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TIX CORP 8-K 2010 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): September 1,
2010
TIX
CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
(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):
Employment Agreement with
Kimberly Simon
On
September 1, 2010, Tix Corporation (the “Company”) entered into a written
employment agreement with Kimberly Simon, pursuant to which Ms. Simon will
continue to serve as the Company’s Chief Operating Officer. The term
of the new employment agreement commenced on September 1, 2010 and will expire
on September 1, 2013, unless sooner terminated in accordance with the employment
agreement.
Under her
employment agreement, Ms. Simon is entitled to an annual salary of $262,440,
which will increase by 8% annually on each anniversary of the commencement date
of the employment agreement. Ms. Simon did not receive any increase in her
annual salary for the year commencing September 1, 2010. Ms. Simon will be eligible for an annual
bonus in the discretion of the Company’s board of directors. In
addition to her annual salary, the Company has agreed to provide Ms. Simon with
an automobile and has agreed to provide her with health, long-term care, life
and disability insurance and personal tax consultation and preparation of tax
returns, as well as certain other benefits.
Also, Ms.
Simon was granted three-year stock options to purchase 300,000 shares of our
common stock at a price of $0.80 per share. The options will vest in
three installments of 100,000 shares each on September 1, 2011, 2012 and 2013,
subject to Ms. Simon remaining in the continuous employ of the Company through
such vesting dates. Upon termination of Ms. Simon’s employment
agreement for any reason other than “cause” (as defined), any options not
previously vested shall immediately vest and be exercisable for a period of one
year from the date of termination.
In the
event of termination of the employment agreement for any reason other than for
cause or by reason of Ms. Simon’s death or permanent disability or pursuant to a
“change of control” (as defined) of the Company, the Company has agreed to
continue to pay Ms. Simon her annual salary for the remainder of the term of the
employment agreement, subject to offset for any compensation paid to Ms. Simon
in connection with any subsequent reemployment. If there is a change
of control of the Company and Ms. Simon’s employment agreement is terminated for
any reason other than for cause or by reason of Ms. Simon’s death or permanent
disability, the Company has agreed to pay her a lump-sum amount equal to five
times her annual salary under the employment agreement and to continue to
provide her with certain employee benefits.
The
foregoing is a summary only of the terms and provisions of Ms. Simon’s
employment agreement.
(d) Exhibits
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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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