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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 22, 1999
FINANCIALWEB.COM, INC.
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(Exact name of issuer as specified in charter)
NEVADA 0-25799 93-1202428
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation or Organization) file number) Identification Number)
FinancialWeb.com, Inc.
201 Park Place
Suite 321
Altamonte Springs, Florida 32701
(Address of principal executive offices)
(407) 834-4443
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On October 22, 1999, Mr. Kevin Lichtman resigned as President, Chief
Executive Officer and Chairman of the Board, and Director as part of a
global arrangement with FinancialWeb.com, Inc. ("FWEB") concerning his
employment agreement and related issues. His separation agreement
provides, among other things, that FWEB will repurchase 446,000 shares of
its common stock from Mr. Lichtman at $1.35 per share and 402,000 shares of
its common stock from Cacique Partners, L.P., of which Mr. Lichtman is a
general partner, at $1.35 per share. To the extent permitted by Nevada
law, up to 15% of the net proceeds of any debt or equity capital markets
offering by FWEB until April 20, 2000 shall be applied for such
repurchase. The shares acquired by FWEB from Mr. Lichtman and Cacique
Partners, L.P., if any, will be retired and restored to the status of
authorized and unissued shares, in accordance with the Nevada Corporation
Law.
FWEB is conducting a search through a New York based executive search
firm for a new President and Chief Executive Officer. In the interim, the
Company's bylaws provide that Mr. James Gagel, as Executive Vice
President, will perform the duties of President, Chief Executive Officer
and Chairman of the Board. It is management's belief that FWEB will suffer
no disruption as a result of Mr. Lichtman's resignation.
Statements in this report may include statements that constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Please be cautioned that any such forward-
looking statements are not guarantees of future performance and involve
significant risks and uncertainties, and that actual results may vary
materially from those in the forward-looking statements as a result of any
number of factors, including the risk factors contained in the Company's
disclosure documents.
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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 duly authorized.
Date: December 7, 1999 FinancialWeb.com, Inc.
/s/ James Gagel
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James Gagel
Chief Operating Officer and Acting
Chief Executive Officer
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