# UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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# FORM 8-K

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# CURRENT REPORT

# PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event
reported):   July 12, 2006

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|NEW ULM TELECOM, INC.                                  | 
|------------------------------------------------------ | 
|(Exact name of Registrant as Specified in its Charter) | 

|Minnesota                                      | 0-3024                   | 41-0440990                       
|---------------------------------------------- | ------------------------ | ---------------------------------
|(State or other jurisdiction
of incorporation) | (Commission
File Number) | (IRS Employer
Identification No.)



27 North Minnesota Street

New Ulm, MN 56073

(Address of principal executive offices, including zip code)



(507) 354-4111

(Registrants telephone number, including area code)

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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.):

|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))
|- | ------------------------------------------------------------------------------------------------------





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|ITEM 1.01 | ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
|--------- | -------------------------------------------



On July 12, 2006, the Company executed an employment
agreement dated as of July 1, 2006 with Mr. Bill Otis, defining the terms of his employment with the Company as President and
Chief Executive Officer. Mr. Otis will receive an annual salary of not less than $170,000 and will be eligible for cash
incentive compensation up to 40% of his annual salary, based on performance results versus goals set by the Board of Directors.
The employment agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference.



On July 12, 2006, the Company also executed an
employment agreement dated as of July 1, 2006 with Ms. Barbara Bornhoft, defining the terms of her employment with the
Company as Vice President and Chief Operating Officer. Ms. Bornhoft will receive an annual salary of not less than $110,000
and will be eligible for cash incentive compensation up to 30% of her base salary, based on performance results versus goals set
by the Board of Directors. The employment agreement is attached hereto as Exhibit 10.2 and is incorporated herein by
reference.



|ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS.
|--------- | ----------------------------------



| | (d) |  | Exhibits
| | --- |  | --------

| | See Exhibit Index.
| | --------------------



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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.

|                      | New Ulm Telecom, Inc.
|--------------------- | ---------------------
|                     
|Date:   July 17, 2006 | By:                  
|                      |                      
|                     

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# EXHIBIT INDEX



Exhibit

|Number |  | Description
|------ |  | -----------



|10-1 |  | Employment Agreement dated as of July 1, 2006, by and between New Ulm Telecom, Inc. and Mr. Bill Otis.
|---- |  | ------------------------------------------------------------------------------------------------------



|10-2 |  | Employment Agreement dated as of July 1, 2006, by and between New Ulm Telecom, Inc. and Ms. Barbara Bornhoft.
|---- |  | -------------------------------------------------------------------------------------------------------------