0001104659-22-007870.txt : 20220126 0001104659-22-007870.hdr.sgml : 20220126 20220126170031 ACCESSION NUMBER: 0001104659-22-007870 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220126 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220126 DATE AS OF CHANGE: 20220126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GTY Technology Holdings Inc. CENTRAL INDEX KEY: 0001682325 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 832860149 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37931 FILM NUMBER: 22558701 BUSINESS ADDRESS: STREET 1: 800 BOYLSTON STREET STREET 2: 16TH FLOOR CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 8774653200 MAIL ADDRESS: STREET 1: 800 BOYLSTON STREET STREET 2: 16TH FLOOR CITY: BOSTON STATE: MA ZIP: 02199 8-K 1 tm224476d1_8k.htm FORM 8-K
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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 26, 2022

 

GTY TECHNOLOGY HOLDINGS INC.

(Exact name of registrant as specified in its charter)

 

Massachusetts 001-37931 83-2860149

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

800 Boylston Street, 16th Floor

Boston, MA 02199

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (877) 465-3200

 

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:

 

¨ 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, par value $0.0001 per share   GTYH   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 x

 

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.

 

(e) Effective on January 26, 2022, each of the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer (collectively, the “Executives”) of GTY Technology Holdings Inc. (the “Company”) entered into a waiver and consent (each, a “Waiver and Consent”) with regard to his respective annual bonus for 2021.

 

Pursuant to the following amended and restated letter agreements with the Executives, each Executive is eligible to receive an annual cash bonus of up to 50% of his annual base salary (“Annual Bonus”):

 

·amended and restated letter agreement dated July 1, 2021 with TJ Parass, its Chief Executive Officer and President, which was assigned to Questica Software Inc., a subsidiary of the Company, on that same date;

 

·amended and restated letter agreement dated April 29, 2021with John Curran, the Chief Financial Officer of the Company; and

 

·amended and restated letter agreement dated April 15, 2021 with Dave Farrell, the Chief Operating Officer of the Company.

 

Each Executive entered into a Waiver and Consent pursuant to which such Executive waived his right to receive his Annual Bonus for 2021 in cash and consented to the payment of such bonus in cash, restricted stock units with a vesting period of no more than one year, or a combination of both. The specific amount of each Annual Bonus has not yet been determined.

 

The foregoing descriptions of the Waivers and Consents are not complete descriptions thereof and are qualified in their entirety by reference to the Waivers and Consents attached hereto as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3 and incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

  (d) Exhibits

 

Exhibit No.   Description
10.1   Waiver and Consent by TJ Parass dated January 26, 2022.
10.2   Waiver and Consent by John Curran dated January 26, 2022.
10.3   Waiver and Consent by David Farrell dated January 26, 2022.
104   Cover Page Interactive Data File (the cover page XBRL tags are embedded in the inline XBRL Document)

 

 

 

 

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.

 

  GTY TECHNOLOGY HOLDINGS INC.
   
     
  By: /s/ Jon C. Bourne
    Name: Jon C. Bourne
   

Title:

Executive Vice President,
General Counsel and Secretary

     
Dated: January 26, 2022    

 

 

 

EX-10.1 2 tm224476d1_ex10-1.htm EXHIBIT 10.1

Exhibit 10.1

 

  WAIVER AND CONSENT

 

THIS WAIVER AND CONSENT (“Waiver and Consent”) is provided by TJ Parass (“Executive”) to Questica Software Inc., assignee of GTY Technology Holdings Inc. (the “Company”) effective as of January 26, 2022 (the “Effective Date”).

 

1.       Executive and Company entered into an amended and restated letter agreement dated July 1, 2021 (the “Agreement”). Capitalized terms used and not defined in this Waiver and Consent have the meanings assigned to them in the Agreement.

 

2.       Section 2 of the Agreement requires the Company to pay an Annual Bonus in cash (the “Cash Payment Requirement”).

 

3.       Company has requested that Executive permit the Company to pay the Annual Bonus for 2021 in cash, Restricted Stock Units with a vesting period of no more than one year, or a combination of both at the Company’s discretion (the “Cash-or-Equity Payment Option”).

 

4.       Executive is willing to waive, and by executing this Waiver and Consent does waive, the Cash Payment Requirement and consents to the Cash-or-Equity Payment Option with respect to the Annual Bonus for 2021.

 

5.       The Waiver and Consent does not constitute a waiver of or consent to any matter other than as expressly provided herein. Executive’s execution of this Waiver and Consent is not, and shall not be construed as, a modification of the terms of the Agreement, except as expressly described in this Waiver and Consent.

 

IN WITNESS WHEREOF, Executive has executed this Waiver and Consent as of the Effective Date.

 

  TJ PARASS
   
   
  /s/ TJ Parass

 

 

 

 

EX-10.2 3 tm224476d1_ex10-2.htm EXHIBIT 10.2

Exhibit 10.2

 

WAIVER AND CONSENT

 

THIS WAIVER AND CONSENT (“Waiver and Consent”) is provided by John Curran (“Executive”) to GTY Technology Holdings Inc. (the “Company”) effective as of January 26, 2022 (the “Effective Date”).

 

1.       Executive and Company entered into an amended and restated letter agreement dated April 29, 2021 (the “Agreement”). Capitalized terms used and not defined in this Waiver and Consent have the meanings assigned to them in the Agreement.

 

2.       Section 2 of the Agreement requires the Company to pay an Annual Bonus in cash (the “Cash Payment Requirement”).

 

3.       Company has requested that Executive permit the Company to pay the Annual Bonus for 2021 in cash, Restricted Stock Units with a vesting period of no more than one year, or a combination of both at the Company’s discretion (the “Cash-or-Equity Payment Option”).

 

4.       Executive is willing to waive, and by executing this Waiver and Consent does waive, the Cash Payment Requirement and consents to the Cash-or-Equity Payment Option with respect to the Annual Bonus for 2021.

 

5.       The Waiver and Consent does not constitute a waiver of or consent to any matter other than as expressly provided herein. Executive’s execution of this Waiver and Consent is not, and shall not be construed as, a modification of the terms of the Agreement, except as expressly described in this Waiver and Consent.

 

IN WITNESS WHEREOF, Executive has executed this Waiver and Consent as of the Effective Date.

 

  JOHN CURRAN
   
   
  /s/ John Curran

 

 

 

EX-10.3 4 tm224476d1_ex10-3.htm EXHIBIT 10.3

Exhibit 10.3

 

WAIVER AND CONSENT

 

THIS WAIVER AND CONSENT (“Waiver and Consent”) is provided by David Farrell (“Executive”) to GTY Technology Holdings Inc. (the “Company”) effective as of January 26, 2022 (the “Effective Date”).

 

1.       Executive and Company entered into an amended and restated letter agreement dated April 15, 2021 (the “Agreement”). Capitalized terms used and not defined in this Waiver and Consent have the meanings assigned to them in the Agreement.

 

2.       Section 2 of the Agreement requires the Company to pay an Annual Bonus in cash (the “Cash Payment Requirement”).

 

3.       Company has requested that Executive permit the Company to pay the Annual Bonus for 2021 in cash, Restricted Stock Units with a vesting period of no more than one year, or a combination of both at the Company’s discretion (the “Cash-or-Equity Payment Option”).

 

4.       Executive is willing to waive, and by executing this Waiver and Consent does waive, the Cash Payment Requirement and consents to the Cash-or-Equity Payment Option with respect to the Annual Bonus for 2021.

 

5.       The Waiver and Consent does not constitute a waiver of or consent to any matter other than as expressly provided herein. Executive’s execution of this Waiver and Consent is not, and shall not be construed as, a modification of the terms of the Agreement, except as expressly described in this Waiver and Consent.

 

IN WITNESS WHEREOF, Executive has executed this Waiver and Consent as of the Effective Date.

 

  DAVID FARRELL
   
   
  /s/ David Farrell

 

 

 

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