-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T+5/pq4vRylESwy3EQkTSBd7r5ATJffUgyApQV868y5Ujh5xk2YSYl/h7VmtMMWF R3fwgQgeskdv0fdgLLC34g== 0000950123-08-000728.txt : 20080124 0000950123-08-000728.hdr.sgml : 20080124 20080124161758 ACCESSION NUMBER: 0000950123-08-000728 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080117 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20080124 DATE AS OF CHANGE: 20080124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASTA FUNDING INC CENTRAL INDEX KEY: 0001001258 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 223388607 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26906 FILM NUMBER: 08547828 BUSINESS ADDRESS: STREET 1: 210 SYLVAN AVE CITY: ENGLEWOOD CLIFFS STATE: NJ ZIP: 07632 BUSINESS PHONE: 2015675648 MAIL ADDRESS: STREET 1: 210 SYLVAN AVE CITY: ENGLEWOOD CLIFFS STATE: NJ ZIP: 07632 8-K 1 y47254e8vk.htm FORM 8-K 8-K
 

 
 
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)
January 17, 2008
ASTA FUNDING, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
     
0-26906   22-3388607
     
(Commission File Number)   (IRS Employer Identification No.)
     
210 Sylvan Avenue, Englewood Cliffs, New Jersey   07632
 
(Address of principal executive offices)   (Zip Code)
     Registrant’s telephone number, including area code: 201-567-5648
     Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): N/A
o   Written communications pursuant to Rule 425 under the Securities Act
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
 
 

 

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 17, 2008, the Board of Directors of Asta Funding, Inc. (the “Company”), at the recommendation of its Compensation Committee; fixed salaries and made annual bonus and equity awards to its executive officers as follows:
                         
                    Restricted Stock
Name   Salary ($)   Bonus for 2007 ($)   Grant (shares)(1)
Gary Stern, CEO
     577,500       250,000       20,000  
Arthur Stern, Chairman
     355,000       50,000       5,000  
Mitchell Cohen, CFO
     280,000       25,000 (2)     —  
Cameron Williams, COO
     300,000       —       —  
Mary Curtin, Sr. VP
     235,000       70,000       3,000  
(1) Grants vest in increments on October 1, 2008, 2009 and 2010.
(2) In addition, Mr. Cohen was paid a $50,000 bonus in fiscal year 2007 for his work in connection with the $300 million portfolio purchase in March 2007.
The Board also made restricted stock grants of 5,000 shares to each director other than the officers of the Company. 1,000 shares of each grant may not be sold until the director’s death, disability, or retirement, or upon his reaching age 80. The balance of the shares vest in three equal annual installments commencing October 1, 2008.

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SIGNATURE
     Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
             
    ASTA FUNDING, INC.    
 
            
Date: January 24, 2008
  By:   /s/ Mitchell Cohen    
 
           
    Mitchell Cohen    
    Chief Financial Officer    

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