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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, D.C.&#160; 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&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;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></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<br>
  Securities Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></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;">June&nbsp;5,
  2008</font></b></p>
  
  <p align="center" 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)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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;">SUMMER
  INFANT, INC.</font></b></p>
  
  <p align="center" 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">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;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 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;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;">001-33346</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;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;">20-1994619</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;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</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <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 0in 0in 0in;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 0in 0in 0in;width:2.0%;">
    <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 0in 0in 0in;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;">(IRS Employer</font></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;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;">Jurisdiction of Incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <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 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <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 0in 0in 0in;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;">Identification No.)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></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;">1275 PARK EAST DRIVE</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;">WOONSOCKET, RHODE ISLAND
  02895</font></b></p>
  
  <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 Offices)&#160; (Zip Code)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></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;">(401) 671-6550</font></b></p>
  
  <p align="center" 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)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 (<i>see</i> General
  Instruction A.2. below):</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Written communications pursuant to Rule&nbsp;425
  under the Securities Act (17 CFR 230.425)</p>
  
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Soliciting material pursuant to Rule&nbsp;14a-12
  under the Exchange Act (17 CFR 240.14a-12)</p>
  
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-30.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
  the Exchange Act (17 CFR 240.14d-2(b))</p>
  
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-30.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-30.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
  the Exchange Act (17 CFR 240.13e-4(c))</p>
  
  <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><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  
  <hr size="3" width="100%" noshade color="#010101" align="left">
  
  </font></p></div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900132\08-16270-1\task2979198\16270-1-ba.htm',USER='105228',CD='Jun  9 22:51 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;"><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="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b>Departure of Directors or Certain
  Officers; Election of Directors; Appointment of Certain Officers; Compensatory
  Arrangements of Certain Officers.</b></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><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; </font>At the 2008 Annual Meeting of Stockholders of
  Summer Infant,&nbsp;Inc. (the &#147;Company&#148;) held on June&nbsp;5, 2008, the Company&#146;s
  stockholders approved an increase in the number of shares of Common Stock
  available for issuance under the Company&#146;s 2006 Performance Equity Plan (the &#147;2006
  Plan&#148;) from 1,600,000 to 3,000,000.</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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
  terms of the 2006 Plan provide for grants of stock options, stock appreciation rights,
  or SARs, restricted stock, deferred stock, other stock-related awards and
  performance awards that may be settled in cash, stock or other property.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&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
  following is a summary of certain principal features of the 2006 Plan, as
  amended.&#160; This summary is qualified in
  its entirety by reference to the complete text of the 2006 Plan, which is
  included as an appendix to the Company&#146;s definitive proxy statement filed with
  the Securities and Exchange Commission on February&nbsp;13, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><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;"><font size="2" face="Times New Roman">&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 plan is administered by the Company&#146;s
  board or compensation committee thereof. Subject to the provisions of the plan,
  the board or committee determines, among other things, the persons to whom from
  time to time awards may be granted, the specific type of awards to be granted,
  the number of shares subject to each award, share prices, any restrictions or
  limitations on the awards, and any vesting, exchange, deferral, surrender,
  cancellation, acceleration, termination, exercise or forfeiture provisions
  related to the awards.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Stock Subject to the Plan</font></i></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of stock subject to other awards that
  are forfeited or terminated will be available for future award grants under the
  plan. If a holder pays the exercise price of a stock option by surrendering any
  previously owned shares of common stock or arranges to have the appropriate
  number of shares otherwise issuable upon exercise withheld to cover the
  withholding tax liability associated with the stock option exercise, then in
  the Board&#146;s or the committee&#146;s discretion, the number of shares available under
  the plan may be increased by the lesser of the number of such surrendered
  shares and shares used to pay taxes and the number of shares purchased under
  the stock option.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the plan, on a change in the number of
  shares of the Company&#146;s common stock as a result of a dividend on shares of
  common stock payable in shares of common stock, common stock split or reverse
  split or other extraordinary or unusual event that results in a change in the
  shares of common stock as a whole, the board or committee may determine whether
  the change requires equitably adjusting the terms of the award or the aggregate
  number of shares reserved for issuance under the plan.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><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;"><font size="2" face="Times New Roman">&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 Company may grant awards under the plan
  to employees, officers, directors and consultants who are deemed to have
  rendered, or to be able to render, significant services to the Company and who
  are deemed to have contributed, or to have the potential to contribute, to the
  Company&#146;s success. Notwithstanding anything to the contrary, the Company shall
  not grant to any one holder in any one calendar year awards for more than
  200,000 shares in the aggregate.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&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;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\c900132\08-16270-1\task2979198\16270-1-ba.htm',USER='105228',CD='Jun  9 22:51 2008' -->
  
  
  <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;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><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:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options</font></u>. The plan
  provides both for &#147;incentive&#148; stock options as defined in Section&nbsp;422 of
  the Internal Revenue Code of 1986, as amended, and for options not qualifying
  as incentive options, both of which may be granted with any other stock-based
  award under the plan. The board or committee determines the exercise price per
  share of common stock purchasable under an incentive or non-qualified stock
  option, which may not be less than 100% of the fair market value on the day of
  the grant or, if greater, the par value of a share of common stock. However,
  the exercise price of an incentive stock option granted to a person possessing
  more than 10% of the total combined voting power of all classes of the Company&#146;s
  stock may not be less than 110% of the fair market value on the date of grant.
  The number of shares covered by incentive stock options that may be exercised
  by any participant during any calendar year cannot have an aggregate fair
  market value in excess of $100,000, measured at the date of grant.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An incentive stock option may only be granted
  within a ten-year period from the date of the consummation of acquisition and
  may only be exercised within ten years from the date of the grant, or within
  five years in the case of an incentive stock option granted to a person who, at
  the time of the grant, owns common stock possessing more than 10% of the total
  combined voting power of all classes of the Company&#146;s stock. Subject to any
  limitations or conditions the board or committee may impose, stock options may
  be exercised, in whole or in part, at any time during the term of the stock
  option by giving written notice of exercise to us specifying the number of
  shares of common stock to be purchased. The notice must be accompanied by
  payment in full of the purchase price, either in cash or, if provided in the
  agreement, in the Company&#146;s securities or any combination of the two.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, stock options granted under the
  plan may not be transferred other than by will or by the laws of descent and
  distribution and all stock options are exercisable during the holder&#146;s
  lifetime, or in the event of legal incapacity or incompetency, the holder&#146;s
  guardian or legal representative. However, a holder, with the approval of the
  board or committee, may transfer a non-qualified stock option by gift to a
  family member of the holder, by domestic relations order to a family member of
  the holder or by transfer to an entity in which more than fifty percent of the
  voting interests are owned by family members of the holder or the holder, in
  exchange for an interest in that entity.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, if the holder is an employee, no
  stock options granted under the plan may be exercised by the holder unless he
  or she is employed by the Company or a subsidiary of the Company at the time of
  the exercise and has been so employed continuously from the time the stock
  options were granted. However, in the event the holder&#146;s employment is
  terminated due to disability, the holder may still exercise his or her vested
  stock options for a period of 12 months or such other greater or lesser period
  as the board or committee may determine, from the date of termination or until
  the expiration of the stated term of the stock option, whichever period is
  shorter. Similarly, should a holder die while employed by us or a subsidiary,
  his or her legal representative or legatee under his or her will may exercise
  the decedent holder&#146;s vested stock options for a period of 12 months from the
  date of his or her death, or such other greater or lesser period as the board
  or committee may determine or until the expiration of the stated term of the
  stock option, whichever period is shorter. If the holder&#146;s employment is
  terminated for any reason other than death, disability or normal retirement,
  the stock option will automatically terminate, except that if the holder&#146;s
  employment is terminated by us without cause or due to normal retirement, then
  the portion of any stock option that has vested on the date of termination may
  be exercised for the lesser of three months after termination of employment, or
  the balance of the stock option&#146;s term.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Appreciation Rights</font></u>. Under the plan,
  the Company may grant stock appreciation rights to participants who have been,
  or are being, granted stock options under the plan as a means of allowing the </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>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\c900132\08-16270-1\task2979198\16270-1-ba.htm',USER='105228',CD='Jun  9 22:51 2008' -->
  
  
  <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;"><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;">participants
  to exercise their stock options without the need to pay the exercise price in
  cash. In conjunction with non-qualified stock options, stock appreciation
  rights may be granted either at or after the time of the grant of the
  non-qualified stock options. In conjunction with incentive stock options, stock
  appreciation rights may be granted only at the time of the grant of the
  incentive stock options. A stock appreciation right entitles the holder to
  receive a number of shares of common stock having a fair market value equal to
  the excess fair market value of one share of common stock over the exercise
  price of the related stock option, multiplied by the number of shares subject
  to the stock appreciation rights. The granting of a stock appreciation right
  will not affect the number of shares of common stock available for awards under
  the plan. The number of shares available for awards under the plan will,
  however, be reduced by the number of shares of common stock acquirable upon exercise
  of the stock option to which the stock appreciation right relates.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted Stock</font></u>. Under the plan,
  the Company may award shares of restricted stock either alone or in addition to
  other awards granted under the plan. The board or committee determines the
  persons to whom grants of restricted stock are made, the number of shares to be
  awarded, the price if any to be paid for the restricted stock by the person
  receiving the stock from us, the time or times within which awards of
  restricted stock may be subject to forfeiture, the vesting schedule and rights
  to acceleration thereof, and all other terms and conditions of the restricted
  stock awards.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted stock awarded under the plan may
  not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise
  disposed of, other than to us, during the applicable restriction period. In
  order to enforce these restrictions, the plan requires that all shares of
  restricted stock awarded to the holder remain in the Company&#146;s physical custody
  until the restrictions have terminated and all vesting requirements with
  respect to the restricted stock have been fulfilled. Other than regular cash
  dividends and other cash equivalent distributions as we may designate, pay or
  distribute, we will retain custody of all distributions made or declared with
  respect to the restricted stock during the restriction period. A breach of any
  restriction regarding the restricted stock will cause a forfeiture of the
  restricted stock and any retained distributions. Except for the foregoing
  restrictions, the holder will, even during the restriction period, have all of
  the rights of a stockholder, including the right to receive and retain all
  regular cash dividends and other cash equivalent distributions as we may
  designate, pay or distribute on the restricted stock and the right to vote the
  shares.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred Stock</font></u>. Under the plan,
  the Company may award shares of deferred stock either alone or in addition to
  other awards granted under the plan. The board or committee determines the
  eligible persons to whom, and the time or times at which, deferred stock will
  be awarded, the number of shares of deferred stock to be awarded to any person,
  the duration of the period during which, and the conditions under which,
  receipt of the stock will be deferred, and all the other terms and conditions
  of deferred stock awards.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred stock awards granted under the plan
  may not be sold, exchanged, assigned, transferred, pledged, encumbered or
  otherwise disposed of other than to the Company during the applicable deferral
  period. The holder shall not have any rights of a stockholder until the
  expiration of the applicable deferral period and the issuance and delivery of
  the certificates representing the common stock. The holder may request to defer
  the receipt of a deferred stock award for an additional specified period or
  until a specified event. This request must generally be made at least one year
  prior to the expiration of the deferral period for the deferred stock award.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Reload Options</font></u>. Under the plan,
  the Company may grant stock reload options to a holder who tenders shares of
  common stock to pay the exercise price of a stock option or arranges to have a
  portion of the shares otherwise issuable upon exercise withheld to pay the
  applicable withholding taxes. A </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>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\c900132\08-16270-1\task2979198\16270-1-ba.htm',USER='105228',CD='Jun  9 22:51 2008' -->
  
  
  <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;"><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;">stock
  reload option permits a holder who exercises a stock option by delivering stock
  owned by the holder for a minimum of six months to receive a new stock option
  at the current market price for the same number of shares delivered to exercise
  the option. The board or committee determines the terms, conditions,
  restrictions and limitations of the stock reload options. The exercise price of
  stock reload options shall be the fair market value as of the date of exercise
  of the underlying option. Unless otherwise determined, a stock reload option
  may be exercised commencing one year after it is granted and expires on the
  expiration date of the underlying option.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Stock-Based Awards</font></u>. Under the plan,
  the Company may grant other stock-based awards, subject to limitations under
  applicable law, that are denominated or payable in, valued in whole or in part
  by reference to, or otherwise based on, or related to, shares of common stock,
  as deemed consistent with the purposes of the plan. These other stock-based
  awards may be in the form of purchase rights, shares of common stock awarded
  that are not subject to any restrictions or conditions, convertible or
  exchangeable debentures or other rights convertible into shares common stock
  and awards valued by reference to the value of securities of, or the
  performance of, one of the Company&#146;s subsidiaries. These other stock-based
  awards may be awarded either alone, in addition to, or in tandem with any other
  awards under the plan or any of the Company&#146;s other plans.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accelerated Vesting and Exercisability</font></u>. Unless otherwise
  provided in the grant of an award, if any &#147;person,&#148; as defined in Sections 13(d)&nbsp;and
  14(d)&nbsp;of the Securities and Exchange Act of 1934, as amended (&#147;Exchange
  Act&#148;), is or becomes the &#147;beneficial owner,&#148; as referred in Rule&nbsp;13d-3
  under the Exchange Act, directly or indirectly, of the Company&#146;s securities
  representing 50% or more of the combined voting power of the Company&#146;s then
  outstanding voting securities in one or more transactions, and the Company&#146;s
  board of directors does not authorize or approve the acquisition, then the
  vesting periods with respect to awards granted and outstanding under the plan
  will be accelerated and will immediately vest, and each participant of an award
  will have the immediate right to purchase and receive all shares of the Company&#146;s
  common stock subject to the award in accordance with the terms set forth in the
  plan and in the corresponding award agreements.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&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 otherwise provided in the grant of an
  award, the compensation committee may, in the event of an acquisition of
  substantially all of the Company&#146;s assets or at least 50% of the combined
  voting power of the Company&#146;s then outstanding securities in one or more
  transactions, including by way of merger or reorganization, which has been
  approved by the Company&#146;s board of directors, accelerate the vesting of any and
  all awards granted and outstanding under the plan.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Repurchases</font></u>. Unless otherwise
  provided in the grant of an award, the compensation committee may, in the event
  of an acquisition of substantially all of the Company&#146;s assets or at least 50%
  of the combined voting power of the Company&#146;s then outstanding securities in
  one or more transactions, including by way of merger or reorganization, which
  has been approved by the Company&#146;s board of directors, require a holder of any
  award granted under the plan to relinquish the award to the Company upon
  payment by the Company to the holder of cash in an amount equal to the fair
  market value of the award or $0.01 per share for awards that are out-of-the
  money.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Competition; Solicitation of Customers and Employees;
  Disclosure of Confidential Information</font></i></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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 a holder&#146;s employment with the Company or
  a subsidiary of the Company is terminated for any reason whatsoever and within
  12 months after the date of termination, the holder either:</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>accepts employment
  with any competitor of, or otherwise engages in competition with, the Company,</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&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;">5</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\c900132\08-16270-1\task2979198\16270-1-ba.htm',USER='105228',CD='Jun  9 22:51 2008' -->
  
  
  <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;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>solicits any of
  the Company&#146;s customers or employees to do business with or render services to
  the holder or any business with which the holder becomes affiliated or to which
  the holder renders services, or</p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>uses or discloses
  to anyone outside the Company any of the Company&#146;s confidential information or
  material in violation of the Company&#146;s policies or any agreement between the
  Company and the holder,</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&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 or the committee may require the
  holder to return to the Company the economic value of any award that was
  realized or obtained by the holder at any time during the period beginning on
  the date that is 12 months prior to the date the holder&#146;s employment with the
  Company is terminated.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Withholding Taxes</font></i></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the exercise of any award granted under
  the plan, the holder may be required to remit to the Company an amount
  sufficient to satisfy all federal, state and local withholding tax requirements
  prior to delivery of any certificate or certificates for shares of common
  stock.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Term and Amendments</font></i></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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 terminated by the board, the plan
  shall continue to remain effective until no further awards may be granted and
  all awards granted under the plan are no longer outstanding. Notwithstanding
  the foregoing, grants of incentive stock options may be made only until ten
  years from the date of the consummation of the acquisition. The board may at
  any time, and from time to time, amend the plan, provided that no amendment
  will be made that would impair the rights of a holder under any agreement
  entered into pursuant to the plan without the holder&#146;s consent.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Federal Income Tax Consequences</font></i></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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 following discussion of the federal
  income tax consequences of participation in the plan is only a summary of the
  general rules&nbsp;applicable to the grant and exercise of stock options and
  other awards and does not give specific details or cover, among other things,
  state, local and foreign tax treatment of participation in the plan. The
  information contained in this section is based on present law and regulations,
  which are subject to being changed prospectively or retroactively.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incentive stock options</font></u>. Participants
  will recognize no taxable income upon the grant or exercise of an incentive
  stock option. The participant will realize no taxable income when the incentive
  stock option is exercised if the participant has been an employee of the
  Company or any of the Company&#146;s subsidiaries at all times from the date of the
  grant until three months before the date of exercise, one year if the
  participant is disabled. The excess, if any, of the fair market value of the
  shares on the date of exercise of an incentive stock option over the exercise
  price will be treated as an item of adjustment for a participant&#146;s taxable year
  in which the exercise occurs and may result in an alternative minimum tax
  liability for the participant. The Company will not qualify for any deduction
  in connection with the grant or exercise of incentive stock options. Upon a
  disposition of the shares after the later of two years from the date of grant
  or one year after the transfer of the shares to a participant, the participant
  will recognize the difference, if any, between the amount realized and the
  exercise price as long-term capital gain or long-term capital loss, as the case
  may be, if the shares are capital assets.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&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 common stock acquired upon the exercise
  of an incentive stock option is disposed of prior to the expiration of the
  holding periods described above: the participant will recognize ordinary
  compensation </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;">&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;">6</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='6',FILE='C:\JMS\c900132\08-16270-1\task2979198\16270-1-ba.htm',USER='105228',CD='Jun  9 22:51 2008' -->
  
  
  <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;"><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;">income
  in the taxable year of disposition in an amount equal to the excess, if any, of
  the lesser of the fair market value of the shares on the date of exercise or
  the amount realized on the disposition of the shares, over the exercise price
  paid for the shares; and the Company will qualify for a deduction equal to any
  amount recognized, subject to the limitation that the compensation be
  reasonable.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&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 case of a disposition of shares
  earlier than two years from the date of the grant or in the same taxable year
  as the exercise, where the amount realized on the disposition is less than the
  fair market value of the shares on the date of exercise, there will be no
  adjustment since the amount treated as an item of adjustment, for alternative
  minimum tax purposes, is limited to the excess of the amount realized on the
  disposition over the exercise price, which is the same amount included in
  regular taxable income.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-incentive stock options</font></u>.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to non-incentive stock options:</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>upon grant of the
  stock option, the participant will recognize no income provided that the
  exercise price was not less than the fair market value of the Company&#146;s common
  stock on the date of grant;</p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>upon exercise of
  the stock option, if the shares of common stock are not subject to a
  substantial risk of forfeiture, the participant will recognize ordinary compensation
  income in an amount equal to the excess, if any, of the fair market value of
  the shares on the date of exercise over the exercise price, and the Company
  will qualify for a deduction in the same amount, subject to the requirement
  that the compensation be reasonable; and</p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company will
  be required to comply with applicable federal income tax withholding
  requirements with respect to the amount of ordinary compensation income
  recognized by the participant.</p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On a disposition of the shares, the
  participant will recognize gain or loss equal to the difference between the
  amount realized and the sum of the exercise price and the ordinary compensation
  income recognized. The gain or loss will be treated as capital gain or loss if
  the shares are capital assets and as short-term or long-term capital gain or
  loss, depending upon the length of time that the participant held the shares.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&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 the shares acquired upon exercise of a
  non-incentive stock option are subject to a substantial risk of forfeiture, the
  participant will recognize ordinary income at the time when the substantial
  risk of forfeiture is removed, unless the participant timely files under Section&nbsp;83(b)&nbsp;of
  the Code to elect to be taxed on the receipt of shares, and the Company will
  qualify for a corresponding deduction at that time. The amount of ordinary
  income will be equal to the excess of the fair market value of the shares at
  the time the income is recognized over the amount, if any, paid for the shares.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock appreciation rights</font></u>. Upon the grant
  of a stock appreciation right, the participant recognizes no taxable income and
  the Company receives no deduction. The participant recognizes ordinary income
  and the Company receives a deduction at the time of exercise equal to the cash
  and fair market value of common stock payable upon the exercise.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted stock</font></u>. A participant
  who receives restricted stock will recognize no income on the grant of the
  restricted stock and the Company will not qualify for any deduction. At the
  time the restricted stock is no longer subject to a substantial risk of
  forfeiture, a participant will recognize ordinary compensation </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>
  
  <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\c900132\08-16270-1\task2979198\16270-1-ba.htm',USER='105228',CD='Jun  9 22:51 2008' -->
  
  
  <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;"><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;">income
  in an amount equal to the excess, if any, of the fair market value of the
  restricted stock at the time the restriction lapses over the consideration paid
  for the restricted stock. A participant&#146;s shares are treated as being subject
  to a substantial risk of forfeiture so long as his or her sale of the shares at
  a profit could subject him or her to a suit under Section&nbsp;16(b)&nbsp;of
  the Exchange Act. The holding period to determine whether the participant has
  long-term or short-term capital gain or loss begins when the restriction period
  expires, and the tax basis for the shares will generally be the fair market
  value of the shares on this date.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A participant may elect under Section&nbsp;83(b)&nbsp;of
  the Code, within 30 days of the transfer of the restricted stock, to recognize
  ordinary compensation income on the date of transfer in an amount equal to the
  excess, if any, of the fair market value on the date of transfer of the shares
  of restricted stock, as determined without regard to the restrictions, over the
  consideration paid for the restricted stock. If a participant makes an election
  and thereafter forfeits the shares, no ordinary loss deduction will be allowed.
  The forfeiture will be treated as a sale or exchange upon which there is
  realized loss equal to the excess, if any, of the consideration paid for the
  shares over the amount realized on such forfeiture. The loss will be a capital
  loss if the shares are capital assets. If a participant makes an election under
  Section&nbsp;83(b), the holding period will commence on the day after the date
  of transfer and the tax basis will equal the fair market value of shares, as
  determined without regard to the restrictions, on the date of transfer.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On a disposition of the shares, a
  participant will recognize gain or loss equal to the difference between the
  amount realized and the tax basis for the shares.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whether or not the participant makes an
  election under Section&nbsp;83(b), the Company generally will qualify for a
  deduction, subject to the reasonableness of compensation limitation, equal to
  the amount that is taxable as ordinary income to the participant, in the
  taxable year in which the income is included in the participant&#146;s gross income.
  The income recognized by the participant will be subject to applicable
  withholding tax requirements.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends paid on restricted stock that is
  subject to a substantial risk of forfeiture generally will be treated as
  compensation that is taxable as ordinary compensation income to the participant
  and will be deductible by the Company, subject to the reasonableness
  limitation. If, however, the participant makes a Section&nbsp;83(b)&nbsp;election,
  the dividends will be treated as dividends and taxable as ordinary income to
  the participant, but will not be deductible by the Company.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred stock</font></u>. A participant
  who receives an award of deferred stock will recognize no income on the grant
  of the award. However, he or she will recognize ordinary compensation income on
  the transfer of the deferred stock, or the later lapse of a substantial risk of
  forfeiture to which the deferred stock is subject, if the participant does not
  make a Section&nbsp;83(b)&nbsp;election, in accordance with the same rules&nbsp;as
  discussed above under the caption &#147;Restricted stock.&#148;</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other stock-based awards</font></u>. The federal
  income tax treatment of other stock-based awards will depend on the nature and
  restrictions applicable to the award.</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Awards Deferring or Accelerating the
  Receipt of Compensation</font></u>. Section&nbsp;409A of the Code, enacted as part of
  the American Jobs Creation Act of 2004, imposes certain new requirements
  applicable to &#147;nonqualified deferred compensation plans.&#148; If a nonqualified
  deferred compensation plan subject to Section&nbsp;409A fails to meet, or is
  not operated in accordance with, these new requirements, then all compensation
  deferred under the plan may become immediately taxable. Stock appreciation
  rights and deferred stock awards that may be granted under the plan may
  constitute deferred compensation subject to the Section&nbsp;409A requirements.
  It is the Company&#146;s intention that any award agreement governing awards subject
  to Section&nbsp;409A will comply with these new rules.</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&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>
  <!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\c900132\08-16270-1\task2979198\16270-1-ba.htm',USER='105228',CD='Jun  9 22:51 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></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;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></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;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="50%" 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: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;">SUMMER
    INFANT, INC.</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" 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;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
    <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="50%" 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;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
    <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="50%" 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;">Date:
    June&nbsp;10, 2008</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/Joseph
    Driscoll</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" 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:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Joseph
    Driscoll</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" 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:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;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">&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;">9</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  </body>
  
  </html>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-16270_18k.htm", "description": "8-K", "secsgml_size_bytes": 64110}]
metadata_filer: {"company-data": {"conformed-name": "Summer Infant, Inc.", "cik": "0001314772", "assigned-sic": "3990", "irs-number": "201994619", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33346", "film-number": "08890436"}, "business-address": {"street1": "1275 PARK EAST DRIVE", "city": "WOONSOCKET", "state": "RI", "zip": "02895", "phone": "401-334-9966"}, "mail-address": {"street1": "1275 PARK EAST DRIVE", "city": "WOONSOCKET", "state": "RI", "zip": "02895"}, "former-company": {"former-conformed-name": "KBL Healthcare Acquisition Corp. II", "date-changed": "20050119"}}
text: 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
  June 5,
  2008
  Date
  of Report (Date of earliest event reported)
  SUMMER
  INFANT, INC.
  (Exact
  Name of Registrant as Specified in Charter)
  DELAWARE
  001-33346
  20-1994619
  (State or Other
  (Commission File Number)
  (IRS Employer
  Jurisdiction of Incorporation)
  Identification No.)
  1275 PARK EAST DRIVE
  WOONSOCKET, RHODE ISLAND
  02895
  (Address of Principal Executive Offices)  (Zip Code)
  (401) 671-6550
  (Registrant's telephone number, including area code)
  Check
  the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions (
  see
  General
  Instruction A.2. below):
  o
  Written communications pursuant to Rule 425
  under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Exchange Act (17 CFR 240.13e-4(c))
  Item 5.02.
  Departure of Directors or Certain
  Officers; Election of Directors; Appointment of Certain Officers; Compensatory
  Arrangements of Certain Officers.
  (e)
  At the 2008 Annual Meeting of Stockholders of
  Summer Infant, Inc. (the "Company") held on June 5, 2008, the Company's
  stockholders approved an increase in the number of shares of Common Stock
  available for issuance under the Company's 2006 Performance Equity Plan (the "2006
  Plan") from 1,600,000 to 3,000,000.
  The
  terms of the 2006 Plan provide for grants of stock options, stock appreciation rights,
  or SARs, restricted stock, deferred stock, other stock-related awards and
  performance awards that may be settled in cash, stock or other property.
  The
  following is a summary of certain principal features of the 2006 Plan, as
  amended.  This summary is qualified in
  its entirety by reference to the complete text of the 2006 Plan, which is
  included as an appendix to the Company's definitive proxy statement filed with
  the Securities and Exchange Commission on February 13, 2007.
  Administration
  The plan is administered by the Company's
  board or compensation committee thereof. Subject to the provisions of the plan,
  the board or committee determines, among other things, the persons to whom from
  time to time awards may be granted, the specific type of awards to be granted,
  the number of shares subject to each award, share prices, any restrictions or
  limitations on the awards, and any vesting, exchange, deferral, surrender,
  cancellation, acceleration, termination, exercise or forfeiture provisions
  related to the awards.
  Stock Subject to the Plan
  Shares of stock subject to other awards that
  are forfeited or terminated will be available for future award grants under the
  plan. If a holder pays the exercise price of a stock option by surrendering any
  previously owned shares of common stock or arranges to have the appropriate
  number of shares otherwise issuable upon exercise withheld to cover the
  withholding tax liability associated with the stock option exercise, then in
  the Board's or the committee's discretion, the number of shares available under
  the plan may be increased by the lesser of the number of such surrendered
  shares and shares used to pay taxes and the number of shares purchased under
  the stock option.
  Under the plan, on a change in the number of
  shares of the Company's common stock as a result of a dividend on shares of
  common stock payable in shares of common stock, common stock split or reverse
  split or other extraordinary or unusual event that results in a change in the
  shares of common stock as a whole, the board or committee may determine whether
  the change requires equitably adjusting the terms of the award or the aggregate
  number of shares reserved for issuance under the plan.
  Eligibility
  The Company may grant awards under the plan
  to employees, officers, directors and consultants who are deemed to have
  rendered, or to be able to render, significant services to the Company and who
  are deemed to have contributed, or to have the potential to contribute, to the
  Company's success. Notwithstanding anything to the contrary, the Company shall
  not grant to any one holder in any one calendar year awards for more than
  200,000 shares in the aggregate.
  2
  Types of Awards
  Options
  . The plan
  provides both for "incentive" stock options as defined in Section 422 of
  the Internal Revenue Code of 1986, as amended, and for options not qualifying
  as incentive options, both of which may be granted with any other stock-based
  award under the plan. The board or committee determines the exercise price per
  share of common stock purchasable under an incentive or non-qualified stock
  option, which may not be less than 100% of the fair market value on the day of
  the grant or, if greater, the par value of a share of common stock. However,
  the exercise price of an incentive stock option granted to a person possessing
  more than 10% of the total combined voting power of all classes of the Company's
  stock may not be less than 110% of the fair market value on the date of grant.
  The number of shares covered by incentive stock options that may be exercised
  by any participant during any calendar year cannot have an aggregate fair
  market value in excess of $100,000, measured at the date of grant.
  An incentive stock option may only be granted
  within a ten-year period from the date of the consummation of acquisition and
  may only be exercised within ten years from the date of the grant, or within
  five years in the case of an incentive stock option granted to a person who, at
  the time of the grant, owns common stock possessing more than 10% of the total
  combined voting power of all classes of the Company's stock. Subject to any
  limitations or conditions the board or committee may impose, stock options may
  be exercised, in whole or in part, at any time during the term of the stock
  option by giving written notice of exercise to us specifying the number of
  shares of common stock to be purchased. The notice must be accompanied by
  payment in full of the purchase price, either in cash or, if provided in the
  agreement, in the Company's securities or any combination of the two.
  Generally, stock options granted under the
  plan may not be transferred other than by will or by the laws of descent and
  distribution and all stock options are exercisable during the holder's
  lifetime, or in the event of legal incapacity or incompetency, the holder's
  guardian or legal representative. However, a holder, with the approval of the
  board or committee, may transfer a non-qualified stock option by gift to a
  family member of the holder, by domestic relations order to a family member of
  the holder or by transfer to an entity in which more than fifty percent of the
  voting interests are owned by family members of the holder or the holder, in
  exchange for an interest in that entity.
  Generally, if the holder is an employee, no
  stock options granted under the plan may be exercised by the holder unless he
  or she is employed by the Company or a subsidiary of the Company at the time of
  the exercise and has been so employed continuously from the time the stock
  options were granted. However, in the event the holder's employment is
  terminated due to disability, the holder may still exercise his or her vested
  stock options for a period of 12 months or such other greater or lesser period
  as the board or committee may determine, from the date of termination or until
  the expiration of the stated term of the stock option, whichever period is
  shorter. Similarly, should a holder die while employed by us or a subsidiary,
  his or her legal representative or legatee under his or her will may exercise
  the decedent holder's vested stock options for a period of 12 months from the
  date of his or her death, or such other greater or lesser period as the board
  or committee may determine or until the expiration of the stated term of the
  stock option, whichever period is shorter. If the holder's employment is
  terminated for any reason other than death, disability or normal retirement,
  the stock option will automatically terminate, except that if the holder's
  employment is terminated by us without cause or due to normal retirement, then
  the portion of any stock option that has vested on the date of termination may
  be exercised for the lesser of three months after termination of employment, or
  the balance of the stock option's term.
  Stock Appreciation Rights
  . Under the plan,
  the Company may grant stock appreciation rights to participants who have been,
  or are being, granted stock options under the plan as a means of allowing the
  3
  participants
  to exercise their stock options without the need to pay the exercise price in
  cash. In conjunction with non-qualified stock options, stock appreciation
  rights may be granted either at or after the time of the grant of the
  non-qualified stock options. In conjunction with incentive stock options, stock
  appreciation rights may be granted only at the time of the grant of the
  incentive stock options. A stock appreciation right entitles the holder to
  receive a number of shares of common stock having a fair market value equal to
  the excess fair market value of one share of common stock over the exercise
  price of the related stock option, multiplied by the number of shares subject
  to the stock appreciation rights. The granting of a stock appreciation right
  will not affect the number of shares of common stock available for awards under
  the plan. The number of shares available for awards under the plan will,
  however, be reduced by the number of shares of common stock acquirable upon exercise
  of the stock option to which the stock appreciation right relates.
  Restricted Stock
  . Under the plan,
  the Company may award shares of restricted stock either alone or in addition to
  other awards granted under the plan. The board or committee determines the
  persons to whom grants of restricted stock are made, the number of shares to be
  awarded, the price if any to be paid for the restricted stock by the person
  receiving the stock from us, the time or times within which awards of
  restricted stock may be subject to forfeiture, the vesting schedule and rights
  to acceleration thereof, and all other terms and conditions of the restricted
  stock awards.
  Restricted stock awarded under the plan may
  not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise
  disposed of, other than to us, during the applicable restriction period. In
  order to enforce these restrictions, the plan requires that all shares of
  restricted stock awarded to the holder remain in the Company's physical custody
  until the restrictions have terminated and all vesting requirements with
  respect to the restricted stock have been fulfilled. Other than regular cash
  dividends and other cash equivalent distributions as we may designate, pay or
  distribute, we will retain custody of all distributions made or declared with
  respect to the restricted stock during the restriction period. A breach of any
  restriction regarding the restricted stock will cause a forfeiture of the
  restricted stock and any retained distributions. Except for the foregoing
  restrictions, the holder will, even during the restriction period, have all of
  the rights of a stockholder, including the right to receive and retain all
  regular cash dividends and other cash equivalent distributions as we may
  designate, pay or distribute on the restricted stock and the right to vote the
  shares.
  Deferred Stock
  . Under the plan,
  the Company may award shares of deferred stock either alone or in addition to
  other awards granted under the plan. The board or committee determines the
  eligible persons to whom, and the time or times at which, deferred stock will
  be awarded, the number of shares of deferred stock to be awarded to any person,
  the duration of the period during which, and the conditions under which,
  receipt of the stock will be deferred, and all the other terms and conditions
  of deferred stock awards.
  Deferred stock awards granted under the plan
  may not be sold, exchanged, assigned, transferred, pledged, encumbered or
  otherwise disposed of other than to the Company during the applicable deferral
  period. The holder shall not have any rights of a stockholder until the
  expiration of the applicable deferral period and the issuance and delivery of
  the certificates representing the common stock. The holder may request to defer
  the receipt of a deferred stock award for an additional specified period or
  until a specified event. This request must generally be made at least one year
  prior to the expiration of the deferral period for the deferred stock award.
  Stock Reload Options
  . Under the plan,
  the Company may grant stock reload options to a holder who tenders shares of
  common stock to pay the exercise price of a stock option or arranges to have a
  portion of the shares otherwise issuable upon exercise withheld to pay the
  applicable withholding taxes. A
  4
  stock
  reload option permits a holder who exercises a stock option by delivering stock
  owned by the holder for a minimum of six months to receive a new stock option
  at the current market price for the same number of shares delivered to exercise
  the option. The board or committee determines the terms, conditions,
  restrictions and limitations of the stock reload options. The exercise price of
  stock reload options shall be the fair market value as of the date of exercise
  of the underlying option. Unless otherwise determined, a stock reload option
  may be exercised commencing one year after it is granted and expires on the
  expiration date of the underlying option.
  Other Stock-Based Awards
  . Under the plan,
  the Company may grant other stock-based awards, subject to limitations under
  applicable law, that are denominated or payable in, valued in whole or in part
  by reference to, or otherwise based on, or related to, shares of common stock,
  as deemed consistent with the purposes of the plan. These other stock-based
  awards may be in the form of purchase rights, shares of common stock awarded
  that are not subject to any restrictions or conditions, convertible or
  exchangeable debentures or other rights convertible into shares common stock
  and awards valued by reference to the value of securities of, or the
  performance of, one of the Company's subsidiaries. These other stock-based
  awards may be awarded either alone, in addition to, or in tandem with any other
  awards under the plan or any of the Company's other plans.
  Accelerated Vesting and Exercisability
  . Unless otherwise
  provided in the grant of an award, if any "person," as defined in Sections 13(d) and
  14(d) of the Securities and Exchange Act of 1934, as amended ("Exchange
  Act"), is or becomes the "beneficial owner," as referred in Rule 13d-3
  under the Exchange Act, directly or indirectly, of the Company's securities
  representing 50% or more of the combined voting power of the Company's then
  outstanding voting securities in one or more transactions, and the Company's
  board of directors does not authorize or approve the acquisition, then the
  vesting periods with respect to awards granted and outstanding under the plan
  will be accelerated and will immediately vest, and each participant of an award
  will have the immediate right to purchase and receive all shares of the Company's
  common stock subject to the award in accordance with the terms set forth in the
  plan and in the corresponding award agreements.
  Unless otherwise provided in the grant of an
  award, the compensation committee may, in the event of an acquisition of
  substantially all of the Company's assets or at least 50% of the combined
  voting power of the Company's then outstanding securities in one or more
  transactions, including by way of merger or reorganization, which has been
  approved by the Company's board of directors, accelerate the vesting of any and
  all awards granted and outstanding under the plan.
  Repurchases
  . Unless otherwise
  provided in the grant of an award, the compensation committee may, in the event
  of an acquisition of substantially all of the Company's assets or at least 50%
  of the combined voting power of the Company's then outstanding securities in
  one or more transactions, including by way of merger or reorganization, which
  has been approved by the Company's board of directors, require a holder of any
  award granted under the plan to relinquish the award to the Company upon
  payment by the Company to the holder of cash in an amount equal to the fair
  market value of the award or $0.01 per share for awards that are out-of-the
  money.
  Competition; Solicitation of Customers and Employees;
  Disclosure of Confidential Information
  If a holder's employment with the Company or
  a subsidiary of the Company is terminated for any reason whatsoever and within
  12 months after the date of termination, the holder either:
  ·
  accepts employment
  with any competitor of, or otherwise engages in competition with, the Company,
  5
  ·
  solicits any of
  the Company's customers or employees to do business with or render services to
  the holder or any business with which the holder becomes affiliated or to which
  the holder renders services, or
  ·
  uses or discloses
  to anyone outside the Company any of the Company's confidential information or
  material in violation of the Company's policies or any agreement between the
  Company and the holder,
  the board or the committee may require the
  holder to return to the Company the economic value of any award that was
  realized or obtained by the holder at any time during the period beginning on
  the date that is 12 months prior to the date the holder's employment with the
  Company is terminated.
  Withholding Taxes
  Upon the exercise of any award granted under
  the plan, the holder may be required to remit to the Company an amount
  sufficient to satisfy all federal, state and local withholding tax requirements
  prior to delivery of any certificate or certificates for shares of common
  stock.
  Term and Amendments
  Unless terminated by the board, the plan
  shall continue to remain effective until no further awards may be granted and
  all awards granted under the plan are no longer outstanding. Notwithstanding
  the foregoing, grants of incentive stock options may be made only until ten
  years from the date of the consummation of the acquisition. The board may at
  any time, and from time to time, amend the plan, provided that no amendment
  will be made that would impair the rights of a holder under any agreement
  entered into pursuant to the plan without the holder's consent.
  Federal Income Tax Consequences
  The following discussion of the federal
  income tax consequences of participation in the plan is only a summary of the
  general rules applicable to the grant and exercise of stock options and
  other awards and does not give specific details or cover, among other things,
  state, local and foreign tax treatment of participation in the plan. The
  information contained in this section is based on present law and regulations,
  which are subject to being changed prospectively or retroactively.
  Incentive stock options
  . Participants
  will recognize no taxable income upon the grant or exercise of an incentive
  stock option. The participant will realize no taxable income when the incentive
  stock option is exercised if the participant has been an employee of the
  Company or any of the Company's subsidiaries at all times from the date of the
  grant until three months before the date of exercise, one year if the
  participant is disabled. The excess, if any, of the fair market value of the
  shares on the date of exercise of an incentive stock option over the exercise
  price will be treated as an item of adjustment for a participant's taxable year
  in which the exercise occurs and may result in an alternative minimum tax
  liability for the participant. The Company will not qualify for any deduction
  in connection with the grant or exercise of incentive stock options. Upon a
  disposition of the shares after the later of two years from the date of grant
  or one year after the transfer of the shares to a participant, the participant
  will recognize the difference, if any, between the amount realized and the
  exercise price as long-term capital gain or long-term capital loss, as the case
  may be, if the shares are capital assets.
  If common stock acquired upon the exercise
  of an incentive stock option is disposed of prior to the expiration of the
  holding periods described above: the participant will recognize ordinary
  compensation
  6
  income
  in the taxable year of disposition in an amount equal to the excess, if any, of
  the lesser of the fair market value of the shares on the date of exercise or
  the amount realized on the disposition of the shares, over the exercise price
  paid for the shares; and the Company will qualify for a deduction equal to any
  amount recognized, subject to the limitation that the compensation be
  reasonable.
  In the case of a disposition of shares
  earlier than two years from the date of the grant or in the same taxable year
  as the exercise, where the amount realized on the disposition is less than the
  fair market value of the shares on the date of exercise, there will be no
  adjustment since the amount treated as an item of adjustment, for alternative
  minimum tax purposes, is limited to the excess of the amount realized on the
  disposition over the exercise price, which is the same amount included in
  regular taxable income.
  Non-incentive stock options
  .
  With respect to non-incentive stock options:
  ·
  upon grant of the
  stock option, the participant will recognize no income provided that the
  exercise price was not less than the fair market value of the Company's common
  stock on the date of grant;
  ·
  upon exercise of
  the stock option, if the shares of common stock are not subject to a
  substantial risk of forfeiture, the participant will recognize ordinary compensation
  income in an amount equal to the excess, if any, of the fair market value of
  the shares on the date of exercise over the exercise price, and the Company
  will qualify for a deduction in the same amount, subject to the requirement
  that the compensation be reasonable; and
  ·
  the Company will
  be required to comply with applicable federal income tax withholding
  requirements with respect to the amount of ordinary compensation income
  recognized by the participant.
  On a disposition of the shares, the
  participant will recognize gain or loss equal to the difference between the
  amount realized and the sum of the exercise price and the ordinary compensation
  income recognized. The gain or loss will be treated as capital gain or loss if
  the shares are capital assets and as short-term or long-term capital gain or
  loss, depending upon the length of time that the participant held the shares.
  If the shares acquired upon exercise of a
  non-incentive stock option are subject to a substantial risk of forfeiture, the
  participant will recognize ordinary income at the time when the substantial
  risk of forfeiture is removed, unless the participant timely files under Section 83(b) of
  the Code to elect to be taxed on the receipt of shares, and the Company will
  qualify for a corresponding deduction at that time. The amount of ordinary
  income will be equal to the excess of the fair market value of the shares at
  the time the income is recognized over the amount, if any, paid for the shares.
  Stock appreciation rights
  . Upon the grant
  of a stock appreciation right, the participant recognizes no taxable income and
  the Company receives no deduction. The participant recognizes ordinary income
  and the Company receives a deduction at the time of exercise equal to the cash
  and fair market value of common stock payable upon the exercise.
  Restricted stock
  . A participant
  who receives restricted stock will recognize no income on the grant of the
  restricted stock and the Company will not qualify for any deduction. At the
  time the restricted stock is no longer subject to a substantial risk of
  forfeiture, a participant will recognize ordinary compensation
  7
  income
  in an amount equal to the excess, if any, of the fair market value of the
  restricted stock at the time the restriction lapses over the consideration paid
  for the restricted stock. A participant's shares are treated as being subject
  to a substantial risk of forfeiture so long as his or her sale of the shares at
  a profit could subject him or her to a suit under Section 16(b) of
  the Exchange Act. The holding period to determine whether the participant has
  long-term or short-term capital gain or loss begins when the restriction period
  expires, and the tax basis for the shares will generally be the fair market
  value of the shares on this date.
  A participant may elect under Section 83(b) of
  the Code, within 30 days of the transfer of the restricted stock, to recognize
  ordinary compensation income on the date of transfer in an amount equal to the
  excess, if any, of the fair market value on the date of transfer of the shares
  of restricted stock, as determined without regard to the restrictions, over the
  consideration paid for the restricted stock. If a participant makes an election
  and thereafter forfeits the shares, no ordinary loss deduction will be allowed.
  The forfeiture will be treated as a sale or exchange upon which there is
  realized loss equal to the excess, if any, of the consideration paid for the
  shares over the amount realized on such forfeiture. The loss will be a capital
  loss if the shares are capital assets. If a participant makes an election under
  Section 83(b), the holding period will commence on the day after the date
  of transfer and the tax basis will equal the fair market value of shares, as
  determined without regard to the restrictions, on the date of transfer.
  On a disposition of the shares, a
  participant will recognize gain or loss equal to the difference between the
  amount realized and the tax basis for the shares.
  Whether or not the participant makes an
  election under Section 83(b), the Company generally will qualify for a
  deduction, subject to the reasonableness of compensation limitation, equal to
  the amount that is taxable as ordinary income to the participant, in the
  taxable year in which the income is included in the participant's gross income.
  The income recognized by the participant will be subject to applicable
  withholding tax requirements.
  Dividends paid on restricted stock that is
  subject to a substantial risk of forfeiture generally will be treated as
  compensation that is taxable as ordinary compensation income to the participant
  and will be deductible by the Company, subject to the reasonableness
  limitation. If, however, the participant makes a Section 83(b) election,
  the dividends will be treated as dividends and taxable as ordinary income to
  the participant, but will not be deductible by the Company.
  Deferred stock
  . A participant
  who receives an award of deferred stock will recognize no income on the grant
  of the award. However, he or she will recognize ordinary compensation income on
  the transfer of the deferred stock, or the later lapse of a substantial risk of
  forfeiture to which the deferred stock is subject, if the participant does not
  make a Section 83(b) election, in accordance with the same rules as
  discussed above under the caption "Restricted stock."
  Other stock-based awards
  . The federal
  income tax treatment of other stock-based awards will depend on the nature and
  restrictions applicable to the award.
  Certain Awards Deferring or Accelerating the
  Receipt of Compensation
  . Section 409A of the Code, enacted as part of
  the American Jobs Creation Act of 2004, imposes certain new requirements
  applicable to "nonqualified deferred compensation plans." If a nonqualified
  deferred compensation plan subject to Section 409A fails to meet, or is
  not operated in accordance with, these new requirements, then all compensation
  deferred under the plan may become immediately taxable. Stock appreciation
  rights and deferred stock awards that may be granted under the plan may
  constitute deferred compensation subject to the Section 409A requirements.
  It is the Company's intention that any award agreement governing awards subject
  to Section 409A will comply with these new rules.
  8
  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.
  SUMMER
    INFANT, INC.
  Date:
    June 10, 2008
  By:
  /s/Joseph
    Driscoll
  Joseph
    Driscoll
  Chief
    Financial Officer
  9