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):
November
30, 2007
FIRSTPLUS
FINANCIAL GROUP, INC.
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(Exact
name of registrant as specified in its charter)
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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122
W. John Carpenter Freeway, Suite 450, Irving, Texas
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
(972)
717-7969
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(Former
name or former address, if changed since last
report.)
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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 (
see
General Instruction A.2. below):
¨
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))
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Item
1.02.
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Termination
a Material Definitive
Agreement.
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On
November 30, 2007, the Board of Directors of FirstPlus Financial Group, Inc.
(the “Company”) terminated the Company’s Stock Option Plan (the
“Plan”). The Plan provided for the issuance of awards of stock
options and restricted stock. As adopted, an aggregate of 4,500,000
shares of the Company’s common stock, par value $0.01 per share (“Common Stock”)
was reserved for issuance under the Plan. The termination of the Plan
may not substantially impair any Option or Restricted Stock previously granted
to any Optionee or Grantee without the consent of such Optionee or Grantee.
At
the time the Plan was terminated, one optionee held an option to purchase up
to
470,000 shares of Common Stock, which is unaffected by the termination of the
Plan and will expire on December 12, 2016.
Any
capitalized terms used herein not otherwise defined have the meanings attributed
to them in the Plan. A copy of the Plan was filed with the Securities
and Exchange Commission as Exhibit 10.15 to the Company’s Annual Report on Form
10-KSB for the fiscal year ended December 31, 2006.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has
duly
caused this Current Report on Form 8-K to be signed on its behalf by the
undersigned hereunto duly authorized.
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December
4, 2007
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FIRSTPLUS
FINANCIAL GROUP, INC.
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By:
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/s/
William Handley
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Name:
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William
Handley
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Title:
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Chief
Financial Officer
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