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 earliest event reported): October 7, 2010
INTERACTIVE
SYSTEMS WORLDWIDE INC.
(exact
name of registrant as specified in its charter)
Delaware
(State or
other jurisdiction of incorporation)
|
000-21831
|
22-3375134
|
|||
|
(Commission
File Number)
|
(IRS
Employer Identification Number)
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|||
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3363
Corte del Cruce Carlsbad, Ca
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92009
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|||
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(Address
of principal executive offices)
|
(Zip
Code)
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(973)
256-8181
Registrant’s
Telephone Number, Including Area Code
(Former
name or former address, if changed since last report)
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)
|
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£
|
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))
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£
|
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 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS
At a
Board of Directors meeting held on October 7, 2010, the Board has agreed to
Terms with Mr. Steve Johns to continue in his position as Chief Executive
Officer of the Company, effective retroactively to October 1, 2010 for a term of
one (1) year. The appointment is contingent upon the approval of a formal
employment agreement consistent with the agreed to Terms. Mr. Johns,
who is 55 years old, has been serving as President/CEO under a four (4) month
Agreement with non-cash compensation, managing all aspects for both the Company
and for its wholly owned UK subsidiary, Global Interactive Gaming Limited.
Terms of the new Agreement include a base salary of $120,000 annually, to be
accrued and payable at such time that the Company has sufficient funds (as
detailed in the Terms), Mr. Johns is also entitled to receive certain
performance related compensation. In addition, Mr. Johns will be awarded a
variable number of additional stock options, with a maximum of 1,000,000 shares,
based upon the amount of new revenue generated by Mr. Johns over the term of
Agreement. Mr. Johns has been a member of the Company’s Board of Directors
since January 26, 2010.
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.
| INTERACTIVE SYSTEMS WORLDWIDE INC. | |||
| (Registrant) | |||
|
|
By:
|
/s/ Steve Johns | |
| Steve Johns | |||
| Chief Executive Officer | |||
Date: October
8, 2010