ZOOM TELEPHONICS, INC. (OTCMKTS:ZMTP) Files An 8-K Termination of a Material Definitive Agreement

Termination of a Material Definitive Agreement.

The information in Item 5.02(e) is incorporated herein by reference.

(e)

As previously disclosed, on May 11, 2020, Joseph L. Wytanis notified Zoom Telephonics, Inc. (the “Company”) of his decision to step down from the positions of President and Chief Executive Officer of the Company.

On May 15, 2020, the Company entered into a letter agreement (the “Separation Agreement”) with Mr. Wytanis, which terminates and supersedes his existing employment agreement. to the terms of the Separation Agreement, in consideration for, among other things, his compliance with certain restrictive covenants and all agreements between him and the Company, a general release of all claims against the Company, and subject to his non-revocation of the Separation Agreement, Mr. Wytanis will receive severance compensation equal to his current base salary, at the rate of $210,000 per year, less all applicable federal, state or local tax withholdings, payable in installments for the 6 months following the effective date of his separation from the Company. Mr. Wytanis’ stock options that would have vested during the six (6) month period following the date of separation will be immediately vested and exercisable for up to 30 days following the date of separation. In addition, Mr. Wytanis will receive continuation of certain health insurance benefits. The Company will also reimburse Mr. Wytanis for certain relocation and business expenses.

The foregoing summary is subject to, and qualified in its entirety by, the full text of the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Zoom Telephonics, Inc. Exhibit
EX-10.1 2 zmtp_ex101.htm SEPERATION AGREEMENT zmtp_ex101   Exhibit 10.1 May 12,…
To view the full exhibit click here

About ZOOM TELEPHONICS, INC. (OTCMKTS:ZMTP)

Zoom Telephonics, Inc. designs, produces, markets, sells, and supports Internet access and other communications-related products, including cable modems, cable modem/routers, mobile broadband modems, asymmetrical digital subscriber line (ADSL or commonly DSL) modems, and dial-up modems. The Company’s products facilitate communication of data through the Internet. Its cable modems use the cable-Television cable and its DSL modems use the local telephone line to provide a link to the Internet. Its mobile broadband modems and its mobile broadband routers and sensors connect to the Internet through a mobile service provider’s mobile broadband network. Its dial-up modems link computers, point-of-purchase terminals, or other devices connect to each other or the Internet through the traditional telephone network. Its router products may communicate with a broadband modem for access to the Internet, and they may be used for local area network communications.