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

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

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

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): October 17, 2008</B>

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<P align="center" style="font-size: 24pt"><B>Irvine Sensors Corporation<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
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    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-08402</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>33-0280334</B></TD>
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<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>
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    <TD width="49%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>3001 Red Hill Avenue, Costa Mesa, California<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>92626</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(714) 549-8211</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">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 align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</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">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt"><B>Item&nbsp;2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement.</B>


<P align="left" style="font-size: 10pt; text-indent: 8%">On October&nbsp;17, 2008, Irvine Sensors Corporation (the &#147;Company&#148;) received a notice from Timothy Looney (the
&#147;Notice&#148;) purporting to accelerate payment of the balance of the earnout consideration under the Stock Purchase
Agreement dated December&nbsp;30, 2005, as amended, between the Company and Mr.&nbsp;Looney (the &#147;Agreement&#148;) as a result of the
recent public UCC foreclosure sale of all the assets of Optex Systems, Inc., a Texas corporation (&#147;Optex-Texas&#148;) and a
wholly-owned subsidiary of the Company. Mr.&nbsp;Looney alleges that the balance of the earnout consideration that is due
and payable is $3.9&nbsp;million. While the Company does not agree with Mr.&nbsp;Looney&#146;s allegations, there can be no assurance
that Mr.&nbsp;Looney&#146;s allegations will not be successful.


<P align="left" style="font-size: 10pt; text-indent: 8%">The information set forth above is qualified in its entirety by reference to the actual terms of the Notice,
attached hereto as Exhibit&nbsp;99.1 and incorporated herein by reference.


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


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


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


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


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


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


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


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

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description of Exhibit</TD>
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    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice from Timothy Looney dated October&nbsp;17, 2008.</TD>
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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">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.

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    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IRVINE SENSORS CORPORATION</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">(Registrant)</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: October&nbsp;23, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ JOHN J. STUART, JR.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">John J. Stuart, Jr.<BR>
Senior Vice President and Chief Financial Officer</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2

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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): October 17, 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 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement.
On October 17, 2008, Irvine Sensors Corporation (the "Company") received a notice from Timothy Looney (the
"Notice") purporting to accelerate payment of the balance of the earnout consideration under the Stock Purchase
Agreement dated December 30, 2005, as amended, between the Company and Mr. Looney (the "Agreement") as a result of the
recent public UCC foreclosure sale of all the assets of Optex Systems, Inc., a Texas corporation ("Optex-Texas") and a
wholly-owned subsidiary of the Company. Mr. Looney alleges that the balance of the earnout consideration that is due
and payable is $3.9 million. While the Company does not agree with Mr. Looney's allegations, there can be no assurance
that Mr. Looney's allegations will not be successful.
The information set forth above is qualified in its entirety by reference to the actual terms of the Notice,
attached hereto as Exhibit 99.1 and incorporated herein by reference.
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
99.1
Notice from Timothy Looney dated October 17, 2008.
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: October 23, 2008
/s/ JOHN J. STUART, JR.
John J. Stuart, Jr.
Senior Vice President and Chief Financial Officer