The 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): May 22, 2013
Giga-tronics Incorporated
(Exact name of registrant as specified in its charter)
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California (State or other jurisdiction of incorporation) |
0-12719 (Commission File No.) |
94-2656341 (IRS Employer Identification Number) |
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4650 Norris Canyon Road, San Ramon, CA |
94583 |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (925) 328-4650
N/A
(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 (see General Instruction A.2. below):
[ ] 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))
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(c)(1) Steven D. Lance, 48, joined Giga-tronics Incorporated (the “Corporation”) as Vice President of Finance on May 20, 2013 and was appointed Chief Financial Officer and Secretary of the Corporation by the Board of Directors on May 22, 2013.
(2) The following is a brief description of Mr. Lance’s business experience:
Mr. Lance was the Vice President of Finance at Taulia Inc. from 2011-2013, the Vice President of Finance and Administration at SugarCRM Inc. from 2006-2011, Corporate Controller at Entrisphere from 2005-2006, Vice President, and Corporate Controller at SumTotal Systems (formerly Docent Inc.) 2000-2005. Prior to 2000, Mr. Lance held Financial Management positions at ADAC Labratories Inc., Phoenix Technologies and KLA-Tencor. Mr. Lance is a Certified Public Accountant (inactive) and holds a Bachlors of Sciences in Business Accounting from San Jose State University.
There are no family relationships between Mr. Lance and the directors and other executive officers of the Corporation.
(3) Mr. Lance’s employment is at-will. His compensation will initially be $180,000 annually. In addition, he will be granted a Stock Option Award of 100,000 shares, to be approved at the next meeting of the Board of Directors. He is entitled to three weeks’ vacation per year and is entitled to participate in benefits programs on the same basis as other employees of the Corporation.
On May 23, 2013, the Company issued a press release announcing the appointment of Mr. Lance.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description |
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(d) Exhibit 99.1 |
Press Release dated May 23, 2013 |
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.
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Date: May 23, 2013 |
GIGA-TRONICS INCORPORATED |
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By: /s/ John R. Regazzi President and Chief Executive Officer |
Exhibit 99.1
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NEWS RELEASE | |
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For Release on May 23, 2013 |
Contact: Steve Lance |
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(925) 328-4656 |
Vice President, Finance/CFO |
Steve Lance joins Giga-tronics Incorporated as Vice President of Finance/Chief Financial Officer
SAN RAMON, CA - Giga-tronics Incorporated (NASDAQ:GIGA) reported today that Steve Lance has joined Giga-tronics Incorporated as the Vice President of Finance and was appointed Chief Financial Officer and Secretary by the Board of Directors on May 22, 2013.
Mr. Lance has 25 years of financial experience in software and manufacturing companies, both public and private. He was previously the Vice President of Finance at Taulia, a software startup in San Francisco and before that was the Vice President of Finance and Administration at Sugar CRM. Prior to 2005, Mr. Lance held financial management positions at Sum-Total Systems, ADAC Laboratories Inc., Phoenix Technologies and KLA-Tencor. Mr. Lance is a Certified Public Accountant (inactive) and holds a BS degree in Business Accounting from San Jose State University. Mr. Lance will replace Mr. Frank Romejko, who will be leaving the Company due to a scheduled retirement at the end of June 2013.
“Steve will play a critical role in helping me complete our turnaround and in positioning the Company for profitable growth following the introduction of our new product platform,” said John R. Regazzi, Chief Executive Officer of Giga-tronics. Mr. Regazzi added, “Steve’s broad-based experience in finance, including with NASDAQ listed public companies, makes him well prepared for the job of Chief Financial Officer.”
Giga-tronics produces instruments, subsystems and sophisticated microwave components that have broad applications in both defense electronics and wireless telecommunications.
Giga-tronics is a publicly held Company, traded on the NASDAQ Capital Market under the symbol “GIGA”.
This press release contains forward-looking statements, concerning Giga-tronics products, business prospects and profitability. Actual results may differ significantly due to risks and uncertainties, such as future orders, cancellation or deferral of orders, disputes over performance, the ability to collect receivables and general market conditions. For further discussion, see the most recent annual report filed by Giga-tronics on Form 10-K for the fiscal year ended March 31, 2012, Part I, under the heading "Certain Factors Which May Adversely Affect Future Operations or an Investment in Giga-tronics" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations".