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EX-10.1 - EXHIBIT 10.1 - TOWERSTREAM CORPv242706_ex10-1.htm
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):  December 8, 2011
 
Towerstream Corporation

 
(Exact Name of Registrant as Specified in Charter)
 
Delaware
 
001-33449
 
20-8259086
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)

55 Hammarlund Way
Middletown, RI
 
02842
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (401) 848-5848
 
 
(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:
 
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 DFR 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))
 
 
 

 
 
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 8, 2011, Towerstream Corporation (the “Company”) entered into an Amendment (the “Amendment”) to that certain Employment Agreement, first entered into by the Company and Jeffrey M. Thompson on December 21, 2007 (the “Employment Agreement”).  Pursuant to the Amendment, effective as of December 10, 2011 (the “Effective Date”), Mr. Thompson will continue to serve as the Company’s Chief Executive Officer and the term of the Employment Agreement shall be extended for a period of two years, commencing on the Effective Date.  The Company agreed to pay Mr. Thompson a signing bonus of $25,000 to be paid on the Effective Date, and a base salary at an annual rate of $330,000.  Mr. Thompson will also be entitled to certain performance based bonuses as approved by the Company’s Compensation Committee of the Board of Directors.
 
The Amendment also added provisions related to Section 409A of the Internal Revenue Code of 1986, as amended, and that the Employment Agreement shall be construed in a manner that would not result in tax or penalty liabilities under Section 409A.
 
Item 9.01. 
Financial Statements and Exhibits.

(d) Exhibits
 
10.1
Amendment to Employment Agreement(1)

(1) 
Confidential treatment is requested for certain confidential portions of this exhibit pursuant to Rule 24b-2 under the Exchange Act. In accordance with Rule 24b-2, these confidential portions have been omitted from this exhibit and filed separately with the Commission.


 
 

 


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.
 
                                                                 
 
TOWERSTREAM CORPORATION
 
     
       
Date: December 9, 2011
By:
/s/ Joseph Hernon  
    Joseph Hernon  
    Chief Financial Officer