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: January 9, 2007
SPIRIT FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
|
Maryland |
|
01-32386 |
|
20-0175773 |
|
(State or other
jurisdiction of |
|
(Commission |
|
(IRS Employer |
|
14631 N. Scottsdale Road, Suite 200 |
|
(Address of Principal Executive Offices) (Zip Code) |
|
|
|
Registrant’s telephone number, including area code: (480) 606-0820 |
|
|
|
None |
|
(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:
o Written communications pursuant to Rule 425 under the Securities Act
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 9, 2007, the Compensation Committee (the “Committee”) of the Board of Directors of Spirit Finance Corporation (the “Company”) awarded performance bonuses for the 2006 fiscal year and increased the base salaries for the 2007 fiscal year for each of our executive officers (the “Named Executives”) who was named in the Summary Compensation Table in the proxy statement for our 2006 annual meeting, which include our principal executive officer and principal financial officer. These actions were taken by the Committee in accordance with the terms of the Amended and Restated Employment Agreements, dated as of October 16, 2006, between the Company and each of the Named Executives. The Committee also granted a total of 440,219 shares of restricted common stock to these officers and other employees of the Company under the Company’s Amended and Restated 2003 Stock Option and Incentive Plan . The 2007 base salaries, 2006 performance bonus awards and restricted stock grants for the Named Executives are shown in the table below.
|
Name |
|
2007 Base Salary |
|
2006 Performance Bonus |
|
Number of Shares of |
|
||||||||
|
Morton H. Fleischer |
|
|
$ |
450,000 |
|
|
|
$ |
562,500 |
|
|
|
101,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Christopher H. Volk |
|
|
$ |
500,000 |
|
|
|
$ |
600,000 |
|
|
|
109,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Catherine Long |
|
|
$ |
340,000 |
|
|
|
$ |
330,000 |
|
|
|
48,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Michael T. Bennett |
|
|
$ |
310,000 |
|
|
|
$ |
302,500 |
|
|
|
36,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Jeffrey M. Fleischer |
|
|
$ |
310,000 |
|
|
|
$ |
302,500 |
|
|
|
36,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Gregg A. Seibert |
|
|
$ |
310,000 |
|
|
|
$ |
302,500 |
|
|
|
36,410 |
|
|
(1) The restricted shares awarded to the Named Executives vest ratably over a five year period.
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.
|
SPIRIT FINANCE CORPORATION |
|
|||
|
|
||||
|
|
||||
|
Date: January 16, 2007 |
By: |
/s/ Catherine Long |
||
|
|
Catherine Long |
|||
|
|
Chief Financial Officer |
|||
3