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EX-10.1 - THIRD AMENDMENT TO EMPLOYMENT AGREEMENT - ASPIRITY HOLDINGS LLC | twincities_8k-ex1001.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) | November 10, 2014 | ||||
TWIN CITIES POWER HOLDINGS, LLC | |||||
(Exact Name of Registrant as Specified in Charter) | |||||
Minnesota | 27-1658449 | ||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||
16233 Kenyon Ave., Suite 210, Lakeville, Minnesota | 55044 | ||||
(Address of Principal Executive Offices) | (Zip Code) | ||||
Registrant’s telephone number, including area code | (952) 241-3103 | ||||
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):
o Written communication 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))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 10, 2014, Twin Cities Power Holdings, LLC (the “Company”) and its Chief Executive Officer and President, Timothy S. Krieger, entered into a Third Amendment to Employment Agreement (“Amendment”) which amends that certain Employment Agreement, dated January 1, 2012, as amended on March 24, 2014 and May 14, 2014. The Amendment, which is effective as of October 1, 2014, provides that the Company shall pay Mr. Krieger a salary of $100,000 per month beginning in October, 2014. While Mr. Krieger has not received a salary in 2014 prior to October, 2014, he has received a monthly distribution of $200,000 as a result of his beneficial ownership of 100% of the Company’s outstanding equity. The Company expects to continue paying Mr. Krieger a monthly distribution of $200,000.
The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)
10.1 |
Third Amendment to Employment Agreement dated November 10, 2014 between Twin Cities Power Holdings, LLC and Timothy S. Krieger. |
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.
Date: November 12, 2014 |
By |
/s/ Wiley H. Sharp III |
Wiley H. Sharp III | ||
Its | Vice President – Finance and Chief Financial Officer |
3 |