UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) May 30, 2008
CHINA DIRECT, INC.
(Exact name of registrant as specified in its charter)
Florida
|
001-33694
|
13-3876100
|
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
431 Fairway Drive, Deerfield Beach, Florida 33441
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (954) 363-7333
(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):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
At the May 30, 2008 meeting of the Board of Directors
(the Board) of China Direct, Inc. (the Company), and based on the recommendation of the Compensation
Committee of the Board (the Compensation Committee), the Board approved the following compensation that will be paid by
the Company to its non-employee independent directors:
The Companys independent non-employee directors
will be paid an annual retainer of $20,000 and $750 for each day they attend in person a Board or committee meeting. The Chairman of
the Audit Committee will also receive an annual retainer of $4,000. The annual retainers will be paid in quarterly installments
during the directors one year term in office. Additionally, upon election to the Board on May 30, 2008, the Board granted each
of Messrs. Barnes, Leibowitz and Steiner 5,000 shares of the Companys restricted common stock. The restricted common stock
will vest in equal quarters during the Directors term but only if the director is still a director of the Company at the time
of vesting. The shares of restricted stock are eligible for the payment of dividends, if the Board were to declare dividends on the
Companys common stock. The grant of restricted stock is made in addition to the directors annual cash retainers and
meeting attendance fees.
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.
Date: June 3, 2008
CHINA DIRECT, INC.