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 7, 2007
AKEENA
SOLAR, INC.
(Exact
name of registrant as specified in its charter)
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DELAWARE
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000-52385
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20-5132054
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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16005
LOS GATOS BOULEVARD
LOS
GATOS, CALIFORNIA
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95032
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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: (408) 395-7774
NOT
APPLICABLE
(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 oWritten
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o 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 Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e)
Changes in Compensation and Grant of Stock Options to Certain Executive
Officers.
On
September 7, 2007, the Compensation Committee of the Board of Directors of
Akeena Solar, Inc. (“Akeena” or the “Company”) approved increases in the base
salary and target bonus levels for Barry Cinnamon, Akeena’s President and Chief
Executive Officer, for Jim Curran, Akeena’s Chief Operating Officer, and for
certain other officers. For both Mr. Cinnamon and Mr. Curran, the base
salary has been increased to $275,000 per year, with a target bonus of 50%
of
base salary. In addition, the Compensation Committee approved the grant of
options to purchase Akeena common stock to a number of officers. Mr. Cinnamon
was granted an option to purchase 313,000 shares of common stock, and Mr. Curran
was granted an option to purchase 406,000 shares of common stock. The exercise
price per share under each option will be equal to the closing sale price per
share of the Company’s common stock on September 7, 2007, as quoted on the OTC
Bulletin Board. Each option will have a five year term, and will be subject
to
vesting based on the recipient’s continuing service with the Company, with
one-third (1/3) of the shares vesting on each of the first three anniversaries
of the grant date. Each option will otherwise be subject to the terms and
conditions of a standard form of stock option agreement as approved by the
Compensation Committee of the Board of Directors of Akeena Solar,
Inc.
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 thereunto
duly authorized.
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Akeena
Solar, Inc.
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By: |
/s/ Barry
Cinnamon |
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Name:
Barry Cinnamon
Title:
Chief Executive Officer
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