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
December 6, 2006
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Date of Report (Date of earliest event reported) |
ILX Resorts Incorporated
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Exact name of Registrant as specified in its charter |
ARIZONA
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(State or other jurisdiction of incorporation) |
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001-13855 | | 86-0564171 |
(Commission File Number) | | (I.R.S. Employer Identification No.) |
2111 E. Highland Avenue, Suite 200, 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
The following salary increases were adopted by the Company’s Board of Directors on December 6, 2006 and are effective January 1, 2007:
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Name | Title | Amount of Increase | Base Annual Salary After Increase |
Joseph P. Martori | Chief Executive Office and Chairman | $75,000 | $450,000 |
Nancy J. Stone | President and Director | $5,000 | $325,000 |
Margaret M. Eardley | Executive Vice President and Chief Financial Officer | $15,000 | $200,000 |
Joseph P. Martori, II | Executive Vice President and Director | $50,000 | $200,000 |
Edward S. Zielinski | Executive Vice President and Director | $10,000 | $200,000 |
Common stock bonuses in the amounts listed below will be issued under the ILX Resorts Incorporated Stock Bonus Plan (“Plan”) in January 2007. The Plan was approved by shareholders at the Company’s 2005 Annual Meeting and previously filed in an 8-K on June 28, 2005.
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Nancy J. Stone | President and Director | 5,000 |
Joseph P. Martori, II | Executive Vice President and Director | 4,000 |
Edward S. Zielinski | Executive Vice President and Director | 4,000 |
Margaret M. Eardley | Executive Vice President and Chief Financial Officer | 4,000 |
Thomas F. Dunlap | Executive Vice President | 2,000 |
Ty D. Krehbiel | Executive Vice President | 1,000 |
Common stock bonuses in the aggregate amount of eleven thousand and five hundred (11,500) shares were also granted to non-executive officers and other employees. All executive officers shares will fully vest on January 15, 2010. For non-executive officers and other employees 1,500 shares will fully vest on January 15, 2009 and 10,000 shares will fully vest on January 15, 2010.
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.
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| | ILX Resorts Incorporated |
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Date: December 8, 2006 | | /s/ Nancy J. Stone |
| | Nancy J. Stone President |
