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<DIV style=margin-left:36pt;width:540pt><HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:18pt Times New Roman;margin:0'><FONT style=font-size:18pt><B>UNITED STATES</B></FONT></P>
<P align=center style='font:18pt Times New Roman;margin:0'><FONT style=font-size:18pt><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Washington, DC 20549</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0;margin-left:227.1pt;margin-right:227.1pt'><FONT style=font-size:8pt>&#160;</FONT></P>
<P align=center style='font:18pt Times New Roman;margin-top:8pt;margin-bottom:0pt'><FONT style=font-size:18pt><B>FORM 8-K</B></FONT></P>
<P align=center style='font:12pt Times New Roman;margin-top:8pt;margin-bottom:0pt'><B>CURRENT REPORT</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>Pursuant to Section 13 or 15(d) of</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>the Securities Exchange Act of 1934</B></P>
<P align=center style='font:10pt Times New Roman;margin-top:8pt;margin-bottom:0pt'><FONT style=font-size:10pt><B>Date of report (date of earliest event reported): February 9, 2020</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0;margin-left:227.1pt;margin-right:227.1pt'><FONT style=font-size:8pt>&#160;</FONT></P>
<P style='font:12pt Times New Roman;margin-top:2pt;margin-bottom:0pt'><A name=FIS_UNIDENTIFIED_TABLE />&nbsp;</P>
<P align=center style='font:18pt Times New Roman;margin-top:6pt;margin-bottom:0pt'><FONT style=font-size:18pt><B>EVANS &amp; SUTHERLAND COMPUTER CORPORATION</B></FONT></P>
<P align=center style='font:7.5pt Times New Roman;margin:0'><FONT style=font-size:7.5pt><B>(Exact name of registrant as specified in its charter)</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0;margin-left:227.1pt;margin-right:227.1pt'><FONT style=font-size:8pt>&#160;</FONT></P>
<P style='font:8pt Times New Roman;margin-top:2pt;margin-bottom:0pt'><FONT style=font-size:8pt>&#160;</FONT></P>
<TABLE align=center style=border-collapse:collapse><TR style=height:0.7pt><TD valign=middle style=width:153.7pt><P style='font:12pt Times New Roman;line-height:0.05pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:9.3pt><P style='font:12pt Times New Roman;line-height:0.05pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:200.8pt><P style='font:12pt Times New Roman;line-height:0.05pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:1pt><P style='font:12pt Times New Roman;line-height:0.05pt;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=middle style=width:130.5pt><P style='font:12pt Times New Roman;line-height:0.05pt;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:1.15pt><TD valign=top style=width:153.7pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt><B>Utah</B></FONT></P>
</TD><TD valign=bottom style=width:9.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>&#160;</FONT></P>
</TD><TD valign=top style=width:200.8pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt><B>001-14677</B></FONT></P>
</TD><TD valign=bottom style=width:1pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>&#160;</FONT></P>
</TD><TD colspan=2 valign=top style=width:130.5pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt><B>87-0278175</B></FONT></P>
</TD></TR>
<TR style=height:1.95pt><TD valign=top style=width:153.7pt><P align=center style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt><B>(State or other jurisdiction</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt><B>of incorporation)</B></FONT></P>
</TD><TD valign=bottom style=width:9.3pt><P style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt>&#160;</FONT></P>
</TD><TD valign=top style=width:200.8pt><P align=center style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt><B>(Commission</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt><B>File Number)</B></FONT></P>
</TD><TD valign=bottom style=width:1pt><P style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt>&#160;</FONT></P>
</TD><TD colspan=2 valign=top style=width:130.5pt><P align=center style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt><B>(IRS Employer</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt><B>Identification No.)</B></FONT></P>
</TD></TR>
<TR style=height:0.95pt><TD colspan=3 valign=middle style=width:363.8pt><P style='font:8pt Times New Roman;margin:0;margin-right:2.8pt'><FONT style=font-size:8pt>&#160;</FONT></P>
</TD><TD colspan=2 valign=middle style=width:131.2pt><P style='font:8pt Times New Roman;margin:0;margin-right:1.8pt'><FONT style=font-size:8pt>&#160;</FONT></P>
</TD></TR>
<TR style=height:1.25pt><TD colspan=3 valign=top style=width:363.8pt><P align=center style='font:10pt Times New Roman;margin-top:1pt;margin-bottom:0pt;margin-right:2.8pt'><FONT style=font-size:10pt><B>770 Komas Drive, Salt Lake City, Utah</B></FONT></P>
</TD><TD valign=bottom style=width:1pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>&#160;</FONT></P>
</TD><TD colspan=2 valign=bottom style=width:130.5pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt><B>84108</B></FONT></P>
</TD></TR>
<TR style=height:0.95pt><TD colspan=3 valign=top style=width:363.8pt><P align=center style='font:8pt Times New Roman;margin:0;margin-right:2.8pt'><FONT style=font-size:8pt><B>(Address of principal executive offices)</B></FONT></P>
</TD><TD valign=bottom style=width:1pt><P style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt>&#160;</FONT></P>
</TD><TD colspan=2 valign=top style=width:130.5pt><P align=center style='font:8pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:8pt><B>(Zip Code)</B></FONT></P>
</TD></TR>
</TABLE>
<P align=center style='font:10pt Times New Roman;margin-top:8pt;margin-bottom:0pt'><FONT style=font-size:10pt><B>(801) 588-1000</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-size:8pt><B>(Registrant&#8217;s telephone number, including area code)</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:8pt;margin-bottom:0pt'><FONT style=font-size:10pt><B>Not Applicable</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-size:8pt><B>(Former name or former address, if changed since last report.)</B></FONT></P>
<P align=center style='font:8pt Times New Roman;margin:0'><FONT style=font-size:8pt>&#160;</FONT></P>
<P style='font:10pt Times New Roman;margin-top:8pt;margin-bottom:0pt'><FONT 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 (</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>see</FONT><FONT style=font-size:10pt> General Instructions A.2. below):</FONT></P>
<P style='font:6pt Times New Roman;margin:0'><FONT style=font-size:6pt>&#160;</FONT></P>
<TABLE align=center style=border-collapse:collapse><TR><TD valign=middle style=width:12.3pt><P style='font:12pt Times New Roman;line-height:0.05pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19.35pt><P style='font:12pt Times New Roman;line-height:0.05pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:544.35pt><P style='font:12pt Times New Roman;line-height:0.05pt;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:3.4pt><TD valign=top style=width:12.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>&#160;</FONT></P>
</TD><TD valign=top style=width:19.35pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style='font:10pt Segoe UI Symbol'>&#9744;</FONT></P>
</TD><TD valign=top style=width:544.35pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:12.3pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:19.35pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:544.35pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:12.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>&#160;</FONT></P>
</TD><TD valign=top style=width:19.35pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style='font:10pt Segoe UI Symbol'>&#9744;</FONT></P>
</TD><TD valign=top style=width:544.35pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)&#160;</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:12.3pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:19.35pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:544.35pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:12.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>&#160;</FONT></P>
</TD><TD valign=top style=width:19.35pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style='font:10pt Segoe UI Symbol'>&#9744;</FONT></P>
</TD><TD valign=top style=width:544.35pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))&#160;</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:12.3pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:19.35pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:544.35pt><P style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:12.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>&#160;</FONT></P>
</TD><TD valign=top style=width:19.35pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style='font:10pt Segoe UI Symbol'>&#9744;</FONT></P>
</TD><TD valign=top style=width:544.35pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))&#160;</FONT></P>
</TD></TR>
</TABLE>
<P style='font:6pt Times New Roman;margin:0'><FONT style=font-size:6pt>&#160;</FONT><A name=FIS_UNIDENTIFIED_TABLE_2 /></P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Securities registered pursuant to Section 12(b) of the Act:</FONT></P>
<P style='font:7pt Times New Roman;margin:0'><FONT style=font-size:7pt>&#160;</FONT></P>
<TABLE align=center style=border-collapse:collapse;width:480.4pt><TR style=height:10.75pt><TD valign=bottom style=width:194.05pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Title of each class</FONT></P>
</TD><TD valign=bottom style=width:95.15pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Trading symbol</FONT></P>
</TD><TD valign=bottom style=width:191.2pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Name of each exchange on which registered</FONT></P>
</TD></TR>
<TR style=height:18.05pt><TD valign=bottom style=width:194.05pt><P align=center style='font:10pt Times New Roman;margin:0;text-indent:-10pt;margin-left:10pt;margin-right:0.7pt'><FONT style=font-size:10pt>Common Stock, par value $0.20 per share</FONT></P>
</TD><TD valign=bottom style=width:95.15pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'><FONT style=font-size:10pt>ESCC</FONT></P>
</TD><TD valign=bottom style=width:191.2pt><P align=center style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'><FONT style=font-size:10pt>Over-the-Counter Markets</FONT></P>
</TD></TR>
</TABLE>
<P style='font:8pt Times New Roman;margin:0'><FONT style=font-size:8pt>&#160;</FONT></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;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:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Emerging growth company </FONT><FONT style='font:10pt Segoe UI Symbol'>&#9744;</FONT></P>
<P style='font:10pt Times New Roman;margin-top:8pt;margin-bottom:0pt'><FONT style=font-size:10pt>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. </FONT><A name=_9kR3WTr5B8457 /><FONT style='font:10pt Segoe UI Symbol'>&#9744;</FONT><FONT style=font-size:10pt> &#160;</FONT></P>
<P style='font:8pt Times New Roman;margin:0'><FONT style=font-size:8pt>&#160;</FONT></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'><A name=eolPage2 /><A name=FIS_SECTION_1_BUSINESS_AND_OPERATIONS /><A name=FIS_ENTRY_MATERIAL_AGREEMENT />&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
</DIV>
<DIV style=margin-left:64.8pt;width:482.4pt><HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><FONT style=font-size:10pt><B>Item 1.01</B></FONT></KBD><KBD style=margin-left:45pt></KBD><FONT style=font-size:10pt><B>Entry into a Material Definitive Agreement.</B></FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt><B>Merger Agreement</B></FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>On February 9, 2020, Elevate Entertainment Inc., a Delaware corporation (&#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Parent</FONT><FONT style=font-size:10pt>&#8221;), Elevate Acquisition Corporation, a Delaware corporation and a wholly owned subsidiary of Parent (&#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Merger Sub</FONT><FONT style=font-size:10pt>&#8221;), and Evans &amp; Sutherland Computer Corporation, a Utah corporation (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Company</FONT><FONT style=font-size:10pt>&#8221;), entered into an Agreement and Plan of Merger (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Merger Agreement</FONT><FONT style=font-size:10pt>&#8221;). The Merger Agreement provides that, subject to the terms of the Merger Agreement, Merger Sub will commence a cash tender offer (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Offer</FONT><FONT style=font-size:10pt>&#8221;) to purchase all of the outstanding shares of common stock, par value $0.20 per share, of the Company (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Common Stock</FONT><FONT style=font-size:10pt>&#8221;), at a price of $1.19 per share (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Offer Price</FONT><FONT style=font-size:10pt>&#8221;), net to the seller in cash, without interest, and subject to applicable withholding taxes.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>Consummation of the Offer is subject to various conditions set forth in the Merger Agreement, including (a) a majority of shares of Common Stock, on a fully diluted basis, being tendered in the Offer, (b) the accuracy of the Company&#8217;s representations and warranties contained in the Merger Agreement, subject to agreed-upon materiality standards, (c) the Company&#8217;s performance in all material respects of its obligations under the Merger Agreement, and (d) the other conditions set forth in Exhibit C to the Merger Agreement. The consummation of the Offer and Merger is not subject to a financing condition.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>The Offer will expire on the date that is 20 business days following the commencement date of the Offer, unless extended in accordance with the terms of the Offer and the Merger Agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>SEC</FONT><FONT style=font-size:10pt>&#8221;).</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>Following consummation of the Offer, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Merger</FONT><FONT style=font-size:10pt>&#8221;). In the Merger, each outstanding share of Common Stock that is not tendered and accepted pursuant to the Offer (other than shares held in the treasury of the Company, any subsidiary of the Company, Parent or Merger Sub, and shares of Common Stock as to which appraisal rights have been perfected in accordance with applicable law) will be cancelled and converted into the right to receive the Offer Price, on the terms and conditions set forth in the Merger Agreement. Immediately prior to the Effective Time (as defined in the Merger Agreement), all unvested stock options will become fully vested, and at the Effective Time, each stock option will be canceled and converted into the right to receive an amount in cash equal to the difference between the Offer Price and the applicable per share exercise price, less any applicable tax withholding.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>The board of directors of the Company (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Board</FONT><FONT style=font-size:10pt>&#8221;) has unanimously (a) determined that the Offer, the Merger, the Merger Agreement and the other transactions contemplated by the Merger Agreement and/or the ancillary agreements and plans to be entered into as contemplated by the Merger Agreement (collectively, the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Transactions</FONT><FONT style=font-size:10pt>&#8221;) are advisable and in the best interests of the shareholders of the Company, (b) approved and declared advisable the Merger Agreement and the Transactions, and (c) resolved, subject to the terms and conditions of the Merger Agreement, to recommend acceptance of the Offer by the shareholders of the Company.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>If after the Acceptance Time (as defined in the Merger Agreement) the shares of Common Stock owned by Merger Sub represent at least 90% of the then-outstanding shares of Common Stock, the Merger will be governed by Section 16-10a-1104 of the Utah Revised Business Corporation Act (the &#8220;</FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>URBCA</FONT><FONT style=font-size:10pt>&#8221;) and shall be effected by Merger Sub and the Company as soon as practicable following the consummation of the Offer without a shareholders&#8217; meeting pursuant to the URBCA.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>The Merger Agreement contains customary representations and warranties by Parent, Merger Sub and the Company. The Merger Agreement also contains customary covenants and agreements, including with respect to the operations of the business of the Company between signing and closing, governmental filings and approvals and other matters.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>The Merger Agreement contains customary non-solicitation restrictions prohibiting the solicitation by the Company or its representatives of proposals relating to alternative business combination transactions and restricts the Company&#8217;s ability to furnish non-public information to, or participate in any discussions or negotiations with, any third party with respect to any such transaction, subject to customary exceptions in the event of an acquisition proposal that was not solicited in violation of these restrictions and that the Board determines constitutes or could reasonably be expected to lead to a Superior Offer (as defined in the Merger Agreement).&#160;</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><A name=eolPage3 /><FONT style=font-size:10pt>The Merger Agreement contains termination rights for each of Parent, Merger Sub and the Company including by either Parent or the Company if the Acceptance Time (as defined in the Merger Agreement) shall not have occurred on or before </FONT></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'><FONT style=font-size:10pt>2</FONT></P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style='font:10pt Times New Roman'>June 30, 2020, or by the Company to enter into an alternative transaction that constitutes a Superior Offer, and further provides that upon termination of the Merger Agreement under specified circumstances the Company may be required to pay Parent a termination fee.</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>A copy of the Merger Agreement is attached hereto as </FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Exhibit 2.1</FONT><FONT style=font-size:10pt> and is incorporated herein by reference. The foregoing description of the Merger Agreement is qualified in its entirety by reference to the full text of the Merger Agreement. The Merger Agreement has been attached to provide investors with information regarding its terms. It is not intended to provide any other factual information about the Company, Merger Sub or Parent. In particular, the assertions embodied in the representations and warranties contained in the Merger Agreement are qualified by information in confidential disclosure schedules provided by the parties thereto in connection with the signing of the Merger Agreement. These disclosure schedules include information that modifies, qualifies and creates exceptions to the representations, warranties and covenants set forth in the Merger Agreement. Moreover, certain representations and warranties in the Merger Agreement were used for the purpose of allocating risk between the Company, Merger Sub and Parent, rather than establishing matters of fact. Accordingly, the representations and warranties in the Merger Agreement may not constitute the actual state of facts about the Company, Merger Sub or Parent.</FONT></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;margin-left:45pt'><A name=eolPage4 /><A name=FIS_SECTION_8_OTHER_EVENTS /><A name=FIS_OTHER_EVENTS /><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-45pt'><B>Item 5.02 </B></KBD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>In connection with the Merger Agreement as described in Item 1.01 of this Current Report, the Company entered into compensation and employment arrangements with certain of its executive officers as more fully described in this Item&#160;5.02. The description of the Merger Agreement is incorporated into this Item 5.02 by reference.</P>
<P style='font:10pt Times New Roman Bold;margin-top:0pt;margin-bottom:10pt'><FONT style='font-family:Times New Roman'><B>Transaction Bonus Agreement</B></FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>On February 9, 2020, in connection with the Merger Agreement, the Compensation Committee of the Board approved and the Company entered into Transaction Bonus Agreements with Jonathan Shaw, Chief Executive Officer, Paul Dailey, Executive Vice President, Chief Financial Officer and Corporate Secretary, and Kirk Johnson, President and Chief Operating Officer.  These agreements provide that, subject to certain conditions and contingent upon the consummation of the Merger, each of these executive officers will receive a payment, in the form of cash, of $75,000 (the &#8220;<FONT style='border-bottom:1px solid #000000'>Transaction Bonus</FONT>&#8221;), less applicable tax withholdings. In consideration of the Transaction Bonus, each executive waived the right to terminate his employment agreement with the Company for &#8220;Good Reason&#8221; in connection with the transactions contemplated under the Merger Agreement. &nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><B>Amendment to Employment Agreements</B></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>On February 9, 2020, in connection with the transactions consummated pursuant to the Merger Agreement, the Compensation Committee of the Board approved and the Company entered into amendments (the &#8220;<FONT style='border-bottom:1px solid #000000'>Amendments to Employment Agreement</FONT>&#8221; or &#8220;<FONT style='border-bottom:1px solid #000000'>Amendment</FONT>&#8221;) to the existing employment agreement of Jonathan Shaw, Chief Executive Officer, dated August 31, 2016 and as previously amended January 9, 2017; the existing employment agreement of Paul Dailey, Executive Vice President, Chief Financial Officer and Corporate Secretary, dated December 15, 2016; and the existing employment agreement of Kirk Johnson, President and Chief Operating Officer, dated September 1, 2016 (collectively, the &#8220;<FONT style='border-bottom:1px solid #000000'>Executive Employment Agreements</FONT>&#8221;). </P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>Pursuant to the Amendments to Employment Agreement, the Executive Employment Agreements are amended effective as of the Closing Date as defined in the Merger Agreement, to include the following material terms (capitalized terms used below but not otherwise defined have the meanings ascribed to such terms in the Amendments to Employment Agreement or the Executive Employment Agreements, as applicable):</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;margin-left:54pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-18pt'>(1)</KBD>executive will not be required to relocate to a new office location;&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;margin-left:54pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-18pt'>(2)</KBD>the term of employment includes an annual automatic renewal at the end of the respective agreement terms, for additional terms of one year each; <FONT style='border-bottom:1px solid #000000'>provided</FONT> that either the Company or the executive may terminate employment at any time, with or without cause subject to conditions contained in the Amendment;&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;margin-left:54pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-18pt'>(3)</KBD>the executive&#8217;s current Base Salary will be maintained, is subject to periodic review, and may not be reduced below current levels in any given year; &nbsp;</P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'><FONT style=font-size:10pt>3</FONT></P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;margin-left:54pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-18pt'>(4)</KBD>executive will be paid a retention bonus in the amount of $40,000 per quarter (the &#8220;<FONT style='border-bottom:1px solid #000000'>Retention Bonus</FONT>&#8221;), payable quarterly in arrears for a 24-month period, commencing with the payroll following the first three-month period following the Amendment Effective Date, such Retention Bonus (a) not to exceed in the aggregate $320,000 and (b) may be terminated by mutual consent of the Company and executive upon signing a new employment agreement;&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;margin-left:54pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-18pt'>(5)</KBD>in the event the executive voluntarily terminates his employment for any reason, he will receive only his Base Salary, benefits and pro-rata amount of Retention Bonus through the date of termination;&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;margin-left:54pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-18pt'>(6)</KBD>upon a Separation (as defined in the Executive Employment Agreement) due to a termination without Cause, or as a result of death or Disability (as defined in the Executive Employment Agreement), executive will receive (a) severance payments equal to six months Base Salary at the time of termination, less applicable withholding, payable over six months following the date of Separation, (b) payment of health and other benefits during the severance period; and (c) the Retention Bonus payments that would have been earned had employment continued for an additional six months beyond the date of Separation; <FONT style='border-bottom:1px solid #000000'>provided</FONT>, <FONT style='border-bottom:1px solid #000000'>that</FONT> the executive executes and delivers to the Company a release in the form attached to the Amendment; and&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;margin-left:54pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-18pt'>(7)</KBD>the rights related to termination by the executive for Good Reason are waived and deleted.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>All remaining provisions of the Executive Employment Agreements remain in full force and effect. </P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>The foregoing descriptions of the Amendments to Employment Agreement and Transaction Bonus Agreements are qualified in their entirety by reference to the full text of the respective agreements.</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><B>Item 5.03</B>&#160;<B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>The description of the Merger Agreement in Item 1.01 is incorporated into this Item 5.03 by reference.</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>On February 9, 2020, the Board deemed it to be in the best interest of the Company and its shareholders to exempt the transactions contemplated by the Merger Agreement and the Tender and Support Agreements (as defined in the Merger Agreement), including the Merger, from the provisions of the Utah Control Shares Acquisitions Act, Utah Code Annotated Section 61-6-1 et seq. (the &#8220;<FONT style='border-bottom:1px solid #000000'>Control Shares Acquisitions Act</FONT>&#8221;). The Board approved and adopted Amendment No. 3 (the &#8220;<FONT style='border-bottom:1px solid #000000'>Bylaw Amendment</FONT>&#8221;) to the Company&#8217;s Amended and Restated Bylaws to provide that, as permitted by Section 61-6-6 of the Utah Code Annotated, the provisions of the Control Shares Acquisitions Act shall not apply to control share acquisitions (as defined in Section 61-6-3 of the Utah Code Annotated) of shares of the Company pursuant to the terms and conditions of the Merger Agreement and the Tender and Support Agreements. </P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>The description of the Bylaw Amendment provided above is qualified in its entirety by reference to the actual Bylaw Amendment, a copy of which is attached hereto as <FONT style='border-bottom:1px solid #000000'>Exhibit 3.1</FONT> and incorporated herein by reference.</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><FONT style=font-size:10pt><B>Item 8.01</B></FONT></KBD><KBD style=margin-left:45pt></KBD><FONT style=font-size:10pt><B>Other Events.</B></FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>On February 10, 2020, the Company and Parent issued a joint press release announcing the execution of the Merger Agreement. A copy of the press release was filed as Exhibit 99.1 to the Company&#8217;s Schedule 14D-9 filed on February 10, 2020.</FONT></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt><B>Additional Information about the Merger and Where to Find It</B></FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>The Offer for the shares of Common Stock referenced in this Current Report on Form 8-K has not yet commenced. This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Common Stock, nor is it a substitute for the Offer materials that Parent and Merger Sub will file with the SEC upon commencement of the Offer. At the time the Offer is commenced, Parent and Merger Sub will file Offer materials on Schedule TO, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer. THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION. HOLDERS OF SHARES ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY </P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'><FONT style=font-size:10pt>4</FONT></P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style='font:10pt Times New Roman'>WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF THE COMPANY&#8217;S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES. </FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, will be made available to all holders of shares of Common Stock at no expense to them. The Offer materials and the Solicitation/Recommendation Statement will be made available for free at the SEC&#8217;s website at www.sec.gov.&#160;&#160;</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt>In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports and other information with the SEC. The Company&#8217;s filings with the SEC are available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov.</FONT></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><FONT style=font-size:10pt><B><I>Cautionary Notice Regarding Forward-Looking Statements</I></B></FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'>This Form 8-K contains &#8220;forward-looking statements&#8221; relating to the acquisition of Company by Parent. Such forward-looking statements include the ability of the Company and Parent to complete the transactions contemplated by the Merger Agreement, including the parties&#8217; ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions and uncertainties. Actual results may differ materially from current expectations because of risks associated with uncertainties as to the timing of the Offer and the subsequent Merger; uncertainties as to the percentage of shares of Common Stock that will be tendered in the Offer; the possibility that various conditions to the consummation of the Offer or the Merger may not be satisfied or waived; the effects of disruption from the transactions contemplated by the Merger Agreement on the Company&#8217;s business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees, suppliers and other business partners; the risk of shareholder litigation in connection with the Offer or the Merger; other uncertainties pertaining to the business of the Company, including those set forth in the &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; sections of the Company&#8217;s Annual Report on Form&#160;10-K for the year ended December&#160;31, 2018 and the Company&#8217;s Quarterly Report on Form&#160;10-Q for the quarter ended September 30, 2019, each of which are on file with the SEC and available on the SEC&#8217;s website at www.sec.gov. In addition to the risks described above and in the Company&#8217;s other filings with the SEC, other unknown or unpredictable factors could also affect the ability of the Company, Parent and Merger Sub to complete the transactions contemplated by the Merger Agreement, and the timing thereof. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information contained in this Current Report on Form 8-K is provided only as of the date of this Current Report on Form 8-K, and the Company undertakes no obligation to update any forward-looking statements either contained in or incorporated by reference into this report on account of new information, future events, or otherwise, except as required by law<I>.</I></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'><FONT style=font-size:10pt>5</FONT></P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt'><A name=FIS_SECTION_9_FINANCIAL_STATEMENTS_AND_E /><A name=FIS_FINANCIAL_STATEMENTS_AND_EXHIBITS /><FONT style=font-size:10pt><B>Item 9.01. Financial Statements and Exhibits.</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(d) Exhibits</FONT></P>
<TABLE align=center style=border-collapse:collapse;width:472.05pt><TR style=height:11.85pt><TD colspan=3 valign=middle style=width:41.9pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><A name=FIS_UNIDENTIFIED_TABLE_3 />&#160;</P>
</TD><TD valign=bottom style=width:32.25pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=middle style=width:397.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
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<TR style=height:10.65pt><TD colspan=3 valign=bottom style=width:41.9pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><B>Exhibit No.</B></P>
</TD><TD valign=bottom style=width:32.25pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=bottom style=width:397.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD></TR>
<TR style=height:28.35pt><TD colspan=3 valign=top style=width:41.9pt><P style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:0pt;margin-right:0.7pt'>2.1</P>
</TD><TD valign=top style=width:32.25pt><P style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:0pt;margin-right:0.7pt'>&#160;</P>
</TD><TD valign=top style=width:397.3pt><P style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:0pt;margin-right:0.7pt'><A href=escc_ex2z1.htm style=text-decoration:none>Agreement and Plan of Merger by and among Elevate Entertainment Inc., Elevate Acquisition Corporation and Evans &amp; Sutherland Computer Corporation, dated February 9, 2020.*</A></P>
</TD></TR>
<TR style=height:3.5pt><TD colspan=3 valign=top style=width:41.9pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'>&nbsp;</P>
</TD><TD valign=top style=width:32.25pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'>&nbsp;</P>
</TD><TD valign=top style=width:397.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'>&nbsp;</P>
</TD></TR>
<TR style=height:11.7pt><TD colspan=3 valign=top style=width:41.9pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'>3.1</P>
</TD><TD valign=top style=width:32.25pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'>&nbsp;</P>
</TD><TD valign=top style=width:397.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.7pt'><A href=escc_ex3z1.htm style=text-decoration:none>Bylaw Amendment No. 3 to Amended and Restated Bylaws of Evans &amp; Sutherland Computer Corporation, February 9, 2020</A></P>
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<TR style=height:3.15pt><TD colspan=3 valign=top style=width:41.9pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD colspan=2 valign=top style=width:429.55pt><P style='font:10pt Times New Roman;margin:0;margin-right:1.8pt'>&nbsp;</P>
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<TR style=height:17.55pt><TD colspan=3 valign=top style=width:41.9pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>99.1</P>
</TD><TD valign=top style=width:32.25pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:397.3pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>Joint Press Release, dated February 10, 2020 (incorporated by reference to Exhibit 99.1 to the Company&#8217;s Schedule 14D-9, filed with the Securities and Exchange Commission on February 10, 2020)</P>
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<TR style=height:7.9pt><TD valign=middle style=width:12.05pt><P style='font:10pt Times New Roman;line-height:0.05pt;margin:0'><FONT style=line-height:0.05pt>&#160;</FONT></P>
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<TR style=height:26.45pt><TD valign=top style=width:12.05pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.75pt'>*</P>
</TD><TD colspan=4 valign=top style=width:456.2pt><P align=justify style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'>Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule will be furnished supplementally to the SEC upon request.</P>
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<P style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=font-size:10pt>&#160;</FONT><A name=eolPage6 /><FONT style=font-size:10pt>&#160;</FONT><A name=FIS_SIGNATURES /></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'><FONT style=font-size:10pt>6</FONT></P>
<HR style='page-break-after:always;border:0;height:3.75pt;background-color:#919191;margin:15pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:15pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'><A name=DERM_8K_20200110_HTM__AEIOULASTRENDEREDP /><FONT style=font-size:10pt><B>SIGNATURES</B></FONT></P>
<P style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=font-size:10pt>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.</FONT></P>
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<TR style=height:13.4pt><TD valign=top style=width:162.7pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.75pt'><FONT style=font-size:10pt>Date: February 13, 2020</FONT></P>
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</TD><TD colspan=5 valign=top style=width:241.05pt><P style='font:10pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style=font-size:10pt>/s/ Paul Dailey</FONT></P>
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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): February 9, 2020
EVANS & SUTHERLAND COMPUTER CORPORATION
(Exact name of registrant as specified in its charter)
Utah
001-14677
87-0278175
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
770 Komas Drive, Salt Lake City, Utah
84108
(Address of principal executive offices)
(Zip Code)
(801) 588-1000
(Registrant's telephone number, including area code)
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 (
see
General Instructions 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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common Stock, par value $0.20 per share
ESCC
Over-the-Counter Markets
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 1.01
Entry into a Material Definitive Agreement.
Merger Agreement
On February 9, 2020, Elevate Entertainment Inc., a Delaware corporation ("
Parent
"), Elevate Acquisition Corporation, a Delaware corporation and a wholly owned subsidiary of Parent ("
Merger Sub
"), and Evans & Sutherland Computer Corporation, a Utah corporation (the "
Company
"), entered into an Agreement and Plan of Merger (the "
Merger Agreement
"). The Merger Agreement provides that, subject to the terms of the Merger Agreement, Merger Sub will commence a cash tender offer (the "
Offer
") to purchase all of the outstanding shares of common stock, par value $0.20 per share, of the Company (the "
Common Stock
"), at a price of $1.19 per share (the "
Offer Price
"), net to the seller in cash, without interest, and subject to applicable withholding taxes.
Consummation of the Offer is subject to various conditions set forth in the Merger Agreement, including (a) a majority of shares of Common Stock, on a fully diluted basis, being tendered in the Offer, (b) the accuracy of the Company's representations and warranties contained in the Merger Agreement, subject to agreed-upon materiality standards, (c) the Company's performance in all material respects of its obligations under the Merger Agreement, and (d) the other conditions set forth in Exhibit C to the Merger Agreement. The consummation of the Offer and Merger is not subject to a financing condition.
The Offer will expire on the date that is 20 business days following the commencement date of the Offer, unless extended in accordance with the terms of the Offer and the Merger Agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the "
SEC
").
Following consummation of the Offer, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "
Merger
"). In the Merger, each outstanding share of Common Stock that is not tendered and accepted pursuant to the Offer (other than shares held in the treasury of the Company, any subsidiary of the Company, Parent or Merger Sub, and shares of Common Stock as to which appraisal rights have been perfected in accordance with applicable law) will be cancelled and converted into the right to receive the Offer Price, on the terms and conditions set forth in the Merger Agreement. Immediately prior to the Effective Time (as defined in the Merger Agreement), all unvested stock options will become fully vested, and at the Effective Time, each stock option will be canceled and converted into the right to receive an amount in cash equal to the difference between the Offer Price and the applicable per share exercise price, less any applicable tax withholding.
The board of directors of the Company (the "
Board
") has unanimously (a) determined that the Offer, the Merger, the Merger Agreement and the other transactions contemplated by the Merger Agreement and/or the ancillary agreements and plans to be entered into as contemplated by the Merger Agreement (collectively, the "
Transactions
") are advisable and in the best interests of the shareholders of the Company, (b) approved and declared advisable the Merger Agreement and the Transactions, and (c) resolved, subject to the terms and conditions of the Merger Agreement, to recommend acceptance of the Offer by the shareholders of the Company.
If after the Acceptance Time (as defined in the Merger Agreement) the shares of Common Stock owned by Merger Sub represent at least 90% of the then-outstanding shares of Common Stock, the Merger will be governed by Section 16-10a-1104 of the Utah Revised Business Corporation Act (the "
URBCA
") and shall be effected by Merger Sub and the Company as soon as practicable following the consummation of the Offer without a shareholders' meeting pursuant to the URBCA.
The Merger Agreement contains customary representations and warranties by Parent, Merger Sub and the Company. The Merger Agreement also contains customary covenants and agreements, including with respect to the operations of the business of the Company between signing and closing, governmental filings and approvals and other matters.
The Merger Agreement contains customary non-solicitation restrictions prohibiting the solicitation by the Company or its representatives of proposals relating to alternative business combination transactions and restricts the Company's ability to furnish non-public information to, or participate in any discussions or negotiations with, any third party with respect to any such transaction, subject to customary exceptions in the event of an acquisition proposal that was not solicited in violation of these restrictions and that the Board determines constitutes or could reasonably be expected to lead to a Superior Offer (as defined in the Merger Agreement).
The Merger Agreement contains termination rights for each of Parent, Merger Sub and the Company including by either Parent or the Company if the Acceptance Time (as defined in the Merger Agreement) shall not have occurred on or before
2
June 30, 2020, or by the Company to enter into an alternative transaction that constitutes a Superior Offer, and further provides that upon termination of the Merger Agreement under specified circumstances the Company may be required to pay Parent a termination fee.
A copy of the Merger Agreement is attached hereto as
Exhibit 2.1
and is incorporated herein by reference. The foregoing description of the Merger Agreement is qualified in its entirety by reference to the full text of the Merger Agreement. The Merger Agreement has been attached to provide investors with information regarding its terms. It is not intended to provide any other factual information about the Company, Merger Sub or Parent. In particular, the assertions embodied in the representations and warranties contained in the Merger Agreement are qualified by information in confidential disclosure schedules provided by the parties thereto in connection with the signing of the Merger Agreement. These disclosure schedules include information that modifies, qualifies and creates exceptions to the representations, warranties and covenants set forth in the Merger Agreement. Moreover, certain representations and warranties in the Merger Agreement were used for the purpose of allocating risk between the Company, Merger Sub and Parent, rather than establishing matters of fact. Accordingly, the representations and warranties in the Merger Agreement may not constitute the actual state of facts about the Company, Merger Sub or Parent.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the Merger Agreement as described in Item 1.01 of this Current Report, the Company entered into compensation and employment arrangements with certain of its executive officers as more fully described in this Item 5.02. The description of the Merger Agreement is incorporated into this Item 5.02 by reference.
Transaction Bonus Agreement
On February 9, 2020, in connection with the Merger Agreement, the Compensation Committee of the Board approved and the Company entered into Transaction Bonus Agreements with Jonathan Shaw, Chief Executive Officer, Paul Dailey, Executive Vice President, Chief Financial Officer and Corporate Secretary, and Kirk Johnson, President and Chief Operating Officer.  These agreements provide that, subject to certain conditions and contingent upon the consummation of the Merger, each of these executive officers will receive a payment, in the form of cash, of $75,000 (the "
Transaction Bonus
"), less applicable tax withholdings. In consideration of the Transaction Bonus, each executive waived the right to terminate his employment agreement with the Company for "Good Reason" in connection with the transactions contemplated under the Merger Agreement.
Amendment to Employment Agreements
On February 9, 2020, in connection with the transactions consummated pursuant to the Merger Agreement, the Compensation Committee of the Board approved and the Company entered into amendments (the "
Amendments to Employment Agreement
" or "
Amendment
") to the existing employment agreement of Jonathan Shaw, Chief Executive Officer, dated August 31, 2016 and as previously amended January 9, 2017; the existing employment agreement of Paul Dailey, Executive Vice President, Chief Financial Officer and Corporate Secretary, dated December 15, 2016; and the existing employment agreement of Kirk Johnson, President and Chief Operating Officer, dated September 1, 2016 (collectively, the "
Executive Employment Agreements
").
Pursuant to the Amendments to Employment Agreement, the Executive Employment Agreements are amended effective as of the Closing Date as defined in the Merger Agreement, to include the following material terms (capitalized terms used below but not otherwise defined have the meanings ascribed to such terms in the Amendments to Employment Agreement or the Executive Employment Agreements, as applicable):
(1)
executive will not be required to relocate to a new office location;
(2)
the term of employment includes an annual automatic renewal at the end of the respective agreement terms, for additional terms of one year each;
provided
that either the Company or the executive may terminate employment at any time, with or without cause subject to conditions contained in the Amendment;
(3)
the executive's current Base Salary will be maintained, is subject to periodic review, and may not be reduced below current levels in any given year;
3
(4)
executive will be paid a retention bonus in the amount of $40,000 per quarter (the "
Retention Bonus
"), payable quarterly in arrears for a 24-month period, commencing with the payroll following the first three-month period following the Amendment Effective Date, such Retention Bonus (a) not to exceed in the aggregate $320,000 and (b) may be terminated by mutual consent of the Company and executive upon signing a new employment agreement;
(5)
in the event the executive voluntarily terminates his employment for any reason, he will receive only his Base Salary, benefits and pro-rata amount of Retention Bonus through the date of termination;
(6)
upon a Separation (as defined in the Executive Employment Agreement) due to a termination without Cause, or as a result of death or Disability (as defined in the Executive Employment Agreement), executive will receive (a) severance payments equal to six months Base Salary at the time of termination, less applicable withholding, payable over six months following the date of Separation, (b) payment of health and other benefits during the severance period; and (c) the Retention Bonus payments that would have been earned had employment continued for an additional six months beyond the date of Separation;
provided
,
that
the executive executes and delivers to the Company a release in the form attached to the Amendment; and
(7)
the rights related to termination by the executive for Good Reason are waived and deleted.
All remaining provisions of the Executive Employment Agreements remain in full force and effect.
The foregoing descriptions of the Amendments to Employment Agreement and Transaction Bonus Agreements are qualified in their entirety by reference to the full text of the respective agreements.
Item 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The description of the Merger Agreement in Item 1.01 is incorporated into this Item 5.03 by reference.
On February 9, 2020, the Board deemed it to be in the best interest of the Company and its shareholders to exempt the transactions contemplated by the Merger Agreement and the Tender and Support Agreements (as defined in the Merger Agreement), including the Merger, from the provisions of the Utah Control Shares Acquisitions Act, Utah Code Annotated Section 61-6-1 et seq. (the "
Control Shares Acquisitions Act
"). The Board approved and adopted Amendment No. 3 (the "
Bylaw Amendment
") to the Company's Amended and Restated Bylaws to provide that, as permitted by Section 61-6-6 of the Utah Code Annotated, the provisions of the Control Shares Acquisitions Act shall not apply to control share acquisitions (as defined in Section 61-6-3 of the Utah Code Annotated) of shares of the Company pursuant to the terms and conditions of the Merger Agreement and the Tender and Support Agreements.
The description of the Bylaw Amendment provided above is qualified in its entirety by reference to the actual Bylaw Amendment, a copy of which is attached hereto as
Exhibit 3.1
and incorporated herein by reference.
Item 8.01
Other Events.
On February 10, 2020, the Company and Parent issued a joint press release announcing the execution of the Merger Agreement. A copy of the press release was filed as Exhibit 99.1 to the Company's Schedule 14D-9 filed on February 10, 2020.
Additional Information about the Merger and Where to Find It
The Offer for the shares of Common Stock referenced in this Current Report on Form 8-K has not yet commenced. This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Common Stock, nor is it a substitute for the Offer materials that Parent and Merger Sub will file with the SEC upon commencement of the Offer. At the time the Offer is commenced, Parent and Merger Sub will file Offer materials on Schedule TO, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer. THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION. HOLDERS OF SHARES ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY
4
WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF THE COMPANY'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.
The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, will be made available to all holders of shares of Common Stock at no expense to them. The Offer materials and the Solicitation/Recommendation Statement will be made available for free at the SEC's website at www.sec.gov.
In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports and other information with the SEC. The Company's filings with the SEC are available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov.
Cautionary Notice Regarding Forward-Looking Statements
This Form 8-K contains "forward-looking statements" relating to the acquisition of Company by Parent. Such forward-looking statements include the ability of the Company and Parent to complete the transactions contemplated by the Merger Agreement, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions and uncertainties. Actual results may differ materially from current expectations because of risks associated with uncertainties as to the timing of the Offer and the subsequent Merger; uncertainties as to the percentage of shares of Common Stock that will be tendered in the Offer; the possibility that various conditions to the consummation of the Offer or the Merger may not be satisfied or waived; the effects of disruption from the transactions contemplated by the Merger Agreement on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees, suppliers and other business partners; the risk of shareholder litigation in connection with the Offer or the Merger; other uncertainties pertaining to the business of the Company, including those set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, each of which are on file with the SEC and available on the SEC's website at www.sec.gov. In addition to the risks described above and in the Company's other filings with the SEC, other unknown or unpredictable factors could also affect the ability of the Company, Parent and Merger Sub to complete the transactions contemplated by the Merger Agreement, and the timing thereof. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information contained in this Current Report on Form 8-K is provided only as of the date of this Current Report on Form 8-K, and the Company undertakes no obligation to update any forward-looking statements either contained in or incorporated by reference into this report on account of new information, future events, or otherwise, except as required by law
.
5
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
2.1
Agreement and Plan of Merger by and among Elevate Entertainment Inc., Elevate Acquisition Corporation and Evans & Sutherland Computer Corporation, dated February 9, 2020.*
3.1
Bylaw Amendment No. 3 to Amended and Restated Bylaws of Evans & Sutherland Computer Corporation, February 9, 2020
99.1
Joint Press Release, dated February 10, 2020 (incorporated by reference to Exhibit 99.1 to the Company's Schedule 14D-9, filed with the Securities and Exchange Commission on February 10, 2020)
*
Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule will be furnished supplementally to the SEC upon request.
6
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.
EVANS & SUTHERLAND COMPUTER CORPORATION
Date: February 13, 2020
By:
/s/ Paul Dailey
Paul Dailey
Chief Financial Officer
7