UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 5.02 Compensatory Arrangements of Certain Officers
On September 1, 2021 Reliability, a workforce solution company with over 30 years of specializing in employer of record and staffing services in the media space, under its Maslow Media brand, entered into new employment agreements with President/CEO Nick Tsahalis and CFO Mark Speck, respectively. The board of directors acted in accordance with the advice of its compensation committee to grant Mr. Tsahalis who has served as wholly owned subsidiary Maslow Media Group’s (MMG) CEO since November of 2016, and Mr. Speck who has served MMG since April of 2019. Both assumed essentially the same officer posts with Mr. Tsahalis also being named Reliability President and CEO, of the parent company when MMG merged with Reliability on October 29, 2019, with no additional compensation or benefits.
Under Mr. Tsahalis’ s Employment Agreement, the Company has hired him to serve as its President/Chief Executive Officer through August 31, 2023 and to serve in the same capacity for its wholly owned subsidiary, Maslow Media Group, Inc. “Maslow”). Mr. Tsahalis’s base salary is $287,800 per annum and he is eligible for annual bonuses, equity grants and other employee benefit plans on a basis no less favorable than that afforded other executives. The Employment Agreement contains customary provisions regarding termination and indemnification. In addition, in the event of a termination following a “Change in Control,” Mr. Tsahalis is entitled to be paid his accrued salary and benefits and up to two times his base salary.
Under Mr. Speck’s Employment Agreement, the Company has hired him to serve as its Chief Financial Officer though August 31, 2023 on substantially the same terms as Mr. Tsahalis, except that Mr. Speck’s base salary is $260,000 per annum.
The foregoing summary descriptions of the Compensation Agreements do not purport to be complete and are qualified in their entirety by reference to the full text of the Compensation Agreements, which are filed as Exhibit 12.1 and Exhibit 12.2, respectively.
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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 hereunto duly authorized.
| RELIABILITY INCORPORATED | ||
| Date: September 9, 2021 | /s/ Nick Tsahalis | |
| By: | Nick Tsahalis | |
| Its: | President and CEO | |
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EXHIBIT INDEX
| 12.1 | Employment Contract Nick Tsahalis |
| 12.2 | Employment Contract Mark Speck |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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