AFFINITY TECHNOLOGY GROUP INC
Form 8-K for AFFINITY TECHNOLOGY GROUP INC--------------------------------------------------------------------------------
18-Jul-2006
Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
(a) On July 14, 2006, the Compensation Committee (the "Committee") and the Board of Directors (the "Board") of Affinity Technology Group, Inc., a Delaware corporation ("Affinity"), approved the following compensation related matters:
o The base salary payable to Joseph A. Boyle, President and Chief Executive Officer of Affinity, was increased to $250,000 per year. Effective July 3, 2006, Mr. Boyle resumed full-time employment with Affinity.
o The base salary payable to S. Sean Douglas, Chief Operating Officer of Affinity, was increased to $125,000 per year.
o The following stock option awards were granted to the officers of
Affinity:
No. of Shares
of Common Stock
Officer Underlying Award Exercise Price Term
------- ---------------- -------------- ----
Joseph A. Boyle 2,500,000 $0.50 10 years
S. Sean Douglas 850,000 $0.50 10 years
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