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  <p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE
  COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, DC 20549</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <div style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  
  <hr size="1" width="25%" noshade color="black" align="center">
  
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  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;8-K</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT
  TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES
  EXCHANGE ACT OF 1934</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report (Date of
  earliest event reported):<b>&#160; May&nbsp;14, 2008</b></font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">BIOSPHERE MEDICAL, INC.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant
  as Specified in Charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">000-23678</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-3216867</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other Jurisdiction of Incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer<br>
    Identification No.)</font></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
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    <td width="66%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:66.08%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1050 Hingham Street &nbsp;</font></b></p>
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Rockland, Massachusetts</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
    <b>02370</b></font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:66.08%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive<br>
    Offices)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
    </td>
   </tr>
  </table>
  
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone
  number, including area code:&#160; <b>(781) 681-7900</b></font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former Name or Former
  Address, if Changed Since Last Report)</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
  below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;width:96.34%;">
   <tr>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written communications
    pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting material
    pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
    communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
    CFR 240.14d-2(b))</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
    communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
    CFR 240.13e-4(c))</font></p>
    </td>
   </tr>
  </table>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900110\08-14732-1\task2947611\14732-1-ba.htm',USER='C900110',CD='May 17 14:09 2008' -->
  
  
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  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 5.02.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Departure of Directors or Certain Officers; Election
  of Directors; Appointment of Certain Officers; Compensatory Arrangements of
  Certain Officers.</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;14, 2008, at the Annual Meeting of Stockholders of
  BioSphere Medical,&nbsp;Inc. (&#147;BioSphere&#148; or the &#147;Company&#148;), BioSphere&#146;s
  stockholders approved (i)&nbsp;Amendment No.&nbsp;2 to the Company&#146;s 2006 Stock
  Incentive Plan, as amended (the &#147;2006 SIP&#148;) increasing the number of shares of
  common stock authorized for issuance under the 2006 SIP from 2,000,000 to 2,500,000
  and (ii)&nbsp;Amendment No.&nbsp;2 to the Company&#146;s 2000 Employee Stock
  Purchase Plan, as amended (the &#147;2000 ESPP&#148;) increasing the number of shares of
  common stock authorized for issuance under the 2000 ESPP from 100,000 to
  160,000.&#160; The key features of the Company&#146;s
  2006 SIP and 2000 ESPP are described below.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summary of 2006 Stock Incentive Plan</font></u></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Types of Awards</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2006 SIP provides for the grant of incentive stock options intended
  to qualify under Section&nbsp;422 of the Internal Revenue Code, non-statutory stock
  options, stock appreciation rights, restricted stock, restricted stock units
  and other stock-unit awards (collectively, &#147;Awards&#148;).</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Incentive Stock Options and Non-statutory Stock
  Options</font></i><font size="2" style="font-size:10.0pt;">.&#160; Optionees receive the right to purchase a
  specified number of shares of the Company&#146;s common stock at a specified option
  price and subject to such other terms and conditions as are specified in
  connection with the option grant. Options may not be granted at an exercise
  price which is less than 100% of the fair market value of the Company&#146;s common
  stock on the date of grant. Under present law, incentive stock options granted
  to optionees holding more than 10% of the voting power of a company may not be
  granted at an exercise price less than 110% of the fair market value of their
  common stock on the date of grant. Options may not be granted for a term in
  excess of ten years. The 2006 SIP permits the following forms of payment of the
  exercise price of options: (i)&nbsp;payment by cash, check or in connection
  with a &#147;cashless exercise&#148; through a broker, (ii)&nbsp;subject to certain
  conditions, surrender to the shares of the Company&#146;s common stock, (iii)&nbsp;subject
  to certain conditions, delivery to us of a promissory note, (iv)&nbsp;any other
  lawful means or (v)&nbsp;any combination of these forms of payment.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Director Awards</font></i><font size="2" style="font-size:10.0pt;">.&#160; The 2006 SIP
  provides for the automatic grant of options to members of the board of
  directors of the Company (the &#147;Board&#148;) who are not employees of the Company or
  of any of its subsidiaries (&#147;Non-Employee Directors&#148;). On the commencement of
  service on the Board, each Non-Employee Director will receive a non-statutory
  stock option to purchase 10,000 shares of the Company&#146;s common stock, subject
  to adjustment for changes in capitalization. In addition, on the date of each
  of the Company&#146;s annual meeting of stockholders, each Non-Employee Director who
  is both serving as a director immediately before and immediately after such
  meeting will receive a non-statutory stock option to purchase 5,000 shares of
  the Company&#146;s common stock and a restricted stock award for 2,500 shares of
  common stock, and subject to adjustment for changes in capitalization;
  provided, however, that a Non-Employee Director will not be eligible to receive
  this annual option or restricted stock grant unless such director has served on
  the Board for at least six months. The Board retains the specific authority to
  from time to time increase or decrease the number of shares subject to options
  and restricted stock awards granted to Non-Employee Directors under the 2006
  SIP; however, the maximum number of shares with respect to which awards may be
  granted to Non-Employee Directors is </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000 per calendar year. Options automatically
  granted to Non-Employee Directors will (i)&nbsp;have an exercise price equal to
  the closing price on the date of grant, (ii)&nbsp;in the case of the initial
  grant, vest in five equal annual installments beginning on the first
  anniversary of the date of grant, (iii)&nbsp;in the case of subsequent annual
  grants, vest in full on the date of grant, (iv)&nbsp;expire on the earlier of
  10 years from the date of grant or three months following cessation of service
  on the Board and (v)&nbsp;contain such other terms and conditions as the Board
  determines. The annual restricted stock grant vests in full on the second
  anniversary of the date of grant.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Stock Appreciation Rights</font></i><font size="2" style="font-size:10.0pt;">.&#160; A
  stock appreciation right (&#147;SAR&#148;) is an award entitling the holder, upon
  exercise, to receive an amount in common stock or cash or a combination thereof
  determined by reference to appreciation, from and after the date of grant, in
  the fair market value of a share of common stock. SARs may be granted
  independently or in tandem with an option.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Restricted Stock Awards</font></i><font size="2" style="font-size:10.0pt;">.&#160; Restricted
  stock awards entitle recipients to acquire shares of common stock, subject to
  the Company&#146;s right to repurchase all or part of such shares from the recipient
  in the event that the conditions specified in the applicable Award are not
  satisfied prior to the end of the applicable restriction period established for
  such Award.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Restricted Stock Unit Awards</font></i><font size="2" style="font-size:10.0pt;">.&#160; Restricted
  stock unit Awards entitle the recipient to receive shares of common stock to be
  delivered at the time such shares vest pursuant to the terms and conditions
  established by the Board.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Stock-Unit Awards</font></i><font size="2" style="font-size:10.0pt;">.&#160; Under
  the 2006 SIP, the Board has the right to grant other Awards based upon the
  common stock having such terms and conditions as the Board may determine,
  including the grant of shares based upon certain conditions, the grant of
  Awards that are valued in whole or in part by reference to, or otherwise based
  on, shares of common stock, and the grant of Awards entitling recipients to
  receive shares of common stock to be delivered in the future.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Performance Conditions</font></i><font size="2" style="font-size:10.0pt;">. &#160;The
  Board may determine, at the time of grant, that a restricted stock award,
  restricted stock unit award or other stock-unit Award granted to an officer
  will vest solely upon the achievement of specified performance criteria
  designed to qualify for deduction under Section&nbsp;162(m)&nbsp;of the
  Internal Revenue Code, as further described in the 2006 SIP.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Transferability of Awards</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as the Board may otherwise determine or provide in an Award,
  Awards may not be sold, assigned, transferred, pledged or otherwise encumbered
  by the person to whom they are granted, either voluntarily or by operation of
  law, except by will or the laws of descent and distribution or, other than in
  the case of an incentive stock option, pursuant to a qualified domestic
  relations order. During the life of the participant, Awards are exercisable
  only by the participant.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Eligibility to Receive Awards</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employees, officers, directors, consultants and advisors of the
  Company, its subsidiaries and any other business ventures in which the Company
  has a controlling interest, as determined by the Board, are eligible to be
  granted Awards under the 2006 SIP.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The annual maximum number of shares with respect to which Awards may be
  granted to any participant under the 2006 SIP may not exceed 600,000 shares per
  calendar year. For purposes of this limit, the combination of an Option in
  tandem with an SAR is treated as a single award.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Administration</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2006 SIP is administered by the Board. The Board has the authority
  to adopt, amend and repeal the administrative rules, guidelines and practices
  relating to the 2006 SIP, to determine specified features of awards and to
  interpret the provisions of the 2006 SIP. Pursuant to the terms of the 2006 SIP,
  the Board may delegate authority under the 2006 SIP to one or more committees
  of the Board, and subject to certain limitations, to one or more of the
  executive officers of the Company.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board is required to make appropriate adjustments in connection with
  the 2006 SIP and any outstanding Awards to reflect stock splits, stock
  dividends, recapitalizations, spin-offs and other similar changes in
  capitalization.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a merger, liquidation or other acquisition event (as
  defined in the 2006 SIP), the Board is authorized to provide for outstanding
  Awards to be assumed or substituted for, to accelerate the Awards to make them
  fully exercisable prior to consummation of the Acquisition Event or to provide
  for a cash out of the value of any outstanding options, provided, however, that
  any outstanding Awards held by employees or directors of the Company shall
  become immediately fully exercisable.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board may at any time provide that any Award will become
  immediately exercisable in full or in part, free of some or all restrictions or
  conditions, or otherwise realizable in full or in part, as the case may be.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any Award expires or is terminated, surrendered, canceled or
  forfeited, the unused shares of common stock covered by such Award will again
  be available for grant under the 2006 SIP, subject, however, in the case of
  incentive stock options, to any limitations under the Internal Revenue Code.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Substitute Awards</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with a merger or consolidation of an entity with the
  Company or the acquisition by the Company of property or stock of an entity,
  the Board may grant Awards in substitution for any options or other stock or
  stock-based awards granted by such entity or an affiliate thereof. Substitute
  Awards may be granted on such terms, as the Board deems appropriate in the
  circumstances, notwithstanding any limitations on Awards contained in the 2006
  SIP. Substitute Awards will not count against the 2006 SIP&#146;s overall share
  limit, except as may be required by the Internal Revenue Code.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Provisions for Foreign Participants</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board may modify Awards granted to participants who are foreign
  nationals or employed outside the United States or establish subplans or
  procedures under the 2006 SIP to </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">recognize differences in laws, rules, regulations or
  customs of such foreign jurisdictions with respect to tax, securities,
  currency, employee benefit or other matters.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amendment or Termination</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Award may be made under the 2006 SIP after March&nbsp;9, 2016 but
  Awards previously granted may extend beyond that date.&#160; The Board may at any time amend, suspend or
  terminate the 2006 SIP; provided that no amendment requiring stockholder
  approval under any applicable legal, regulatory or listing requirement will become
  effective until such stockholder approval is obtained. No Award will be made
  that is conditioned upon stockholder approval of any amendment to the 2006 SIP.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Limitation on Repricing</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless such action is approved by the Company&#146;s stockholders: (i)&nbsp;no
  outstanding option granted under the 2006 SIP may be amended to provide an
  exercise price per share that is lower than the then-current exercise price per
  share of such outstanding option (other than adjustments for changes in common
  stock and certain other events) and (ii)&nbsp;the Board may not cancel any
  outstanding option (whether or not granted under the 2006 SIP) and grant in
  substitution therefore new Awards under the 2006 SIP covering the same or a
  different number of share of common stock and having an exercise price per
  share lower than the then-current exercise price per share of the cancelled
  option.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summary of 2000 Employee Stock Purchase Plan</font></u></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Eligibility</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All employees, including executive officers, who have been employed for
  at least three months on the date that an offering commences under the 2000
  ESPP and who are customarily employed for more than 20 hours a week by the
  Company or any of its subsidiaries are eligible to participate in the 2000
  ESPP. However, no person will be eligible to participate in the 2000 ESPP if he
  or she possesses five percent or more of the total combined voting power or
  value of all of the Company&#146;s classes of stock or any of its subsidiaries
  immediately after the grant of an option under the 2000 ESPP. No employee may
  purchase shares of stock with an aggregate value of more than $25,000 per
  calendar year under the 2000 ESPP, determined by the value of such shares as of
  the applicable offering commencement dates.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Offerings; Number And Purchase Price Of Shares</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2000 ESPP is conducted in semiannual offerings, which currently
  commence on May&nbsp;15th and November&nbsp;15. During each offering period,
  the maximum number of shares which may be purchased by a participating employee
  is determined on the first day of the offering period and is equal to the
  number of shares of common stock determined by dividing $12,500 by the last
  reported sale price of the common stock on the NASDAQ Global Market on the
  first day of the offering. An employee may elect to have up to 10% deducted from
  his or her salary for the purpose of purchasing stock under the Purchase Plan.
  The price at which the employee may purchase the stock is the lower of 85% of
  the last reported sale price of the common stock on the day the offering
  commences or the day that the offering terminates. If the Company receives </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
  <div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">requests from employees to purchase more than the
  number of shares available during any offering, the available shares will be
  allocated on a pro rata basis to subscribing employees.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amendments And Terms; Administration</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board may at any time terminate or amend the 2000 ESPP. However, no
  such amendment shall be made to the 2000 ESPP (a)&nbsp;without approval of the
  Company&#146;s stockholders if approval of such amendment is required by Section&nbsp;423
  of the Internal Revenue Code, or (b)&nbsp;which would cause the plan to fail to
  comply with Section&nbsp;423 of the Internal Revenue Code. The 2000 ESPP will
  be administered by the compensation committee of the Board, which is authorized
  to make rules&nbsp;and regulations for the administration and interpretation of
  the 2000 ESPP.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing description is a summary of the 2006 SIP and the 2000
  ESPP and is qualified in its entirety by the full text of the 2006 SIP and the
  2000 ESPP, which are attached hereto as Exhibits 10.1 and 10.2, respectively,
  and are incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9.01.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Financial Statements and Exhibits.</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; Exhibits</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exhibits listed in the accompanying Exhibit&nbsp;Index are filed as
  part of this Current Report on Form&nbsp;8-K.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  
  <div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May&nbsp;20, 2008</font></p>
    </td>
    <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BIOSPHERE MEDICAL, INC.</font></p>
    </td>
   </tr>
   <tr>
    <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.44%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ MARTIN J. JOYCE</font></p>
    </td>
   </tr>
   <tr>
    <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Martin J. Joyce</font></p>
    </td>
   </tr>
   <tr>
    <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice
    President</font></p>
    </td>
   </tr>
   <tr>
    <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.28%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and Chief
    Financial Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\C900110\08-14732-1\task2947611\14732-1-ba.htm',USER='C900110',CD='May 17 14:09 2008' -->
  
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></u></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.76%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
    <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:1.0pt;"><font style="text-decoration:none;">&nbsp;</font></font></u></p>
    </td>
    <td width="88%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006 Stock Incentive
    Plan, as amended</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2000 Employee Stock
    Purchase Plan, as amended</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-14732_18k.htm", "description": "8-K", "secsgml_size_bytes": 55452}]
metadata_filer: {"company-data": {"conformed-name": "BIOSPHERE MEDICAL INC", "cik": "0000919015", "assigned-sic": "3841", "irs-number": "043216867", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23678", "film-number": "08848338"}, "business-address": {"street1": "1050 HINGHAM STREET", "city": "ROCKLAND", "state": "MA", "zip": "02370", "phone": "7816817900"}, "mail-address": {"street1": "1050 HINGHAM STREET", "city": "ROCKLAND", "state": "MA", "zip": "02370"}, "former-company": {"former-conformed-name": "BIOSEPRA INC", "date-changed": "19940215"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE
  COMMISSION
  WASHINGTON, DC 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):
  May 14, 2008
  BIOSPHERE MEDICAL, INC.
  (Exact Name of Registrant
  as Specified in Charter)
  Delaware
  000-23678
  04-3216867
  (State or Other Jurisdiction of Incorporation)
  (Commission File Number)
  (IRS Employer
  Identification No.)
  1050 Hingham Street
  Rockland, Massachusetts
  02370
  (Address of Principal Executive
  Offices)
  (Zip Code)
  Registrant's telephone
  number, including area code:
  (781) 681-7900
  (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:
  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 May 14, 2008, at the Annual Meeting of Stockholders of
  BioSphere Medical, Inc. ("BioSphere" or the "Company"), BioSphere's
  stockholders approved (i) Amendment No. 2 to the Company's 2006 Stock
  Incentive Plan, as amended (the "2006 SIP") increasing the number of shares of
  common stock authorized for issuance under the 2006 SIP from 2,000,000 to 2,500,000
  and (ii) Amendment No. 2 to the Company's 2000 Employee Stock
  Purchase Plan, as amended (the "2000 ESPP") increasing the number of shares of
  common stock authorized for issuance under the 2000 ESPP from 100,000 to
  160,000.  The key features of the Company's
  2006 SIP and 2000 ESPP are described below.
  Summary of 2006 Stock Incentive Plan
  Types of Awards
  The 2006 SIP provides for the grant of incentive stock options intended
  to qualify under Section 422 of the Internal Revenue Code, non-statutory stock
  options, stock appreciation rights, restricted stock, restricted stock units
  and other stock-unit awards (collectively, "Awards").
  Incentive Stock Options and Non-statutory Stock
  Options
  .  Optionees receive the right to purchase a
  specified number of shares of the Company's common stock at a specified option
  price and subject to such other terms and conditions as are specified in
  connection with the option grant. Options may not be granted at an exercise
  price which is less than 100% of the fair market value of the Company's common
  stock on the date of grant. Under present law, incentive stock options granted
  to optionees holding more than 10% of the voting power of a company may not be
  granted at an exercise price less than 110% of the fair market value of their
  common stock on the date of grant. Options may not be granted for a term in
  excess of ten years. The 2006 SIP permits the following forms of payment of the
  exercise price of options: (i) payment by cash, check or in connection
  with a "cashless exercise" through a broker, (ii) subject to certain
  conditions, surrender to the shares of the Company's common stock, (iii) subject
  to certain conditions, delivery to us of a promissory note, (iv) any other
  lawful means or (v) any combination of these forms of payment.
  Director Awards
  .  The 2006 SIP
  provides for the automatic grant of options to members of the board of
  directors of the Company (the "Board") who are not employees of the Company or
  of any of its subsidiaries ("Non-Employee Directors"). On the commencement of
  service on the Board, each Non-Employee Director will receive a non-statutory
  stock option to purchase 10,000 shares of the Company's common stock, subject
  to adjustment for changes in capitalization. In addition, on the date of each
  of the Company's annual meeting of stockholders, each Non-Employee Director who
  is both serving as a director immediately before and immediately after such
  meeting will receive a non-statutory stock option to purchase 5,000 shares of
  the Company's common stock and a restricted stock award for 2,500 shares of
  common stock, and subject to adjustment for changes in capitalization;
  provided, however, that a Non-Employee Director will not be eligible to receive
  this annual option or restricted stock grant unless such director has served on
  the Board for at least six months. The Board retains the specific authority to
  from time to time increase or decrease the number of shares subject to options
  and restricted stock awards granted to Non-Employee Directors under the 2006
  SIP; however, the maximum number of shares with respect to which awards may be
  granted to Non-Employee Directors is
  2
  50,000 per calendar year. Options automatically
  granted to Non-Employee Directors will (i) have an exercise price equal to
  the closing price on the date of grant, (ii) in the case of the initial
  grant, vest in five equal annual installments beginning on the first
  anniversary of the date of grant, (iii) in the case of subsequent annual
  grants, vest in full on the date of grant, (iv) expire on the earlier of
  10 years from the date of grant or three months following cessation of service
  on the Board and (v) contain such other terms and conditions as the Board
  determines. The annual restricted stock grant vests in full on the second
  anniversary of the date of grant.
  Stock Appreciation Rights
  .  A
  stock appreciation right ("SAR") is an award entitling the holder, upon
  exercise, to receive an amount in common stock or cash or a combination thereof
  determined by reference to appreciation, from and after the date of grant, in
  the fair market value of a share of common stock. SARs may be granted
  independently or in tandem with an option.
  Restricted Stock Awards
  .  Restricted
  stock awards entitle recipients to acquire shares of common stock, subject to
  the Company's right to repurchase all or part of such shares from the recipient
  in the event that the conditions specified in the applicable Award are not
  satisfied prior to the end of the applicable restriction period established for
  such Award.
  Restricted Stock Unit Awards
  .  Restricted
  stock unit Awards entitle the recipient to receive shares of common stock to be
  delivered at the time such shares vest pursuant to the terms and conditions
  established by the Board.
  Other Stock-Unit Awards
  .  Under
  the 2006 SIP, the Board has the right to grant other Awards based upon the
  common stock having such terms and conditions as the Board may determine,
  including the grant of shares based upon certain conditions, the grant of
  Awards that are valued in whole or in part by reference to, or otherwise based
  on, shares of common stock, and the grant of Awards entitling recipients to
  receive shares of common stock to be delivered in the future.
  Performance Conditions
  .  The
  Board may determine, at the time of grant, that a restricted stock award,
  restricted stock unit award or other stock-unit Award granted to an officer
  will vest solely upon the achievement of specified performance criteria
  designed to qualify for deduction under Section 162(m) of the
  Internal Revenue Code, as further described in the 2006 SIP.
  Transferability of Awards
  Except as the Board may otherwise determine or provide in an Award,
  Awards may not be sold, assigned, transferred, pledged or otherwise encumbered
  by the person to whom they are granted, either voluntarily or by operation of
  law, except by will or the laws of descent and distribution or, other than in
  the case of an incentive stock option, pursuant to a qualified domestic
  relations order. During the life of the participant, Awards are exercisable
  only by the participant.
  Eligibility to Receive Awards
  Employees, officers, directors, consultants and advisors of the
  Company, its subsidiaries and any other business ventures in which the Company
  has a controlling interest, as determined by the Board, are eligible to be
  granted Awards under the 2006 SIP.
  3
  The annual maximum number of shares with respect to which Awards may be
  granted to any participant under the 2006 SIP may not exceed 600,000 shares per
  calendar year. For purposes of this limit, the combination of an Option in
  tandem with an SAR is treated as a single award.
  Administration
  The 2006 SIP is administered by the Board. The Board has the authority
  to adopt, amend and repeal the administrative rules, guidelines and practices
  relating to the 2006 SIP, to determine specified features of awards and to
  interpret the provisions of the 2006 SIP. Pursuant to the terms of the 2006 SIP,
  the Board may delegate authority under the 2006 SIP to one or more committees
  of the Board, and subject to certain limitations, to one or more of the
  executive officers of the Company.
  The Board is required to make appropriate adjustments in connection with
  the 2006 SIP and any outstanding Awards to reflect stock splits, stock
  dividends, recapitalizations, spin-offs and other similar changes in
  capitalization.
  In the event of a merger, liquidation or other acquisition event (as
  defined in the 2006 SIP), the Board is authorized to provide for outstanding
  Awards to be assumed or substituted for, to accelerate the Awards to make them
  fully exercisable prior to consummation of the Acquisition Event or to provide
  for a cash out of the value of any outstanding options, provided, however, that
  any outstanding Awards held by employees or directors of the Company shall
  become immediately fully exercisable.
  The Board may at any time provide that any Award will become
  immediately exercisable in full or in part, free of some or all restrictions or
  conditions, or otherwise realizable in full or in part, as the case may be.
  If any Award expires or is terminated, surrendered, canceled or
  forfeited, the unused shares of common stock covered by such Award will again
  be available for grant under the 2006 SIP, subject, however, in the case of
  incentive stock options, to any limitations under the Internal Revenue Code.
  Substitute Awards
  In connection with a merger or consolidation of an entity with the
  Company or the acquisition by the Company of property or stock of an entity,
  the Board may grant Awards in substitution for any options or other stock or
  stock-based awards granted by such entity or an affiliate thereof. Substitute
  Awards may be granted on such terms, as the Board deems appropriate in the
  circumstances, notwithstanding any limitations on Awards contained in the 2006
  SIP. Substitute Awards will not count against the 2006 SIP's overall share
  limit, except as may be required by the Internal Revenue Code.
  Provisions for Foreign Participants
  The Board may modify Awards granted to participants who are foreign
  nationals or employed outside the United States or establish subplans or
  procedures under the 2006 SIP to
  4
  recognize differences in laws, rules, regulations or
  customs of such foreign jurisdictions with respect to tax, securities,
  currency, employee benefit or other matters.
  Amendment or Termination
  No Award may be made under the 2006 SIP after March 9, 2016 but
  Awards previously granted may extend beyond that date.  The Board may at any time amend, suspend or
  terminate the 2006 SIP; provided that no amendment requiring stockholder
  approval under any applicable legal, regulatory or listing requirement will become
  effective until such stockholder approval is obtained. No Award will be made
  that is conditioned upon stockholder approval of any amendment to the 2006 SIP.
  Limitation on Repricing
  Unless such action is approved by the Company's stockholders: (i) no
  outstanding option granted under the 2006 SIP may be amended to provide an
  exercise price per share that is lower than the then-current exercise price per
  share of such outstanding option (other than adjustments for changes in common
  stock and certain other events) and (ii) the Board may not cancel any
  outstanding option (whether or not granted under the 2006 SIP) and grant in
  substitution therefore new Awards under the 2006 SIP covering the same or a
  different number of share of common stock and having an exercise price per
  share lower than the then-current exercise price per share of the cancelled
  option.
  Summary of 2000 Employee Stock Purchase Plan
  Eligibility
  All employees, including executive officers, who have been employed for
  at least three months on the date that an offering commences under the 2000
  ESPP and who are customarily employed for more than 20 hours a week by the
  Company or any of its subsidiaries are eligible to participate in the 2000
  ESPP. However, no person will be eligible to participate in the 2000 ESPP if he
  or she possesses five percent or more of the total combined voting power or
  value of all of the Company's classes of stock or any of its subsidiaries
  immediately after the grant of an option under the 2000 ESPP. No employee may
  purchase shares of stock with an aggregate value of more than $25,000 per
  calendar year under the 2000 ESPP, determined by the value of such shares as of
  the applicable offering commencement dates.
  Offerings; Number And Purchase Price Of Shares
  The 2000 ESPP is conducted in semiannual offerings, which currently
  commence on May 15th and November 15. During each offering period,
  the maximum number of shares which may be purchased by a participating employee
  is determined on the first day of the offering period and is equal to the
  number of shares of common stock determined by dividing $12,500 by the last
  reported sale price of the common stock on the NASDAQ Global Market on the
  first day of the offering. An employee may elect to have up to 10% deducted from
  his or her salary for the purpose of purchasing stock under the Purchase Plan.
  The price at which the employee may purchase the stock is the lower of 85% of
  the last reported sale price of the common stock on the day the offering
  commences or the day that the offering terminates. If the Company receives
  5
  requests from employees to purchase more than the
  number of shares available during any offering, the available shares will be
  allocated on a pro rata basis to subscribing employees.
  Amendments And Terms; Administration
  The Board may at any time terminate or amend the 2000 ESPP. However, no
  such amendment shall be made to the 2000 ESPP (a) without approval of the
  Company's stockholders if approval of such amendment is required by Section 423
  of the Internal Revenue Code, or (b) which would cause the plan to fail to
  comply with Section 423 of the Internal Revenue Code. The 2000 ESPP will
  be administered by the compensation committee of the Board, which is authorized
  to make rules and regulations for the administration and interpretation of
  the 2000 ESPP.
  The foregoing description is a summary of the 2006 SIP and the 2000
  ESPP and is qualified in its entirety by the full text of the 2006 SIP and the
  2000 ESPP, which are attached hereto as Exhibits 10.1 and 10.2, respectively,
  and are incorporated herein by reference.
  Item 9.01.
  Financial Statements and Exhibits.
  (d)  Exhibits
  The exhibits listed in the accompanying Exhibit Index are filed as
  part of this Current Report on Form 8-K.
  6
  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.
  Date: May 20, 2008
  BIOSPHERE MEDICAL, INC.
  By:
  /s/ MARTIN J. JOYCE
  Martin J. Joyce
  Executive Vice
    President
  and Chief
    Financial Officer
  7
  EXHIBIT INDEX
  Exhibit No.
  Description
  10.1
  2006 Stock Incentive
    Plan, as amended
  10.2
  2000 Employee Stock
    Purchase Plan, as amended
  8