UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 9, 2005
Commission File Number 0-23903
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eAUTOCLAIMS, INC.
(Exact name of registrant as specified in its charter)
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Nevada 95-4583945
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
110 East Douglas Road, Oldsmar, Florida 34677
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(Address of principal executive offices) (Zip Code)
(813) 749-1020
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(Registrant's telephone
number)
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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:
|_| 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(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
The Company announced today that it has entered into a new two-year employment
agreement with its President/CEO as described in the attached document. The new
annual base salary of $170,000, plus benefits, includes a voluntary reduction in
compensation taken by the CEO from his previous contract. If the Company meets
certain net income targets, the base salary will increase to $200,000 and the
President/CEO will receive quarterly bonuses and monthly options to purchase the
Company's common stock.
The contract requires the Company to issue the President/CEO 1,000,000 shares of
the Company's common stock. If the President/CEO loses his position for any
reason other than for cause he will receive minimum severance compensation of
one year of his base salary.
The Company also announced that the four executive officers signed new
employment agreements with terms of eighteen to twenty-four months. The annual
base salaries of these contracts total $353,000 in year one and $469,000 in year
two, plus benefits. This compensation represents voluntary reductions from the
previous executive contracts. The agreements provide for the issuance of 10,000
shares of common stock to each of the four executives up to a maximum of 200,000
shares each and severance packages of six months per executive if their
contracts are not renewed by the Company.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: June 9, 2005 eAUTOCLAIMS, INC.
By: /s/ Eric Seidel,
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Title: CEO and President
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