TSR, Inc. (NASDAQ:TSRI) Files An 8-K Entry into a Material Definitive Agreement

TSR, Inc. (NASDAQ:TSRI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

On April 1, 2020, the Company entered into a binding term sheet (“Term Sheet”) with Zeff Capital, L.P. (“Zeff”) to which they agreed to pay Zeff an amount of $900,000 over a period of three years in cash or cash and stock in settlement of expenses incurred by Zeff during its solicitations in 2018 and 2019 in connection with the annual meetings of the Company, the costs incurred in connection with the litigation initiated by and against the Company as well as negotiation, execution and enforcement of the Settlement and Release Agreement, dated as of August 30, 2019, by and between the Company, Zeff and certain other parties. The parties intend to enter into definitive documents for the settlement. However, the binding Term Sheet shall remain in full force and effect until such time as the definitive documents are executed by the parties or until the Term Sheet is terminated by mutual consent of the parties.

The foregoing descriptions of the terms and conditions of the Term Sheet do not purport to be complete and are qualified in their entirety by the full text of the Term Sheet, which is attached to this Current Report as Exhibit 10.1 and incorporated into this Current Report by reference.

Exhibit Number Description
10.1 Term Sheet, dated as of April 1, 2020, by and between Zeff Capital, L.P. and TSR, Inc.

TSR INC Exhibit
EX-10.1 2 ea120460ex10-1_tsrinc.htm TERM SHEET,…
To view the full exhibit click here

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TSR, Inc. is engaged in providing contract computer programming services to its customers. The Company provides its customers with technical computer personnel. It provides its customers with technical computer personnel to supplement their in-house information technology (IT) capabilities. The Company offers staffing capabilities in the areas of mainframe and mid-range computer operations, personal computers and client-server support, Internet and e-commerce operations, voice and data communications (including local and wide area networks), and help desk support. It provides services on day-to-day operations, special projects and on short-term or long-term basis. It also offers various services to other companies in various sectors, such as insurance, pharmaceutical and biotechnology, publishing and new media, financial services and project utilities. It provides contract computer programming services in the New York metropolitan area, New England and the Mid-Atlantic region.

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