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) December 20, 2010

International Monetary Systems, Ltd.   

(Exact name of registrant as specified in its charter)

Wisconsin
 
0-30853
 
39-1924096
(State or other jurisdiction of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
16901 West Glendale Dr. New Berlin, WI
 
53151
(Address of principal executive offices)
 
(Zip Code)


Registrant’s telephone number, including area code: 262-780-3640


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 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12)

o  Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))

o  Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))

 
 

 

Item 1.02   Termination of a Material Definitive Agreement

On December 20, 2010, International Monetary Systems, Ltd. reached a settlement agreement with its former Chief Financial Officer regarding his employment contract with the company. The settlement agreement requires a lump sum payment in December, 2010 and monthly installment payments from February through December, 2011.  The settlement will be recorded in its entirety in 2010 and is expected to decrease operating results for the year ended December 31, 2010 by approximately $100,000.
 
Item 9.01   Financial Statements and Exhibits
 
(a)           Not applicable.
 
(b)           Not applicable.
 
(c)           Not applicable.
 
(d)          Not applicable.
 
 
 

 
 
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.
 
 
 
International Monetary Systems, Ltd.
 
       
Date: December 21, 2010
By:
/s/ David Powell
 
   
Name: David Powell
 
   
Title: Principal Financial Officer