- Current report filing (8-K)
July 26 2010 - 2:37PM
Edgar (US Regulatory)
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):
July 26, 2010 (July 20, 2010)
InfoSonics Corporation
(Exact
name of registrant as specified in its charter)
Maryland
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001-32217
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33-0599368
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer Identification
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of
incorporation)
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No.)
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4350 Executive Drive, Suite #100,
San Diego, CA
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92121
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(Address
of principal executive offices)
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(Zip
Code)
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Registrants
telephone number, including area code:
(858)
373-1600
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):
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
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 Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 20, 2010, the
Board of Directors of InfoSonics Corporation (the Company) appointed Vernon
A. LoForti as the Companys Chief Financial Officer. Mr. LoForti, 56, previously served in a
number of executive positions at Overland Storage, Inc., a global supplier
of data protection appliances. He joined
Overland in 1995 and served first as the companys Vice President, Chief
Financial Officer and Secretary, and led its initial public offering in
1997. From August 2007 to January 2009,
Mr. LoForti served as President, Chief Executive Officer and a member of
Overlands Board of Directors. From February 2009
to September 2009, he served as President.
From August 1992 to December 1995, Mr. LoForti was the
Chief Financial Officer for Priority Pharmacy, a privately held pharmacy
company. From 1981 to 1992, he was Vice
President of Finance for Intermark, Inc., a publicly held
conglomerate. Mr. LoForti began his
career in public accounting with Price Waterhouse and holds a Bachelor of
Science in Accounting from Brigham Young University.
In connection with Mr. LoFortis
appointment as Chief Financial Officer, the Compensation Committee of the Board
of Directors approved his annual salary of $180,000 and eligibility for a bonus
at the discretion of the Board of Directors and Compensation Committee. In addition, the Companys management will
recommend to its Compensation Committee that Mr. LoForti be granted an
option to purchase 140,000 shares of the Companys common stock, at an exercise
price equal to the fair market value of the Companys common stock on the date
of grant, and to vest over a three-year period, with the first one-third
vesting one year from the grant date and the remainder vesting monthly over the
following two-year period.
Effective upon Mr. LoFortis
appointment as Chief Financial Officer, Roger Laungani, the Companys Interim
Chief Financial Officer, resumed his previous position as Corporate Controller.
Item 8.01.
Other Events.
On
July 26, 2010, the Company issued a press release announcing
Mr. LoFortis appointment as Chief Financial Officer. The press
release is filed as Exhibit 99.1 to this Current Report on Form 8-K
and is incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
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Description
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99.1
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Press
release issued by the Company on July 26, 2010.
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2
SIGNATURES
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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InfoSonics Corporation
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/s/ Vernon A. LoForti
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Vernon A. LoForti
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Date:
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July 26, 2010
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Chief Financial Officer
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3
EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Press
release issued by the Company on July 26, 2010.
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4
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