FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
November 9, 2004 Ap ril 15, 2005
Date of Report (Date of earliest event reported) |
ILX Resorts Incorporated
Exact name of Registrant as specified in its charter |
ARIZONA
(State or other jurisdiction of incorporation) |
001-13855
86-0564171
(Commission File
(I.R.S. Employer
Number)
Identification No.)
2111 E. Highland Avenue, Suite 210, Phoenix, AZ 85016
(Address of principal executive offices)
Registrant's telephone number, including area code602-957-2777
Item 1.01 Entry into a Material Definitive Agreement
Cash bonuses in the amounts listed below were paid on April 15, 2005 to the Chief Executive Officer (CEO) and executive officers as a part of the sale of the Company’s leasehold interest in a 44-acre parcel in Las Vegas, Nevada. The sale was reported in the Company’s Form 8-K filed on April 19, 2005
Joseph P. Martori | Chairman and CEO | $250,000 |
Nancy J. Stone | President and Director | 100,000 |
Joseph P. Martori, II | Executive Vice President and Director | 100,000 |
Edward S. Zielinski | Executive Vice President and Director | 100,000 |
Margaret M. Eardley | Executive Vice President and Chief Financial Officer | 50,000 |
Donald D. Denton | Executive Vice President | 25,000 |
Thomas F. Dunlap | Executive Vice President | 10,000 |
Cash bonuses in the aggregate amount of $195,000 were also paid to non-executive officers and other employees. In addition, director Steven A. White participated in the investment and received redemption proceeds of $382,672.
The information contained under this item on this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
SIGNATURE
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.
ILX Resorts Incorporated
Date: April 27, 2005
/s/ Joseph P. Martori
Joseph P. Martori
Chairman
