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<div style="margin-left:72pt;width:468pt"><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"><b>UNITED STATES</b></p>
<p style="font:10pt Times New Roman;margin:0;text-align:center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
<p style="font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center"><b>Washington, D.C. 20549</b></p>
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<p style="font:11pt 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:11pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center"><span style="font-size:10pt">Date of Report (Date of earliest event reported): </span><ix:nonNumeric name="dei:DocumentPeriodEndDate" contextRef="D250114" format="ixt:date-monthname-day-year-en" id="ixv-241"><ix:nonNumeric name="dei:DocumentEffectiveDate" contextRef="D250114" format="ixt:date-monthname-day-year-en" id="ixv-242">January 14, 2025</ix:nonNumeric></ix:nonNumeric></p>
<p style="font:11pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:center"><span style="font-size:10pt">&#160;</span></p>
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<p style="font:11pt 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:11pt Times New Roman;margin-top:5pt;margin-bottom:5pt"><span style="font-size:10pt"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="D250114" format="ixt-sec:boolballotbox" id="ixv-255">&#9744;</ix:nonNumeric> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></p>
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<p style="font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="D250114" format="ixt-sec:boolballotbox" id="ixv-258">&#9744;</ix:nonNumeric> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt">Securities registered pursuant to Section 12(b) of the Act:</p>
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<p style="font:11pt Times New Roman;margin-top:0pt;margin-bottom:8pt">&#160;</p>
</td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:center"><span style="border-bottom:1px solid #000000">Trading&#160;Symbol(s)</span></p>
</td><td valign="top"><p style="font:10pt Times New Roman;margin:0;text-align:center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="border-bottom:1px solid #000000">Name&#160;of&#160;each&#160;exchange&#160;on&#160;which&#160;registered</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
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</td><td valign="top"><p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;text-align:center">The <span style="-sec-ix-hidden:fact2">Nasdaq</span> Stock Market LLC<br/><br/>The Nasdaq Stock Market LLC</p>
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<div style="margin-left:72pt;width:468pt"><p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt">&#160;</p>
<p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 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-top:0pt;margin-bottom:8pt">&#160;</p>
<p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;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;<ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="D250114" format="ixt-sec:boolballotbox" id="ixv-262">&#9744;</ix:nonNumeric></p>
<p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt">&#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. &#9744;</p>
<p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;text-align:right">&#9744; </p>
<hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><hr style="page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0"/><p style="line-height:0;margin:0"></p>
<hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><p style="font:10pt Times New Roman;margin:0"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:0pt"><b>Item 5.02 </b></kbd><kbd style="margin-left:72pt"></kbd><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b>&#160;</p>
<p style="font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:justify">(b) and (e) On January 14, 2025, Alan R. Klembczyk, the President of Taylor Devices, Inc. (the &#8220;Company&#8221;) and a member of the Company&#8217;s board of directors (the &#8220;Board&#8221;), provided notice of his decision to retire from his position as President of the Company, effective June 1, 2025. On the same date, Mr. Klembczyk also notified the Company that he will not stand for reelection to the Board at the Company&#8217;s 2025 annual meeting of shareholders (the &#8220;2025 Annual Meeting&#8221;). Mr. Klembczyk will continue to serve on the Board until the expiration of his current term at the 2025 Annual Meeting.</p>
<p style="font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt;text-align:justify">In connection with Mr. Klembczyk&#8217;s notice of his intent to retire, the Company and Mr. Klembczyk entered into an Executive Retirement and Transition Agreement (the &#8220;Retirement Agreement&#8221;), dated January 14, 2025. Under the terms of the Retirement Agreement, Mr. Klembczyk has agreed to serve as President of the Company until his retirement on June 1, 2025, and thereafter to continue to serve as an employee until November 30, 2025, to provide support services to the Company. The Retirement Agreement provides that (i) Mr. Klembczyk will continue to receive his current base salary and remain eligible for his current death benefit through November 30, 2025, (ii) Mr. Klembczyk will remain eligible for an annual bonus and stock option award for the Company&#8217;s 2025 fiscal year, and (iii) all vested and unexercised stock options held by Mr. Klembczyk as of November 30, 2025, will remain outstanding and exercisable until the earlier of (a) the latest date those options could have been exercised under their original terms or (b) the tenth anniversary of the date of grant for the applicable stock option.</p>
<hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><hr style="page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0"/><p style="line-height:0;margin:0"></p>
<hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-align:center"><b>SIGNATURES</b></p>
<p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-align:justify">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:107.54%"><tr><td colspan="2" valign="middle" style="width:49.52%"><p style="font:12pt Times New Roman;margin:0">&#160;</p>
</td><td valign="middle"><p style="font:12pt Times New Roman;margin:0"><span style="font-size:10pt"><b>TAYLOR DEVICES, INC.</b></span></p>
</td><td valign="middle"><p style="font:12pt Times New Roman;margin:0">&#160;</p>
</td></tr>
<tr><td colspan="2" valign="middle" style="width:49.52%"><p style="font:12pt Times New Roman;margin:0">&#160;</p>
</td><td valign="middle"><p style="font:12pt Times New Roman;margin:0"><span style="font-size:10pt">(Registrant)</span></p>
</td><td valign="middle"><p style="font:12pt Times New Roman;margin:0">&#160;</p>
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<tr><td valign="middle" style="width:43.82%"><p style="font:12pt Times New Roman;margin:0"><br/><br/><span style="font-size:10pt">Date: January&#160;14, 2025&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></p>
</td><td valign="middle"><p style="font:12pt Times New Roman;margin:0"><br/><br/><span style="font-size:10pt">By:&#160;&#160;</span></p>
</td><td colspan="2" valign="middle"><p style="font:12pt Times New Roman;margin:0"><br/><br/><span style="font-size:10pt">&#160;</span><span style="font-size:10pt;border-bottom:1px solid #000000">/s/ Timothy J. Sopko</span></p>
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<tr><td valign="middle" style="width:43.82%"><p style="font:12pt Times New Roman;margin:0">&#160;</p>
</td><td valign="middle"><p style="font:12pt Times New Roman;margin:0">&#160;</p>
</td><td colspan="2" valign="middle"><p style="font:12pt Times New Roman;margin:0"><span style="font-size:10pt">Timothy J. Sopko, Chief Executive Officer</span></p>
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<p style="font:11pt Times New Roman;margin-top:0pt;margin-bottom:8pt"><span style="font-size:10pt">&#160;</span></p>
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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
Date of Report (Date of earliest event reported):
January 14, 2025
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
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
Common Stock, $.025 par value per share
Preferred Stock Purchase Rights
TAYD
N/A
The
Nasdaq
Stock Market LLC
The Nasdaq Stock Market LLC
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.
(b) and (e) On January 14, 2025, Alan R. Klembczyk, the President of Taylor Devices, Inc. (the "Company") and a member of the Company's board of directors (the "Board"), provided notice of his decision to retire from his position as President of the Company, effective June 1, 2025. On the same date, Mr. Klembczyk also notified the Company that he will not stand for reelection to the Board at the Company's 2025 annual meeting of shareholders (the "2025 Annual Meeting"). Mr. Klembczyk will continue to serve on the Board until the expiration of his current term at the 2025 Annual Meeting.
In connection with Mr. Klembczyk's notice of his intent to retire, the Company and Mr. Klembczyk entered into an Executive Retirement and Transition Agreement (the "Retirement Agreement"), dated January 14, 2025. Under the terms of the Retirement Agreement, Mr. Klembczyk has agreed to serve as President of the Company until his retirement on June 1, 2025, and thereafter to continue to serve as an employee until November 30, 2025, to provide support services to the Company. The Retirement Agreement provides that (i) Mr. Klembczyk will continue to receive his current base salary and remain eligible for his current death benefit through November 30, 2025, (ii) Mr. Klembczyk will remain eligible for an annual bonus and stock option award for the Company's 2025 fiscal year, and (iii) all vested and unexercised stock options held by Mr. Klembczyk as of November 30, 2025, will remain outstanding and exercisable until the earlier of (a) the latest date those options could have been exercised under their original terms or (b) the tenth anniversary of the date of grant for the applicable stock option.
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: January 14, 2025
By:
/s/ Timothy J. Sopko
Timothy J. Sopko, Chief Executive Officer