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)
November 5, 2009
IA Global, Inc.
(Exact name of registrant as specified in its charter)
Delaware
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1-15863
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13-4037641
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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101 California Street, Suite 2450, San Francisco, CA 94111
(Address of principal executive offices) (Zip Code)
(415) 946-8828
(Registrants telephone number, including area code)
Not Applicable
(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):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 133-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 - Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) On November 5, 2009, IA Global, Inc. (the
Company) entered into an Employment Agreement with Brian Hoekstra, the Companys Chief Executive Officer, which is
effective as of September 4, 2009.
The Employment Agreement provides for a one-year term
and is renewable on a mutually agreeable basis. The Company will pay Mr. Hoekstra an annual base salary of $98,000, and will provide
for participation in the Companys benefit programs available to other senior executives (including group insurance
arrangements). Mr. Hoekstra is also eligible for discretionary performance bonuses based upon performance criteria to be determined
by the Companys Compensation Committee. If Mr. Hoekstras employment is terminated without Cause (as defined in the
Employment Agreement), Mr. Hoekstra will be entitled to a payment equal to three months base salary paid at the Companys
discretion in a lump sum or over the subsequent year.
The Compensation Committee also awarded Mr. Hoekstra
800,000 shares of restricted stock and an option to purchase 1,200,000 shares of the Companys common stock. The awards were
granted at the fair market price of $0.04 per share based on the adjusted closing price of the Companys common stock on
November 4, 2009, the last trading day before the Compensation Committee meeting. In accordance with the Companys 2007 Stock
Incentive Plan, the restricted stock and the stock option vest in quarterly installments over three years beginning on September 4,
2009. The stock options expire on September 3, 2019.
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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.
IA Global, Inc.
(Registrant)
Dated: November 12, 2009
Mark Scott
Chief Financial Officer
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