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AFFI.OB > SEC Filings for AFFI.OB > Form 8-K on 18-Jul-2006 All Recent SEC Filings

AFFI.OB > SEC Filings for AFFI.OB > Form 8-K on 18-Jul-2006 All Recent SEC Filings




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Form 8-K for AFFINITY TECHNOLOGY GROUP INC


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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




One-third of such options are immediately exercisable, and the other two-thirds become exercisable in two equal annual installments on the first and second anniversaries of the date of grant.

o The following stock option awards were granted to non-employee directors of Affinity:


No. of Shares
of Common Stock
Director Underlying Award Exercise Price Term
-------- ---------------- -------------- ----

Robert M. Price 250,000 $0.35 10 years
250,000 $0.50 10 years

Peter R. Wilson 250,000 $0.35 10 years
250,000 $0.50 10 years




The options to acquire 250,000 shares for $0.35 per share are immediately exercisable, and the options to acquire 250,000 shares for $0.50 per share become exercisable in two equal annual installments on the first and second anniversaries of the date of grant.

The Committee and the Board also reaffirmed Affinity's bonus program under which Affinity may award cash and non-cash bonuses to officers of Affinity in the discretion of the Committee.

posted by Famous Quotations @ 10:17 AM