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PRVT » Topics » Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.This excerpt taken from the PRVT 8-K filed Jun 9, 2005. Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On June 8, 2005, the Board of Directors of Private Media Group, Inc. (the “Company”) accepted the resignation of Ferran Mirapeix as a director and Chairman of the Audit Committee.
The Board of Directors elected Lluis Torralba as a director to fill the Board vacancy as of June 8, 2005, to serve until the next Annual Meeting of Shareholders and until his successor is appointed. Mr. Torralba has also been appointed to the Company’s Audit Committee.
The Company has agreed to pay Mr. Torralba a fee of EUR 2,000 for each Board and Committee meeting attended. In addition, Mr. Torralba has been granted options to acquire 8,000 shares of the Company’s Common Stock at an exercise price of $2.74 per share, which options vest in May 2006 and expire in May 2009.
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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 thereunto duly authorized.
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