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 23, 2008 (April 21,
2008)
SPACEDEV,
INC.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
000-28947
|
84-1374613
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
13855 Stowe Drive, Poway,
California 92064
(Address
of Principal Executive Offices)
(858)
375-2000
(Registrant's
Telephone Number, including area code)
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
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
Item
5.02. Departure of Directors or Certain Officers; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
On
December 20, 2005, we entered into Executive Employment Agreements
(“Agreements”) with Mark N. Sirangelo and Richard B. Slansky pursuant to which
Mr. Sirangelo was employed as our Chief Executive Officer and Vice Chairman
(subsequently Chairman of the Board in September 2006) and Mr. Slansky was
employed as our President and Chief Financial Officer. The Agreements had an
initial term of two years, and were automatically renewed in December 2007, for
a third year, since neither we nor Messrs. Sirangelo or Slansky provided
written notice of intent not to renew. The Agreements were previously filed as
exhibits to our Form 8-K filed December 23, 2005.
On April
21, 2008, we entered into separate Addendums to the Agreements, one with Mark N.
Sirangelo and the other with Richard B. Slansky. The Addendums outline certain
cash and stock option performance based 2008 bonus incentives for Messrs
Sirangelo and Slansky, and are attached in their entirety as exhibits to this
Current Report on Form 8-K. In general, if Mr. Sirangelo achieves all of his
performance objectives he would receive $96,000, and all 1,000,000 of his
performance-vesting stock options granted April 21, 2008 would vest; and if Mr.
Slansky achieves all of his performance objectives he would receive $40,000, and
all 600,000 of his performance-vesting stock options granted April 21, 2008
would vest.
Item
9.01 Financial Statements and Exhibits
(d) Exhibits.
The
following Exhibits are hereby filed as part of this Current Report on Form
8-K:
Exhibit Description
|
10.1
|
Addendum
to Executive Employment Agreement dated December 20, 2005; entered into on
April 21, 2008 with Mark N.
Sirangelo
|
|
10.2
|
Addendum
to Amended and Restated Executive Employment Agreement dated December 20,
2005; entered into on April 21, 2008 with Richard B.
Slansky
|
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.
SPACEDEV, INC.
Date: April
23,
2008 By: /s/ RICHARD B.
SLANSKY
Richard B.
Slansky
President
& Chief Financial Officer