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): July
24, 2008
UNIVERSAL
SECURITY INSTRUMENTS, INC.
(Exact
name of registrant as specified in its charter)
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Maryland
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0-7885
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52-0898545
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(State
or Other Jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
Incorporation)
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Identification
No.)
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7-A
Gwynns Mill Court, Owings Mills, Maryland 21117
(Address
of Principal Executive Offices)
Registrant’s
telephone number, including area code: (410)
363-3000
Inapplicable
(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:
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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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INFORMATION
TO BE INCLUDED IN THE REPORT
Item
5.02. Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(d) On
July
24, 2008, the Board of Directors of Universal Security Instruments, Inc. (the
“Company”)
elected Ira Bormel to fill the vacancy on the Board resulting from the passing
of Howard B. Silverman, Ph.D. on March 6, 2008. Mr. Bormel will serve the
balance of Dr. Silverman’s term which ends at the 2010 Annual Meeting of
Stockholders. Mr. Bormel is an independent director and has been appointed
a
member and chairman of the Company’s Audit Committee and a member of the
Company’s Compensation Committee. There
are
no arrangements or understandings between Mr. Bormel and any other person
pursuant to which he has been selected as a director.
Mr.
Bormel will receive a $10,000 fee for annual service as a director, payable
in
cash or shares of the Company’s common stock (computed at the closing price as
reported by the Amex on the date of the payment). In addition, directors are
eligible to participate in the Company’s Non-Qualified Stock Option
Plan.
Item
5.03. Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
(a) On
July
24, 2008, the Company’s Board of Directors amended Article I, Section 1 of its
Bylaws to provide that the Company’s annual meeting of the stockholders shall be
held on such date in the month of September as may be selected by the Board
of
Directors. Prior to this amendment, the Bylaws provided that the Company’s
annual meeting of the stockholders shall be held on such date in the month
of
October as may be selected by the Board of Directors.
Item
9.01. Financial
Statements and Exhibits.
(d) Exhibits
The
following exhibits are filed herewith:
Exhibit
No.
3.1
Bylaws,
as amended July 24, 2008
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 thereunto
duly authorized.
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UNIVERSAL SECURITY INSTRUMENTS,
INC. |
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(Registrant)
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| Date: July
25, 2008 |
By: |
/s/ Harvey
B.
Grossblatt |
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Harvey B. Grossblatt |
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President
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