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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 22, 2008</B>


<P style="font-size: 24pt" align="center"><B>KONA GRILL, INC.<BR>
</B><FONT
style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-34082</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>20-0216690</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>7150 E. Camelback Road, Suite
220<BR>
Scottsdale, Arizona <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>85251</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(480) 922-8100</B>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="font-size: 10pt" align="left"><B>Item&nbsp;1.01 Entry into a Material
Definitive Agreement.</B>

<P style="font-size: 10pt" align="left">On December&nbsp;22, 2008, Kona Grill,
Inc. (the &#8220;Company&#8221;) entered into a Subscription Agreement (the
&#8220;Agreement&#8221;) with James R. Jundt for the purchase of $1,000,000 of
the Company&#8217;s common stock at a price per share of $1.19 which represents
the average closing price per share of the Company&#8217;s common stock as
quoted on the NASDAQ Global Market for the five trading days prior to the date
of the Agreement. The investment by Mr.&nbsp;James Jundt is subject to the
Company receiving a commitment from a third party lender of at least $3,000,000
of new debt financing in the form of a line of credit, equipment financing,
term loan, or other form of debt.

<P style="font-size: 10pt" align="left">Prior to the issuance of common stock
pursuant to the Agreement, James R. Jundt is the beneficial owner of 4.9% of
the Company&#8217;s common stock. Mr.&nbsp;Jundt is also the father of Marcus
E. Jundt, the Company&#8217;s Chairman of the Board, Chief Executive Officer,
and President.

<P style="font-size: 10pt" align="left">The foregoing is only a summary of the
terms of the Agreement, and is qualified in its entirety by reference to the
full text of the Agreement, which is attached as Exhibit&nbsp;10.20 to this
report on Form 8-K and is incorporated herein by reference.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01 Financial Statements
and Exhibits.</B>

<P style="font-size: 10pt" align="left">(d)&nbsp;Exhibits

<P style="font-size: 10pt" align="left">Exhibit&nbsp;10.20 &#8212; Subscription
Agreement, dated December&nbsp;22, 2008, between Kona Grill, Inc. and James R.
Jundt

<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">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.

<P style="font-size: 10pt" align="left">Date: December&nbsp;29, 2008

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 48%"
align="left">KONA GRILL, INC.

<P style="font-size: 10pt; margin-left: 48%" align="left">By:<U> /s/ Mark S.
Robinow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><br>Mark S. Robinow<BR>
Executive Vice
President, Chief
Financial
Officer, and<BR>
Secretary



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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
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border="0">
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<DIV style="margin-left: 0px; text-indent: 0px">Exhibit<BR>
Number </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><BR>
Description</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
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align="left">&nbsp;</TD>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.20 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Subscription Agreement, dated December&nbsp;22,
2008, between Kona Grill, Inc. and James R. Jundt</TD>
 </TR>
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<P style="font-size: 10pt" align="left">&nbsp;

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{"company-data": {"conformed-name": "KONA GRILL INC", "cik": "0001265572", "assigned-sic": "5812", "irs-number": "200216690", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34082", "film-number": "081273007"}, "business-address": {"street1": "7150 EAST CAMELBACK ROAD", "street2": "SUITE 220", "city": "SCOTTSDALE", "state": "AZ", "zip": "85251", "phone": "4809228100"}, "mail-address": {"street1": "7150 EAST CAMELBACK ROAD", "street2": "SUITE 220", "city": "SCOTTSDALE", "state": "AZ", "zip": "85251"}}
Filed by Bowne Pure Compliance
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
Date of Report (Date of earliest
event reported): December 22, 2008
KONA GRILL, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-34082
20-0216690
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
7150 E. Camelback Road, Suite
220
Scottsdale, Arizona
85251
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(480) 922-8100
(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 obligation of
the registrant under any of the following provisions:
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))
Item 1.01 Entry into a Material
Definitive Agreement.
On December 22, 2008, Kona Grill,
Inc. (the "Company") entered into a Subscription Agreement (the
"Agreement") with James R. Jundt for the purchase of $1,000,000 of
the Company's common stock at a price per share of $1.19 which represents
the average closing price per share of the Company's common stock as
quoted on the NASDAQ Global Market for the five trading days prior to the date
of the Agreement. The investment by Mr. James Jundt is subject to the
Company receiving a commitment from a third party lender of at least $3,000,000
of new debt financing in the form of a line of credit, equipment financing,
term loan, or other form of debt.
Prior to the issuance of common stock
pursuant to the Agreement, James R. Jundt is the beneficial owner of 4.9% of
the Company's common stock. Mr. Jundt is also the father of Marcus
E. Jundt, the Company's Chairman of the Board, Chief Executive Officer,
and President.
The foregoing is only a summary of the
terms of the Agreement, and is qualified in its entirety by reference to the
full text of the Agreement, which is attached as Exhibit 10.20 to this
report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements
and Exhibits.
(d) Exhibits
Exhibit 10.20 — Subscription
Agreement, dated December 22, 2008, between Kona Grill, Inc. and James R.
Jundt
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.
Date: December 29, 2008
KONA GRILL, INC.
By:
/s/ Mark S.
Robinow
Mark S. Robinow
Executive Vice
President, Chief
Financial
Officer, and
Secretary
EXHIBIT INDEX
Exhibit
Number
Description
10.20
Subscription Agreement, dated December 22,
2008, between Kona Grill, Inc. and James R. Jundt