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<P style="MARGIN-TOP: 3px; MARGIN-BOTTOM: 0px" align=center><FONT size=5 face="Times New Roman"><B>UNITED STATES </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT size=3 face="Times New Roman"><B>Washington, DC 20549 </B></FONT></P>
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     <TD width="32%" align=center>&nbsp; </TD>
     <TD width="40%" align=center><B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM 8-K</FONT></B></TD>
     <TD width="32%" align=center>&nbsp; </TD></TR>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''Arial'''''''''''''''''''''''''''; FONT-SIZE: 14pt; FONT-WEIGHT: bold" face=Arial>CURRENT REPORT</FONT></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><STRONG><FONT face=Arial>PURSUANT TO SECTION 13 OR 15(d) OF THE</FONT></STRONG></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 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="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''Times New Roman, serif''; FONT-SIZE: 12pt"><FONT size=2 face=Arial>Date of Report </FONT><FONT face=Arial><FONT size=1>(Date of earliest event reported)</FONT>:&nbsp;&nbsp;<FONT size=2>January 18, 2010</FONT></FONT></FONT></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-WEIGHT: bold" face=Arial>PERFORMANCE TECHNOLOGIES, INCORPORATED</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: 'Arial'" size=1 face=Arial>(Exact name of registrant as specified in its charter)</FONT></DIV>
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     <TD vAlign=bottom width="18%" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>Delaware</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>(State or other jurisdiction</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>of incorporation)</FONT></DIV></TD>
     <TD vAlign=bottom width="2%" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>02-27460</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>(Commission</FONT></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>205 Indigo Creek Drive</FONT></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>(Address of principal executive offices)</FONT></DIV></TD>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>(585) 256-0200</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Times New Roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>(Registrant&#146;s telephone number, including area code)</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-FAMILY: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Times New Roman''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=2 face=Arial>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 January 18, 2010, 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 Registrant's overall expense management given the&nbsp;continuing challenging&nbsp;economic conditions, the Chief Executive Officer recommended to the Compensation Committee that there be a freeze on&nbsp;executive management salaries for 2010.&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 and its 2001 Stock Option 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 width="8%" align=center><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 bgColor=#80ffff align=left><FONT style="FONT-SIZE: 10pt" face=Arial>John M. Slusser&nbsp;</FONT></TD>
     <TD bgColor=#80ffff align=left><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;75,000</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;40,000&nbsp;</FONT></TD>
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     <TD bgColor=#80ffff align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Dorrance W. Lamb&nbsp;</FONT></TD>
     <TD bgColor=#80ffff align=left><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;40,000&nbsp;</FONT></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD bgColor=#80ffff align=left><FONT style="FONT-SIZE: 10pt" face=Arial>William E. Mahuson</FONT></TD>
     <TD bgColor=#80ffff align=left><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000&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 $2.97 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 forms of the stock option agreement will be filed with the Registrant&#146;s annual report on Form 10-K.</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 size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"></FONT></P>
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     <TD width="59%" colSpan=2 align=left><FONT size=2 face="Times New Roman"><B><FONT style="FONT-SIZE: 10pt" face=Arial>PERFORMANCE TECHNOLOGIES, INCORPORATED</FONT></B></FONT></TD>
     <TD width="18%" align=left></TD></TR>
<TR>
     <TD width="18%" align=left></TD>
     <TD width="5%" align=left></TD>
     <TD width="43%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;</FONT></TD>
     <TD width="16%" align=left></TD>
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     <TD width="18%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>January 20, 2010</FONT></TD>
     <TD width="5%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>By /s/ John M. Slusser</FONT><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; </FONT></TD>
     <TD width="16%" align=left></TD>
     <TD width="18%" align=left></TD></TR>
<TR>
     <TD width="18%" align=left></TD>
     <TD width="5%" align=left></TD>
     <TD width="43%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>John M. Slusser</FONT></TD>
     <TD width="16%" align=left></TD>
     <TD width="18%" align=left></TD></TR>
<TR vAlign=bottom>
     <TD width="18%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; </FONT></TD>
     <TD width="5%" align=left></TD>
     <TD width="43%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>President and Chief Executive Officer</FONT><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; </FONT></TD>
     <TD width="16%" align=left></TD>
     <TD width="18%" align=left></TD></TR>
<TR>
     <TD width="18%" align=left></TD>
     <TD width="5%" align=left></TD>
     <TD width="43%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp;</FONT></TD>
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<TR>
     <TD width="18%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>January&nbsp;20, 2010</FONT></TD>
     <TD width="5%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="43%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>By /s/ Dorrance W. Lamb</FONT><FONT style="FONT-SIZE: 10pt" face=Arial>&nbsp; </FONT></TD>
     <TD width="16%" align=left></TD>
     <TD width="18%" align=left></TD></TR>
<TR>
     <TD width="18%" align=left></TD>
     <TD width="5%" align=left></TD>
     <TD width="43%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Dorrance W. Lamb</FONT> </TD>
     <TD width="16%" align=left></TD>
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     <TD width="18%" align=left></TD>
     <TD width="5%" align=left></TD>
     <TD width="43%" align=left><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 width="16%" align=left></TD>
     <TD width="18%" align=left></TD></TR></TABLE>
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execoptions_jan2010.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)
:
January 18, 2010
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 January 18, 2010, 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 Registrant's overall expense management given the continuing challenging economic conditions, the Chief Executive Officer recommended to the Compensation Committee that there be a freeze on executive management salaries for 2010.  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 and its 2001 Stock Option 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
75,000
John J. Grana
40,000
Dorrance W. Lamb
35,000
J. Patrick Rice
40,000
William E. Mahuson
30,000
The options were granted at an exercise price of $2.97 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 forms of the stock option agreement will be filed with the Registrant's annual report on Form 10-K.
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
January 20, 2010
By /s/ John M. Slusser
John M. Slusser
President and Chief Executive Officer
January 20, 2010
By /s/ Dorrance W. Lamb
Dorrance W. Lamb
Senior Vice President of Finance
and
Chief Financial Officer