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Beacon Power 8-K 2009 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): April 3,
2009
BEACON
POWER CORPORATION
(Exact
Name of Registrant as Specified in Charter)
65
Middlesex Road
Tyngsboro,
Massachusetts 01879
(Address
of Principal Executive Offices) (Zip Code)
(978)
694-9121
(Registrant's
telephone number, including area code)
Not
Applicable
(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:
On April
3, 2009 Beacon Power Corporation entered into Amended and Restated Employment
Agreements (the “Employment Agreements”), effective as of April 1, 2009 and new
Restricted Stock Unit and Option Agreements (the “RSU/Option Agreements”,
together with the Employment Agreements, the “Agreements”) with its Chief
Executive Officer, F. William Capp, its Chief Financial Officer, James M.
Spiezio and its Chief Technical Officer, Matthew L. Lazarewicz (the
“Executives”). The Amended and Restated Employment Agreements
(i) extended the term of the Employment Agreements, (ii) amended the terms of
the Executives’ paid vacation policy, (iii) clarified the timing of certain
excise tax gross-up payments, if any, for the purpose of addressing the
requirements of Section 409A of the Internal Revenue Code, as amended (“Section
409A”), and (iv) clarified what constitutes a “separation from service” pursuant
to Section 409A.
The
RSU/Option Agreements grant each of the Executives a specific number of stock
options and restricted stock units, as specified below, each to vest over a 3
year period in quarterly installments beginning with 8.33% vesting on March 31,
2009, 8.33% vesting on each of the following 10 quarters, and 8.37% vesting on
December 31, 2011 at which point the award will be fully vested. The
stock options have an exercise price of $0.49 per share, the closing market
price on the date of grant.
The above
description is qualified in its entirety by the full text of the Agreements as
set forth in the exhibits filed herewith and incorporated into this description
by this reference.
Item 9.01 Financial Statements
and Exhibits.>
(d) Exhibits.
2
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.
3
EXHIBIT
INDEX
4
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