<HTML>
<HEAD>
   <TITLE>aspen8k21510.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<A name="page_1"></A>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>UNITED STATES</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>WASHINGTON, D.C. 20549</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>______________________</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>FORM 8-K</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Date of Report:</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">February 15, 2010</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>ASPEN EXPLORATION CORPORATION</FONT></B><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Name of small business issuer as specified in its charter)</FONT></TD></TR></TABLE></P>
<TABLE style="WIDTH: 880px; HEIGHT: 170px" cellSpacing=0 cellPadding=0 align=center border=0>
<TR>
     <TD width="17%"></TD>
     <TD width="2%"></TD>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Delaware</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">0-9494</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">84-0811316</FONT></U></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>State of</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Commission File</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>IRS Employer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Incorporation</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Number</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Identification No.</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2050 S. Oneida St., Suite 208, Denver, CO 80224-2426</FONT></U></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Address of principal executive offices</FONT></TD></TR></TABLE><BR>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">303-639-9860</FONT></U></B><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Telephone number, including</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Area code</FONT><BR>
<BR>
<B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Not applicable</FONT></U></B><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Former name or former address if changed since last report</FONT></TD></TR></TABLE></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings size=2>&#168;</FONT><FONT size=2>&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Written communications pursuant to Rule 425 under the Securities Act</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings size=2>&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings size=2>&#168;</FONT><FONT size=2>&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings size=2>&#168;</FONT><FONT size=2>&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>


<A name="page_2"></A>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 5.02, Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to Aspen Exploration Corporation&#146;s (&#147;Aspen&#148;) 2008 Equity Plan, on February 15, 2010 Aspen&#146;s Board of Directors granted options to certain Aspen employees and consultants. The options were granted to persons who have remained with Aspen and have provided (and are expected to continue to provide) valuable services to Aspen, and to help align interests of the recipients with those of Aspen and its stockholders.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">In total Aspen granted options to acquire 350,000 shares of its common stock. Included in the persons receiving options were the persons currently serving as Aspen&#146;s executive officers and as members of its Board of Directors, being:</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 965px; HEIGHT: 252px" cellSpacing=0 cellPadding=0 width=965 border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="2%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Name and Title</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Number of Options Granted</FONT></U></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">R.V. Bailey</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Chief Executive Officer, President</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">100,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Chairman of the Board)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kevan Hensman</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Chief Financial Officer and Director)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">75,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Douglas Imperato</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Director)</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">75,000</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The options granted to each of the officers and directors named herein (and to each of the other option recipients) have an exercise price equal to $0.4125, which is equal to125% of the closing price of Aspen&#146;s common stock on February 17, 2010 (the business day after the day Aspen filed its Form 10-Q for the quarter ended December 31, 2009). Each of the options expires on February 15, 2015. All of the options granted only vest upon a &#147;change of control&#148; (which term is defined in each recipient&#146;s option agreement), and then only if Aspen has working capital of at least $3,000,000 on the date of the change of control event. Further, unless a given option recipient is terminated for cause the options will not expire following the termination of each recipient&#146;s relationship (whether an employee, consultant or director) with Aspen.</FONT></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURES</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 18</FONT><SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">th </FONT></SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">day of February 2010.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="97%" border=0>
<TR>
     <TD width="60%"></TD>
     <TD width="2%"></TD>
     <TD width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Aspen Exploration Corporation</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/&nbsp;&nbsp;&nbsp; R.V. Bailey</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">R.V. Bailey, Chief Executive Officer</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>
[{"type": "8-K", "sequence": "1", "filename": "aspen8k21510.htm", "description": "FORM 8-K  (2/15/2010)", "secsgml_size_bytes": 12216}]
{"company-data": {"conformed-name": "ASPEN EXPLORATION CORP", "cik": "0000319458", "assigned-sic": "1311", "irs-number": "840811316", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-09494", "film-number": "10615870"}, "business-address": {"street1": "2050 S. ONEIDA STREET", "street2": "SUITE 208", "city": "DENVER", "state": "CO", "zip": "80224", "phone": "303-639-9860"}, "mail-address": {"street1": "2050 S. ONEIDA STREET", "street2": "SUITE 208", "city": "DENVER", "state": "CO", "zip": "80224"}}
aspen8k21510.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
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:
February 15, 2010
ASPEN EXPLORATION CORPORATION
(Name of small business issuer as specified in its charter)
Delaware
0-9494
84-0811316
State of
Commission File
IRS Employer
Incorporation
Number
Identification No.
2050 S. Oneida St., Suite 208, Denver, CO 80224-2426
Address of principal executive offices
303-639-9860
Telephone number, including
Area code
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:
¨
Written communications pursuant to Rule 425 under the Securities Act
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 5.02, Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
Pursuant to Aspen Exploration Corporation's ("Aspen") 2008 Equity Plan, on February 15, 2010 Aspen's Board of Directors granted options to certain Aspen employees and consultants. The options were granted to persons who have remained with Aspen and have provided (and are expected to continue to provide) valuable services to Aspen, and to help align interests of the recipients with those of Aspen and its stockholders.
In total Aspen granted options to acquire 350,000 shares of its common stock. Included in the persons receiving options were the persons currently serving as Aspen's executive officers and as members of its Board of Directors, being:
Name and Title
Number of Options Granted
R.V. Bailey
(Chief Executive Officer, President
100,000
and Chairman of the Board)
Kevan Hensman
(Chief Financial Officer and Director)
75,000
Douglas Imperato
(Director)
75,000
The options granted to each of the officers and directors named herein (and to each of the other option recipients) have an exercise price equal to $0.4125, which is equal to125% of the closing price of Aspen's common stock on February 17, 2010 (the business day after the day Aspen filed its Form 10-Q for the quarter ended December 31, 2009). Each of the options expires on February 15, 2015. All of the options granted only vest upon a "change of control" (which term is defined in each recipient's option agreement), and then only if Aspen has working capital of at least $3,000,000 on the date of the change of control event. Further, unless a given option recipient is terminated for cause the options will not expire following the termination of each recipient's relationship (whether an employee, consultant or director) with Aspen.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 18
th
day of February 2010.
Aspen Exploration Corporation
By:
/s/    R.V. Bailey
R.V. Bailey, Chief Executive Officer