Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

As previously reported by TSS, Inc. (the “Company”) in its Current Report on Form 8-K filed with the Securities and Exchange Commission on November 13, 2017 (the “Initial Form 8-K”), on November 6, 2017, Martin T. Olsen notified the Company that he will resign as Executive Vice President, Sales & Marketing, effective on or around December 1, 2017. This Current Report on Form 8-K/A is being filed as amendment to the Initial Form 8-K to provide information regarding Mr. Olsen’s separation agreement.

On December 13, 2017, the Company entered into a Separation from Employment Agreement and Release (the “Agreement”) with Mr. Olsen. Mr. Olsen’s resignation from the Company was effective on November 30, 2017. Beginning on that date and for a period of three months, Mr. Olsen will provide transition services to the Company on an as needed basis. Mr. Olsen agrees to forfeit options to purchase 300,000 shares of the Company’s common stock previously granted to him, and Mr. Olsen will receive a severance payment in the aggregate amount of $15,000, paid in monthly increments of $5,000. A copy of the Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the attached Agreement.

S I G N A T U R E S

TSS, Inc. Exhibit
EX-99.1 2 ex_102066.htm EXHIBIT 99.1 ex_102066.htm Exhibit 99.1   SEPARATION FROM EMPLOYMENT AGREEMENT AND RELEASE   1. This Separation from Employment Agreement and Release (this “Agreement”) is between the Executive,…
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About TSS (OTCMKTS:TSSI)

TSS, Inc. is a holding company. The Company provides various services for the planning, design, development and maintenance of mission-critical facilities and information infrastructure, as well as integration services. The Company operates through two segments: facilities and systems integration. Its facilities segment is involved in the design, project management and maintenance of data center and mission-critical business operations. Its systems integration unit integrates information technology (IT) equipment for original equipment manufacturer (OEM) vendors and customers to be used inside data center environments, including modular data centers. The Company’s services include technology consulting, design and engineering, project management, systems integration, system installations and facilities management. Its subsidiaries include VTC, LLC doing business as Total Site Solutions and Innovative Power Systems, Inc.