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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C. 20549</font></div>
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8-K</font></div>
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      <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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TO SECTION 13 OR 15(d) OF</font></div>
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SECURITIES EXCHANGE ACT OF 1934</font></div>
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      <div>
        <div><font style="FONT-WEIGHT: bold">APRIL 30, 2009</font>

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      <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DATE
OF REPORT (DATE OF EARLIEST EVENT REPORTED)</font></div>
    </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman">ISILON
SYSTEMS, INC.</font></div>
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<font style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">name</font>
of registrant as specified in its charter)</font></div>
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                  <td align="left" valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="middle" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      No.)</font></font></font></div>
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Washington 98121</font></div>
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          <div style="TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(206)
315-7500</font></div>
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Applicable</font></div>
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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:</font></div>
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      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
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OF CONTENTS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#5_02"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item
5.02. </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Offices</font></a></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#signature"><font style="DISPLAY: inline; TEXT-DECORATION: underline">SIGNATURES</font></a></font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="5_02"><font style="FONT-WEIGHT: bold">Item 5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Offices</font></a></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;On April 30,
2009, the Compensation Committee of the Board of Directors of Isilon Systems,
Inc. approved fiscal year 2009 compensation arrangements for its executive
officers.&#160;&#160;The Compensation Committee did not adjust base salaries of
any named executive officers, and such salaries remain in effect at their
current rates, as described in our 2009 proxy statement filed with the
Securities and Exchange Commission on March 31, 2009.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;In addition,
the Compensation Committee approved performance-based incentive compensation
targets for fiscal year 2009 for its executive officers.&#160;&#160;The
Compensation Committee increased the performance-based incentive target for
William D. Richter, the company&#8217;s Chief Financial Officer, from a target of
$50,000 for 2008 to a target of $150,000 for 2009.&#160;&#160;The Compensation
Committee did not adjust the performance-based incentive targets of the other
named executive officers; accordingly, the 2009 targets will remain the same as
the 2008 targets which are described in our 2009 proxy statement filed with the
Securities and Exchange Commission on March 31, 2009.</font></div>
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        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;In regard to
the performance-based incentive compensation targets, the Compensation Committee
established a performance-based incentive program for executive officers that is
based upon the achievement by the company of specified annual revenue goals and
non-GAAP operating income goals.&#160;&#160;Such performance-based target
bonuses are based on the following:&#160;&#160;50% based on achievement of
specified annual revenue goals and 50% based on achievement of specified
non-GAAP operating income goals.&#160;&#160;For an executive officer to qualify
for any bonus payment tied to the revenue goals, the company must achieve at
least 80% of the specified goals; in order for the any executive to qualify for
any bonus payment tied to the non-GAAP operating income goals, the company must
achieve 100% of the specified goals.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;In regard to
the revenue based goals, in the event the company&#8217;s revenue is between 80% and
100% of the specified goals, any qualifying payments would begin at 50% of the
targeted amount and increase up to 100%.&#160;&#160;For example, if the company
achieved 90% of the revenue goals, any qualifying payments would be 75% of the
total revenue based target bonus.&#160;&#160;In the event that the specified
company revenue goals are exceeded, executive officers will have the opportunity
to earn an incremental bonus based on the amount the company exceeds the
targeted revenue goals.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;As in the
prior year, the Compensation Committee determined the revenue portion of the
performance-based incentive for the company&#8217;s senior vice president of worldwide
sales and field operations should be more heavily weighted, at 80% of such
officer&#8217;s target annual bonus, and that such payments should be made
quarterly.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
Compensation Committee also authorized the granting of stock option awards to
our named executive officers pursuant to our 2006 Equity Incentive
Plan.</font></div><br></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                <td valign="middle" width="32%">
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      SYSTEMS, INC.</font></div>
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      </font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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      Keenan M. Conder</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.6">&#160;</div>
                  </div>
                </td>
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                <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="32%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Keenan
      M. Conder</font></div>
                </td>
              </tr>
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                <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="bottom" width="32%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Vice
      President, General Counsel and
Secretary</font></div>
                </td>
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May 6, 2009</font></div>
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form8k.htm
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
APRIL 30, 2009
DATE
OF REPORT (DATE OF EARLIEST EVENT REPORTED)
ISILON
SYSTEMS, INC.
(Exact
name
of registrant as specified in its charter)
Delaware
001-33196
91-2101027
(
State
or
Other
      Jurisdiction
of
Incorporation
)
(
Commission
File Number)
(I.R.S.
      Employer
Identification
      No.)
3101 Western
Avenue
Seattle,
Washington 98121
(Address
of Principal Executive Offices, Including Zip Code
)
(206)
315-7500
(Registrant's
Telephone Number, Including Area Code)
Not
Applicable
(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 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))
TABLE
OF CONTENTS
Item
5.02.
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Offices
SIGNATURES
Item 5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Offices
On April 30,
2009, the Compensation Committee of the Board of Directors of Isilon Systems,
Inc. approved fiscal year 2009 compensation arrangements for its executive
officers.  The Compensation Committee did not adjust base salaries of
any named executive officers, and such salaries remain in effect at their
current rates, as described in our 2009 proxy statement filed with the
Securities and Exchange Commission on March 31, 2009.
In addition,
the Compensation Committee approved performance-based incentive compensation
targets for fiscal year 2009 for its executive officers.  The
Compensation Committee increased the performance-based incentive target for
William D. Richter, the company's Chief Financial Officer, from a target of
$50,000 for 2008 to a target of $150,000 for 2009.  The Compensation
Committee did not adjust the performance-based incentive targets of the other
named executive officers; accordingly, the 2009 targets will remain the same as
the 2008 targets which are described in our 2009 proxy statement filed with the
Securities and Exchange Commission on March 31, 2009.
In regard to
the performance-based incentive compensation targets, the Compensation Committee
established a performance-based incentive program for executive officers that is
based upon the achievement by the company of specified annual revenue goals and
non-GAAP operating income goals.  Such performance-based target
bonuses are based on the following:  50% based on achievement of
specified annual revenue goals and 50% based on achievement of specified
non-GAAP operating income goals.  For an executive officer to qualify
for any bonus payment tied to the revenue goals, the company must achieve at
least 80% of the specified goals; in order for the any executive to qualify for
any bonus payment tied to the non-GAAP operating income goals, the company must
achieve 100% of the specified goals.
In regard to
the revenue based goals, in the event the company's revenue is between 80% and
100% of the specified goals, any qualifying payments would begin at 50% of the
targeted amount and increase up to 100%.  For example, if the company
achieved 90% of the revenue goals, any qualifying payments would be 75% of the
total revenue based target bonus.  In the event that the specified
company revenue goals are exceeded, executive officers will have the opportunity
to earn an incremental bonus based on the amount the company exceeds the
targeted revenue goals.
As in the
prior year, the Compensation Committee determined the revenue portion of the
performance-based incentive for the company's senior vice president of worldwide
sales and field operations should be more heavily weighted, at 80% of such
officer's target annual bonus, and that such payments should be made
quarterly.
The
Compensation Committee also authorized the granting of stock option awards to
our named executive officers pursuant to our 2006 Equity Incentive
Plan.
SIGNATURE
S
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.
ISILON
      SYSTEMS, INC.
By:
/s/
      Keenan M. Conder
Keenan
      M. Conder
Vice
      President, General Counsel and
Secretary
Dated:
May 6, 2009