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
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| Date of Report (Date of Earliest Event Reported): | | July 23, 2009 |
Patriot Capital Funding, Inc.
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(Exact name of registrant as specified in its charter)
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| Delaware | 0-51459 | 74-3068511 |
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(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
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| 274 Riverside Avenue, Westport, Connecticut | | 06880 |
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(Address of principal executive offices) | | ___________
(Zip Code) |
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| Registrant’s telephone number, including area code: | | 203-429-2700 |
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:
[ ] 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 23, 2009, William E. Alvarez, Jr., Executive Vice President, Chief Financial Officer and Secretary, entered into an amendment (the "Amendment") to the employment agreement with Patriot Capital Funding, Inc. (the "Company"), dated August 7, 2007. The Amendment is attached hereto as exhibit 10.1 and is incorporated herein by reference.
The Amendment modifies the definition of "Average Annual Bonus" set forth in Section 8 of the employment agreement for purposes of calculating the lump sum payment Mr. Alvarez would receive if his employment is terminated for any reason except for "cause" (as defined in the employment agreement). The Amendment defines "Average Annual Bonus" to include his average bonus for the term of the employment agreement plus the aggregate grant date fair value of restricted stock awarded during the term of the employment agreement. Prior to the Amendment, "Average Annual Bonus" was defined to include his average bonus for the last two years prior to his termination of emp loyment.
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits
10.1 First Amendment to Employment Agreement between William E. Alvarez, Jr. and Patriot Capital Funding, Inc., dated July 23, 2009.
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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| | | Patriot Capital Funding, Inc. |
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| July 28, 2009 | | By: | | /s/ Richard P. Buckanavage
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| | | | | Name: Richard P. Buckanavage |
| | | | | Title: President and Chief Executive Officer |
Exhibit Index
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| Exhibit No. | | Description |
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10.1 | | First Amendment to Employment Agreement between William E. Alvarez, Jr. and Patriot Capital Funding, Inc., dated July 23, 2009. |
