Date of report (Date of earliest event reported): October 23, 2019 (October 22, 2019)


Manhattan Bridge Capital, Inc.

(Exact Name of Registrant as Specified in Its Charter)


New York   000-25991   11-3474831

(State or Other Jurisdiction

of Incorporation)



File Number)


(IRS Employer

Identification No.)


60 Cutter Mill Road, Great Neck, NY   11021
(Address of Principal Executive Offices)   (Zip Code)


(516) 444-3400

(Registrant’s telephone number, including area code)


Not applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K 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 Section 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:


Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.001 per share   LOAN   The Nasdaq Capital Market


Indicate by check mark whether the registrant is an emerging growth company as defined in 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


On October 22, 2019, Assaf Ran, President and Chief Executive Officer of Manhattan Bridge Capital, Inc. (the “Company”), and the Company entered into a waiver agreement (the “Voluntary Salary Waiver”) pursuant to which Mr. Ran voluntarily agreed to waive his base salary, to be paid pursuant to his employment agreement, for the months of November and December 2019. As a result of the Voluntary Salary Waiver, Mr. Ran’s base salary for the year ending December 31, 2019 will total $254,166.67 in the aggregate.


This summary is qualified in its entirety by reference to the full text of the Voluntary Salary Waiver, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.


Item 9.01 Financial Statements and Exhibits.


(d) Exhibits


Exhibit No.   Description
10.1   Voluntary Salary Waiver Letter Agreement dated October 22, 2019, by and between Manhattan Bridge Capital, Inc. and Assaf Ran






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.


Date: October 23, 2019 By: /s/ Vanessa Kao
  Name: Vanessa Kao
  Title: Chief Financial Officer






Manhattan Bridge Capital, Inc.


October 22, 2019


Assaf Ran, President and CEO

Manhattan Bridge Capital, Inc.

60 Cutter Mill Road, Suite 205

Great Neck, NY, 11201


Re: Waiver of Portion of Salary


Dear Mr. Ran:


Reference is made to that certain Employment Agreement, dated March 1, 1999 (the “Employment Agreement”), by and between yourself and Manhattan Bridge Capital, Inc. (formerly known as DAG Media, Inc.) , a New York corporation (the “Company”). The purpose of this letter agreement is to set forth your voluntary agreement to forgo your base salary to be paid for the months of November and December 2019 (the “Waived Salary”) that would otherwise be earned by you pursuant to the Employment Agreement.


You agree that (i) the Company will not pay you, and you shall have no right to, the Waived Salary and (ii) your voluntary waiver of the Waived Salary shall not constitute a breach by the Company of the Employment Agreement and shall not give you a right to terminate your employment pursuant to Employment Agreement for any reason.


Except as set forth in this letter, all other terms and conditions set forth in the Employment Agreement shall remain unmodified and in full force and effect. If there is any conflict between this letter and the Employment Agreement, the terms of this letter agreement shall govern and control. This letter agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and when a counterpart has been executed by each of the parties hereto, all of the counterparts, when taken together, shall constitute one and the same agreement.


Please execute this letter in the space provided below in order to evidence your agreement with the terms hereof.




Manhattan Bridge Capital, Inc.  
By: /s/ Vanessa Kao  
Name: Vanessa Kao  
Title: Chief Financial Officer  




/s/ Assaf Ran  
Assaf Ran