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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 8, 2008</B>



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

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  <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>000-19711</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>84-0997049</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>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>96 Talamine
Court<BR>
Colorado Springs, CO </B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>80907-5186</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(719) 633-8333</B>
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 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</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>



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<P style="font-size: 10pt"
align="justify"><B>Item&nbsp;8.01.&nbsp;&nbsp;&nbsp;&nbsp;Other Events</B>.

<P style="font-size: 10pt" align="justify">The Spectranetics Corporation (the
&#8220;Company&#8221;) has implemented enhancements to its stock ownership
policy and employee retention program.

<P style="font-size: 10pt" align="justify">The Company has enhanced its stock
ownership policy for members of its Board of Directors to also include Company
officers. Under the policy, each director is required to own Spectranetics
stock with a value equal to three times their annual cash retainer; the chief
executive officer is required to own Spectranetics stock with a value equal to
three times annual salary; and each officer of the Company, except the chief
executive officer, is required to own Spectranetics stock with a value equal to
their annual salary. A transition period of 36 to 48&nbsp;months for the
director and officer stock ownership policies, respectively, has been
established to allow individual directors and officers sufficient time to
comply with the policy.

<P style="font-size: 10pt" align="justify">As part of the enhancements to the
Company&#8217;s employee retention program, Spectranetics has granted a total
of 978,000 performance-based stock options to all levels of management and
certain key employees. These options have an exercise price of $2.74 and will
vest upon the achievement of a $9 share price, based on a 10-day average
closing price of Spectranetics common stock. If the $9 share price is achieved
within four years of the grant date, the stock options will vest pro-rata over
that four-year period. The Company has recruited strong talent to the Company
and believes these grants will help it continue to retain the people needed to
support the Company&#8217;s success. In connection with these grants, the
Company will seek shareholder approval at its 2009 Annual Meeting of an
amendment to the 2006 Incentive Award Plan to increase the number of authorized
shares available for issuance under the plan.

<P style="font-size: 10pt" align="justify">The Company believes the
performance-based stock option grants, coupled with separate enhancements to
its stock ownership policy, further aligns the interests of its Board of
Directors, management and employees with those of shareholders.

<P style="font-size: 10pt" align="justify"><B>Safe Harbor Statement</B>
<BR>
This Form 8-K contains forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the
Securities Exchange Act of 1934. Such statements are based on current
assumptions that involve risks and uncertainties that could cause actual
outcomes and results to differ materially. These risks and uncertainties may
include adverse results of the FDA and ICE investigation and the litigation
described above that could result in an adverse impact on the Company&#8217;s
business. For a further list and description of such risks and uncertainties
that could cause the actual results, performance or achievements of the Company
to be materially different from any anticipated results, performance or
achievements, please see the Company&#8217;s previously filed SEC reports,
including its Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2007 and subsequent Form 10-Q filings. Spectranetics
disclaims any intention or obligation to update or revise any financial
projections or forward-looking statements, whether as a result of new
information, future events or otherwise.

<P style="font-size: 10pt" align="center">-2-

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

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

<P style="font-size: 10pt" align="justify">Date: December&nbsp;11, 2008

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%"
align="justify">The Spectranetics Corporation <BR>
(registrant)

<P style="font-size: 10pt; margin-left: 46%" align="justify">By: <U>/s/ Guy A.
Childs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:
Guy A. Childs<BR>
Its: Chief Financial Officer<BR>


<P style="font-size: 10pt" align="center">-3-

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{"company-data": {"conformed-name": "SPECTRANETICS CORP", "cik": "0000789132", "assigned-sic": "3845", "irs-number": "840997049", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19711", "film-number": "081242719"}, "business-address": {"street1": "96 TALAMINE COURT", "city": "COLORADO SPRING", "state": "CO", "zip": "80907", "phone": "7196338333"}, "mail-address": {"street1": "96 TALAMINE COURT", "city": "COLORADO SPRINGS", "state": "CO", "zip": "80907"}, "former-company": {"former-conformed-name": "THE SPECTRANETICS CORP", "date-changed": "19900510"}}
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 8, 2008
The Spectranetics
Corporation
(Exact name of registrant as
specified in its charter)
Delaware
000-19711
84-0997049
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
96 Talamine
Court
Colorado Springs, CO
80907-5186
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(719) 633-8333
(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 8.01.    Other Events
.
The Spectranetics Corporation (the
"Company") has implemented enhancements to its stock ownership
policy and employee retention program.
The Company has enhanced its stock
ownership policy for members of its Board of Directors to also include Company
officers. Under the policy, each director is required to own Spectranetics
stock with a value equal to three times their annual cash retainer; the chief
executive officer is required to own Spectranetics stock with a value equal to
three times annual salary; and each officer of the Company, except the chief
executive officer, is required to own Spectranetics stock with a value equal to
their annual salary. A transition period of 36 to 48 months for the
director and officer stock ownership policies, respectively, has been
established to allow individual directors and officers sufficient time to
comply with the policy.
As part of the enhancements to the
Company's employee retention program, Spectranetics has granted a total
of 978,000 performance-based stock options to all levels of management and
certain key employees. These options have an exercise price of $2.74 and will
vest upon the achievement of a $9 share price, based on a 10-day average
closing price of Spectranetics common stock. If the $9 share price is achieved
within four years of the grant date, the stock options will vest pro-rata over
that four-year period. The Company has recruited strong talent to the Company
and believes these grants will help it continue to retain the people needed to
support the Company's success. In connection with these grants, the
Company will seek shareholder approval at its 2009 Annual Meeting of an
amendment to the 2006 Incentive Award Plan to increase the number of authorized
shares available for issuance under the plan.
The Company believes the
performance-based stock option grants, coupled with separate enhancements to
its stock ownership policy, further aligns the interests of its Board of
Directors, management and employees with those of shareholders.
Safe Harbor Statement
This Form 8-K contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such statements are based on current
assumptions that involve risks and uncertainties that could cause actual
outcomes and results to differ materially. These risks and uncertainties may
include adverse results of the FDA and ICE investigation and the litigation
described above that could result in an adverse impact on the Company's
business. For a further list and description of such risks and uncertainties
that could cause the actual results, performance or achievements of the Company
to be materially different from any anticipated results, performance or
achievements, please see the Company's previously filed SEC reports,
including its Annual Report on Form 10-K for the fiscal year ended
December 31, 2007 and subsequent Form 10-Q filings. Spectranetics
disclaims any intention or obligation to update or revise any financial
projections or forward-looking statements, whether as a result of new
information, future events or otherwise.
-2-
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.
Date: December 11, 2008
The Spectranetics Corporation
(registrant)
By:
/s/ Guy A.
Childs
Name:
Guy A. Childs
Its: Chief Financial Officer
-3-