kl04047.htm

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):  April 16, 2008
 
               
 
FRANKLIN CREDIT MANAGEMENT CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
0-17771
75-2243266
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

101 Hudson Street
Jersey City, New Jersey
(Address of Principal Executive Offices)
  
 
07302
(Zip Code)

Registrant’s telephone number, including area code:  (201) 604-4402
 
 
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):
 
£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 
 
 

 
Item 1.01.    Entry into a Material Definitive Agreement.
 
On April 22, 2008, Franklin Credit Management Corporation (the “Company”) granted incentive stock options to the following executives:
 
Name Title  Shares Subject to Options
     
Alexander Gordon Jardin
Chief Executive Officer and Executive Vice President
100,000
     
Paul D. Colasono
Chief Financial Officer and Executive Vice President
45,000
     
William F. Sullivan
Chief Operating Officer
30,000

The options vest in equal annual installments on the first four anniversaries of the grant date, expire on the tenth anniversary of the grant date and have an exercise price of $1.75, per share.  The options were granted pursuant to, and are subject to the terms of, the Company’s 2006 Stock Incentive Plan.
 

 


 

 
 
 

 
SIGNATURE
 
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.
 
 
                    FRANKLIN CREDIT MANAGEMENT CORPORATION
 
                    By: /s/ Kevin P. Gildea                                                                        
                   Name: Kevin P. Gildea
                       Title:   General Counsel

Date:  April 23, 2008