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UNITED STATES
SECURITIESANDEXCHANGECOMMISSION
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) | October 6, 2008 |
| Applied Nanotech Holdings, Inc. |
| (Exact name of registrant as specified in its charter) |
| TEXAS | 1-11602 | 76-0273345 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 3006 Longhorn Boulevard, Suite 107, Austin, Texas | 78758 |
| (Address of principal executive offices) | (Zip Code) |
| (512) 339 - 5020 |
| 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 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))
Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective immediately, the annual salary for Thomas Bijou, CEO, was adjusted from $300,000 to $224,000, a decrease of $76,000 on an annualized basis. At the same time, the exercise price on 200,000 of Mr. Bijou’s options was reduced from $1.19 per share to $0.75 per share, which represented a premium of 50% over the market price at the time of the price adjustment. No vesting terms were changed on any options. The maximum benefit that Mr. Bijou can receive at some future date from this repricing is $88,000. This was done at the request of Mr. Bijou to greater align his interests with those of the shareholders.
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.
| | Applied Nanotech Holdings, Inc. |
| | |
| | By: /s/ Douglas P. Baker |
| Date: October 8, 2008 | Douglas P. Baker Chief Financial Officer |
