Unassociated Document
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): September 30, 2010
Upstream
Worldwide, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-50494
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98-0412432
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(State
or other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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200
E. Broward Blvd., Suite 1200
Ft.
Lauderdale, Florida
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33301
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (954)
915-1550
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 (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))
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
CertainOfficers; Compensatory Arrangements of Certain
Officers.
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Effective
September 30, 2010, in an effort to permit Upstream Worldwide, Inc. (the
“Company”) to reduce costs, Douglas Feirstein, the Chief Executive Officer of
the Company and Daniel Brauser, the Chief Financial Officer of the Company,
amended their Employment Agreements and waived a total of approximately $126,000
of compensation deferred by them since April 2010. Additionally, Messrs.
Feirstein and Brauser each agreed to a reduced salary of $150,000 per year, a
total reduction of $250,000 per year. Previously, the Employment
Agreements expired on May 5, 2012; as a result of the amendments Messrs.
Feirstein and Brauser are now employed by the Company on a month-to-month basis.
The Employment Agreements have also been amended to eliminate all severance
rights.
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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UPSTREAM WORLDWIDE,
INC. |
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By:
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/s/ Daniel
Brauser |
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Name: |
Daniel
Brauser |
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Title: |
Chief
Financial Officer |
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