QUALSTAR CORPORATION (NASDAQ:QBAK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

QUALSTAR CORPORATION (NASDAQ:QBAK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02 and Item 9.01 to the Current Report on Form 8-K filed
with the Securities and Exchange Commission on June 15, 2017 (the
Form 8-K), regarding the results of Qualstar Corporations (the
Company) 2017 Annual Meeting of Shareholders (the Annual
Meeting). The Form 8-K is hereby amended to insert those items as
set forth herein.

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

Adoption of Stock Option and Incentive
Plan

Effective June 13, 2017, the Company adopted the Qualstar
Corporation 2017 Stock Option and Incentive Plan (the Plan), to
the approval of the plan by the Companys shareholders at the
Annual Meeting. The Plan was adopted by the Companys Board of
Directors (the Board) on May 8, 2017. Under the Plan, the Company
is authorized to grant stock options (both incentive and
non-qualified options), stock appreciation rights, restricted
stock, restricted stock units, unrestricted stock, performance
shares, dividend equivalent rights and cash-based awards to
employees (including executive officers), directors and
consultants of the Company and its subsidiaries.

The Plan authorizes the issuance of an aggregate of 200,000
shares of Common Stock. The Plan is administered by the
Compensation Committee of the Board.

The foregoing summary of the Plan is qualified in its entirety by
reference to the full text of the Plan, which is attached as
Exhibit10.1 hereto and is incorporated herein by reference.

Item 5.07 Submission of Matters to a Vote of Security
Holders

On June 13, 2017, the Company held its 2017 Annual Meeting of
Shareholders. At the Annual Meeting, 2,042,019 shares of our
common stock were outstanding and entitled to vote, and 1,751,717
shares (or approximately 85.78% of the total voting shares) were
represented at the meeting in person or by proxy.

Immediately following the Annual Meeting, the Companys board of
directors was comprised of Steven N. Bronson, David J. Wolenski,
Leonard Hagan and Nicholas A. Yarymovych, all of whom were
elected by the requisite vote of shareholders at the Annual
Meeting.

The following summarizes vote results for those matters submitted
to the Companys shareholders for action at the Annual Meeting:

1.

Election of four directors by the holders of our common stock.

Director	Total Shares Voting on Matter	For	Withheld	Broker Non-Votes
Steven N. Bronson	1,751,717	871,173	370,637	509,907
David J. Wolenski	1,751,717	871,153	370,657	509,907
Leonard Hagan	1,751,717	871,173	370,637	509,907
Nicholas A. Yarymovych	1,751,717	871,153	370,657	509,907

2.

Approval of the Companys 2017 Stock Option and Incentive Plan.

Total Shares Voting on Matter	For	Against	Abstain	Broker Non-Votes
1,751,717	834,891	381,214	25,705	509,907

3.

Ratification of the appointment of RBSM, LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2017.

Total Shares Voting on Matter	For	Against	Abstain	Broker Non-Votes
1,751,717	1,374,751	376,440

4.

Advisory vote on Executive Compensation (Say on Pay).

Total Shares Voting on Matter	For	Against	Abstain	Broker Non-Votes
1,751,717	836,487	379,618	25,705	509,907

5.

Advisory vote on frequency of advisory vote on Executive Compensation (Say on Pay).

Total Shares Voting on Matter	1 Year	2 Years	3 Years	Abstain	Broker Non-Votes
1,751,717	804,157	3,381	103,953	330,319	509,907

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Qualstar Corporation 2017 Stock Option and Incentive Plan.

QUALSTAR CORP ExhibitEX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm Exhibit 10.1   QUALSTAR CORPORATION   2017 STOCK OPTION AND INCENTIVE PLAN   SECTION 1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS   The name of the plan is the Qualstar Corporation 2017 Stock Option and Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and enable the officers,…To view the full exhibit click here About QUALSTAR CORPORATION (NASDAQ:QBAK)
Qualstar Corporation is a provider of data storage systems marketed under the Qualstar brand and of power solutions marketed under the N2Power brand. The Company’s segments include Power Supplies and Data Storage. Under the Power Supplies segment, it designs, manufactures and sells open frame switching power supplies. Under the Data Storage segment, it designs, manufactures and sells automated magnetic tape libraries used to store, retrieve and manage electronic data primarily in network computing environments. The Company offers switching power supplies that provide power solutions to original equipment manufacturers for a range of markets, including communications networking, industrial, gaming, test equipment, light emitting diode (LED)/lighting, and medical, as well as other market applications. Its storage products provide data protection and archive storage systems, which are used to record, retrieve and manage electronic data, primarily in networked computing environments.