8-K 1 v177092_8k.htm
 
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):  March 11, 2010


UNIVERSAL SECURITY INSTRUMENTS, INC.

(Exact name of registrant as specified in its charter)

Maryland
0-7885
52-0898545
(State or Other Jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
  
Identification No.)

 
11407 Cronhill Drive, Suite A, Owings Mills, Maryland  21117
(Address of Principal Executive Offices)


Registrant’s telephone number, including area code: (410) 363-3000

Inapplicable
(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:

 
r Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
r Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
r
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

r
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
 
 
INFORMATION TO BE INCLUDED IN THE REPORT


Item 1.01.                      Entry into a Material Definitive Agreement.

On March 11, 2010, the Registrant entered into an Addendum to the Second Amended and Restated Employment Agreement dated as of July 18, 2005 with Harvey B. Grossblatt, President and Chief Executive Officer of the Registrant (the “Addendum”).  The Addendum extended the term of Mr. Grossblatt’s employment by one year, from July 31, 2010 to July 31, 2012, and reduced the threshold of pre-tax net income of the Registrant on which the Executive may earn a bonus for the fiscal year beginning April 1, 2010 to 4% of shareholders’ equity as of April 1, 2010.  The threshold on which the Executive may earn a bonus for the fiscal year beginning April 1, 2011 will be determined by the Registrant’s Compensation Committee prior to the beginning of such fiscal year.

Item 9.01.                      Financial Statements and Exhibits.

(c)           Exhibits

The following exhibits are filed herewith:
 
Exhibit No.
  
   
10.1
Addendum, dated March 11, 2010, to Second Amended and Restated Employment Agreement



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.
 
 
UNIVERSAL SECURITY INSTRUMENTS, INC.
(Registrant)
 
 
  
       
Date: March 12, 2010 
By:
/s/ Harvey B. Grossblatt  
    Harvey B. Grossblatt  
    President   
       

 
 
-2-