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

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

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

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): February 14, 2009</B>

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<P align="center" style="font-size: 24pt"><B>KONA GRILL, INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-34082</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>20-0216690</B></TD>
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<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>
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    <TD style="border-bottom: 1px solid #000000"><B>7150 E. Camelback Road, Suite 220<BR>Scottsdale, Arizona <BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>85251</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(480) 922-8100</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">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 align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</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">&#111;</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 align="left" style="font-size: 10pt"><B>Item&nbsp;1.02 Termination of a Material Definitive Agreement.</B>


<P align="left" style="font-size: 10pt">On February&nbsp;14, 2009, the&nbsp;Subscription Agreement (the &#147;Agreement&#148;) entered into by Kona Grill, Inc. (the &#147;Company&#148;) and
James R. Jundt on December&nbsp;22, 2008 for the purchase of $1,000,000 of the Company&#146;s common stock was terminated.&nbsp; The
Agreement was terminated by mutual agreement of the Company and Mr.&nbsp;Jundt without any continuing obligations by either
party.&nbsp; As publicly disclosed,&nbsp;during December&nbsp;2008, a special committee of independent directors&nbsp;(&#147;Committee&#148;)&nbsp;&nbsp;was
established by the Company&#146;s full Board of Directors, to&nbsp;undertake a comprehensive&nbsp;process to identify&nbsp;and
pursue&nbsp;various sources of external&nbsp;financing to&nbsp;supplement&nbsp;the Company&#146;s operating cash flows and fund capital
expenditure requirements.&nbsp; Such financing may&nbsp;&nbsp;involve, without limitation, a&nbsp; junior subordinated&nbsp;bridge loan,&nbsp;a
secured&nbsp;equipment lease financing,&nbsp;a&nbsp;commercial bank line of&nbsp;credit,&nbsp;the sale of equity&nbsp;securities, a&nbsp;subscription
rights offering&nbsp;made available to all of the Company&#146;s existing stockholders, or any combination of the foregoing.&nbsp; &nbsp;


<P align="left" style="font-size: 10pt">&nbsp;At this time,&nbsp;under the direction of the Committee,&nbsp;the Company is&nbsp;engaged&nbsp;in preliminary discussions with
various financing sources and, although there can be no assurance that any definitive transaction will be
successfully&nbsp;negotiated or consummated (in part based on credit and market conditions outside of the Company&#146;s
control), the Company has received&nbsp;several&nbsp;indications of interest on&nbsp;economic and structural&nbsp;terms&nbsp;which the Committee
has determined to be&nbsp;potentially&nbsp;more favorable to the Company&nbsp;than the terms of the Agreement.


<P align="left" style="font-size: 10pt">James R. Jundt is the beneficially owner of 4.9% of the Company&#146;s common stock.&nbsp; Mr.&nbsp;Jundt is also the father of Marcus
E. Jundt, the Company&#146;s Chairman of the Board, Chief Executive Officer, and President.&nbsp;
<BR>
&nbsp;


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



<P align="left" style="font-size: 10pt">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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    <TD valign="top" align="left">Date:  February 17, 2009&nbsp;</TD>
    <TD colspan="3" align="left">KONA GRILL, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark S. Robinow
&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark S. Robinow&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President,<br>
Chief Financial Officer, and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD colspan="5">&nbsp;</TD>
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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": "09607622"}, "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): February 14, 2009
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 1.02 Termination of a Material Definitive Agreement.
On February 14, 2009, the Subscription Agreement (the "Agreement") entered into by Kona Grill, Inc. (the "Company") and
James R. Jundt on December 22, 2008 for the purchase of $1,000,000 of the Company's common stock was terminated.  The
Agreement was terminated by mutual agreement of the Company and Mr. Jundt without any continuing obligations by either
party.  As publicly disclosed, during December 2008, a special committee of independent directors ("Committee")  was
established by the Company's full Board of Directors, to undertake a comprehensive process to identify and
pursue various sources of external financing to supplement the Company's operating cash flows and fund capital
expenditure requirements.  Such financing may  involve, without limitation, a  junior subordinated bridge loan, a
secured equipment lease financing, a commercial bank line of credit, the sale of equity securities, a subscription
rights offering made available to all of the Company's existing stockholders, or any combination of the foregoing.
At this time, under the direction of the Committee, the Company is engaged in preliminary discussions with
various financing sources and, although there can be no assurance that any definitive transaction will be
successfully negotiated or consummated (in part based on credit and market conditions outside of the Company's
control), the Company has received several indications of interest on economic and structural terms which the Committee
has determined to be potentially more favorable to the Company than the terms of the Agreement.
James R. Jundt is the beneficially 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.
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:  February 17, 2009
KONA GRILL, INC.
By:
/s/ Mark S. Robinow
Mark S. Robinow
Executive Vice President,
Chief Financial Officer, and Secretary