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 8, 2018
Table Trac, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 001-32987 | 88-0336568 | ||
| (State of Incorporation) | (Commission file number) | (IRS Employer Identification Number) |
6101 Baker Road, Suite 206,
Minnetonka, Minnesota 55345
(Address of principal executive offices) (Zip Code)
(952) 548-8877
(Registrant's telephone number, including area code)
(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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 8, 2018, the Board of Directors of Table Trac Inc. appointed Randy W. Gilbert, age 53, as the Company’s Chief Financial Officer. Previously and since September 2015, Mr. Gilbert served as a Principal with Assurance Consulting 3 (AC3) a division of Boeckermann, Grafstrom and Mayer, which provides Sarbanes Oxley and Internal audit services. Prior to that and since 2006, he was a manager with AC3. Additionally, Mr. Gilbert served as the Chief Financial Officer for EVO Transportation & Energy Services, Inc. (formally called Minn Shares Inc.) from May 2016 to December 2017. Mr. Gilbert has a Bachelor of Accounting B.ACC degree from the University of Minnesota - Duluth and began his Accounting career with KPMG.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 10.1 | Offer Letter by and between Table Trac Inc. and Randy W. Gilbert |
SIGNATURE
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.
| TABLE TRAC, INC.: | ||
| ( Registrant ) | ||
| By: | /s/ Chad Hoehne | |
| Chad Hoehne , Chief Executive Officer | ||
| Dated: January 11, 2018 | ||
Exhibit 10.1
[Table Trac Inc. letterhead]
December 20, 2017
Randy W. Gilbert
224 Ridgeview Drive E
Wayzata, MN 55391
| SU: | Offer Letter for position of CFO with Table Trac, Inc. |
Dear Randy,
Bob, Lou and I have appreciated and respected your achievements to date. Our assessment of your competence and work ethic were swift and we feel you are a good fit with the diversity of tasks we need filled and your enthusiastic response to those wide ranging hands-on needs.
We have demonstrated that Table Trac is a solid company built on firm fundamentals that is posed for significant growth. As a small well positioned company, Table Trac presents you with the challenge and opportunity of growth and, the rewards that come from both.
We are confident of your ability to make significant contributions to helping lead Table Trac to its potential value and, believe you would find great professional reward in being a part of our organization.
Below is Table Trac Inc's offer consisting of four elements:
|
Signing Bonus vests over 4 years:
|
Year 1 | 20,000 | shares | |||||
|
1 year restricted shares
|
Year 2 | 10,000 | shares | |||||
| Year 3 | 10,000 | shares | ||||||
| Year 4 | 10,000 | shares | ||||||
|
Base Salary:
|
$ | 135,000 | ||||||
|
New Customer Install Bonus
There were 12 in 2017 ex 15 in 2018 |
$ | 1,000 | each ex | $ | 15,000 | |||
| 2018 plan Bonus pays proportional | $ | 30,000 |
cash |
|||||
| At 60% 80% 100% 120% of plan | 10,000 | shares |
Stock Awards you can opt for up to 40% cash value to cover taxes.
| Agreed 12/20/2017 | Accepted | ||
| /s/ Chad Hoehne | /s/ Randy Gilbert | ||
| Chad Hoehne | Randy Gilbert | ||
| President & CEO |
610 Baker Road, Suite 206, Minnetonka, MN 55345
952-548-8877 phone 952-938-5629 fax