content: <!-- CoverPageHeader start -->
  <!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
  <HTML>
  <HEAD>
  <TITLE> Lionbridge Technologies, Inc.  (Form: 8-K) </TITLE>
  </HEAD>
  <BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">
  <A NAME="DOCUMENT_TOP">&nbsp;</A>
  <P>
  <!-- CoverPageHeader end --><!-- CoverPageTitle START -->
  <A NAME="DOCUMENT_TOP">&nbsp;</A>
  <HR NOSHADE>
  <P>
  <P ALIGN="CENTER">
  <FONT SIZE="4">
  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
  </FONT>
  <BR>
  <FONT SIZE="2">
  	WASHINGTON, D.C. 20549
  </FONT>
  <P ALIGN="CENTER">
  <FONT SIZE="5">
  	FORM 8-K
  </FONT>
  <FONT SIZE="2">
  
  </FONT>
  </P>
  <P ALIGN="CENTER">
  <FONT SIZE="3">
  	CURRENT REPORT
  </FONT>
  </P>
  <P ALIGN="CENTER">
  <FONT SIZE="2">
  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
  </FONT>
  </P>
  <CENTER>
  <TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
  <TD WIDTH="51%">
  	&nbsp;
  </TD>
  <TD WIDTH="5%">
  	&nbsp;
  </TD>
  <TD WIDTH="44%">
  	&nbsp;
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	Date of Report (Date of Earliest Event Reported):
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	September 19, 2006
  </FONT>
  </TD>
  </TR>
  </TABLE>
  <BR>
  </CENTER>
  <!-- CoverPageTitle END --><!-- CoverPageRegistrant START -->
  <P ALIGN="CENTER"><!-- -->
  <FONT SIZE="6">
  	Lionbridge Technologies, Inc.
  </FONT>
  <FONT SIZE="2">
  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
  </FONT>
  <CENTER>
  <TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
  <TD WIDTH="33%">
  	&nbsp;
  </TD>
  <TD WIDTH="34%">
  	&nbsp;
  </TD>
  <TD WIDTH="33%">
  	&nbsp;
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	Delaware
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	000-26933
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	04-3398462
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  _____________________<BR>
  	(State or other jurisdiction
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  _____________<BR>
  	(Commission
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  ______________<BR>
  	(I.R.S. Employer
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	of incorporation)
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	File Number)
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	Identification No.)
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	1050 Winter Street, Suite 2300, Waltham, Massachusetts
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	02451
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  _________________________________<BR>
  	(Address of principal executive offices)
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  ___________<BR>
  	(Zip Code)
  </FONT>
  </TD>
  </TR>
  </TABLE>
  </CENTER>
  <CENTER>
  <TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  
  <TR VALIGN="BOTTOM">
  <TD WIDTH="51%">
  	&nbsp;
  </TD>
  <TD WIDTH="5%">
  	&nbsp;
  </TD>
  <TD WIDTH="44%">
  	&nbsp;
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	Registrant&#146;s telephone number, including area code:
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="CENTER" VALIGN="TOP">
  <FONT SIZE="2">
  	781-434-6000
  </FONT>
  </TD>
  </TR>
  </TABLE>
  </CENTER>
  <P ALIGN="CENTER">
  <FONT SIZE="2">
  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
  </FONT>
  <P ALIGN="CENTER">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  <!-- CoverPageRegistrant END --><P><FONT 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>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
  </P></FONT><!-- PageBreak START -->
  <P>
  <HR NOSHADE>
  <DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
  <A HREF="#DOCUMENT_TOP">
  <U>
  <B>
  <FONT SIZE="2">Top of the Form</FONT>
  </B>
  </U>
  </A>
  </DIV>
  <!-- PageBreak END --><!-- Item START -->
  <P ALIGN="LEFT">
  <FONT SIZE="2">
  <B>
  	Item 1.01 Entry into a Material Definitive Agreement.
  </B>
  </FONT>
  </P>
  <P ALIGN="LEFT">
  <FONT SIZE="2">
  <br>On September 19, 2006, the Nominating and Compensation Committee of the Board of Directors of Lionbridge approved salary increases for executive officers of Lionbridge and adjusted target bonus metrics for two of such executive officers.  <br><br>In addition, the Committee approved an amended and restated Employment Agreement between the Company and Rory J. Cowan, the Chief Executive Officer of the Company and pursuant to the terms of such Employment Agreement, granted Mr. Cowan stock options to purchase 300,000 shares of the Company&#x2019;s common stock and 200,000 shares of restricted stock (collectively, the "Performance Awards"), in each case with vesting determined based on the achievement of the following performance metrics:<br><br>&#x2022;	33% of each Performance Award vests on the date that the Company's average closing stock price in a thirty day period is greater than or equal to $10;<br>&#x2022;	an additional 33% of each Performance Award vests on the date that the Company's average closing stock price in a thirty day period is greater than or equal to $13.50; and<br>&#x2022;	the remaining 34% of each Performance Award vests on the date the Company&#x2019;s average closing stock price in a thirty day period is greater than or equal to $17.00.<br><br>The summary below sets out certain material provisions of the Employment Agreement and is qualified in its entirety by reference to the attached exhibits.  The Employment Agreement, Option Agreements and Restricted Stock Agreement are filed as Exhibits to this 8-K. <br><br>Salary and Target Variable Compensation Adjustments:  <br><br>Rory Cowan, Chief Executive Officer:  <br>		Increase in Annual Base Salary from $440,000 to $550,000<br>Increase in Target variable compensation (as a percent of base salary) from 75% to 100%<br><br>Stephen J. Lifshatz, Chief Financial Officer:<br>		Increase in Annual Base Salary from $250,000 to $275,000<br><br>Satish Maripuri, Chief Operating Officer:<br>		Increase in Annual Base Salary from $230,000 to $280,000<br>		<br>Paula Shannon, Chief Sales Officer:<br>		Increase in Annual Base Salary from $200,000 to $250,000<br>		<br>Henri Broekmate, Senior Vice President:<br>		Increase in Annual Base Salary from $200,000 to $240,000<br>Increase in Target variable compensation (as a percent of base salary) &#x2013; from 45% to 50%<br>		<br><br>Employment Agreement:  <br><br>Mr. Cowan's Employment Agreement provides for a four-year term as President and Chief Executive Officer of the Company, with automatic one-year renewals.  Under the terms of his Employment Agreement, if Lionbridge terminates Mr. Cowan's employment other than for cause (including by reason of death or disability) or if Mr. Cowan's employment is terminated for "good reason" as defined in the Employment Agreement (collectively, an "Eligible Termination Event"), he is entitled to receive a severance payment equal to the sum of his annual base salary and variable compensation (determined based on the variable compensation paid for the prior year), plus a pro-rata portion of his variable compensation for the year during which termination occurs, as well as benefit continuation for one year.  In addition, any unvested outstanding equity held by Mr. Cowan would be accelerated in full except for the Performance Awards.   Upon an Eligible Termination Event, Mr. Cowan would remain entitled to receive all outstanding Performance Awards that achieve the performance metrics within one year of the Eligible Termination Event; 2/3 of all outstanding Performance Awards that achieve the performance metrics within two years of Eligible Termination Event; and 1/3 of all outstanding Performance Awards that achieve the performance metrics within three years of Termination Event. <br><br>In the event of a termination of Mr. Cowan's employment within six months prior to or two years following a change of control (as defined in the Employment Agreement), he is entitled to receive a  severance payment equal to twice the sum of his annual base salary and variable compensation (determined based on the variable compensation paid for the prior year), plus a pro-rata portion of his variable compensation for the year during which termination occurs, as well as benefit continuation for two years.  In addition, all of his outstanding equity would be accelerated in full. <br><br>If Mr. Cowan is terminated for cause, as defined in the Employment Agreement he will not be entitled to any severance payments or other benefits except as required by law.  <br><br>Mr. Cowan is entitled to an additional amount in the form of a gross-up payment to offset the impact of excise taxes, if any, imposed on him by reason of Sections 4999 of the Internal Revenue Code with respect to any severance payments due him upon a change of control, if such taxes cannot be avoided by a reduction of up to 10% in his severance payments.   <br><br>In addition, Mr. Cowan is bound by a non-competition restriction that provides that he will not, during the course of his employment and the twelve months following the date of termination (1) engage or otherwise have a financial interest in any business activity which is in competition with any of the products or services being provided by Lionbridge, (2) solicit any Lionbridge employees, or (3) solicit or do business with any present or past customer of Lionbridge, or any prospective customer of Lionbridge, in connection with any business activity which would be in violation of the non-competition restriction.   <br><br>The foregoing description of the Employment Agreement and the ancillary agreements does not purport to be a complete statement of the parties' rights under such agreements and is qualified in its entirety by reference to the full text of the agreements which are attached hereto as Exhibits 10.1 through 10.3.  <br>
  </FONT>
  </P>
  <!-- Item END -->
  <BR><BR><BR><BR><P ALIGN="LEFT" STYLE="FONT-SIZE: 10PT"></P><!-- PageBreak START -->
  <P>
  <HR NOSHADE>
  <DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
  <A HREF="#DOCUMENT_TOP">
  <U>
  <B>
  <FONT SIZE="2">Top of the Form</FONT>
  </B>
  </U>
  </A>
  </DIV>
  <!-- PageBreak END --><!-- SignatureHeader START -->
  <P ALIGN="CENTER">
  <FONT SIZE="2">
  <B>
  	SIGNATURES
  </B>
  </FONT>
  </P>
  <P ALIGN="LEFT">
  <FONT SIZE="2">
  	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>
  <!-- SignatureHeader END --><!-- Signature START -->
  <CENTER>
  <TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
  <TD WIDTH="19%">
  	&nbsp;
  </TD>
  <TD WIDTH="34%">
  	&nbsp;
  </TD>
  <TD WIDTH="3%">
  	&nbsp;
  </TD>
  <TD WIDTH="1%">
  	&nbsp;
  </TD>
  <TD WIDTH="43%">
  	&nbsp;
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD COLSPAN="3" VALIGN="TOP" ALIGN="LEFT">
  <FONT SIZE="2">
  	Lionbridge Technologies, Inc.
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP">
  <FONT SIZE="2">
  <I>
  	September 20, 2006
  </I>
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  <I>
  	By:
  </I>
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  <I>
  	Margaret A. Shukur
  </I>
  <BR>
  </FONT>
  </TD>
  </TR>
  <TR>
  <TD VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <HR SIZE="1" NOSHADE>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  <I>
  	Name: Margaret A. Shukur
  </I>
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP">
  <FONT SIZE="2">
  <I>
  	Title: Vice President, General Counsel and Secretary
  </I>
  </FONT>
  </TD>
  </TR>
  </TABLE>
  </CENTER>
  <!-- Signature END --><!-- PageBreak START -->
  <P>
  <HR NOSHADE>
  <DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
  <A HREF="#DOCUMENT_TOP">
  <U>
  <B>
  <FONT SIZE="2">Top of the Form</FONT>
  </B>
  </U>
  </A>
  </DIV>
  <!-- PageBreak END --><P ALIGN="CENTER">
  <FONT SIZE="2">
  	Exhibit&nbsp;Index
  </FONT>
  <CENTER>
  <TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="60%">
  <TR VALIGN="BOTTOM">
  <TD WIDTH="8%">
  	&nbsp;
  </TD>
  <TD WIDTH="15%">
  	&nbsp;
  </TD>
  <TD WIDTH="77%">
  	&nbsp;
  </TD>
  </TR>
  
  <BR>
  <TR VALIGN="BOTTOM">
  <TD NOWRAP ALIGN="LEFT">
  <FONT SIZE="1">
  <B>
  	Exhibit No.
  </B>
  </FONT>
  </TD>
  <TD>
  <FONT SIZE="1">
  	&nbsp;
  </FONT>
  </TD>
  <TD NOWRAP ALIGN="LEFT">
  <FONT SIZE="1">
  <B>
  	Description
  </B>
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD NOWRAP ALIGN="CENTER">
  <HR SIZE="1" NOSHADE>
  </TD>
  <TD>
  <FONT SIZE="1">
  	&nbsp;
  </FONT>
  </TD>
  <TD NOWRAP ALIGN="CENTER">
  <HR ALIGN="LEFT" SIZE="1" WIDTH="88%" NOSHADE>
  </TD>
  </TR>
  
  
  
  
  
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.1
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Employment Agreement dated as of September 19, 2006 between Rory Cowan and Lionbridge
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.2
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Rory Cowan Performance-Based Restricted Stock Award Agreement
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.3
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Rory Cowan Performance-Based Stock Option Agreements
  </FONT>
  </TD>
  </TR></TABLE></CENTER><!-- HTMLFooter START -->
  </BODY>
  </HTML>
  <!-- HTMLFooter END -->
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_15041.htm", "description": "LIVE FILING", "secsgml_size_bytes": 16036}]
metadata_filer: {"company-data": {"conformed-name": "LIONBRIDGE TECHNOLOGIES INC /DE/", "cik": "0001058299", "assigned-sic": "7389", "irs-number": "043398462", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26933", "film-number": "061099873"}, "business-address": {"street1": "1050 WINTER STREET", "street2": "1050 WINTER STREET", "city": "WALTHAM", "state": "MA", "zip": "02154", "phone": "7818906612"}, "mail-address": {"street1": "1050  WINTER STREET", "city": "WALTHAM", "state": "MA", "zip": "02451"}, "former-company": {"former-conformed-name": "LIONBRIDGE TECHNOLOGIES HOLDINGS INC", "date-changed": "19990611"}}
text: Lionbridge Technologies, Inc.  (Form: 8-K)
  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 19, 2006
  Lionbridge Technologies, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-26933
  04-3398462
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  1050 Winter Street, Suite 2300, Waltham, Massachusetts
  02451
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  781-434-6000
  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 (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On September 19, 2006, the Nominating and Compensation Committee of the Board of Directors of Lionbridge approved salary increases for executive officers of Lionbridge and adjusted target bonus metrics for two of such executive officers.
  In addition, the Committee approved an amended and restated Employment Agreement between the Company and Rory J. Cowan, the Chief Executive Officer of the Company and pursuant to the terms of such Employment Agreement, granted Mr. Cowan stock options to purchase 300,000 shares of the Company's common stock and 200,000 shares of restricted stock (collectively, the "Performance Awards"), in each case with vesting determined based on the achievement of the following performance metrics:
  •	33% of each Performance Award vests on the date that the Company's average closing stock price in a thirty day period is greater than or equal to $10;
  •	an additional 33% of each Performance Award vests on the date that the Company's average closing stock price in a thirty day period is greater than or equal to $13.50; and
  •	the remaining 34% of each Performance Award vests on the date the Company's average closing stock price in a thirty day period is greater than or equal to $17.00.
  The summary below sets out certain material provisions of the Employment Agreement and is qualified in its entirety by reference to the attached exhibits.  The Employment Agreement, Option Agreements and Restricted Stock Agreement are filed as Exhibits to this 8-K.
  Salary and Target Variable Compensation Adjustments:
  Rory Cowan, Chief Executive Officer:
  Increase in Annual Base Salary from $440,000 to $550,000
  Increase in Target variable compensation (as a percent of base salary) from 75% to 100%
  Stephen J. Lifshatz, Chief Financial Officer:
  Increase in Annual Base Salary from $250,000 to $275,000
  Satish Maripuri, Chief Operating Officer:
  Increase in Annual Base Salary from $230,000 to $280,000
  Paula Shannon, Chief Sales Officer:
  Increase in Annual Base Salary from $200,000 to $250,000
  Henri Broekmate, Senior Vice President:
  Increase in Annual Base Salary from $200,000 to $240,000
  Increase in Target variable compensation (as a percent of base salary) – from 45% to 50%
  Employment Agreement:
  Mr. Cowan's Employment Agreement provides for a four-year term as President and Chief Executive Officer of the Company, with automatic one-year renewals.  Under the terms of his Employment Agreement, if Lionbridge terminates Mr. Cowan's employment other than for cause (including by reason of death or disability) or if Mr. Cowan's employment is terminated for "good reason" as defined in the Employment Agreement (collectively, an "Eligible Termination Event"), he is entitled to receive a severance payment equal to the sum of his annual base salary and variable compensation (determined based on the variable compensation paid for the prior year), plus a pro-rata portion of his variable compensation for the year during which termination occurs, as well as benefit continuation for one year.  In addition, any unvested outstanding equity held by Mr. Cowan would be accelerated in full except for the Performance Awards.   Upon an Eligible Termination Event, Mr. Cowan would remain entitled to receive all outstanding Performance Awards that achieve the performance metrics within one year of the Eligible Termination Event; 2/3 of all outstanding Performance Awards that achieve the performance metrics within two years of Eligible Termination Event; and 1/3 of all outstanding Performance Awards that achieve the performance metrics within three years of Termination Event.
  In the event of a termination of Mr. Cowan's employment within six months prior to or two years following a change of control (as defined in the Employment Agreement), he is entitled to receive a  severance payment equal to twice the sum of his annual base salary and variable compensation (determined based on the variable compensation paid for the prior year), plus a pro-rata portion of his variable compensation for the year during which termination occurs, as well as benefit continuation for two years.  In addition, all of his outstanding equity would be accelerated in full.
  If Mr. Cowan is terminated for cause, as defined in the Employment Agreement he will not be entitled to any severance payments or other benefits except as required by law.
  Mr. Cowan is entitled to an additional amount in the form of a gross-up payment to offset the impact of excise taxes, if any, imposed on him by reason of Sections 4999 of the Internal Revenue Code with respect to any severance payments due him upon a change of control, if such taxes cannot be avoided by a reduction of up to 10% in his severance payments.
  In addition, Mr. Cowan is bound by a non-competition restriction that provides that he will not, during the course of his employment and the twelve months following the date of termination (1) engage or otherwise have a financial interest in any business activity which is in competition with any of the products or services being provided by Lionbridge, (2) solicit any Lionbridge employees, or (3) solicit or do business with any present or past customer of Lionbridge, or any prospective customer of Lionbridge, in connection with any business activity which would be in violation of the non-competition restriction.
  The foregoing description of the Employment Agreement and the ancillary agreements does not purport to be a complete statement of the parties' rights under such agreements and is qualified in its entirety by reference to the full text of the agreements which are attached hereto as Exhibits 10.1 through 10.3.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Lionbridge Technologies, Inc.
  September 20, 2006
  By:
  Margaret A. Shukur
  Name: Margaret A. Shukur
  Title: Vice President, General Counsel and Secretary
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Employment Agreement dated as of September 19, 2006 between Rory Cowan and Lionbridge
  10.2
  Rory Cowan Performance-Based Restricted Stock Award Agreement
  10.3
  Rory Cowan Performance-Based Stock Option Agreements