Unassociated Document
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)
September 20, 2007
ACORN
FACTOR, INC.
(Exact
name of Registrant as Specified in its Charter)
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Delaware
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0-19771
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22-2786081
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(State
or Other Jurisdiction
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(Commission
file Number)
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(IRS
Employer
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of
Incorporation)
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Identification
No.)
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4
West Rockland Road, Montchanin, DE
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19710
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code (302)
656-1708
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:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
pursuant to Rule 14a-2 under the Exchange Act (17 CFR 240.14a-2)
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
1.01 Entry into a Material Definitive Agreement.
Board
Compensation
At
a
meeting of the Board of Directors of Acorn Factor, Inc. held on September 20,
2007, the Board changed the cash compensation policy for its non-employee
directors. Under the new policy, non-employee directors will receive a $40,000
annual cash retainer as well as meeting fees of $1,000 for each board meeting
attended.
Additionally,
the Board amended the company’s 2006 Stock Option Plan For Non-Employee
Directors. Under the amended plan, (i) all incumbent non-employee directors
will
receive, following the date of the annual meeting, an annual grant of stock
options exercisable for 10,000 shares of the company’s common stock, at an
exercise price equal to the then fair market value, which options will vest
one
year after the date of grant, and be exercisable for seven years from the date
of grant, and (ii) any newly elected directors will receive a one-time grant
of
stock options exercisable for 25,000 shares of the company’s common stock, at an
exercise price equal to the then fair market value, which options shall vest
one
third per year, the first third to vest one year following the date of grant,
and be exercisable for seven years from the date of grant.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Option
Grant to Chief Financial Officer
At
a
meeting of the Board of Directors of Acorn Factor, Inc. held on September 20,
2007, the company’s Chief Financial Officer, Michael Barth, was granted, under
the 2006 Stock Incentive Plan, options to purchase 30,000 shares of the
company’s common stock at an exercise price of $3.90 per share. One-third of the
options become exercisable on each of the first three anniversaries of the
grant
date, and the options will expire on September 19, 2014.
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 on this 26th day of September 2007.
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ACORN
FACTOR,
INC. |
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By: |
/s/
Sheldon Krause |
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Name:
Sheldon Krause |
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Title:
Secretary and General Counsel |