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 (Date of earliest event reported) NOVEMBER 15, 2006
-----------------
I/OMAGIC CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
NEVADA 000-27267 88-0290623
- ---------------------------- --------- ----------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4 MARCONI, IRVINE, CALIFORNIA 92618
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (949) 707-4800
--------------
NOT APPLICABLE
- --------------------------------------------------------------------------------
(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 (SEE General Instruction A.2. below):
|_| 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 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS.
(a) Not applicable.
(b) Effective November 15, 2006, Tony Shahbaz resigned as Interim Chief
Financial Officer of I/OMagic Corporation (the "Company").
(c) (1) Effective November 15, 2006, the Board of Directors of the
Company appointed Thomas L. Gruber as Chief Financial Officer of the Company.
(2) THOMAS L. GRUBER joined the Company as its Chief Financial
Officer on November 15, 2006. Prior to assuming this position, and from
July 2004 through October 2006, Mr. Gruber was a Partner in a private
investment group specializing in management and leveraged buyouts.
Prior to that time, and from January 2001 to July 2004, Mr. Gruber was
President and Chief Financial Officer of nStor Technologies, an
American Stock Exchange listed public company that designed, developed
and manufactured enterprise storage hardware and software. Mr. Gruber
received a BBA degree in Accounting from Ohio University and an MBA
from Pepperdine University with a concentration in
Management/Marketing.
(3) The Company entered into a Letter Agreement with Thomas L.
Gruber establishing his pay and benefits. Under the Letter Agreement,
Mr. Gruber is to receive an annual base salary of $150,000 and is
entitled to bonus compensation equal to 2% of quarterly net profit. In
addition, Mr. Gruber is eligible to receive additional bonus
compensation, payable quarterly, of up to a maximum of $20,000
annually. The Letter Agreement also provides for the grant to Mr.
Gruber of options to purchase up to 50,000 shares of the Company's
common stock at a purchase price of $4.00 per share, which are to vest
over a four year period. Mr. Gruber is also entitled to participate in
other benefit programs offered by the Company to other full-time
employees. The first ninety days of Mr. Gruber's employment are deemed
a benefit waiting period and Company benefits will commence thereafter.
(d) Not applicable.
(e) Not applicable.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
Not applicable.
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.
Date: November 21, 2006 I/OMAGIC CORPORATION
By: /S/ TONY SHAHBAZ
-------------------------------------
Tony Shahbaz, Chief Executive Officer