Attached files
| file | filename |
|---|---|
| EX-99.1 - NextPlay Technologies Inc. | v194617_ex99-1.htm |
| EX-10.1 - NextPlay Technologies Inc. | v194617_ex10-1.htm |
| EX-10.2 - NextPlay Technologies Inc. | v194617_ex10-2.htm |
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): August 13, 2010
NEXT
1 INTERACTIVE, INC.
(Exact
name of registrant as specified in its charter)
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Nevada
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000-52669
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26-3509845
|
||
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(IRS
Employee Identification
No.)
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2400
N Commerce Parkway, Suite 105
Weston, Florida 33326
|
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(Address
of principal executive
offices)
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(954)
888-9779
(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:
|
¨
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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))
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¨
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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 Departure of Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation
of Chief Financial Officer
On August
13, 2010, Richard Sokolowski resigned from his position as the Chief Financial
Officer of Next 1 Interactive, Inc. (the “Company”). His resignation
was not the result of any disagreements with the Company on any matters relating
to the Company’s operations, policies or practices. A copy of Mr. Sokolowski’s
resignation letter is attached hereto as Exhibit 99.1 and incorporated herein in
its entirety by reference.
Appointment
of Chief Financial Officer
On August
16, 2010, the board of directors of the Company appointed Adam Friedman, age 45,
to the position of Chief Financial Officer of the Company. Under the terms of
his three-year employment agreement expiring on August 15, 2013, Mr. Friedman
has agreed to devote all of his time, attention, and ability to the business of
the Company. The employment agreement provides that Mr. Friedman will receive a
base salary for such services at an annual rate of One Hundred and Fifty
Thousand Dollars ($150,000) and he will be eligible for cash bonuses at the
discretion of the board of directors. Mr. Friedman is entitled to
participate in our 2009 Long-Term Incentive Plan and receive other Company-paid
employee benefits. Mr. Friedman’s employment agreement is attached hereto as
Exhibit 10.1.
Appointment
of President
On August
16, 2010, the board of directors of the Company appointed Paavo Salmi, age 45,
to the position of President of the Company. Under the terms of his three-year
employment agreement expiring on August 15, 2013, Mr. Salmi has agreed to devote
all of his time, attention and ability, to the business of the Company. Mr.
Salmi’s employment agreement provides that Mr. Salmi will receive a base salary
for such services at an annual rate of One Hundred and Fifty Thousand Dollars
($150,000) and he will be eligible for cash bonuses as outlined in his agreement
as well as additional bonuses at the discretion of the board of
directors. Mr. Salmi is entitled to participate in our 2009 Long-Term
Incentive Plan and receive other Company-paid employee benefits. Mr. Salmi’s
employment agreement is attached hereto as Exhibit 10.2.
Below is
a description of Mr. Friedman’s and Mr. Salmi’s working experience over the
past five years.
Adam
Friedman, Chief Financial Officer, 45
From
February 2006 to July 2010, Mr. Friedman previously served as Chief Financial
Officer, Corporate Secretary, and Controller for MDwerks, Inc. (“MDwerks”) where
his responsibilities included overseeing the company’s finances, human resources
department, U.S. Securities & Exchange Commission compliance, and
Sarbanes-Oxley compliance. Prior to joining MDwerks,
Mr. Friedman served as the Vice President of Finance for CSA Marketing, Inc.
from March 2005 to February 2006. For the eleven years prior to March
2005, Mr. Friedman served as the Business Manager/Controller and Director of
Financial Planning at the Telemundo Group, Inc. Mr. Friedman also
worked as a Senior Financial Analyst for Knight-Ridder, Inc and as an Audit
Senior Accountant for KPMG Peat Marwick. Mr. Friedman received his
MBA from St. Thomas University and his BSM from Tulane University.
Paavo
Salmi, President, 45
From 2008
to 2010, Mr. Salmi served as the Chief Executive Officer of E3FS LLC (“E3FS”),
being responsible for all aspects of the company operations. Prior to joining
E3FS, Mr. Salmi served as the Chief Executive Officer of Travelatro, Inc.
(“Travelatro”) from 2000 to 2008, where his responsibilities included the
general strategic planning, sales, marketing and technology development.
Prior to joining Travelatro, Mr. Salmi worked as the Vice President of Internet
Marketing for Sunterra Resorts, Inc from 1998 to 2000, being responsible for the
company’s online marketing strategy. Mr. Salmi received his BA and MBA from
California Lutheran University.
Family
Relationships
Messieurs
Friedman and Salmi do not have a family relationship with any of the other
officers or directors of the Company.
Related
Party Transactions
There are
no related party transactions reportable under Item 5.02 of Form 8-K and Item
404(a) of Regulation S-K.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
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Exhibit No.
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Description
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10.1
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Adam
Friedman Paavo Salmi Employment Agreement
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10.2
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Paavo
Salmi Employment Agreement
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99.1
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Resignation
Letter of Richard Sokolowski, dated August 13,
2010
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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.
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NEXT
1 INTERACTIVE, INC.
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Date:
August 18, 2010
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By:
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/s/ William Kerby
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William
Kerby
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Chief
Executive
Officer
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