- Current report filing (8-K)
November 17 2010 - 5:15PM
Edgar (US Regulatory)
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): November 17, 2010 (November 11, 2010)
AMERICA’S
SUPPLIERS, INC.
(Exact
name of Registrant as specified in its charter)
Delaware
|
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000-27012
|
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27-1445090
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(State
or other jurisdiction
of
incorporation
or
organization)
|
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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7575
E. Redfield Rd.
Suite
201
Scottsdale,
AZ 85260
(Address
of principal executive offices) (Zip code)
480-922-8155
(Registrant’s
telephone number, including area code)
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):
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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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))
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Item
5.02 Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On November 11, 2010, America’s
Suppliers, Inc. (the “Company”) entered into an employment agreement, with Marc
Joseph (the “Joseph Agreement”) pursuant to which Mr. Joseph will continue to
serve as President and Chief Executive Officer of DollarDays International,
Inc., a wholly-owned subsidiary of the Company (“DollarDays”) and Chief
Executive Officer and President of Wow My Universe, Inc., a wholly-owned
subsidiary of the Company (“Wow”). The Joseph Agreement has a two
year term and provides for a base salary of $180,000. In addition,
the Joseph Agreement provides for (i) a bonus of $30,000 cash compensation for
services provided in fiscal year 2010, (ii) warrants to purchase 150,000 shares
of common stock of the Company, on terms to be determined by the Board of
Directors of the Company (the “Board”), (iii) $15,000 cash compensation in the
event DollarDays achieves 100% of certain performance milestones established by
the Board, (iv) warrants to purchase 100,000 shares of common stock of the
Company, on terms to be determined by the Board, in the event DollarDays
achieves 100% of certain performance milestones established by the Board, (v)
warrants to purchase 50,000 shares of common stock of the Company, on terms to
be determined by the Board, in the event DollarDays achieves 115% of certain
performance milestones established by the Board, (vi) warrants to purchase
50,000 shares of common stock of the Company, on terms to be determined by the
Board, in the event DollarDays achieves 125% of certain performance milestones
established by the Board and (vii) warrants to purchase 50,000 shares of common
stock of the Company, on terms to be determined by the Board, in the event
DollarDays achieves 135% of certain performance milestones established by the
Board. In the event the Joseph Agreement is terminated by the Company
or Mr. Joseph for any reason or no reason (other than for Cause, as defined in
the Joseph Agreement), Mr. Joseph shall receive all compensation due as of the
termination date and severance equal to 9 months’ base salary. A copy
of the Joseph Agreement is attached hereto as Exhibit 10.1.
Item
9.01. Financial Statements and Exhibits.
10.1
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Employment
Agreement, dated November 11, 2010, by and between America’s Suppliers,
Inc. and Marc Joseph.
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SIGNATURE
Pursuant to the requirements of Section
12 of the Securities Exchange Act of 1934, the Registrant has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized.
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AMERICA’S
SUPPLIERS, INC.
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Dated: November
17, 2010
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By:
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/s/ Marc Joseph
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Name: Marc
Joseph
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Title:
President
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