Form 8K Current Report
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): August 17, 2006
FRANKLIN
CREDIT MANAGEMENT CORPORATION
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-17771
|
75-2243266
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(Commission
file number)
|
(I.R.S.
employer
identification
no.)
|
|
101
Hudson Street
New
Jersey, 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):
Check
the
appropriate box below in 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):
r
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
r
Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240. 14a-12)
r
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
r
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
(c) At
a
meeting of the Board of Directors of Franklin Credit Management Corporation
(the
“Company”) held on August 17, 2006, William F. Sullivan, age 56, was appointed
by the Board of Directors of the Company to the position of Chief Operating
Officer effective immediately.
Mr.
Sullivan was elected a Director of the Company in 1996. Mr. Sullivan served
as
the Company’s General Counsel from February 2006 until April 2006, and as the
Company’s Executive Vice President - Servicing from April 2006 until August
2006. From July 2004 until February 2006, Mr. Sullivan was the sole proprietor
of the Law Office of William F. Sullivan. From 1985 until June 2004, Mr.
Sullivan was a Partner at Marnik & Sullivan, a general practice law firm.
Mr. Sullivan is admitted to both the New York State and Massachusetts Bar
Associations. Mr. Sullivan graduated from Suffolk University School of Law
and
holds a Bachelor of Arts degree in Political Science from the University of
Massachusetts.
Mr.
Sullivan will continue to be employed under his existing employment agreement
with the company, effective February 1, 2006 and as subsequently
modified (the “Employment Agreement”). Pursuant to the Employment
Agreement, Mr. Sullivan will continue to receive an annual base salary of
$275,000, which shall be reviewed at least annually by the Company. Mr. Sullivan
will continue to be entitled to receive an annual bonus based on his performance
and the performance of the Company, the amount of which shall be subject to
the
reasonable discretion of the Board of Directors of the Company. Mr. Sullivan
will also continue to receive a car allowance of $400 per month. Mr. Sullivan’s
term of employment shall continue until it is terminated in accordance with
the
Employment Agreement.
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
Gildea
Name:
Kevin
Gildea
Title:
General Counsel
Date: August
23, 2006