SILVERSUN TECHNOLOGIES, INC. (OTCBB:SSNT) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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SILVERSUN TECHNOLOGIES, INC. (OTCBB:SSNT) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On March 27, 2017 (the Effective Date), SilverSun
Technologies, Inc. (the Company) and John Schachtel
entered into a director agreement (the Director Agreement)
in connection with Mr. Schachtels appointment to the Board of
Directors of the Company (the Board), as more fully
described in Item 5.02 below. The term of the Director Agreement
commences on the Effective Date, and continues through the
Companys next annual stockholders meeting (the Term). The
Director Agreement automatically renews on such date that Mr.
Schachtel is re-elected to the Board.
to the Director Agreement, the Company will provide Mr. Schachtel
compensation of $1,000 for each month of the Term. In addition,
the Company will issue Mr. Schachtel a warrant to purchase up to
5,000 shares of the Companys common stock (the Warrant).
The Warrant vests immediately and is exercisable for 5 years with
an exercise price of $4.01.
The above description of the Director Agreement and the Warrant
do not purport to be complete and are qualified in their entirety
by reference to the Director Agreement and the Warrant, which are
attached as Exhibits 10.1 and 4.1, respectively, to this Current
Report on Form 8-K.
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Appointment of John Schachtel
On March 27, 2017, Mr. Schachtel was appointed to the Board.
Below is a description of Mr. Schachtels professional work
experience.
Before joining the Board, Mr. Schachtel was the Chief Operating
Officer of OneMain Finanacial Holdings, Inc. As Chief Operating
Officer of OneMain Finanacial Holdings, Inc., Mr. Schachtels
responsibilities included oversight of sales and field
operations, marketing, and centralized collections. Prior to
assuming the Chief Operating Officer role, Mr. Schachtel served
11 years as the Executive Vice President, Northeast Midwest
Division for OneMain Finanacial Holdings, Inc. He holds a
Bachelor of Science degree from Northwestern University and an
MBA in Finance from New York University.
Family Relationships
Mr. Schachtel does not have a family relationship with any of the
current officers or directors of the Company.
Related Party Transactions
There are no applicable related party transactions.
Compensatory Arrangements
As described in Item 1.01 above, which is incorporated by
reference to this Item 5.02, in connection with Mr. Schachtels
appointment to the Board, the Company will issue Mr. Schachtel a
Warrant, vesting immediately, exercisable for 5 years with an
exercise price of $4.01. Additionally, Mr. Schachtel will receive
$1,000 for each month of service during the Term.
Item 8.01 Other Items.
Board Committees
On March 27, 2017, the Board formed a compensation committee (the
Compensation Committee) and a nominating and corporate
governance committee (the NCG Committee) of the Board.
Prior to creating the committees, the Company had in place an
audit committee (the Audit Committee and each a
Committee), of which Joseph Macaluso served as the
chairman and sole member of.
In connection with forming the Compensation Committee and the NCG
Committee, the Board appointed each of Mr. Schachtel, Mr.
Macaluso, and Stanley Wunderlich to serve on both committees. The
Board also appointed Mr. Schachtel as the chairman of the
Compensation Committee and Mr. Wunderlich as chairman of the NCG
Committee. Additionally, the Board appointed Mr. Schachtel and
Mr. Wunderlich to the Audit Committee.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
4.1*
Form of Directors warrant
10.1*
Director Agreement, dated March 27, 2017 by and between the
SilverSun Technologies, Inc. and John Schachtel.
*Filed herewith


About SILVERSUN TECHNOLOGIES, INC. (OTCBB:SSNT)

SilverSun Technologies, Inc. is a business application, technology and consulting company. The Company is engaged in providing strategies and solutions to meet information, technology and business management needs. Its services and technologies enable customers to manage, protect and monetize their enterprise assets in the cloud. It offers solutions for accounting and business management, financial reporting, enterprise resource planning (ERP), warehouse management systems, customer relationship management and business intelligence. It has a network services practice, which provides managed services, hosting, business continuity, cloud, e-mail and Web services. Its business is divided into various practice areas, which include ERP and accounting software, value-added services for ERP, electronic data interchange software and services, and network and managed services. It includes approximately two applications to its ERP portfolio, such as NetSuite ERP and Acumatica.

SILVERSUN TECHNOLOGIES, INC. (OTCBB:SSNT) Recent Trading Information

SILVERSUN TECHNOLOGIES, INC. (OTCBB:SSNT) closed its last trading session 00.00 at 4.00 with 532 shares trading hands.