Actionable news
All posts from Actionable news
Actionable news in APT: ALPHA PRO TECH Ltd.,

Alpha Pro: Outstanding July 31, 2015

The following excerpt is from the company's SEC filing.

Common Stock, $0.01 par value



Alpha Pro Tech, Ltd. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (“Amendment No. 1”) to amend its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015, originally filed with the Securities and Exchange Commission (the “SEC”) on August 5, 2015 (the “Original Quarterly Report”). The Company is filing this Amendment No. 1 for the sole purpose of disclosing information under Item 5(a) of Part II of Form 10-Q relating to information that was required to be disclosed by the Company in a Current Report on Form 8-K during the period covered by the Original Quarterly Report, but which was not reported on a Form 8-K during that period.

In accordance with Rule 12b-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amendment No. 1 on Form 10-Q/A sets forth the complete text of Item 5 of Part II of the Company’s Form 10-Q for the period ended June 30, 2015, and also includes the required certifications under Exchange Act Rule 13a-14(a) and 15(d)-14(a) as Exhibits 31.1 and 31.2, respectively. Except as described above, this Amendment No. 1 does not modify or update the disclosures presented in, or exhibits to, the Original Quarterly Report in any way. Those sections of and exhibits to the Original Quarterly Report that are unaffected by this Amendment No. 1 are not included herein. This Amendment No. 1 continues to speak as of the date of the Original Quarterly Report. Furthermore, this Amendment No. 1 does not reflect events occurring after the filing of the Original Quarterly Report. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Quarterly Report, as well as the Company’s other filings made with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act subsequent to the filing of the Original Quarterly Report.



Employment Agreement with Sheldon Hoffman

On May 15, 2015 (the “Hoffman Effective Date”), the Company entered into an employment agreement (the “Hoffman Employment Agreement”) with Sheldon Hoffman, pursuant to which Mr. Hoffman will initially serve as the Company’s Chief Executive Officer, and otherwise perform such duties of an executive nature as the Company’s Board of Directors (the “Board”) or Bylaws shall provide. The term of the Hoffman Employment Agreement is for a period of five (5) years, commencing on the Hoffman Effective Date (the “Hoffman Term”) and automatically renewing on each successive anniversary date of the Hoffman Effective Date unless either party provides the requisite notice not to renew. Mr. Hoffman’s employment with the Company may be terminated at any time by the Company with or without Cause or in the event of Mr. Hoffman’s death or Disability (as such terms are defined in the Hoffman Employment Agreement). If Mr. Hoffman is terminated with Cause, the...