# EDGAR Filing Document

**Accession Number:** 0001000683
**File Stem:** 0001213900-23-004478
**Filing Date:** 2023-1
**Character Count:** 17615
**Document Hash:** ea2ff2281b4ba84e1a2e301d4995a2ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-004478.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001213900-23-004478

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230117

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLONDER TONGUE LABORATORIES INC
- **CENTRAL INDEX KEY:** 0001000683
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **IRS NUMBER:** 521611421
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14120
- **FILM NUMBER:** 23545188

**BUSINESS ADDRESS:**
- **STREET 1:** ONE JAKE BROWN RD
- **STREET 2:** PO BOX 1000
- **CITY:** OLD BRIDGE
- **STATE:** NJ
- **ZIP:** 08857
- **BUSINESS PHONE:** 9086794000

**MAIL ADDRESS:**
- **STREET 1:** ONE JAKE BROWN ROAD
- **CITY:** OLD BRIDGE
- **STATE:** NJ
- **ZIP:** 08857

?xml version="1.0" encoding="utf-8"?

**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): January 17, 2023

**<u>Blonder Tongue Laboratories, Inc.</u>**

**(Exact Name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-14120** | **52-1611421** |
| **(State or other jurisdiction<br> of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer<br> Identification No.)** |

---

**<u>One Jake Brown Road, Old Bridge, New Jersey 08857</u>**

**(Address of principal executive offices) (Zip Code)**

**Registrant's telephone number, including area code: <u>(732) 679-4000</u>**

**<u>Not Applicable</u>**

**(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| **NONE** | **NONE** | **NONE** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

<u>Chief Executive Officer and President Resignation</u> 

On January 17, 2023, Edward R. Grauch submitted to the board of directors (the "Board") of Blonder Tongue Laboratories, Inc. (the "Company") his resignation from his positions as Chief Executive Officer and President of the Company, effective March 18, 2023 ("CEO Resignation"). In connection with Mr. Grauch's departure, the Company and Mr. Grauch agreed to enter into a separation agreement, which is currently being negotiated in good faith. The material terms of the separation agreement have not been finalized as of the date of this Current Report on Form 8-K.

<u>Chief Technology Officer Termination</u>

On January 17, 2023, the Board, based on the recommendation of the Compensation Committee of the Board, following a request by Ronald V. Alterio, approved the termination of Mr. Alterio from his positions as the Company's Senior Vice President-Engineering and Chief Technology Officer, effective immediately. The termination was not as a result of any disagreement between Mr. Alterio and the Company on any matter relating to the Company's operations, policies or practices.

<u>Senior Vice President of Operations Retirement</u>

On January 17, 2023, Allen Horvath submitted to the Board notice of his retirement from his position as Senior Vice President- Operations of the Company, effective July 31, 2023. Mr. Horvath's cash compensation was previously reduced by 50% to an annual salary of $95,000, effective May 23, 2022. The Board and Mr. Horvath agreed to a further 50% reduction of his salary for three months commencing May 1, 2023, which will be followed by his retirement on July 31, 2023.

<u>Chief Executive Officer and President Appointment</u> 

On January 17, 2023, in connection with the CEO Resignation, the Board has appointed Robert J. Palle to Chief Executive Officer and President of the Company, effective concurrently with the departure of Mr. Grauch. (the "CEO Appointment").

*Robert J. Palle, CEO and President*

Robert ("Bob") J. Palle brings over 30 years of experience in the private cable industry in Officer and Senior Management roles. He has been a director of the Company since September 1993. In 2020, Mr. Palle served as the Company's Managing Director-Strategic Accounts and as the Company's Chief Executive Officer from May 2015 to December 2019. Between 2003 and 2019, Mr. Palle served as the President of the Company.

The Board believes that Mr. Palle's experience in business and management and his extensive knowledge of the Company's products, lines of business and long-term strategies make him uniquely qualified to help lead the Company towards continued growth and success.

*Family Relationships*

 

Mr. Palle does not have a family relationship with any of the current officers or directors of the Company.

*Related Party Transactions*

 

Other than as described below, there are no related party transactions with regard to Mr. Palle reportable under Item 404(a) of Regulation S-K.

<u>Subordinated Loan Agreement</u>

On April 8, 2020, the Company, as borrower, together with Livewire Ventures, LLC (wholly owned by the Company's former Chief Executive Officer, Edward R. Grauch), MidAtlantic IRA, LLC FBO Steven L. Shea IRA (an IRA account for the benefit of the Company's Chairman of the Board, Steven Shea), Carol M. Palle and Robert J. Palle (the Company's new Chief Executive Officer and President, and a member of the Board), Anthony J. Bruno (a member of the Board), and Stephen K. Necessary (a member of the Board), as lenders (collectively, the "Initial Lenders") and Robert J. Palle, as Agent for the Lenders (in such capacity, the "Agent") entered into a certain Senior Subordinated Convertible Loan and Security Agreement (the "Subordinated Loan Agreement"), pursuant to which the lenders from time to time party thereto were permitted to provide up to $1,500,000 of loans to the Company (the "Subordinated Loan Facility"). Interest accrues on the outstanding amounts advanced under the Subordinated Loan Facility at the rate of 12% per annum, compounded and payable monthly, in-kind, by the automatic increase of the principal amount of the loan on each monthly interest payment date, by the amount of the accrued interest payable at that time ("PIK Interest").

<u>Loan Agreement</u>

On October 25, 2019, the Company entered into a Loan and Security Agreement (All Assets) (the "Loan Agreement") with MidCap Business Credit LLC ("MidCap"), as subsequently amended. On April 5, 2022, the Company entered into a ninth amendment to the Loan Agreement (the "Ninth Amendment"). Among other things, the amendment modified the Loan Agreement's definition of "Borrowing Base" so as to provide for an over-advance facility (the "2022 Over-Advance Facility") in an aggregate amount of up to $1,000,000. MidCap's agreement to enter into the Ninth Amendment was conditioned, in part, on the entry into a participation agreement between MidCap and Robert J. Palle, a Director, and an affiliate of Mr. Palle (the "Palle Parties"). The terms of the Ninth Amendment and the participation agreement contemplate that any advances made by Midcap pursuant to the 2022 Over-Advance Facility would be funded by the Palle Parties under the participation agreement. Advances under the 2022 Over-Advance Facility are subject to the discretion of MidCap and the Palle Parties. On April 5, 2022, pursuant to the 2022 Over-Advance Facility and the participation agreement, the Palle Parties funded an initial advance of $200,000 that was provided to the Company. Since April 5, 2022, a total of $975,000 was made by Midcap to the Company, which was funded by the Palle Parties. Further advances may be made to the Company upon its request, subject to the discretion of MidCap and the Palle Parties, in minimum amounts of not less than $100,000 per tranche, unless a lesser amount is agreed to by the parties. The amount advanced in each tranche will bear an interest rate of 1% per month.

<u>Turn Around Committee</u>

Since February 27, 2022, Mr. Palle, through his wholly owned entity TelePortXX, has been paid $150 per hour for work performed on behalf of the Company's Turn Around Committee. Upon consummation of his role as Chief Executive Officer, it is expected that the Turn Around Committee will be disbanded and no additional compensation will be owed thereafter.

*Compensatory Arrangements*

 

In connection with the CEO Appointment, Mr. Palle will be compensated at the annual salary rate of $156,000 and will be entitled to participate in all employee benefits afforded other employees of the Company.

**Item 7.01 Regulation FD Disclosure**

On January 23, 2023, the Company issued a press release announcing departure of Mr. Grauch and the appointment of Mr. Palle to role of Chief Executive Officer and President. A copy of the press release is attached hereto as Exhibit 99.1.

**Item 9.01 Financial Statements and Exhibits.**

(d) *Exhibits*

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1\* | [Press Release issued on January 23, 2023](ea172079ex99-1_blonder.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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\* Filed herewith.

<u>SIGNATURE</u>

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.

---

| | |
|:---|:---|
| BLONDER TONGUE LABORATORIES, INC. | BLONDER TONGUE LABORATORIES, INC. |
| By: | /s/ Eric Skolnik |
|  | Eric Skolnik |
|  | Senior Vice President and Chief Financial Officer |

---

Date: January 23, 2023

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

FOR IMMEDIATE RELEASE:

**Blonder Tongue Announces Departure of CEO** 

**Reappoints Robert J Palle to Chief Executive Officer and President**

OLD BRIDGE, New Jersey—January 23, 2023—Blonder Tongue Laboratories, Inc. (OTCQB: **BDRL**) (the "Company") announced that Edward R. "Ted" Grauch has resigned as Chief Executive Officer and President effective March 18, 2023. Mr. Grauch has held these roles since January 1, 2020, and will remain in these roles until March 18, 2023. The Company's Board of Directors has reappointed Robert J "Bob" Palle to serve as Chief Executive Officer and President of the Company, concurrent with Ted's departure.

Bob has been a Director of Blonder Tongue Laboratories since September 1993. He served as our President from May 2003 until May 2019, our Chief Executive Officer from May 2015 until December 31, 2019 and our Managing Director-Strategic Accounts during 2020, ending his prior service as an employee of the Company on December 31, 2020. Prior to that, Mr. Palle served as our Chief Operating Officer and Secretary since April 1989, our Executive Vice President from April 1989 until May 2003 and as our Interim Treasurer from March through April 2001.

Commenting on his departure, Mr. Grauch said: "I have deeply appreciated the opportunity that the Directors and employees of Blonder Tongue Labs have given me to lead the Company over the last three years, and feel incredibly proud of the progress the Company has made in product development, operating efficiency, and strategic position in the markets we serve during that period. Now that the significant challenges we faced during the pandemic and a majority of semiconductor and raw material supply chain issues are in the process of becoming resolved, I believe it is time for me to focus on the needs of my family and other personal goals. The Company has a great team in place to lead us forward and we will all be working closely with Bob for a smooth and seamless transition over the next two months."

Commenting on Mr. Grauch's departure and Mr. Palle's reappointment, Steve Shea, Chairman of the Board, said "We appreciate Ted's hard work over the last 3+ years. We wish him much success in his future endeavors. We are fortunate to have Bob returning to lead the Company through the next phase of the Company's evolution."

Commenting on his reappointment, Mr. Palle commented "I am honored to be reappointed to the Company's leadership position. I look forward to implementing several new initiatives, including enhancements to our manufacturing capabilities, and exploiting patented technologies unique to the Company in video, data and voice signal processing. While we continue to face challenges, my confidence regarding the future for the Company is buoyed by the support of our loyal customers and our team of dedicated Blonder Tongue Associates."

**About Blonder Tongue**

Blonder Tongue Laboratories, Inc. is the oldest designer and manufacturer of telecommunications and cable television video transmission technology in the USA. The majority of our products continue to be designed and built in our state-of-the-art New Jersey facility, which has been the Company's home for more than 50 years. Blonder Tongue Labs offers U.S.-based engineering and manufacturing excellence with an industry reputation for delivering ultra-high reliability products. As a leader in cable television system design, the Company provides service operators and systems integrators with comprehensive solutions for the management and distribution of digital video, IPTV and high-speed data services, as well as RF broadband distribution over fiber, IP, and Coax networks for homes and businesses. Additional information on the Company and its products can be found at www.blondertongue.com

 

![](ex99-1_002.jpg)© Blonder Tongue Laboratories, Inc. \| One Jake Brown Road, Old Bridge, NJ 08857 \| **(800) 523-6049** \| **Fax:** (732) 679-4353 \| **www.blondertongue.com**

 

 

 

*"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The information set forth above includes "forward-looking" statements and accordingly, the cautionary statements contained in Blonder Tongue's Annual Report and Form 10-K for the year ended December 31, 2021 (See Item 1: Business, Item 1A: Risk Factors, Item 3: Legal Proceedings and Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations), and other filings with the Securities and Exchange Commission are incorporated herein by reference. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Blonder Tongue anticipates or expects may or will occur in the future should be considered "forward-looking" statements, including statements that use the words "believe", "expect", "anticipate", "project", "target", "intend", "plan", "seek", "estimate", "endeavor", "should", "could", "may" and similar expressions. In addition, any statements that refer to projections for our future financial performance, our anticipated growth trends in our business and other characterizations of future events or circumstances are forward-looking statements, including statements regarding our ability to continue as a going concern. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. Blonder Tongue undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof. Blonder Tongue's actual results may differ from the anticipated results or other expectations expressed in Blonder Tongue's "forward-looking" statements.* 

**Contacts**

Eric Skolnik<br> Chief Financial Officer<br> eskolnik@blondertongue.com<br> (732) 679-4000

Ted Grauch<br> President & Chief Executive Officer<br> tgrauch@blondertongue.com<br> (732) 679-4000

![](ex99-1_002.jpg)© Blonder Tongue Laboratories, Inc. \| One Jake Brown Road, Old Bridge, NJ 08857 \| **(800) 523-6049** \| **Fax:** (732) 679-4353 \| **www.blondertongue.com**