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<P style="MARGIN-TOP: 3px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" size=5><B>UNITED STATES </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" size=5><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" size=3><B>Washington, DC 20549 </B></FONT></P>
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     <TD align=center width="40%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>FORM 8-K</FONT></B></TD>
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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: 14pt; FONT-FAMILY: '''''''''''''''''''''''''''Arial'''''''''''''''''''''''''''" face=Arial>CURRENT REPORT</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center><STRONG><FONT face=Arial>PURSUANT TO SECTION 13 OR 15(d) OF THE</FONT></STRONG></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center><STRONG><FONT face=Arial>SECURITIES EXCHANGE ACT OF 1934</FONT></STRONG>&nbsp;</DIV><STRONG></STRONG></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-SIZE: 12pt; FONT-FAMILY: ''Times New Roman, serif''"><FONT face=Arial size=2>Date of Report </FONT><FONT face=Arial><FONT size=1>(Date of earliest event reported)</FONT>:&nbsp;&nbsp;<FONT size=2>March 12, 2009</FONT></FONT></FONT></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: 16pt" face=Arial>PERFORMANCE TECHNOLOGIES, INCORPORATED</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: 'Arial'" face=Arial size=1>(Exact name of registrant as specified in its charter)</FONT></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'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial>Delaware</FONT></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-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial size=1>of incorporation)</FONT></DIV></TD>
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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'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial>02-27460</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial size=1>(Commission</FONT></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'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial>16-1158413</FONT></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'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial>205 Indigo Creek Drive</FONT></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'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial>14626</FONT></DIV></TD></TR>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial size=1>(Address of principal executive offices)</FONT></DIV></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial size=1>(Registrant&#146;s telephone number, including area code)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" face=Arial size=2>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 (see General Instruction A.2 below):</FONT></DIV>
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<A name="page_2"></A>&nbsp;<B><FONT style="FONT-SIZE: 10pt" face=Arial>Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT></B>
<P align=justify><FONT style="FONT-SIZE: 10pt" face=Arial>On March 12, 2009, the Compensation Committee of the Board of Directors of Performance Technologies, Incorporated (&#147;the Registrant&#148;) approved the following actions:</FONT></P>
<P align=justify><B><I><FONT style="FONT-SIZE: 10pt" face=Arial>Salary Increases</FONT></I></B></P>
<P align=justify><FONT style="FONT-SIZE: 10pt" face=Arial>The Compensation Committee of the Board of Directors meets annually to determine executive management compensation levels for the year. As part of the Company's overall expense management given the&nbsp;challenging current economic conditions, the Chief Executive Officer recommended to the Compensation Committee that there be a freeze on&nbsp;executive management salaries for 2009.&nbsp;&nbsp;The Compensation Committee has accepted this recommendation.</FONT></P>
<P align=justify><B><I><FONT style="FONT-SIZE: 10pt" face=Arial>Option Awards</FONT></I></B></P>
<P align=justify><FONT style="FONT-SIZE: 10pt" face=Arial>Time-vested non-qualified stock options were granted to purchase common shares under the Registrant&#146;s 2003 Omnibus Incentive Plan to its executive officers and certain key employees, including grants to the Named Executive Officers identified in the table below:</FONT></P>
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     <TD align=center width="9%"><FONT style="FONT-SIZE: 10pt" face=Arial>Number of&nbsp;</FONT></TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Named Executive Officer&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face=Arial>Shares&nbsp;</FONT></TD>
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     <TD align=left bgColor=#80ffff><FONT style="FONT-SIZE: 10pt" face=Arial>John M. Slusser&nbsp;</FONT></TD>
     <TD align=left bgColor=#80ffff><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;70,000&nbsp;</FONT></TD>
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     <TD align=left><FONT style="FONT-SIZE: 10pt" face=Arial>John J. Grana&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,000&nbsp;</FONT></TD>
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     <TD align=left bgColor=#80ffff><FONT style="FONT-SIZE: 10pt" face=Arial>Dorrance W. Lamb&nbsp;</FONT></TD>
     <TD align=left bgColor=#80ffff><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;35,000&nbsp;</FONT></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face=Arial>J. Patrick Rice</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,000&nbsp;</FONT></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD align=left bgColor=#80ffff><FONT style="FONT-SIZE: 10pt" face=Arial>John J. Peters&nbsp;&nbsp;</FONT></TD>
     <TD align=left bgColor=#80ffff><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000&nbsp;</FONT></TD>
     <TD align=left></TD></TR></TABLE><BR>
<P align=justify><FONT style="FONT-SIZE: 10pt" face=Arial>The options were granted at an exercise price of $2.59 and will vest in accordance with the following vesting schedule: 20% upon the first anniversary of the grant date, an additional 30% upon the second anniversary of the grant date and an additional 50% upon the third anniversary of the grant date. All of the options expire five years from the date of grant. The options for Mr. Slusser and Mr. Lamb contain customary change-in-control/acceleration provisions. The form of the stock option agreement will be filed with the Registrant&#146;s next quarterly report on Form 10-Q.</FONT></P>
<P align=justify><STRONG></STRONG>&nbsp;</P>
<P align=justify><STRONG></STRONG>&nbsp;</P>
<P align=justify><FONT style="FONT-SIZE: 10pt" face=Arial><B>SIGNATURES</B></FONT></P>
<P align=justify><FONT style="FONT-SIZE: 10pt" face=Arial>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><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2></FONT></P>
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     <TD align=left width="63%" colSpan=2><FONT face="Times New Roman" size=2><B><FONT style="FONT-SIZE: 10pt" face=Arial>PERFORMANCE TECHNOLOGIES, INCORPORATED</FONT></B></FONT></TD>
     <TD align=left width="18%"></TD></TR>
<TR>
     <TD align=left width="14%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="43%"><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;</FONT></TD>
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     <TD align=left width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left width="14%"><FONT style="FONT-SIZE: 10pt" face=Arial>March 13, 2009</FONT></TD>
     <TD align=left width="5%"></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="43%"><FONT style="FONT-SIZE: 10pt" face=Arial>By /s/ John M. Slusser</FONT><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; </FONT></TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="18%"></TD></TR>
<TR>
     <TD align=left width="14%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="43%"><FONT style="FONT-SIZE: 10pt" face=Arial>John M. Slusser</FONT></TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left width="14%"><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; </FONT></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="43%"><FONT style="FONT-SIZE: 10pt" face=Arial>President and Chief Executive Officer</FONT><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; </FONT></TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="18%"></TD></TR>
<TR>
     <TD align=left width="14%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="43%"><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;</FONT></TD>
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<TR>
     <TD align=left width="14%"><FONT style="FONT-SIZE: 10pt" face=Arial>March 13, 2009</FONT></TD>
     <TD align=left width="5%"></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="43%"><FONT style="FONT-SIZE: 10pt" face=Arial>By /s/ Dorrance W. Lamb</FONT><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; </FONT></TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="18%"></TD></TR>
<TR>
     <TD align=left width="14%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="43%"><FONT style="FONT-SIZE: 10pt" face=Arial>Dorrance W. Lamb</FONT> </TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="18%"></TD></TR>
<TR>
     <TD align=left width="14%"></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="43%"><FONT style="FONT-SIZE: 10pt" face=Arial>Senior Vice President of Finance</FONT><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;and&nbsp;<FONT style="FONT-SIZE: 10pt" face=Arial>Chief Financial Officer </FONT></FONT></TD>
     <TD align=left width="20%"></TD>
     <TD align=left width="18%"></TD></TR></TABLE>
</BODY>

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execoptions0309.htm - Generated by SEC Publisher for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
:
March 12, 2009
PERFORMANCE TECHNOLOGIES, INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
02-27460
(Commission
File Number)
16-1158413
(IRS Employer
Identification No.)
205 Indigo Creek Drive
Rochester, New York
14626
(Address of principal executive offices)
(Zip Code)
(585) 256-0200
(Registrant's telephone number, including area code)
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 (see General Instruction A.2 below):
[  ]
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))
[  ]
P
re-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 March 12, 2009, the Compensation Committee of the Board of Directors of Performance Technologies, Incorporated ("the Registrant") approved the following actions:
Salary Increases
The Compensation Committee of the Board of Directors meets annually to determine executive management compensation levels for the year. As part of the Company's overall expense management given the challenging current economic conditions, the Chief Executive Officer recommended to the Compensation Committee that there be a freeze on executive management salaries for 2009.  The Compensation Committee has accepted this recommendation.
Option Awards
Time-vested non-qualified stock options were granted to purchase common shares under the Registrant's 2003 Omnibus Incentive Plan to its executive officers and certain key employees, including grants to the Named Executive Officers identified in the table below:
Number of
Named Executive Officer
Shares
John M. Slusser
70,000
John J. Grana
35,000
Dorrance W. Lamb
35,000
J. Patrick Rice
35,000
John J. Peters
25,000
The options were granted at an exercise price of $2.59 and will vest in accordance with the following vesting schedule: 20% upon the first anniversary of the grant date, an additional 30% upon the second anniversary of the grant date and an additional 50% upon the third anniversary of the grant date. All of the options expire five years from the date of grant. The options for Mr. Slusser and Mr. Lamb contain customary change-in-control/acceleration provisions. The form of the stock option agreement will be filed with the Registrant's next quarterly report on Form 10-Q.
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.
PERFORMANCE TECHNOLOGIES, INCORPORATED
March 13, 2009
By /s/ John M. Slusser
John M. Slusser
President and Chief Executive Officer
March 13, 2009
By /s/ Dorrance W. Lamb
Dorrance W. Lamb
Senior Vice President of Finance
and
Chief Financial Officer