UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| SECTION 5. | CORPORATE GOVERNANCE AND MANAGEMENT |
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Compensation Arrangements. On November 22, 2023, the Board of Directors of Wytec International, Inc., a Nevada corporation (the “Company”), authorized an amendment to the currently outstanding warrant to purchase up to 2,000,000 shares of the common stock of the Company (the “Warrant”) owned by William H. Gray, the Chairman, Chief Executive Officer, and President of the Company, changing the expiration date of the Warrant from December 31, 2023 to December 31, 2025 in order to give Mr. Gray more time to exercise the Warrant. A copy of the Amendment to the Warrant is attached to this Report at Exhibit 4.1.
On November 22, 2023, the Board of Directors of the Company authorized the issuance to each director of the Company of $18,750 of shares of the Company’s common stock, based on the most recent valuation report received by the Company for its common stock, for each quarter of valuable services provided to the Company by such director from the date of such director’s appointment through September 30, 2023 as follows: 175,709 shares to Mr. William H. Gray, 30,134 shares to Ms. Erica Perez, 25,806 shares to Mr. Christopher Stuart, 25,806 shares to Dr. Sam Khoury, and 24,714 shares to Mr. Gary Stein.
On November 22, 2023, the Board of Directors of the Company also authorized the adoption of a compensation plan for the directors of the Company pursuant to which each quarter, commencing for the fourth quarter of 2023, each director will receive $18,750 of shares of the Company’s common stock in consideration for such director’s valuable services as a director of the Company (i) based on the most recent valuation report received by the Company for its common stock if the Company’s common stock is not quoted on the NASDAQ Capital Market or equivalent or higher public securities trading market (each a “Trading Market”) during the applicable quarter or (ii) based on the average closing price that is quoted on a Trading Market (if more than one, the one with the then highest trading volume) during the applicable quarter if the Company’s common stock is quoted on a Trading Market at any time during applicable quarter.
| SECTION 9. | FINANCIAL STATEMENTS, PRO FORMA FINANCIALS & EXHIBITS |
(d) Exhibits
99.1 Amendment to Warrant, dated November 22, 2023.
104 Cover Page Interactive Data File (formatted in inline XBRL).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WYTEC INTERNATIONAL, INC.
(Registrant)
| Date: November 28, 2023 | By: | /s/ William H. Gray |
| William H. Gray, Chief Executive Officer | ||
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