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): January 14, 2005 (September 21, 2004)
Distributed Energy Systems Corp.
(Exact Name of Registrant as Specified in Charter)
| | | | |
| Delaware | | 000-50453 | | 20-0177690 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | |
10 Technology Drive Wallingford, Connecticut | | 06492 |
| (Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (203) 678-2000
(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):
| ¨ | 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)) |
Item 1.01. Entry into a Material Definitive Agreement.
The Registrant from time to time issues stock options to its employees, officers and directors pursuant to its 2003 Stock Incentive Plan. The Registrant filed a copy of its 2003 Stock Incentive Plan as Exhibit 10.1 to the Registrant’s Registration Statement on Form S-4, as filed with the Securities and Exchange Commission on October 21, 2003.
The Registrant is filing herewith the forms of Incentive Stock Option Agreement and Non-Statutory Stock Option Agreement used by the Registrant in connection with option grants made under its 2003 Stock Incentive Plan. From time to time, the Registrant may issue stock options, restricted stock or other stock-based awards under this plan on terms different from those in the form agreements filed herewith.
The Registrant issued incentive stock options to the following officers and directors under its 2003 Stock Incentive Plan:
| | | | | | | | | |
Officer
| | Date of Grant
| | Expiration
Date
| | Number of
Shares
| | Exercise Price
|
Coleman, Clint | | 1/10/2005 | | 1/10/2015 | | 25,000 | | $ | 2.63 |
Friedland, Robert J. | | 1/10/2005 | | 1/10/2015 | | 20,000 | | $ | 2.63 |
Glidden, John A. | | 1/10/2005 | | 1/10/2015 | | 15,000 | | $ | 2.63 |
Murray, Mark | | 1/10/2005 | | 1/10/2015 | | 25,000 | | $ | 2.63 |
Murray, Mark | | 9/27/2004 | | 9/27/2014 | | 125,000 | | $ | 1.62 |
Schroeder, Walter W. | | 1/10/2005 | | 1/10/2015 | | 30,001 | | $ | 2.63 |
These options were evidenced by Incentive Stock Option Agreements in the form filed herewith as described above. The options vest over four years, with twenty-five percent vesting on each anniversary of the date of grant.
The Registrant also issued stock options to the following officers and directors under its 2003 Stock Incentive Plan:
| | | | | | | | | | |
Officer or Director
| | Date of Grant
| | Expiration
Date
| | Number of
Shares
| | | Exercise
Price
|
Koeppe, Paul F. | | 9/21/2004 | | 9/21/2014 | | 1,500 | | | $ | 1.67 |
Koeppe, Paul F. | | 10/4/2004 | | 10/4/2014 | | 5,500 | | | $ | 1.81 |
Koeppe, Paul F. | | 10/4/2004 | | 10/4/2014 | | 2,500 | (1) | | $ | 1.81 |
Koeppe, Paul F. | | 12/2/2004 | | 12/2/2014 | | 1,500 | | | $ | 2.61 |
Koeppe, Paul F. | | 1/6/2005 | | 1/6/2015 | | 4,500 | | | $ | 2.73 |
Koeppe, Paul F. | | 1/6/2005 | | 1/6/2015 | | 2,500 | (2) | | $ | 2.73 |
Koeppe, Paul F. | | 1/6/2005 | | 1/6/2015 | | 10,000 | | | $ | 2.73 |
Ostroski, Gerald B. | | 9/21/2004 | | 9/21/2014 | | 1,500 | | | $ | 1.67 |
Ostroski, Gerald B. | | 10/4/2004 | | 10/4/2014 | | 6,500 | | | $ | 1.81 |
Ostroski, Gerald B. | | 10/4/2004 | | 10/4/2014 | | 3,500 | (1) | | $ | 1.81 |
Ostroski, Gerald B. | | 12/2/2004 | | 12/2/2014 | | 1,500 | | | $ | 2.61 |
Ostroski, Gerald B. | | 1/6/2005 | | 1/6/2015 | | 6,000 | | | $ | 2.73 |
Ostroski, Gerald B. | | 1/6/2005 | | 1/6/2015 | | 4,500 | (2) | | $ | 2.73 |
Ostroski, Gerald B. | | 1/6/2005 | | 1/6/2015 | | 10,000 | | | $ | 2.73 |
Ozanne, James | | 9/21/2004 | | 9/21/2014 | | 1,500 | | | $ | 1.67 |
Ozanne, James | | 10/4/2004 | | 10/4/2014 | | 4,000 | | | $ | 1.81 |
Ozanne, James | | 10/4/2004 | | 10/4/2014 | | 2,500 | (1) | | $ | 1.81 |
Ozanne, James | | 12/2/2004 | | 12/2/2014 | | 1,500 | | | $ | 2.61 |
Ozanne, James | | 1/6/2005 | | 1/6/2015 | | 3,000 | | | $ | 2.73 |
Ozanne, James | | 1/6/2005 | | 1/6/2015 | | 2,500 | (2) | | $ | 2.73 |
Ozanne, James | | 1/6/2005 | | 1/6/2015 | | 10,000 | | | $ | 2.73 |
Schroeder, Walter W. | | 1/10/2005 | | 1/10/2005 | | 9,999 | (3) | | $ | 2.63 |
Sharp, Philip R. | | 9/21/2004 | | 9/21/2014 | | 1,500 | | | $ | 1.67 |
Sharp, Philip R. | | 10/4/2004 | | 10/4/2014 | | 4,000 | | | $ | 1.81 |
Sharp, Philip R. | | 10/4/2004 | | 10/4/2014 | | 2,500 | (1) | | $ | 1.81 |
Sharp, Philip R. | | 1/6/2005 | | 1/6/2015 | | 1,000 | | | $ | 2.73 |
Sharp, Philip R. | | 1/6/2005 | | 1/6/2015 | | 2,500 | (2) | | $ | 2.73 |
Sharp, Philip R. | | 1/6/2005 | | 1/6/2015 | | 10,000 | | | $ | 2.73 |
Shaw Jr., Robert W. | | 9/21/2004 | | 9/21/2014 | | 1,500 | | | $ | 1.67 |
Shaw Jr., Robert W. | | 10/4/2004 | | 10/4/2014 | | 1,500 | | | $ | 1.81 |
Shaw Jr., Robert W. | | 10/4/2004 | | 10/4/2014 | | 6,000 | (1) | | $ | 1.81 |
Shaw Jr., Robert W. | | 12/2/2004 | | 12/2/2014 | | 1,500 | | | $ | 2.61 |
Shaw Jr., Robert W. | | 1/6/2005 | | 1/6/2015 | | 3,000 | | | $ | 2.73 |
Shaw Jr., Robert W. | | 1/6/2005 | | 1/6/2015 | | 6,000 | (2) | | $ | 2.73 |
Shaw Jr., Robert W. | | 1/6/2005 | | 1/6/2015 | | 10,000 | | | $ | 2.73 |
Stern, Theodore | | 9/21/2004 | | 9/21/2014 | | 1,500 | | | $ | 1.67 |
Stern, Theodore | | 10/4/2004 | | 10/4/2014 | | 5,000 | | | $ | 1.81 |
Stern, Theodore | | 10/4/2004 | | 10/4/2014 | | 2,500 | (1) | | $ | 1.81 |
Stern, Theodore | | 12/2/2004 | | 12/2/2014 | | 1,500 | | | $ | 2.61 |
Stern, Theodore | | 1/6/2005 | | 1/6/2015 | | 4,000 | | | $ | 2.73 |
Stern, Theodore | | 1/6/2005 | | 1/6/2015 | | 2,500 | (2) | | $ | 2.73 |
Stern, Theodore | | 1/6/2005 | | 1/6/2015 | | 10,000 | | | $ | 2.73 |
| (1) | These options vest ratably over a 12-month period from the date of grant (8.33% per month). |
| (2) | These options vest one-third on each of (i) the date of grant, (ii) one month from the date of grant and (iii) two months from the date of grant. |
| (3) | This option vests over four years, with twenty-five percent vesting on each anniversary of the date of grant. |
These options were evidenced by Non-Statutory Stock Option Agreements in the form filed herewith as described above. Except as indicated, the options vested in full on the date of grant.
Item 9.01. Financial Statements and Exhibits.
See Exhibit Index attached hereto.
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.
| | | | |
| | | DISTRIBUTED ENERGY SYSTEMS CORP. |
| | |
Date: January 14, 2005 | | By: | | /s/ John A. Glidden
|
| | | | | John A. Glidden |
| | | | | Vice President Finance |
EXHIBIT INDEX
| | |
Exhibit No.
| | Description
|
| 10.1 | | Form of Incentive Stock Option Agreement |
| |
| 10.2 | | Form of Non-Statutory Stock Option Agreement |
