Unassociated Document
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, 2006
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(Exact
Name of Registrant as Specified in Charter)
Delaware
|
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1-11454-03
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58-1974423
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
|
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(IRS
Employer
Identification
No.)
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3010
North Military Trail, Suite 300, Boca Raton, Florida 33431
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code:
|
(561)
981-1000
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(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 Instructions A.2. below):
o
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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
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
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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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Item 5.02.
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Departure
of Directors or Principal Officers; Election of Directors; Appointment
of
Principal Officers.
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On
July
21, 2006, Sheila C. Reinken, resigned as Chief Financial Officer and Chief
Administrative Officer of vFinance, Inc. (the “Company”).
On
July
24, 2006, Alan B. Levin was appointed the Company’s principal financial and
accounting officer, with the title of Interim Chief Financial
Officer.
Mr.
Levin, age 42, has been the Controller of the Company since June 2005. Prior
to
joining the Company, Mr. Levin served as Chief Financial Officer for United
Capital Markets, Inc. from September 2000 to January 2005.
Under
the
terms of his employment agreement, Mr. Levin is entitled to an annual base
salary of $135,000, plus certain incentive bonuses. No later than six months
from July 24, 2006, if the Company converts Mr. Levin’s status from Interim
Chief Financial Officer to Chief Financial Officer, then Mr. Levin’s annual base
salary will increase to $165,000. In addition, the Company granted to Mr. Levin
five-year options to purchase 500,000 shares of the Company at an exercise
price
of $0.20 per share, of which 125,000 options shall vest on July 24, 2007, and
125,000 options shall vest each subsequent yearly anniversary thereafter
provided that Mr. Levin is employed on the applicable vesting date. Mr. Levin’s
employment is terminable at will. Upon a change of control in the Company,
Mr.
Levin’s options would vest immediately.
Item
9.01. |
Financial
Statements and Exhibits.
|
(c)
Exhibits.
10 |
Employment
Agreement dated July 24, 2006 between vFinance, Inc. and Alan B.
Levin.
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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.
vFINANCE,
INC.
By:
/s/ Leonard J.
Sokolow
Name:
Leonard J. Sokolow
Title:
President and Chief Executive
Officer
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Date:
July 26, 2006
EXHIBIT
INDEX
10 |
Employment
Agreement dated July 24, 2006 between vFinance, Inc. and Alan B.
Levin.
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