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<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>U.S. SECURITIES AND EXCHANGE COMMISSION </B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, D.C. 20549 </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>FORM 8-K </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Date of Report (Date of earliest event reported): February 16, 200<A NAME="FIS_UNIDENTIFIED_TABLE"></A>7</B>&nbsp; <BR>
</P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>Venture Lending &amp; Leasing V, Inc. </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><B>(Exact name of registrant as specified in its charter) </B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=221.667>&nbsp;</TD><TD valign=bottom width=13.467>&nbsp;</TD><TD width=208.333>&nbsp;</TD><TD valign=bottom width=13.467>&nbsp;</TD><TD width=215.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=221.667><P style="margin:0pt; font-family:Times New Roman" align=center><B>DELAWARE </B></P>
</TD><TD valign=bottom width=13.467><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=208.333><P style="margin:0pt; font-family:Times New Roman" align=center><B>814-00731</B></P>
</TD><TD valign=bottom width=13.467><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=215.067><P style="margin:0pt; font-family:Times New Roman" align=center><B>14-1974295</B></P>
</TD></TR>
<TR><TD valign=top width=221.667><P style="margin:0pt; font-family:Times New Roman" align=center>(State&nbsp;or&nbsp;other&nbsp;jurisdiction </P>
<P style="margin-top:0pt; margin-bottom:0.75pt; font-family:Times New Roman" align=center>of incorporation) </P>
</TD><TD valign=bottom width=13.467><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
</TD><TD valign=top width=208.333><P style="margin:0pt; font-family:Times New Roman" align=center>(Commission </P>
<P style="margin-top:0pt; margin-bottom:0.75pt; font-family:Times New Roman" align=center>File Number) </P>
</TD><TD valign=bottom width=13.467><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=215.067><P style="margin:0pt; font-family:Times New Roman" align=center>(I.R.S. Employer </P>
<P style="margin-top:0pt; margin-bottom:0.75pt; font-family:Times New Roman" align=center>Identification No.) </P>
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<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>2010 North First Street, Suite 310, San Jose, CA 95131</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Address of principal executive offices, zip code) </P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Registrant&#146;s telephone number, including area code: <B>(408) 436-8577 </B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>N/A </B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Former name or former address, if changed since last report) </P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman">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>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=25.267><P style="margin:0pt; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0pt; font-family:Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
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<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=25.267><P style="margin:0pt; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0pt; font-family:Times New Roman">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</P>
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<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=25.267><P style="margin:0pt; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0pt; font-family:Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
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<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=25.267><P style="margin:0pt; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0pt; font-family:Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
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<P style="margin:0pt; font-family:Times New Roman"><B>Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></P>
<A NAME="FIS_FINANCIAL_OBLIGATION_MATERIAL"></A><P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;<BR>
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<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman">On February 16, 2007, the Board of Directors of Venture Lending &amp; Leasing V, Inc. (the &#147;Fund&#148;), voted to increase the size of the Board of Directors from two to five directors. &nbsp;The Board of Directors of the Fund appointed John Glynn, Michael G. McCaffery, and Roger V. Smith as directors of the Fund, effective as of February 16, 2007, to fill the vacancies created by the increase in the size of the Board of Directors. &nbsp;Messrs. Glynn, McCaffery and Smith will serve as independent directors of the Fund that are not &#147;interested persons&#148; of the Fund as defined under the Investment Company Act of 1940. &nbsp;Messrs. Glynn, McCaffery and Smith were also elected as the members of the Fund&#146;s Audit Committee and Nominating Committee, with Mr. Smith serving as the Chair of the Audit Committee. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Item 9.01 &nbsp;Financial Statements and Exhibits</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Exhibit Number </P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman">Description</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">&nbsp;------------------</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman">--------------- </P>
<P style="margin:0pt; font-family:Times New Roman">None</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" 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 duly authorized.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">VENTURE LENDING &amp; LEASING V, INC.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Registrant)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/S/ Ronald W. Swenson</U></P>
<U><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"></U>By:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/S/ Martin D. Eng</U></P>
<P style="margin:0pt; text-indent:432pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Ronald W. Swenson</P>
<P style="margin:0pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Martin D. Eng</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:252pt; text-indent:-252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer</P>
<P style="margin:0pt; padding-left:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:252pt; text-indent:-252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:252pt; text-indent:-216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 23, 2007</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:</P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 23, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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Converted by EDGARwiz
U.S. 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): February 16, 200
7
Venture Lending & Leasing V, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE
814-00731
14-1974295
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
2010 North First Street, Suite 310, San Jose, CA 95131
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code:
(408) 436-8577
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:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02.    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 16, 2007, the Board of Directors of Venture Lending & Leasing V, Inc. (the "Fund"), voted to increase the size of the Board of Directors from two to five directors.  The Board of Directors of the Fund appointed John Glynn, Michael G. McCaffery, and Roger V. Smith as directors of the Fund, effective as of February 16, 2007, to fill the vacancies created by the increase in the size of the Board of Directors.  Messrs. Glynn, McCaffery and Smith will serve as independent directors of the Fund that are not "interested persons" of the Fund as defined under the Investment Company Act of 1940.  Messrs. Glynn, McCaffery and Smith were also elected as the members of the Fund's Audit Committee and Nominating Committee, with Mr. Smith serving as the Chair of the Audit Committee.
Item 9.01  Financial Statements and Exhibits
Exhibit Number
Description
------------------
---------------
None
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 duly authorized.
VENTURE LENDING & LEASING V, INC.
(Registrant)
By:
/S/ Ronald W. Swenson
By:
/S/ Martin D. Eng
Ronald W. Swenson
Martin D. Eng
Chief Executive Officer
Chief Financial Officer
Date:
February 23, 2007
Date:
February 23, 2007