-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GdcWyNVemljLzZJ0H+GYHqY6aw2DpFXKWlxu7rgqCWfbmpLTnHO0ZiY2d+xgEzMH 6KJU6tz8fHA2eL3p/+mRRw== 0001104659-05-032781.txt : 20050718 0001104659-05-032781.hdr.sgml : 20050718 20050718164053 ACCESSION NUMBER: 0001104659-05-032781 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050715 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20050718 DATE AS OF CHANGE: 20050718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DPAC TECHNOLOGIES CORP CENTRAL INDEX KEY: 0000784770 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 330033759 STATE OF INCORPORATION: CA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14843 FILM NUMBER: 05959790 BUSINESS ADDRESS: STREET 1: 7321 LINCOLN WAY CITY: GARDEN GROVE STATE: CA ZIP: 92641 BUSINESS PHONE: 7148980007 MAIL ADDRESS: STREET 1: 7321 LINCOLN WAY CITY: GARDEN GROVE STATE: CA ZIP: 92641 FORMER COMPANY: FORMER CONFORMED NAME: DENSE PAC MICROSYSTEMS INC DATE OF NAME CHANGE: 19920703 8-K 1 a05-12343_18k.htm 8-K

 

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):

July 15, 2005

 

DPAC TECHNOLOGIES CORP.

(Exact name of registrant as specified in its charter)

 

California

 

0-14843

 

33-0033759

(State or other jurisdiction

 

(Commission File Number)

 

(I.R.S. Employer

of incorporation)

 

 

 

Identification Number)

 

7321 Lincoln Way, Garden Grove, California   92841

(Address of principal executive offices) (Zip Code)

 

714-898-0007

Registrant’s telephone number, including area code

 

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 (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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

 

 


 

Section 1 - - Registrant’s Business and Operations

Item 1.01 Entry into a Material Definitive Agreement.

 

After the close of business on July 15, 2005, the Registrant entered into an amendment to each of the employment agreements of former DPAC officers Edward G. Bruce, William M. Stowell and John P. Sprint attached hereto as Exhibit 1.01(a), (b) and (c) and incorporated herein by this reference.

 

The amendment provides for a reduction to $3,076.92 for the bi-weekly severance payment provided to each of the above named individuals effective with the first payroll in July.  The amendment does not reduce the total severance obligation of the Registrant, but extends the period of time over which severance payments will be made.

 

(c)                                  Exhibits

 

Exh. No.

 

Description

1.01 (a)

 

Agreement dated July 15, 2005 between the Registrant and Edward G. Bruce.

1.01 (b)

 

Agreement dated July 15, 2005 between the Registrant and William M. Stowell

1.01 (c)

 

Agreement dated July 15, 2005 between the Registrant and John P. Sprint

 

2


 

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.

 

 

DPAC Technologies Corp.

 

 

(Registrant)

 

 

 

Date

  July 18, 2005

 

 

 

 

/s/ Creighton K. Early

 

 

(Signature)

 

 

 

Creighton K. Early, Chief Executive Officer

 

 

(Name and Title)

 

3


 

Exhibit Index

 

Exh. No.

 

Description

1.01 (a) 

 

Agreement dated July 15, 2005 between the Registrant and Edward G. Bruce.

1.01 (b) 

 

Agreement dated July 15, 2005 between the Registrant and William M. Stowell

1.01 (c) 

 

Agreement dated July 15, 2005 between the Registrant and John P. Sprint

 

4

 

 EX-1.01(A) 2 a05-12343_1ex1d01a.htm EX-1.01(A)

Exhibit 1.01 (a)

 

Employment Agreement Amendment

 

This Amendment (the “Amendment) to the employment agreement dated June 7, 2001 (the “Agreement”) by and between DPAC Technologies Corp., a California corporation (the “Company”) and Edward G. Bruce, an individual (the “Individual”) is made as of July 1, 2005.

 

1.               In accordance with section 4(g) of the Agreement the following severance items are owed by the Company to the Individual for the period June 19, 2005 through December 7, 2006:

 

a.

Base Salary

 

$

290,769.29

b.

401K Matching Contribution

 

$

6,000.00

c.

Car Allowance

 

$

6,000.00

 

2.               The severance items listed above, which total $302,769.29, shall be paid by the Company to the Individual through the Company’s payroll system at the rate of $3,076.92 every two weeks commencing on July 8, 2005 and continuing until the $302,769.29 is paid in full.

 

3.               Should the Company enter into bankruptcy, or another form of court supervised protection from creditors, prior to the above referenced severance items being paid in full this Amendment will immediately become null and void. The terms and conditions of the Agreement as entered into June 7, 2001 will prevail and any money owed pursuant to the terms and conditions of the Agreement as entered into June 7, 2001 shall be immediately due and payable.

 

4.               Upon execution this Amendment shall become part of the Agreement and shall be subject to all terms and conditions of the Agreement except as specifically altered by this Amendment.

 

5.               Except as specifically altered by this Amendment all other terms and conditions of the Agreement remain unchanged.

 

 

/s/ Stephen J. Vukadinovich

 

 

  /s/ Edward G. Bruce

 

DPAC Technologies Corp.

 

Edward G. Bruce - Individual

By: Stephen J. Vukadinovich

 

 

Chief Financial Officer

 

 

 

 EX-1.01(B) 3 a05-12343_1ex1d01b.htm EX-1.01(B)

 

Exhibit  1.01 (b)

 

Employment Agreement Amendment

 

This Amendment (the “Amendment) to the employment agreement dated June 7, 2001 (the “Agreement”) by and between DPAC Technologies Corp., a California corporation (the “Company”) and William M. Stowell, an individual (the “Individual”) is made as of July 1, 2005.

 

1.               In accordance with section 4(g) of the Agreement the following severance items are owed by the Company to the Individual for the period June 26, 2005 through December 7, 2006:

 

a.

Base Salary

 

$

247,807.78

b.

401K Matching Contribution

 

$

6,000.00

c.

Car Allowance

 

$

9,000.00

 

2.               The severance items listed above, which total $262,807.78, shall be paid by the Company to the Individual through the Company’s payroll system at the rate of $3,076.92 every two weeks commencing on July 8, 2005 and continuing until the $262,807.78 is paid in full.

 

3.               Should the Company enter into bankruptcy, or another form of court supervised protection from creditors, prior to the above referenced severance items being paid in full this Amendment will immediately become null and void. The terms and conditions of the Agreement as entered into June 7, 2001 will prevail and any money owed pursuant to the terms and conditions of the Agreement as entered into June 7, 2001 shall be immediately due and payable.

 

4.               Upon execution this Amendment shall become part of the Agreement and shall be subject to all terms and conditions of the Agreement except as specifically altered by this Amendment.

 

5.               Except as specifically altered by this Amendment all other terms and conditions of the Agreement remain unchanged.

 

 

/s/ Stephen J. Vukadinovich

 

 

  /s/ William M. Stowell

 

DPAC Technologies Corp

 

William M. Stowell – Individual

By:  Stephen J. Vukadinovich

 

 

Chief Financial Officer

 

 

 

 

 EX-1.01(C) 4 a05-12343_1ex1d01c.htm EX-1.01(C)

 

Exhibit 1.01 (c)

 

Employment Agreement Amendment

 

This Amendment (the “Amendment) to the employment agreement dated June 7, 2001 (the “Agreement”) by and between DPAC Technologies Corp., a California corporation (the “Company”) and John P. Sprint, an individual (the “Individual”) is made as of July 1, 2005.

 

1.               In accordance with section 4(g) of the Agreement the following severance items are owed by the Company to the Individual for the period June 19, 2005 through December 7, 2006:

 

a.

Base Salary

 

$

273,230.75

b.

401K Matching Contribution

 

$

6,000.00

c.

Car Allowance

 

$

9,000.00

 

2.               The severance items listed above, which total $288,230.75, shall be paid by the Company to the Individual through the Company’s payroll system at the rate of $3,076.92 every two weeks commencing on July 8, 2005 and continuing until the $288,230.75 is paid in full.

 

3.               Should the Company enter into bankruptcy, or another form of court supervised protection from creditors, prior to the above referenced severance items being paid in full this Amendment will immediately become null and void. The terms and conditions of the Agreement as entered into June 7, 2001 will prevail and any money owed pursuant to the terms and conditions of the Agreement as entered into June 7, 2001 shall be immediately due and payable.

 

4.               Upon execution this Amendment shall become part of the Agreement and shall be subject to all terms and conditions of the Agreement except as specifically altered by this Amendment.

 

5.               Except as specifically altered by this Amendment all other terms and conditions of the Agreement remain unchanged.

 

 

  /s/ Stephen J. Vukadinovich

 

 

  /s/  John P. Sprint

 

DPAC Technologies Corp.

 

John P. Sprint - Individual

By:  Stephen J. Vukadinovich

 

 

Chief Financial Officer

 

 

 

 

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