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): February 15, 2005
BEACON POWER CORPORATION
(Exact Name of Registrant as Specified in Charter)
DELAWARE 001-16171 04-3372365
(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
234 BALLARDVALE STREET
WILMINGTON, MA 01887
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
978-694-9121
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))
Section 1 - Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On February 15, 2005, the Compensation Committee of the Board of Directors
of Beacon Power Corporation (the "Company") approved the 2004 executive bonus
achievement levels for objectives reached during 2004. Payment will be made in
the form of Restricted Stock Units and will to be paid to three executives and
to other key employees. The right to exercise these restricted stock units will
vest quarterly during 2005, contingent upon the executive's continued employment
with the Company. The complete terms of the Restricted Stock Units are set forth
in the Restricted Stock Unit Agreements, a form of which is attached hereto as
Exhibit 99.1 and is incorporated herein by reference.
The following executives of the company received Restricted Stock Units:
- --------------------- ------------------------- ------------------------------
Name of Executive Title Restricted Stock Units Granted
- --------------------- ------------------------- ------------------------------
F. William Capp President and CEO 257,391
- --------------------- ------------------------- ------------------------------
Matthew Lazarewicz Chief Technical Officer 107,300
- --------------------- ------------------------- ------------------------------
James M. Spiezio Chief Financial Officer 118,030
- --------------------- ------------------------- ------------------------------
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
99.1 Form of Restricted Stock Unit Agreement
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.
BEACON POWER CORPORATION
Date: February 17, 2005 By:/s/ James M. Spiezio
--------------------
Name: James M. Spiezio
Title: Secretary and Chief Financial Officer
Exhibit Index
Exhibit Number Description
- -------------- ---------------------------------------
99.1 Form of Restricted Stock Unit Agreement