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: December 4, 2001 (Date of earliest event reported): November 20, 2001 PEC SOLUTIONS, INC. ------------------- (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation) 000-30271 54-1339972 (Commission File No.) (IRS Employer Identification No.) 12750 Fair Lakes Circle Fairfax, Virginia 22033 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (703) 679-4900 ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. On November 20, 2001, PEC Solutions, Inc. ("PEC") acquired all the outstanding stock of TROY Systems, Inc. ("TROY") pursuant to a Stock Purchase Agreement dated as of November 20, 2001 (the "Agreement"). Under the terms of the Agreement, the stockholders of TROY received an aggregate of $15.3 million in cash, subject to certain adjustments as set forth in the Agreement, and 103,065 shares of PEC common stock. In addition, PEC also assumed certain key employee retention liabilities of up to $1.5 million. The terms of the acquisition are more fully described in the Agreement (attached as Exhibit 2.1 to this report on Form 8-K). Certain stockholders of TROY are also entitled to certain registration rights with respect to their shares as detailed in the Registration Rights Agreement dated as of November 20, 2001, among PEC and the stockholders of TROY (attached as Exhibit 4.1 to this report on Form 8-K). PEC issued a press release announcing the Acquisition on November 20, 2001, which is filed herewith as Exhibit 99.1 and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED. The financial statements of TROY Systems, Inc. will be filed by amendment not later than 60 days from the due date of the initial report on Form 8-K. (b) PRO FORMA FINANCAL INFORMATION. The pro forma financial information of the combined company will be filed by amendment not later than 60 days from the due date of the initial report on Form 8-K. (c) EXHIBITS 2.1 Stock Purchase Agreement by and among PEC Solutions, Inc., TROY Systems, Inc. and the stockholders of TROY Systems, Inc. dated as of November 20, 2001. 4.1 Registration Rights Agreement among PEC Solutions, Inc. and the stockholders of TROY Systems, Inc. dated as of November 20, 2001. 99.1 Press Release dated November 20, 2001. 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. PEC SOLUTIONS, INC. Date: December 4, 2001 By: /s/ STUART R. LLOYD ---------------------------------- Stuart R. Lloyd Chief Financial Officer, Senior Vice President and Director (Principal Financial Officer and Accounting Officer)