Flux Power Holdings Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Leadership Update, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement.
The information contained in Item 5.02 is incorporated by reference in this Item 1.01.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
In connection with the management changes reported in the Current Report on Form 8-K of Flux Power Holdings, Inc. (the “Company”) filed with the Securities and Exchange Commission on March 10, 2025, the Company entered into a separation and release agreement dated March 31, 2025 (the “Separation Agreement”) with Ronald F. Dutt, the former Chief Executive Officer, President and Director of Flux Power Holdings, Inc. Mr. Dutt’s employment with the Company ended on March 31, 2025. Pursuant to the terms of the Separation Agreement, the Company agreed to provide Mr. Dutt with certain severance benefits in exchange for a release and other agreements set forth in the Separation Agreement. The severance benefits include (a) a cash severance payment of 386,250.02 payable in twelve (12) installments of approximately $32,187.50, and (b) a monthly cash payment for twelve (12) months in an amount of $4,034.20 for health insurance coverage. Mr. Dutt’s Separation Agreement includes a customary general release of claims in favor of the Company and certain related parties.
The foregoing summary of the Separation Agreement is qualified in its entirety by reference to the full terms of the agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Exhibit Description | |
| 10.1 | Separation and Release Agreement with Ronald F. Dutt | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Flux Power Holdings, Inc. | ||
| a Nevada corporation | ||
| By: | /s/ Krishna Vanka | |
| Krishna Vanka, Chief Executive Officer | ||
Dated: April 2, 2025