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): November 28, 2005
VOIP, INC.
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(Exact name of registrant as specified in its charter)
Texas 000-28985 75-2785941
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(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
12330 SW 53RD STREET, SUITE 712, FT. LAUDERDALE, FLORIDA 33330
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(Address of principal executive offices, including zip code)
(954) 434-2000
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(Registrant's telephone number, including area code)
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On November 22, 2005, VoIP, Inc. (the "Company") entered into an
employment agreement (the "Bibee Employment Agreement" with Mr. Hal Bibee, the
President of the Company. The Bibee Employment Agreement is for a term of three
years (unless terminated earlier pursuant to its terms ). Mr. Bibee will receive
a salary of $13,750 per month through December 31, 2005, and thereafter will
receive $15,000 per month. Upon execution of the Bibee Employment Agreement, Mr.
Bibee was issued warrants to purchase 1,000,000 shares of the Company's common
stock, at a purchase price of $1.50 per share. In addition, Mr. Bibee was
granted non-qualified stock options to purchase 500,000 shares of common stock
at an exercise price of $1.56 per share. Mr. Bibee will be eligible to
participate in the Company's various benefit plans that are available to other
executive officers of the Company. Mr. Bibee will be entitled to receive
severance payments if his employment is terminated in certain circumstances. The
Bibee Employment Agreement contains customary confidentiality and
non-competition covenants. The above summary is qualified in its entirety by
reference to the complete text of the Bibee Employment Agreement, a copy of
which is filed as Exhibit 10.1 hereto.
ITEM 7.01 REGULATION FD DISCLOSURE
On November 23, 2005 a press release was issued disclosing the election of
Mr. Bibee. Such release is filed hereto as Exhibit 99.1. Exhibit 99.1 hereto is
being furnished, and shall not be deemed to be "filed," with the SEC. The
information in Exhibit 99.1 shall not be incorporated by reference into any
filing of the Registrant with the SEC, whether made before or after the date
hereof, regardless of any general incorporation language in such filings.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibits.
10.1 Employment Agreement, dated November 22, 2005, between the Company
and Mr. Hal Bibee
99.1 Press release dated November 23, 2005
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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.
Date: November 28, 2005 VOIP, Inc.
(Registrant)
By: /s/ B. Michael Adler
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B. Michael Adler
Chief Executive Officer