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: April 1, 2006
(Date of Earliest Event Reported)
FORTUNET, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada | 000-51703 | 88-0252188 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) (I.R.S. Employer Identification No.) | (IRS Employer Identification No.) |
| |
2950 South Highland Drive, Suite C Las Vegas, Nevada | 89109 |
| (Address of Principal Executive Offices) | (Zip Code) |
(702) 796-9090
(Registrant's Telephone Number, Including Area Code)
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 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
As of April 1, 2006, FortuNet, Inc. (“Company”) amended the terms of its unwritten employment arrangements with the following individuals to increase their annual salaries:
| | · | Yuri Itkis, Chief Executive Officer and a director of the Company; and |
| | · | Boris Itkis, Chief Technology Officer and a director of the Company. |
On July 6, 2006, the Company entered into amendments (collectively, the “Amendments”) to the following employment agreements with certain executive officers of the Company to increase their annual salaries:
| | · | the Exempt Employment Agreement, dated as of September 9, 2002 and amended by Amendment No. 1 thereto dated as of September 9, 2002, with Jack B. Coronel, Chief Marketing Officer and Director of Compliance and Strategic Development of the Company; and |
| | · | the Exempt Employment Agreement, dated as of January 10, 2005, with William R. Jacques, Jr., Chief Financial Officer of the Company. |
On April 21, 2006, the following cash bonuses were awarded: (a) $113,300 to Mr. Coronel and (b) $14,543 to Mr. Jacques.
The foregoing description does not purport to be complete and is qualified by the full text of the Amendments and a summary of amendments to the unwritten employment arrangements with Messrs. Yuri Itkis and Boris Itkis, copies of which are attached as Exhibits 10.1, 10.2 and 10.3 and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | | Document |
| 10.1 | | Amendment No. 2 to FortuNet Inc. Exempt Employment Agreement by and between FortuNet Inc. and Jack B. Coronel, dated as of July 6, 2006 |
| | | |
| 10.2 | | Amendment No. 1 to FortuNet Inc. Exempt Employment Agreement by and between FortuNet Inc. and William R. Jacques, Jr., dated as of July 6, 2006 |
| | | |
| 10.3 | | Summary of Amendments to Unwritten Employment Arrangements with Yuri Itkis and Boris Itkis |
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.
| | FORTUNET INC. |
| | |
| Date: July 7, 2006 | By: /s/ Yuri Itkis |
| | Yuri Itkis |
| | Chief Executive Officer |
EXHIBIT INDEX
| Exhibit No. | | Document |
| 10.1 | | Amendment No. 2 to FortuNet Inc. Exempt Employment Agreement by and between FortuNet Inc. and Jack B. Coronel, dated as of July 6, 2006 |
| | | |
| 10.2 | | Amendment No. 1 to FortuNet Inc. Exempt Employment Agreement by and between FortuNet Inc. and William R. Jacques, Jr., dated as of July 6, 2006 |
| | | |
| 10.3 | | Summary of Amendments to Unwritten Employment Arrangements with Yuri Itkis and Boris Itkis |
