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RFNN > SEC Filings for RFNN > Form 8-K on 19-Apr-2013All Recent SEC Filings

Show all filings for REDFIN NETWORK, INC. | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Offices; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

RedFin Network, Inc. has been informed that on April 9, 2013, an Information has been issued in the United States District Court for the Southern District of Florida against Jeffrey Schultz, then our President, CEO and member of our Board of Directors. The Information alleges violation of Sections 18 U.S.C. 1, 348(1)(2) and 2 involving fraudulent securities transactions and improper payments by Mr. Schultz in order to promote the company's common stock. The Information seeks forfeiture of any proceeds traceable to the alleged violation.

On April 19, 2013, Mr. Schultz resigned as an officer and director of RedFin. Effective with his resignation, the employment agreement between our company and Mr. Schultz was terminated, and we are not obligated to pay him any severance or other benefits upon its termination. The company may retain Mr. Schultz as a consultant, on an as needed basis for limited services related to the marketing and sales of our products, upon terms and conditions to be negotiated with Mr. Schultz.

On April 19, 2013, Mr. Michael E. Fasci Sr., our Chief Financial Officer and a member of our Board of Directors, was appointed Chief Executive Officer. While we have not amended the current employment agreement with Mr. Fasci, we and Mr. Fasci may elect to revise these compensation arrangements in the future.

In addition to Mr. Fasci's appointment as our Chief Executive Officer, Mr. Joseph Jones, who has served as our Internal Controller, has been named Chief Financial Officer. Biographical information for Mr. Jones is as follows:

Joseph Jones. Mr. Jones, 28, served as our Internal Comptroller since March 2011. From June 2004 until February 2011, Mr. Jones was employed by Richard Jones Construction Company, Inc., serving as Chief Financial Officer (February 2009 until February 2011), Chief Operating Officer (September 2006 until January 2009) and Contract Manager (June 2004 until August 2006). In the position of Chief Financial Officer, he maintained investor relations, secured construction development loans in excess of $20 million and oversaw all general accounting practices, which included revenues of $175 million annually for the company's Florida, South Carolina and North Carolina divisions. As Chief Operating Officer, he oversaw field operations, contract management, customer service, human resources, license/insurance compliance for the company's development division, and he maintained coordination between the construction and development divisions assuring timely completion of all projects. Mr. Jones received a B.A. in Business from Florida Atlantic University.

We expect to formalize compensation arrangements with Mr. Jones in the near future.

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