UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): May 7, 2007
BIDZ.COM, INC.
(Exact name of registrant as specified in its charter)
Delaware | 000-51257 | 95-4728109 |
(State or other jurisdiction of | | (IRS Employer |
incorporation or organization) | (Commission File Number) | Identification Number) |
3562 Eastham Drive
Culver City, California |
90232
|
(Address of principal executive offices) | (Zip Code) |
310-280-7373
(Registrant’s telephone number, including area code)
N/A
(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:
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 13e-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.
Effective May 7, 2007, the Board of Directors of Bidz.com, Inc. (the “Company”) appointed Garry Y. Itkin to serve as a director of the Company. As previously reported, Mr. Itkin, who served as a director of the Company since July 2003, resigned as a director on December 18, 2006, citing his inability to devote sufficient time to his duties as a director, as a result of his business activities in Europe. Mr. Itkin is now able to devote the time necessary to participate fully as a director of the Company and will resume his position as Director.
Mr. Itkin has served as the Chief Executive Officer of AFB Trading One, Inc., a privately held distillery, since September 1999. Mr. Itkin served as the acting Chief Financial Officer of the Company from February 1999 until 2000. From November 1987 to May 1999, Mr. Itkin served as Managing Partner of Jeff Ratner & Associates, Inc., a public accounting and consulting firm in Beverly Hills, California. Mr. Itkin received his MBA degree from Pepperdine University in 1986. In 2005, Mr. Itkin received his JD degree from the Russian Federation North West Academy of Governmental Service.
The Company grants annually to each non-employee director options to purchase 10,000 shares of Common Stock. In addition, non-employee directors will receive additional options for committee service per year over the standard non-employee director compensation options to purchase an additional 5,000 shares of Common Stock to the Chairman of the Audit Committee, and options to purchase an additional 2,500 shares of common stock to each member of our Audit Committee (other than the Chairman), Compensation Committee and Governance and Nominating Committee. In lieu of receiving the foregoing stock options, non-employee directors may elect to receive one share of common stock for each option to purchase two shares of common stock. The Company will also reimburse each non-employee director for travel and related expenses incurred in connection with attendance at board and committee meetings and provide $24,000 per member in cash consideration annually for serving on its Board of Directors and an additional $1,000 per member per meeting and an additional $7,500 annually to the Chairman of the Audit Committee.
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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 hereunto duly authorized.
Date: May 11, 2007 | BIDZ.COM, INC. |
| |
| |
| By: | /s/ Lawrence Kong |
| | Lawrence Kong |
| | Chief Financial Officer |
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