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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
JUNE 5, 2000
Date of Report (Date of earliest event reported)
COMPUTER AUTOMATION SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
NEVADA 000-27419 75-2749166
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1825 EAST PLANO PARKWAY, SUITE 200
PLANO, TEXAS 75075
(Address of principal executive offices and zip code)
(972) 578-3128
(Registrant's telephone number,
including area code)
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ITEM 5. OTHER EVENTS
BOARD APPROVAL OF STOCK OPTION PLAN
On June 5, 2000, the Board of Directors of Computer Automation Systems,
Inc. (the "Company") approved the Computer Automation Systems, Inc. 2000 Stock
Option Plan (the "Plan"). The Plan was established to attract, retain and
motivate employees, directors, consultants, or other persons providing services
to the Company or any company that is a parent or subsidiary of the Company,
thereby promoting the long-term financial interest of the Company. The Plan is
subject to shareholder approval. As of June 5, 2000, the Board of Directors of
the Company held an aggregate of approximately 74% of the outstanding shares of
the Company's common stock.
Options granted under the Plan may be either Nonqualified Stock Options
or Incentive Stock Options, as determined in the discretion of the Board of
Directors or the committee of the Board of Directors granting such options (the
"Committee"). Only employees may be granted Incentive Stock Options under the
Plan. The Board of Directors or the Committee has complete discretion subject to
the terms of the Plan to select the optionees and to establish the type, terms
and conditions of each option. On June 5, 2000, the Board of Directors granted
options for an aggregate of 275,000 shares to employees, directors and
consultants, with an exercise price equal to fair market value. Such grants are
subject to shareholder approval at the next annual meeting. All options granted
are fully vested.
The maximum number of shares of the Company's common stock initially
reserved for issuance over the term of the Plan shall not exceed 500,000 shares.
The number of shares available for issuance under the Plan shall automatically
increase on the first day of each calendar year during the term of the Plan,
beginning with the 2001 calendar year, by an amount equal to one and one-quarter
percent (1.25%) of the shares of Company stock outstanding on the last day of
the immediately preceding calendar year, but in no event shall such annual
increase exceed 200,000 shares.
ITEM 7. FINANCIAL STATEMENTS, PRO FINANCIAL INFORMATION AND
EXHIBITS
(c) Exhibits
Exhibit No. Description
4.1 Computer Automation Systems, Inc.
2000 Stock Option Plan
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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 thereunto duly authorized.
COMPUTER AUTOMATION SYSTEMS, INC.
Dated: June 16, 2000 By: /s/ Michael E. Cherry
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Michael E. Cherry
Chief Executive Officer and Director
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INDEX TO EXHIBITS
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EXHIBIT
NUMBER DESCRIPTION
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4.1 Computer Automation Systems, Inc.
2000 Stock Option Plan
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