Dalrada Salary Increase Brian Bonar
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)
March
23, 2007
Dalrada
Financial Corporation
------------------------------------------------------------------------------------------------
(Exact
Name of Registrant as Specified in its Charter)
Delaware 7363
38-3713274
------------------------------------------------------------------------------------------------
(State
or
Other
Jurisdiction
(Commission
(IRS
Employer
of
Incorporation)
File
Number)
Identification No.)
9449
Balboa Avenue, Suite 211, San Diego,
CA
92123
-
---------------------------------------------------------------------------------------------
(Address
of Principal Executive
Offices)
(Zip
Code)
Registrant's
telephone number, including area code: (858) 427-8700
-----------------------------------------------------------------------------------------------
(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 for the registrant under any of the following
provisions:
___
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
___
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
___
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR
240.14d-2(b)).
___
Pre-commencement communications pursuant to Rule 13e-4© under the Exchange Act
(17 CFR
240.13e-4(c)).
ITEM
5.02(e). COMPENSATORY
ARRANGEMENTS FOR CERTAIN OFFICERS
| (1) |
Compensation
Increase Involving CEO
|
(i)
The
Company entered into five year employment agreement with Brian Bonar, Chief
Executive Officer, on January 1, 2006. Under the terms of the Agreement, Mr.
Bonar shall earn $393,000 per annum in initial salary, subject to annual
increases of up to ten (10) percent, based upon performance criteria. Mr. Bonar
shall be eligible to earn quarterly bonus of $47,000 based upon the Company
achieving a net profit for that quarter. Mr. Bonar shall be issued common stock
of DFCO sufficient to provide a ten (10) percent ownership position post reverse
split, which shares be maintained for a period of two years.
(ii)
On
March 21, 2007, Dalrada Financial Corporation (DFCO) Board Of Directors
approved
the
following:
| (1) |
Brian
Bonar, CEO of DFCO will receive a salary of $423,300, effective March
19,
2007.
|
.
/s/
Brian Bonar
Chairman of the Board of
Directors,
March 23, 2007
Brian
Bonar Chief
Executive Officer, and
(Principal Executive Officer)
/s/
Stanley A. Hirschman Director
March
23, 2007
Stanley
A. Hirschman
/s/
Jim Ellis
Director
March 23, 2007
Jim
Ellis
/s/
Robert T. Baker
Director
March 23, 2007
Robert
T.
Baker
/s/
Richard H. Green
Director March
23, 2007
Richard
H. Green
/s/
David P. Lieberman
CFO
March 23, 2007
David
P.
Lieberman