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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 10, 2008</B>

<P style="font-size: 24pt" align="center"><B>Irvine Sensors Corporation<BR></B><FONT
style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-08402</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>33-0280334</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>3001 Red Hill Avenue, Costa
Mesa, California<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>92626</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(714) 549-8211</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>N/A<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<DIV style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="left"><B>Item&nbsp;1.01 Entry into a Material
Definitive Agreement.</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">On December&nbsp;10,
2008, Irvine Sensors Corporation (the &#8220;Company&#8221;) entered into a
Subscription Agreement (the &#8220;Subscription Agreement&#8221;) with 6
accredited individual investors (each, an &#8220;Investor&#8221; and
collectively, the &#8220;Investors&#8221;), pursuant to which the Company
expanded its private placement that was previously disclosed on November 10,
2008 in a closing (the &#8220;Private Placement&#8221;) of the issuance of
secured promissory notes in the original aggregate principal amount of $138,000
(the &#8220;Notes&#8221;) and, as consideration for making the advances under
the Notes, agreed to issue to the Investors an aggregate of 86,250 shares of
the Company&#8217;s Common Stock (the &#8220;Shares&#8221;). Such Shares have
not been registered under the Securities Act of 1933 and may not be offered or
sold absent registration or an applicable exemption from registration. The
number of Shares being issued equals 25% of the principal amount of the Notes
divided by $0.40, which was the last closing bid price of the Company&#8217;s
Common Stock as determined in accordance with Nasdaq rules immediately
preceding the Company entering into the binding Subscription Agreement to issue
the Notes (the &#8220;Market Value&#8221;).

<P style="font-size: 10pt; text-indent: 4%" align="left">The Notes bear
interest at 12.0% per annum and will mature and become payable 18&nbsp;months
following their issuance. All amounts payable under the Notes are accelerated
upon the occurrence of certain bankruptcy-related events. The Notes are secured
by a security agreement in substantially all of the Company&#8217;s assets and
such security interest is senior to certain obligations of the Company to
Longview Fund, LP and Alpha Capital Anstalt pursuant to an intercreditor
agreement and collateral agent agreement.

<P style="font-size: 10pt; text-indent: 4%" align="left">In accordance with the
terms of the notes, the Company would be required to issue an additional number
of shares of the Company&#8217;s Common Stock with a value equal to 12.5% of
the principal amount of each Note in the event that such Note has not been paid
in full on or before the six month anniversary of the issuance date of such
Note (the &#8220;Six Month Date&#8221;), based on the greater of (x)&nbsp;the
fair market value of the Company&#8217;s Common Stock as of the Six Month Date
or (y) the fair market value of the Company&#8217;s Common Stock as of the date
of issuance of the Note (the &#8220;Six Month Shares&#8221;); and an additional
number of shares of the Company&#8217;s Common Stock with a value equal to
12.5% of the principal amount of each Note in the event that such Note has not
been paid in full on or before the twelve month anniversary of the issuance
date of such Note (the &#8220;Twelve Month Date&#8221;), based on the greater
of (x)&nbsp;the fair market value of the Company&#8217;s Common Stock as of the
Twelve Month Date or (y)&nbsp;the fair market value of the Company&#8217;s
Common Stock as of the date of issuance of the Note (the &#8220;Twelve Month
Shares&#8221;). The Company may at its option expand this Private Placement.

<P style="font-size: 10pt; text-indent: 4%" align="left">In consideration for
services rendered as the lead placement agent in the Private Placement, the
Company issued to J.P. Turner &amp; Company, LLC (&#8220;JP Turner&#8221;) a
five-year warrant to purchase 44,850 shares of the Company&#8217;s Common Stock
at an exercise price of $0.40 per share (the &#8220;JP Warrant&#8221;), which
represents 13% of the gross proceeds divided by the Market Value. JP Turner
also will receive, in consideration for services rendered as lead placement
agent, (i)&nbsp;cash commissions aggregating $11,040, which represents 8% of
the gross proceeds, (ii)&nbsp;a management fee of $2,760, which represents 2%
of the gross proceeds and (iii)&nbsp;an expense allowance fee of $4,140, which
represents 3% of the gross proceeds.

<P style="font-size: 10pt; text-indent: 4%" align="left">The Company has not
granted registration rights with respect to the Shares or the JP Warrant. The
proceeds from the Private Placement will be used to finance the working capital
needs of the Company. The Company had 5,641,875 shares of Common Stock
outstanding immediately prior to the Private Placement.

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%"><B>Item&nbsp;2.03</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD><B>Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant</B></TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 4%" align="left">The information
disclosed in Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated
by reference into this Item&nbsp;2.03.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;3.02 Unregistered Sales of
Equity Securities.</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">The information
disclosed in Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated
by reference into this Item&nbsp;3.02. The sale and issuance of the Notes, the
Shares and the JP Warrant have been determined to be exempt from registration
under the Securities Act of 1933 in reliance on Section&nbsp;4(2) of the
Securities Act and Rule&nbsp;506 of Regulation&nbsp;D promulgated thereunder as
transactions by an issuer not involving a public offering. The Investors and JP Turner have
represented that they are accredited investors, as that term is defined in
Regulation&nbsp;D, and that they have acquired the securities for investment
purposes only and not with a view to or for sale in connection with any
distribution thereof.

<P style="font-size: 10pt; text-indent: 4%" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">


<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01. Financial Statements
and Exhibits.</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">(a)&nbsp;<I>Financial
Statements of Business Acquired</I>.

<P style="font-size: 10pt; text-indent: 8%" align="left">Not applicable.

<P style="font-size: 10pt; text-indent: 4%" align="left">(b)&nbsp;<I>Pro Forma
Financial Information</I>.

<P style="font-size: 10pt; text-indent: 8%" align="left">Not applicable.

<P style="font-size: 10pt; text-indent: 4%" align="left">(c)&nbsp;<I>Shell
Company Transactions</I>.

<P style="font-size: 10pt; text-indent: 8%" align="left">Not applicable.

<P style="font-size: 10pt; text-indent: 4%"
align="left">(d)&nbsp;<I>Exhibits</I>.
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
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 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
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 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Exhibit&nbsp;No. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Description of Exhibit</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top" align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Subscription Agreement for Secured Promissory Notes</TD>
 </TR>


 <TR valign="bottom">
  <TD valign="top" align="left">10.2</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Secured Promissory Notes</TD>
 </TR>


 <TR valign="bottom">
  <TD valign="top" align="left">10.3</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Security Agreement</TD>
 </TR>


 <TR valign="bottom">
  <TD valign="top" align="left">10.4</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Collateral Agent Agreement</TD>
 </TR>


 <TR valign="bottom">
  <TD valign="top" align="left">10.5</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Intercreditor Agreement</TD>
 </TR><!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">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.
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="48%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="48%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" align="left">IRVINE SENSORS CORPORATION</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="left">(Registrant)</TD>
 </TR>
<!-- End Table Head -->

<!-- Begin Table Body -->

 <TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top">Dated: December&nbsp;16, 2008</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" valign="top" align="left">/s/ JOHN J. STUART, JR.</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">John J. Stuart, Jr.<BR>
Senior Vice President and Chief Financial Officer</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
</DIV>
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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): December 10, 2008
Irvine Sensors Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-08402
33-0280334
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
3001 Red Hill Avenue, Costa
Mesa, California
92626
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(714) 549-8211
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material
Definitive Agreement.
On December 10,
2008, Irvine Sensors Corporation (the "Company") entered into a
Subscription Agreement (the "Subscription Agreement") with 6
accredited individual investors (each, an "Investor" and
collectively, the "Investors"), pursuant to which the Company
expanded its private placement that was previously disclosed on November 10,
2008 in a closing (the "Private Placement") of the issuance of
secured promissory notes in the original aggregate principal amount of $138,000
(the "Notes") and, as consideration for making the advances under
the Notes, agreed to issue to the Investors an aggregate of 86,250 shares of
the Company's Common Stock (the "Shares"). Such Shares have
not been registered under the Securities Act of 1933 and may not be offered or
sold absent registration or an applicable exemption from registration. The
number of Shares being issued equals 25% of the principal amount of the Notes
divided by $0.40, which was the last closing bid price of the Company's
Common Stock as determined in accordance with Nasdaq rules immediately
preceding the Company entering into the binding Subscription Agreement to issue
the Notes (the "Market Value").
The Notes bear
interest at 12.0% per annum and will mature and become payable 18 months
following their issuance. All amounts payable under the Notes are accelerated
upon the occurrence of certain bankruptcy-related events. The Notes are secured
by a security agreement in substantially all of the Company's assets and
such security interest is senior to certain obligations of the Company to
Longview Fund, LP and Alpha Capital Anstalt pursuant to an intercreditor
agreement and collateral agent agreement.
In accordance with the
terms of the notes, the Company would be required to issue an additional number
of shares of the Company's Common Stock with a value equal to 12.5% of
the principal amount of each Note in the event that such Note has not been paid
in full on or before the six month anniversary of the issuance date of such
Note (the "Six Month Date"), based on the greater of (x) the
fair market value of the Company's Common Stock as of the Six Month Date
or (y) the fair market value of the Company's Common Stock as of the date
of issuance of the Note (the "Six Month Shares"); and an additional
number of shares of the Company's Common Stock with a value equal to
12.5% of the principal amount of each Note in the event that such Note has not
been paid in full on or before the twelve month anniversary of the issuance
date of such Note (the "Twelve Month Date"), based on the greater
of (x) the fair market value of the Company's Common Stock as of the
Twelve Month Date or (y) the fair market value of the Company's
Common Stock as of the date of issuance of the Note (the "Twelve Month
Shares"). The Company may at its option expand this Private Placement.
In consideration for
services rendered as the lead placement agent in the Private Placement, the
Company issued to J.P. Turner & Company, LLC ("JP Turner") a
five-year warrant to purchase 44,850 shares of the Company's Common Stock
at an exercise price of $0.40 per share (the "JP Warrant"), which
represents 13% of the gross proceeds divided by the Market Value. JP Turner
also will receive, in consideration for services rendered as lead placement
agent, (i) cash commissions aggregating $11,040, which represents 8% of
the gross proceeds, (ii) a management fee of $2,760, which represents 2%
of the gross proceeds and (iii) an expense allowance fee of $4,140, which
represents 3% of the gross proceeds.
The Company has not
granted registration rights with respect to the Shares or the JP Warrant. The
proceeds from the Private Placement will be used to finance the working capital
needs of the Company. The Company had 5,641,875 shares of Common Stock
outstanding immediately prior to the Private Placement.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
The information
disclosed in Item 1.01 of this Current Report on Form 8-K is incorporated
by reference into this Item 2.03.
Item 3.02 Unregistered Sales of
Equity Securities.
The information
disclosed in Item 1.01 of this Current Report on Form 8-K is incorporated
by reference into this Item 3.02. The sale and issuance of the Notes, the
Shares and the JP Warrant have been determined to be exempt from registration
under the Securities Act of 1933 in reliance on Section 4(2) of the
Securities Act and Rule 506 of Regulation D promulgated thereunder as
transactions by an issuer not involving a public offering. The Investors and JP Turner have
represented that they are accredited investors, as that term is defined in
Regulation D, and that they have acquired the securities for investment
purposes only and not with a view to or for sale in connection with any
distribution thereof.
Item 9.01. Financial Statements
and Exhibits.
(a)
Financial
Statements of Business Acquired
.
Not applicable.
(b)
Pro Forma
Financial Information
.
Not applicable.
(c)
Shell
Company Transactions
.
Not applicable.
(d)
Exhibits
.
Exhibit No.
Description of Exhibit
10.1
Form of Subscription Agreement for Secured Promissory Notes
10.2
Form of Secured Promissory Notes
10.3
Security Agreement
10.4
Collateral Agent Agreement
10.5
Intercreditor Agreement
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.
IRVINE SENSORS CORPORATION
(Registrant)
Dated: December 16, 2008
/s/ JOHN J. STUART, JR.
John J. Stuart, Jr.
Senior Vice President and Chief Financial Officer