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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): January 20, 2006
UNIVERSAL PROPERTY DEVELOPMENT AND ACQUISITION CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Nevada 000-25416 20-3014499
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(State of Incorporation) Commission File No.) (I.R.S. Employer
Identification Number)
14255 U.S. Highway 1, Suite 2180
Juno Beach, Florida 33408
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(Address of Principal Executive Offices)
(561) 630-2977
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(Registrant's Telephone Number, including area code)
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5.02 APPOINTMENT OF PRINCIPAL OFFICERS
On January 20, 2006, Universal Property Development and Acquisition
Corporation (the "Registrant"), a Nevada corporation and Mr. Steven A. Barrera
entered into an Employment Agreement whereby Mr. Barrera was appointed to be the
Texas Regional Manager for the Registrant. Pursuant to the terms of the
Employment Agreement, Mr. Barrera will report directly to the Registrant's board
of directors and he will be responsible for overseeing the operations of the
Registrant, and its joint venture companies, within the State of Texas. Mr.
Barrera shall devote all of his business time and attention to his obligations,
duties and responsibilities under the terms of the Employment Agreement. Upon
execution, the Employment Agreement became effective retroactively to January 1,
2006.
Under the terms of the Employment Agreement, Mr. Barrera shall receive an
annual salary of Sixty Thousand Dollars ($60,000) and shall be entitled to
purchase restricted shares of the Registrant's common stock, pursuant to the
terms of a Restricted Stock Purchase Agreement, in increments to be determined
by the Registrant's board of directors. As of the date of this report, Mr.
Barrera had not purchased any shares of the Registrant's common stock pursuant
to the Restricted Stock Purchase Agreement. Mr. Barrera shall be reimbursed for
his reasonable business expenses. The Employment Agreement has a one-year term,
but shall automatically renew unless terminated at least 30 days prior to the
automatic renewal date.
The foregoing description of the Employment Agreement is not intended to
be complete and is qualified in its entirety by the complete text of that
agreement, the form of which is attached as Exhibit 10.1 to this Report.
Prior to entering into the Employment Agreement, Mr. Barrera was a member
of the Registrant's board of directors. He was considered by the Registrant to
be an "independent director" as defined by various provisions of the federal
securities laws and regulations. As a result of entering into the Employment
Agreement, and during the term of that agreement, the Registrant will no longer
consider Mr. Barrera to be an "independent director" as so defined.
SECTION 9. FINANCIAL STATEMENT AND EXHIBITS.
(c) Exhibits.
The following Exhibits are hereby filed as part of this Current Report on Form
8-K:
Exhibit Description
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10.1 Employment Agreement by and between Universal Property Development
and Acquisition Corporation and Mr. Steven A. Barrera dated as of
January 1, 2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Universal Property Development and Acquisition Corporation has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
UNIVERSAL PROPERTY DEVELOPMENT
AND ACQUISITION CORPORATION
By: /s/ Kamal Abdallah
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Kamal Abdallah
President and Principal Executive Officer
EXHIBIT INDEX
The following Exhibits are filed herewith:
Exhibit Description
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10.1 Employment Agreement by and between Universal Property Development
and Acquisition Corporation and Mr. Steven A. Barrera dated as of
January 1, 2006.