Attached files
| file | filename |
|---|---|
| EX-10.1 - STIPULATION FOR ENTRY OF JUDGMENT - Fonon Corp | raptor_8k-ex1001.htm |
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
24, 2009
RAPTOR
NETWORKS TECHNOLOGY, INC.
(Exact
name of registrant as specified in its charter)
|
Colorado
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000-51443
|
84-1573852
|
|
(State
or other
|
(Commission
File Number)
|
(IRS
Employer
|
|
jurisdiction
of incorporation)
|
Identification
Number)
|
1508
South Grand Avenue
Santa
Ana, California 92705
(Address
of Principal Executive Offices)
(714)
380-6659
(Registrant’s
Telephone Number, Including Area Code)
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):
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))
Item
1.01 Entry
into a Material Definitive Agreement.
As
previously disclosed, on April 8, 2009, PS Business Parks, L.P. (“PSBP”) filed a
civil lawsuit in the Superior Court of California, County of Orange, case number
00121225, alleging breach of contract by Raptor Networks Technology, Inc.
(“Company”) in connection with the Company vacating its previous operating
facility in October 2008.
On
November 24, 2009, the Company and PSBP entered into a settlement agreement to
resolve all outstanding issues between the two parties. The
settlement terms include an agreement by the Company to pay PSBP the sum of
$216,000 in monthly payments, plus simple interest at the rate of ten percent
per annum. Pursuant to the payment schedule, the Company paid PSBP
$7,000 on November 24, 2009 and will make monthly payments of $9,000 each on the
fifteenth day of each calendar month beginning on January 15, 2010 and ending on
January 15, 2012, with a final payment of $6,106.33 due on or before February
15, 2012. There is no penalty for prepayment or early payment of any
amounts due by the Company under the settlement agreement. If the
Company defaults on any of its payment or other obligations under the settlement
agreement, judgment may be entered against the Company in the amount of $216,000
plus simple interest at the rate of ten percent per annum, less any payments
already made by the Company.
The
settlement terms also include a complete release of claims by both the Company
and PSBP against the other party with regard to the Company vacating its
previous operating facility in October 2008. Each party also agreed
to bear its own costs and attorneys’ fees incurred in connection with the case
and the settlement agreement.
For more
information regarding the terms of the settlement, please refer to the copy of
the settlement agreement attached as Exhibit 10.1 to this Current Report on Form
8-K. The above description of the settlement agreement is qualified
in its entirety by reference to the complete text of the settlement
agreement.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits
|
Exhibit Number
|
Description
|
|
10.1
|
Settlement
Agreement dated November 24,
2009.
|
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.
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RAPTOR
NETWORKS TECHNOLOGY, INC.
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Date: November
27, 2009
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By:
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/s/ Bob van Leyen | |
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Bob
van Leyen, Chief Financial Officer
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