UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 1, 2011
SERVIDYNE, INC.
(Exact name of Registrant as Specified in its Charter)
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| Georgia
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0-10146
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58-0522129 |
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(State or other Jurisdiction of
Incorporation or Organization)
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(Commission File
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(IRS Employer
Identification No.) |
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1945 The Exchange
Suite 300
Atlanta, Georgia
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30339-2029 |
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| (Address of principal executive offices)
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(Zip code) |
Registrant’s telephone number, including area code: (770) 953-0304
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| ITEM 5.02 |
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DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. |
Servidyne, Inc. (the “Company”) recently eliminated the position of Chief Executive
Officer of the Company’s subsidiary, Abrams Properties, Inc. The primary responsibility of this
position was the executive management of the Company’s Real Estate Segment.
In recent years the Company disposed of the vast majority of its real estate holdings, and
redeployed a substantial portion of the proceeds to establish and grow the Company’s Building
Performance Efficiency Segment. The Company sold its last owned income-producing property, other
than its corporate headquarters facility, in December 2010. Consequently, the Company no longer
needs a full-time executive to manage real estate operations.
As a result of this change, Ms. Melinda S. Garrett,
previously Chief Executive Officer and President of Abrams Properties, Inc. and Vice President and
Secretary of the Company, was separated from employment with the
Company, effective as of February 1, 2011. The Company has offered Ms. Garrett,
who joined the Company in 1989, approximately 30 weeks of severance pay at a rate equivalent to her
most recent salary, in accordance with the Company’s severance policy. It is also anticipated that
Ms. Garrett will enter into a part-time, non-executive consulting arrangement with the Company to
facilitate the transition of her responsibilities and the orderly wind down of the Company’s real
estate operations. In conjunction with this change, Mr. Alan R. Abrams, the Company’s Chairman of
the Board and Chief Executive Officer, is assuming the role of President of Abrams Properties, Inc.