Satcon Technology Corp (Other)
20 September 2007 - 6:40AM
Edgar (US Regulatory)
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 13, 2007
SATCON TECHNOLOGY CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware
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1-11512
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04-2857552
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(State or Other
Jurisdiction
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(Commission
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(I.R.S. Employer
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of
Incorporation)
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File Number)
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Identification
No.)
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27
Drydock Avenue, Boston, Massachusetts
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02210-2377
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(Address of
Principal Executive Offices)
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(Zip Code)
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(617)
897-2400
(Registrants telephone number, including area code)
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
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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.
On
September 13, 2007, SatCon Technology Corporation (the Company) entered into
an employment agreement (the Employment Agreement) with David E. ONeil, Vice
President of Finance of the Company (the Companys principal financial
officer). The Employment Agreement is
renewed annually unless either party gives the other not less than 3 months
notice of non-renewal. The Employment
Agreement provides that Mr. ONeil will be paid a base salary at an annual rate
of $195,780 and will be eligible to participate in the Companys employee
benefit programs.
The
Employment Agreement provides that in the event that Mr. ONeils employment is
terminated by the Company at any time without cause (as defined in the
Employment Agreement) or is not renewed, the Company is required to pay Mr. ONeil
his then current base salary over the twelve month period following the
effectiveness of such termination.
Following such termination, Mr. ONeils unvested stock options
will immediately vest and he will be able to exercise all previously granted
options for two years thereafter. The
Company will continue to maintain health and dental benefits for Mr. ONeil for
one year thereafter as well. Mr. ONeil
has also agreed to maintain the confidentiality of the Companys confidential
information and not to compete with the Company while his Employment Agreement
is in effect and for a period of one year thereafter.
This
description of the Employment Agreement is fully qualified by reference to the
Employment Agreement, which is attached to this Current Report on Form 8-K
as Exhibit 10.1 hereto and incorporated herein by reference.
2
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits
Exhibit No.
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Description
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10.1
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Employment Agreement, dated as of September 13,
2007, by and among the Company and David E. ONeil.
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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.
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SATCON TECHNOLOGY CORPORATION
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Date: September 19, 2007
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By:
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/s/ David B. Eisenhaure
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David B. Eisenhaure
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Chief Executive Officer
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3
EXHIBIT INDEX
Exhibit No.
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Description
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10.1
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Employment Agreement, dated as of September 13,
2007, by and among the Company and David E. ONeil.
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4
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