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 (Date of earliest event reported): December 20, 2007
CALTON, INC.
(Exact name of registrant as specified in its charter)
NEW JERSEY 1-8846 22-2433361
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification Number)
2050 40TH AVENUE, SUITE ONE
VERO BEACH, FLORIDA 32960
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (772) 794-1414
(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))
Section 1 Registrant's Business and Operations
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Item 1.01 Entry into Material Definitive Agreement
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On January 9, 2006, the Company entered into an Executive Employment Agreement
(the "Employment Agreement") with Anthony J. Caldarone, its Chairman, President
and Chief Executive Officer. The Employment Agreement provides for an annual
base salary of $100,000 and entitles Mr. Caldarone to participate in all benefit
plans made available to the Company's senior executives. Effective January 2007,
Mr. Caldarone agreed to a reduction of his salary to $1.00 per year, and the
Board of Directors extended the term of the Employment Agreement until December
31, 2007.
Effective January 1, 2008, the Company's Board of Directors approved an
extension of the term of the Employment Agreement for an additional year, from
January 1, 2008 until December 31, 2008, at a salary of $1.00 per year, in
accordance with the terms of the Second Amendment to the Executive Employment
Agreement, dated December 20, 2007.
Item 9.01 Exhibits.
No. 10.49 Second Amendment to the Executive Employment Agreement, dated
December 20, 2007.
SIGNATURES
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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.
CALTON, INC.
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(Registrant)
By: /s/ Vicky F. Savage
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Vicky F. Savage
Acting Chief Financial Officer and Treasurer
Dated: December 20, 2007