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<title>Home Solutions of America Form 8-K by EDGAR2.com </title>


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<p class=MsoNormal align=center style='text-align:center'><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, DC 20549</b></p>



<p class=MsoNormal align=center style='text-align:center'><b>FORM 8-K</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>CURRENT REPORT<br>
PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</b></p>





<p class=MsoNormal align="center">Date of Report (Date of earliest event reported)<u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
December 20, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>



<p class=MsoNormal align=center style='text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOME SOLUTIONS
OF AMERICA,
INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>(Exact Name of
Registrant as Specified in Its Charter)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;<br>
</u>(State or Other
Jurisdiction of Incorporation)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0-22388
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;99-0273889&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Commission File Number&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(IRS Employer Identification No.)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;
5565 Red Bird Center Drive, Suite 150, Dallas, Texas&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75237&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address
of Principal Executive Offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip
Code)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(214) 623-8446&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>(Registrant's
Telephone Number, Including Area Code)</p>



<p class=MsoNormal align=center style='text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>(Former Name or
Former Address, if Changed Since Last Report)</p>





<p style='text-align:justify;text-justify:inter-ideograph;text-indent:.25in'>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>

<p style='text-align:justify;text-justify:inter-ideograph;text-indent:.25in'>
<font size="2">[_]&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></p>

<p style='text-align:justify;text-justify:inter-ideograph;text-indent:.25in'>
<font size="2">[_]&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></p>

<p style='text-align:justify;text-justify:inter-ideograph;text-indent:.25in'>
<font size="2">[_]&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</font></p>

<p style='text-align:justify;text-justify:inter-ideograph;text-indent:.25in'>
<font size="2">[_]&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</font></p>



















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<p class=MsoNormal><b>Item 1.01.&nbsp; Entry into a Material
Definitive Agreement.</b></p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
text-indent:.5in'>On December 20, 2004, Home
Solutions of America, Inc., a Delaware corporation (the &quot;Registrant&quot;) entered
into the following agreements: (1) an employment agreement with Frank J.
Fradella, our Chairman, President and Chief Executive Officer (the &quot;Employment
Agreement&quot;); (2) a stock option agreement with Mr. Fradella (the &quot;Fradella
Option&quot;), in connection with the Employment Agreement; (3) amended and restated
stock option agreements with three of our directors, whereby the expiration
dates of certain stock options to purchase an aggregate of 300,000 shares of
our common stock, $.001 par value (&quot;Common Stock&quot;), which were granted to these
directors in early 2003 when they joined our Board, were revised to December
13, 2009; (4) stock option agreements with each of our four directors whereby each
director could purchase 150,000 shares of our Common Stock for $1.42 per share,
vested immediately, and expiring on December 13, 2009; (5) amendments to two
stock option agreements with Rick J. O'Brien, our Chief Financial Officer,
whereby Mr. O'Brien's stock options to purchase an aggregate of 500,000 shares
of our Common Stock for $2.00 per share were repriced to $1.50 for the first
one-third of the shares purchasable under the options, $1.75 per share for the
next one-third of the shares, and $2.00 per share for the remaining shares.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
text-indent:.5in'>The Employment Agreement has a
three-year term, which automatically renews for an additional year on each anniversary
date of the Employment Agreement, unless terminated by either party prior to
such anniversary date.&nbsp; The Employment Agreement provides for Mr. Fradella to
receive an annual base salary of $250,000 and bonuses to be paid upon (1) the
initial approval of the Employment Agreement, (2) our achievement of certain EBITDA
targets (the target for 2005 has been set at $4.75 million), and (3) the
valuation of the Registrant at the time of a sale of at least 50.1% of the
Registrant.&nbsp; The Employment Agreement also requires the Registrant to grant Mr. Fradella an option to purchase 750,000 shares of our Common Stock under the
terms set forth in the Fradella Option, provides for severance payments to be
paid to Mr. Fradella through the expiration of the Employment Agreement in the
event that he is terminated without cause, non-compete provisions that bind Mr.
Fradella during the time he is compensated by the Registrant, and certain other
provisions.&nbsp; The Fradella Option allows Mr. Fradella to purchase 750,000 shares
of Common Stock at exercise prices of $1.50 for the first one-third of the
shares purchasable under the option, $1.75 per share for the next one-third of
the shares, and $2.00 per share for the remaining shares.&nbsp; The Fradella Option
vests over a three-year period, unless Mr. Fradella is terminate without cause
or at least 50.1% of the Registrant is sold at a valuation equal to at least
$2.50 per share, in which case the Fradella Option is immediately vested.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
text-indent:.5in'>Copies of these agreements are
attached hereto as exhibits, and the full texts of such agreements are incorporated
herein by reference.</p>



<p class=MsoNormal><b>Item 9.01.&nbsp; Financial
Statements and Exhibits.</b></p>



<p class=MsoNormal>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in'>10.1&nbsp;&nbsp;&nbsp;&nbsp; Executive Employment Agreement, dated
December 20, 2004, between Frank J. Fradella and Home Solutions of America,
Inc.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in'>10.2&nbsp;&nbsp;&nbsp;&nbsp; Stock Option Agreement, dated
December 20, 2004, between Frank J. Fradella and Home Solutions of America,
Inc.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>10.3 &nbsp;&nbsp;&nbsp;&nbsp;Form of Amended and Restated Stock
Option Agreement, dated December 20, 2004, between Home Solutions of America,
Inc. and each of Michael S. Chadwick, Mark W. White, and Willard W. Kimbrell.</p>
<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>&nbsp;</p>
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<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in'>10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Stock Option Agreement,
dated December 20, 2004, between Home Solutions of America, Inc. and each of
Frank J. Fradella, Michael S. Chadwick, Mark W. White, and Willard W. Kimbrell.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in'>10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Amendment to Stock Option
Agreement dated July 31, 2003, dated December 20, 2004, between Home Solutions
of America, Inc. and Rick J. O'Brien.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in'>10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Amendment to Stock Option
Agreement dated December 2, 2003, dated December 20, 2004, between Home
Solutions of America, Inc. and Rick J. O'Brien.</p>
<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-justify:
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<p class=MsoNormal align=center style='text-align:center'><b><u>SIGNATURE</u></b></p>



<p class=MsoNormal style='text-indent:.5in'>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>



<p class=MsoNormal style="margin-left: 3in">Home Solutions of America, Inc.<br>
&nbsp;(Registrant)</p>
<p class=MsoNormal style="margin-left: 3in">&nbsp;</p>





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			<td valign="bottom">Dated:&nbsp; December 23, 2004</td>
			<td width="407">





<p class=MsoNormal>By:&nbsp;&nbsp; <u>/s/&nbsp; Rick J. O'Brien&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rick J. O'Brien<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer</p>
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<p class=MsoNormal align=center style='text-align:center'><b><u>EXHIBIT INDEX</u></b></p>



<p class=MsoNormal style='text-indent:.5in'>Exhibit<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></p>





<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Employment Agreement,
dated December 20, 2004, between Frank J. Fradella and Home Solutions of
America, Inc.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Option Agreement, dated
December 20, 2004, between Frank J. Fradella and Home Solutions of America,
Inc.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Amended and Restated Stock
Option Agreement, dated December 20, 2004, between Home Solutions of America,
Inc. and each of Michael S. Chadwick, Mark W. White, and Willard W. Kimbrell.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Stock Option Agreement,
dated December 20, 2004, between Home Solutions of America, Inc. and each of
Frank J. Fradella, Michael S. Chadwick, Mark W. White, and Willard W. Kimbrell.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>10.5&nbsp;&nbsp;&nbsp;&nbsp; First Amendment to Stock Option
Agreement dated July 31, 2003, dated December 20, 2004, between Home Solutions
of America, Inc. and Rick J. O'Brien.</p>



<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Amendment to Stock Option
Agreement dated December 2, 2003, dated December 20, 2004, between Home
Solutions of America, Inc. and Rick J. O'Brien.</p>
<p class=MsoNormal style='margin-left:1.0in;text-align:justify;text-indent:-.5in'>&nbsp;</p>
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[{"type": "8-K", "sequence": "1", "filename": "hom8k1.htm", "secsgml_size_bytes": 20485}]
{"company-data": {"conformed-name": "HOME SOLUTIONS OF AMERICA INC", "cik": "0000855424", "assigned-sic": "8741", "irs-number": "990273889", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31711", "film-number": "041222943"}, "business-address": {"street1": "5565 RED BIRD CENTER DRIVE, SUITE 150", "street2": "-", "city": "DALLAS", "state": "TX", "zip": "75237", "phone": "2146238446"}, "mail-address": {"street1": "5565 RED BIRD CENTER DRIVE, SUITE 150", "street2": "-", "city": "DALLAS", "state": "TX", "zip": "75237"}, "former-company": [{"former-conformed-name": "NEXTGEN COMMUNICATIONS CORP", "date-changed": "20010814"}, {"former-conformed-name": "U S INDUSTRIAL SERVICES INC", "date-changed": "19980629"}, {"former-conformed-name": "EIF HOLDINGS INC", "date-changed": "19930621"}]}
Home Solutions of America Form 8-K by EDGAR2.com
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 20, 2004
HOME SOLUTIONS
OF AMERICA,
INC.
(Exact Name of
Registrant as Specified in Its Charter)
Delaware
(State or Other
Jurisdiction of Incorporation)
0-22388
                 
                                             
 99-0273889
(Commission File Number 
                  
              
(IRS Employer Identification No.)
5565 Red Bird Center Drive, Suite 150, Dallas, Texas                           
           75237
(Address
of Principal Executive Offices)       
         
                                   (Zip
Code)
(214) 623-8446
(Registrant's
Telephone Number, Including Area Code)
(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:
[_]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[_]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[_]   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 20, 2004, Home
Solutions of America, Inc., a Delaware corporation (the "Registrant") entered
into the following agreements: (1) an employment agreement with Frank J.
Fradella, our Chairman, President and Chief Executive Officer (the "Employment
Agreement"); (2) a stock option agreement with Mr. Fradella (the "Fradella
Option"), in connection with the Employment Agreement; (3) amended and restated
stock option agreements with three of our directors, whereby the expiration
dates of certain stock options to purchase an aggregate of 300,000 shares of
our common stock, $.001 par value ("Common Stock"), which were granted to these
directors in early 2003 when they joined our Board, were revised to December
13, 2009; (4) stock option agreements with each of our four directors whereby each
director could purchase 150,000 shares of our Common Stock for $1.42 per share,
vested immediately, and expiring on December 13, 2009; (5) amendments to two
stock option agreements with Rick J. O'Brien, our Chief Financial Officer,
whereby Mr. O'Brien's stock options to purchase an aggregate of 500,000 shares
of our Common Stock for $2.00 per share were repriced to $1.50 for the first
one-third of the shares purchasable under the options, $1.75 per share for the
next one-third of the shares, and $2.00 per share for the remaining shares.
The Employment Agreement has a
three-year term, which automatically renews for an additional year on each anniversary
date of the Employment Agreement, unless terminated by either party prior to
such anniversary date.  The Employment Agreement provides for Mr. Fradella to
receive an annual base salary of $250,000 and bonuses to be paid upon (1) the
initial approval of the Employment Agreement, (2) our achievement of certain EBITDA
targets (the target for 2005 has been set at $4.75 million), and (3) the
valuation of the Registrant at the time of a sale of at least 50.1% of the
Registrant.  The Employment Agreement also requires the Registrant to grant Mr. Fradella an option to purchase 750,000 shares of our Common Stock under the
terms set forth in the Fradella Option, provides for severance payments to be
paid to Mr. Fradella through the expiration of the Employment Agreement in the
event that he is terminated without cause, non-compete provisions that bind Mr.
Fradella during the time he is compensated by the Registrant, and certain other
provisions.  The Fradella Option allows Mr. Fradella to purchase 750,000 shares
of Common Stock at exercise prices of $1.50 for the first one-third of the
shares purchasable under the option, $1.75 per share for the next one-third of
the shares, and $2.00 per share for the remaining shares.  The Fradella Option
vests over a three-year period, unless Mr. Fradella is terminate without cause
or at least 50.1% of the Registrant is sold at a valuation equal to at least
$2.50 per share, in which case the Fradella Option is immediately vested.
Copies of these agreements are
attached hereto as exhibits, and the full texts of such agreements are incorporated
herein by reference.
Item 9.01.  Financial
Statements and Exhibits.
(c)      Exhibits.
10.1     Executive Employment Agreement, dated
December 20, 2004, between Frank J. Fradella and Home Solutions of America,
Inc.
10.2     Stock Option Agreement, dated
December 20, 2004, between Frank J. Fradella and Home Solutions of America,
Inc.
10.3     Form of Amended and Restated Stock
Option Agreement, dated December 20, 2004, between Home Solutions of America,
Inc. and each of Michael S. Chadwick, Mark W. White, and Willard W. Kimbrell.
2
10.4     Form of Stock Option Agreement,
dated December 20, 2004, between Home Solutions of America, Inc. and each of
Frank J. Fradella, Michael S. Chadwick, Mark W. White, and Willard W. Kimbrell.
10.5     First Amendment to Stock Option
Agreement dated July 31, 2003, dated December 20, 2004, between Home Solutions
of America, Inc. and Rick J. O'Brien.
10.6     First Amendment to Stock Option
Agreement dated December 2, 2003, dated December 20, 2004, between Home
Solutions of America, Inc. and Rick J. O'Brien.
3
SIGNATURE
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.
Home Solutions of America, Inc.
(Registrant)
Dated:  December 23, 2004
By:
/s/  Rick J. O'Brien
Rick J. O'Brien
Chief Financial Officer
4
EXHIBIT INDEX
Exhibit
Number
Description
10.1     Executive Employment Agreement,
dated December 20, 2004, between Frank J. Fradella and Home Solutions of
America, Inc.
10.2     Stock Option Agreement, dated
December 20, 2004, between Frank J. Fradella and Home Solutions of America,
Inc.
10.3     Form of Amended and Restated Stock
Option Agreement, dated December 20, 2004, between Home Solutions of America,
Inc. and each of Michael S. Chadwick, Mark W. White, and Willard W. Kimbrell.
10.4     Form of Stock Option Agreement,
dated December 20, 2004, between Home Solutions of America, Inc. and each of
Frank J. Fradella, Michael S. Chadwick, Mark W. White, and Willard W. Kimbrell.
10.5     First Amendment to Stock Option
Agreement dated July 31, 2003, dated December 20, 2004, between Home Solutions
of America, Inc. and Rick J. O'Brien.
10.6     First Amendment to Stock Option
Agreement dated December 2, 2003, dated December 20, 2004, between Home
Solutions of America, Inc. and Rick J. O'Brien.