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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of the earliest event reported): November 5, 1998
Commission File Number 0-14973
UNICO, INC.
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(Exact name of registrant as specified in charter)
New Mexico 85-0270072
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(State or other jurisdiction of IRS Employer
incorporation or organization) Identification No.
2925 Bayview Drive, Fremont, California 94538
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 510/770-3990
N/A
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(Former Name or Former Address, if Changed Since Last Report.)
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ITEM 5. OTHER EVENTS
The Registrant filed a Form S-8 on September 14, 1998 to register 390,000
shares of its common stock it provided to three individuals as compensation
for consulting services. Upon further review, the Registrant deemed it may
have inadvertently violated the intent of the Novation Agreement (see Form 8-K
filed on July 14, 1998). Following a prudent course of action, it rescinded
the service contracts and cancelled the shares issued to two of the three
individuals. It is canceling a total of 260,000 shares: 130,000 shares issued
to each of Mr. John Hwang, its current President, and Mr. Ike Suri, a major
shareholder of the Registrant.
The Registrant continues to view these individuals as valuable contributors to
its growth and expects to continue to benefit from their services. Registrant
may enter into other agreements with these individuals to compensate them for
past and future services.
The Registrant is continuing to evaluate the 130,000 shares issued to Mr. Leo
Paul Murphy, an unrelated third party who provided consulting services to
secure the acquisition. Upon resolution, it will disclose the disposition of
these shares in a subsequent Form 8-K filed with the Securities and Exchange
Commission.
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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.
UNICO, INC.
Date: November 1, 1999 BY: /s/ Ike Suri
NAME: IKE SURI
TITLE: Chief Executive Officer
