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
September 11, 2023
Date of Report (Date of earliest event reported)
TAYLOR DEVICES INC
(Exact name of registrant as specified in its charter)
New York
000-3498
16-0797789
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
90 Taylor Drive
,
North Tonawanda
,
New York
14120
(
Address of principal executive offices
)
(Zip Code)
Registrant's telephone number, including area code
: (
716
)
694-0800
Not Applicable
(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:
☐
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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
None
None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 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.
☐
2
Section
1 – Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On September 11, 2023, the Compensation Committee of Taylor Devices, Inc. approved an Employment Agreement between Taylor Devices, Inc. and Paul M. Heary, Chief Financial Officer.
By the terms, the Company will continue to employ the Executive for a period of one year after the date of the Agreement. After the initial term, this Agreement will automatically renew each year for one additional year. However, either party may elect not to renew this Agreement for any renewal period by providing ninety days written notice of such election prior to the end of the initial term or renewal period. If this agreement is not renewed by the Executive, no Severance Package shall be paid. If this Agreement is not renewed by the Company, the Executive shall be entitled to the Severance Package. The Severance Package consists of the continuation of the Executive's base salary for a period of 12 months and, if the Executive elects COBRA continuation of health insurance under the applicable Company plan, reimbursement of premiums for up to twelve (12) months.
Under the Agreements, the Company agrees to pay Mr. Heary a base salary of two hundred thirty-one thousand dollars per year, subject to increase at the discretion of the Board. The Executive shall be eligible for an Incentive Compensation Plan based on Company performance as approved by the Board of Directors.
The Company may terminate the employment of the Executive without further obligation to the Executive at any time for Cause, as defined in Section 1.1(e) of the Employment Agreement. The Company may terminate the employment of the Executive without Cause, or for any reason. The Executive may terminate this Agreement and his employment with the Company at any time for Good Reason, as defined in Section 1.1(f) of the Employment Agreement. If, within ninety (90) days after the effective date of the termination of the Executive's employment by the Company without Cause or by the Executive for Good Reason (or such longer period as the Company, in its discretion, may designate), the Executive executes a waiver and release agreement, in a form satisfactory to the Company, that releases the Company and all Affiliates from any and all claims of any nature whatsoever relating to Executive's employment (including, without limitation, any and all statutory claims), the Company shall provide the Executive with the Severance Package, paid monthly in accordance with the Company's normal payroll practices. The Company shall provide the form of waiver and release to Executive within ten (10) days of the effective date of Executive's termination of employment. The provisions of the Severance Package will constitute full and final satisfaction of all rights and entitlements that the Executive has or may have arising from or related to the termination of his employment, whether pursuant to statute, contract, common law or otherwise.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No.
Description
10
Employment Agreement dated as of September 11, 2023 between the Registrant and Paul M. Heary
.
3
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.
TAYLOR DEVICES, INC.
(registrant)
Date:  September 11, 2023
By:
/s/ Timothy J. Sopko
Timothy J. Sopko, Chief Executive Officer
4