form8k_080408.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 8, 2008
LML
PAYMENT SYSTEMS INC.
(Exact
name of registrant as specified in its charter)
Yukon
Territory
(State or
other jurisdiction of incorporation)
0-13959
(Commission
File Number)
98-0209289
(IRS
Employer Identification No.)
1680-1140
West Pender Street, Vancouver, BC V6E 4G1
(Address
of principal executive offices and Zip Code)
(604)
689-4440
Registrant’s
telephone number, including area code
Not
Applicable
(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:
[ ]
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 5.02 Departure
of Directors or Certain Officers; Election of Directors, Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On March
31, 2008 LML Payment Systems Inc. (“LML” or the “Corporation”) entered into an
employment agreement (the “Agreement”) with Patrick H. Gaines, LML’s President
and Chief Executive Officer, as reported by LML on Form 8-K filed with the
Securities and Exchange Commission on April 2, 2008.
Pursuant
to the terms of the Agreement, the vesting schedule pertaining to the stock
options Mr. Gaines’ was granted (the “Option Grant”) provided for 400,000 stock
options to vest immediately and an additional 400,000 stock options vesting on
each of the first and second anniversaries of the grant of the stock
option. However, on April 10, 2008, the Corporation and Mr. Gaines
agreed, for the benefit of the Corporation, to modify the vesting schedule
pertaining to the Option Grant such that the option will vest as to 240,000
stock options on March 31, 2008 and an additional 240,000 stock options on each
of the first, second, third and fourth anniversaries of the Option
Grant.
No other
terms of Mr. Gaines employment agreement or Mr. Gaines’ Option Grant have been
modified.
Item
7.01 Regulation FD Disclosure.
On April
8, 2008, LML issued a press release regarding the issuance of United States
patent number RE40220. A copy of the press release is furnished as
Exhibit 99.1.
Pursuant
to the rules and regulations of the SEC, the information set forth in this Item
7.01 and in the attached Exhibit 99.1 is deemed to be furnished and shall not be
deemed to be “filed” under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”).
Item
9.01 Financial Statements and Exhibits.
99.1
|
News
release issued by LML relating to the issuance of United States patent
number RE40220 on April 8,
2008.
|
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.
LML
PAYMENT SYSTEMS INC.
/s/ Carolyn
Gaines____________________________
By: Carolyn
Gaines
Corporate
Secretary
Date: April
14, 2008