UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K/A
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported) June
4,
2007
SOLITRON
DEVICES, INC.
(Exact
Name of Registrant as Specified in Its Charter)
DELAWARE
(State
or
Other Jurisdiction of Incorporation)
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001-04978
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22-1684144
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(Commission
File Number)
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(IRS
Employer Identification No.)
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3301
ELECTRONICS WAY, WEST PALM BEACH, FLORIDA
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33407
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(561)
848-4311
(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 (see General Instruction A.2. below):
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))
Explanatory
Note
The
Registrant is filing this Current Report on Form 8-K/A solely to correct a
typographical error contained in a Current Report on Form 8-K dated June 7,
2007
that the Registrant filed with the U.S. Securities and Exchange Commission
on
June 8, 2007 (“Form 8-K”). The Form 8-K erroneously reported and reflected on
Exhibit 10.1 that the Registrant may issue up to 800,000 shares of its common
stock under the Solitron Devices, Inc. 2007 Stock Incentive Plan ("Plan").
The
correct amount that the Company may issue pursuant to the Plan is 700,000 shares
of its common stock.
| ITEM
5.02. |
DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT
OF
CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
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SOLITRON
DEVICES, INC. 2007 STOCK INCENTIVE PLAN
On
June
4, 2007, the Board of Directors of Solitron Devices, Inc. (the “Company”)
adopted the Solitron Devices, Inc. 2007 Stock Incentive Plan (the “Plan”).
Pursuant to the Plan, the Company is authorized to grant incentive awards for
up
to 700,000 shares of common stock subject to adjustment in the event of a stock
split, stock dividend, recapitalization or similar capital change.
SUMMARY
OF THE PLAN
The
following summary of the Plan is qualified in its entirety by reference to
the
text of the Plan which is filed as Exhibit 10.1 to this Current Report on Form
8-K.
Purpose.
The
purpose of the Plan is to enable the Company to attract, retain, reward and
motivate eligible individuals by providing them with an opportunity to acquire
or increase a proprietary interest in Solitron and to incentivize them to expend
maximum effort for the growth and success of the Company, so as to strengthen
the mutuality of the interests between the eligible individuals and the
shareholders of the Company.
Administration
of the Plan.
The
Plan will be administered by a committee of the Board (the “Administrator”). The
Administrator shall have the full power and authority to take all actions,
and
to make all determinations not inconsistent with the specific terms and
provisions of the Plan deemed by the Committee to be necessary or appropriate
to
the administration of the Plan, any award granted or any award agreement entered
into thereto.
Types
of Awards.
Pursuant to the Plan, the Company may grant common stock, options, restricted
stock, stock appreciation rights to eligible individuals.
Eligible
Individuals.
All
employees, officers, director (employee or non-employee directors) of the
Company are eligible to receive awards under the Plan.
Shares
Subject to the Plan.
The
Company may issue up to 700,000 shares of its common stock pursuant to the
Plan.
Amendments
to the Plan.
The
Board may, at any time and from time to time, amend, suspend or terminate the
Plan as to any shares of common stock as to which awards have not been
granted.
Termination
of the Plan.
The
Plan will terminate on June 4, 2017.
| ITEM
9.01. |
FINANCIAL
STATEMENTS AND EXHIBITS.
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10.1 |
Solitron
Devices, Inc. 2007 Stock Incentive
Plan
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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.
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SOLITRON DEVICES, INC. |
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| June 11, 2007 |
/s/ Shevach Saraf
Chairman of the Board, President
Chief Executive Officer, Treasurer and Chief
Financial
Officer
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Exhibit
Index
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10.1 |
Solitron
Devices, Inc. 2007 Stock Incentive
Plan
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