MODSYS INTERNATIONAL LTD. (NASDAQ:MDSY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02Departure of Directors or Principal Officers;
Election of Directors; Appointment of Principal Officers
On February 8, 2017, ModSys International Ltd. (Modern Systems)
appointed Regina OConner and Syver Norderhaug to serve on the
Board of Directors. The appointment of both Ms. OConner and Mr.
Norderhaug fill vacant seats. Their terms expire at the next
annual shareholders meeting to be held in 2017.
Ms. OConner and Mr. Norderhaug will have the same compensation
arrangement for their service as a director on the Board of
Directors as the other non-employee directors of Modern Systems.
That compensation currently consists of $20,000 per year and
30,000 restricted share units (RSUs) to vest over the term of 3
years, subject to ongoing service as a director. Both will also
be entitled to reimbursement for reasonable out-of-pocket
expenses incurred in the performance of their duties and the
attendance at board meetings and any meeting of shareholders.
Both Ms. OConner and Mr. Norderhaug will serve on the Audit
Committee and Compensation Committee of the Modern Systems.
Ms. OConner served as Business Unit Controller and Corporate
Operational Financial Analyst of Dell Marketing, LLP Applications
Modernization Services from 2012 to 2015. Prior to that, Ms.
OConner served as Chief Financial Officer of Clerity Solutions,
Inc., an IT services provider targeting IBM mainframe clients.
Ms. OConner has a Bachelor of Science in Economics with a minor
in Business Administration and Computer Science from Clemson
University.
Mr. Norderhaug has served as Chief Financial Officer of Finch
LLC, a global software company with presence in Europe, Asia,
Australia, South America and is headquartered in the US, since
2007. Mr. Norderhaug previously served on the Board of Directors
for Steele Resources Group from 2012 to 2013. Mr. Norderhaug has
a Masters of Business Administration in International Business
from the American Graduate School of International Management,
Glendale, Arizona and a Bachelor of Science in Business
Administration from the University of Wyoming. Mr. Norderhaug is
also a Certified Public Accountant in Texas.
With the additions of Ms. OConner and Mr. Norderhaug to the
Modern Systems Board of Directors, Modern Systems has notified
Nasdaq that it is now in compliance with the majority independent
board, audit committee and compensation committee requirements as
required by Nasdaq Listing Rule5605(b)(1), 5605(e)(2) and
5605(d)(2).
About MODSYS INTERNATIONAL LTD. (NASDAQ:MDSY)
ModSys International Ltd., formerly BluePhoenix Solutions Ltd., develops and markets enterprise legacy migration solutions, and provides tools and professional services to international markets. The Company operates through information technology (IT) modernization solutions segment. The Company’s technologies and services allow businesses to migrate from their legacy mainframe and distributed IT infrastructures to modern environments and programming languages. In addition to the technology tools, the Company provides professional services for project management of migrations, understanding and mapping of the applications, testing, remediation, and ongoing monitoring and management of the environments. The Company performs conversions of legacy databases, such as Integrated Database Management System (IDMS), Adaptable Data Base System (ADABAS), Virtual Storage Access Method (VSAM), Oracle and database 2 (DB2) environments. MODSYS INTERNATIONAL LTD. (NASDAQ:MDSY) Recent Trading Information
MODSYS INTERNATIONAL LTD. (NASDAQ:MDSY) closed its last trading session down -0.030 at 0.970 with 5,800 shares trading hands.