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): OCTOBER 4,
2006
THE
SINGING MACHINE COMPANY, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-24968
|
95-3795478
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
6601
Lyons Road, Bldg. A-7, Coconut Creek, Fl 33073
(Address
of principal executive offices and Zip Code)
Registrant's
telephone number, including area code (954) 596-1000
Copies
to:
Darrin
M.
Ocasio, Esq.
Sichenzia
Ross Friedman Ference LLP
1065
Avenue of the Americas
New
York,
New York 10018
Phone:
(212) 930-9700
Fax:
(212) 930-9725
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 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On
October 4, 2006, The Singing Machine Company, Inc. (the “Company”) entered into
an Employment Agreement with Alicia Haskamp, a key employee of the Company,
as
its Senior Vice President of Sales and Product Development. Pursuant to the
Employment Agreement, the Company will employ Ms. Haskamp for a period of 2
years commencing November 1, 2006. Ms. Haskamp will be paid an annual base
salary of $160,000. In addition, Ms. Haskamp will be eligible to earn an annual
cash bonus based on meeting performance objectives and bonus criteria. Further,
Ms. Haskamp will be entitled to participate in any employee compensation plan
of
the Company, duly authorized by the Board of Directors.
During
the term of her employment and for a period thereafter, Ms. Haskamp will be
subject to non-competition and non-solicitation provisions, subject to standard
exceptions.
Ms.
Haskamp had been Managing Director of the Company's operations in Asia since
2000, with responsibility for sourcing, product development, engineering,
production, vendor relationship management and international sales. From 1998
to
2000, Ms. Haskamp was Vice President of Operations for Ulysse Nardin USA, a
Swiss luxury watch company, and served as Human Resources Manager for Nike
Asia
Pacific from 1996 to 1998. Earlier, she founded and ran executive search firms
in Hong Kong and Thailand. Ms. Haskamp holds a BA in Business Administration
from Pacific Southern University.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a)
FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not
applicable.
(b)
PRO
FORMA FINANCIAL INFORMATION.
Not
applicable.
(c)
EXHIBITS.
INDEX
TO EXHIBITS
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Exhibit No.
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|
Description
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| |
|
|
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10.1
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Employment
Agreement dated as of October 4, 2006 by and between The Singing
Machine
Company, Inc. and Alicia Haskamp.
|
|
99.1
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|
Press
release of The Singing Machine Company, Inc. dated October 6,
2006.
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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.
THE
SINGING MACHINE COMPANY, INC.
| |
|
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| Date: October 6, 2006 |
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/s/ Yi
Ping Chan |
| |
Yi
Ping Chan
Interim
CEO and Chief Operating Officer
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| |
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