form8k.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
August
25, 2008
Date of
Report (Date of earliest event reported)
DCAP
GROUP, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-1665
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36-2476480
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(State
or other jurisdiction of incorporation)
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(Commission
File No.)
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(IRS
Employer Identification No.)
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1158
Broadway
Hewlett,
NY 11557
(Address
of principal executive offices, including zip code)
Registrant's
telephone number, including area code: (516) 374-7600
(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 obligations of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On August
25, 2008, DCAP Group, Inc. (the “Company”) and Barry B. Goldstein, the Company’s
President, Chief Executive Officer and Chairman of the Board, entered into an
amendment (the “Amendment”) to that certain Employment Agreement by and between
the Company and Mr. Goldstein dated October 16, 2007 (the “Goldstein Employment
Agreement”).
Pursuant
to the Goldstein Employment Agreement, Mr. Goldstein is required to expend all
of his working time for the Company and is entitled to receive an annual base
salary of $350,000 (“Base Salary”). The Amendment to the Goldstein
Employment Agreement entitles Mr. Goldstein to devote up to 750 hours per year,
as currently provided for in an employment contract with Commercial Mutual
Insurance Company (“CMIC”), to fulfill his duties and responsibilities as
Chairman of the Board and Chief Investment Officer of CMIC. Such permitted
activity is subject to the reduction in Base Salary on a dollar-for-dollar basis
to the extent of the salary payable by CMIC to Mr. Goldstein pursuant to the
CMIC employment contract, currently $150,000 per year. CMIC is a New York
property and casualty insurer.
[Signature
Page Follows]
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.
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DCAP
GROUP, INC. |
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Date: August
26, 2008
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By:
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/s/ Barry
B. Goldstein |
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Barry
B. Goldstein |
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President |
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