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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>UNITED STATES</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR></TABLE></P>
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<P><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Washington, D.C. 20549</FONT></B></P>
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     <TD noWrap><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>FORM 8-K</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Current report</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Date of Report: July 8, 2008</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=3>PERFORMANCE TECHNOLOGIES, INCORPORATED</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Commission file number 0-27460</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Incorporated pursuant to the Laws of the State of Delaware</FONT></B><BR>
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<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Internal Revenue Service &#150; Employer Identification No. 16-1158413</FONT></B><BR>
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<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>205 Indigo Creek Drive, Rochester, New York 14626</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(585) 256-0200</FONT></B></TD></TR></TABLE></P>
<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" 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: [ ] 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))</FONT></P>
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<P align=justify><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT></B></P>
<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>On July 8, 2008, 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 face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=2>Salary Increases</FONT></I></B></P>
<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Salary increases were approved for certain of the Registrant&#146;s executive officers, including the Registrant&#146;s Named Executive Officers (those executive officers for whom disclosure is required in the Registrant&#146;s annual proxy statement), effective as of April 14, 2008, as follows:</FONT></P>
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     <TD align=left width="81%"></TD>
     <TD align=center width="8%"></TD>
     <TD align=center width="2%"></TD>
     <TD align=right width="9%" colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><U>Percentage</U></FONT> </TD></TR>
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     <TD align=left width="81%"><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Named Executive Officer</FONT></U>&nbsp; </TD>
     <TD align=center width="8%"><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Annual Salary</FONT></U>&nbsp; </TD>
     <TD align=center width="2%"></TD>
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<P><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Increase</FONT></U>&nbsp; </P>
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     <TD align=left width="81%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John M. Slusser</FONT>&nbsp; </TD>
     <TD align=center width="8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$330,000</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.00</FONT> </TD>
     <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT>&nbsp; </TD></TR>
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     <TD align=left width="81%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John J. Grana</FONT>&nbsp; </TD>
     <TD align=center width="8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$230,423</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.00</FONT> </TD>
     <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT>&nbsp; </TD></TR>
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     <TD align=left width="81%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Dorrance W. Lamb</FONT>&nbsp; </TD>
     <TD align=center width="8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$237,602</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5.00</FONT> </TD>
     <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT>&nbsp; </TD></TR>
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     <TD align=left width="81%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John J. Peters</FONT>&nbsp; </TD>
     <TD align=center width="8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$211,969</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5.00</FONT> </TD>
     <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT>&nbsp; </TD></TR>
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     <TD align=left width="81%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>J. Patrick Rice</FONT>&nbsp; </TD>
     <TD align=center width="8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$200,003</FONT>&nbsp; </TD>
     <TD align=left width="2%"></TD>
     <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5.33</FONT> </TD>
     <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>The salary increases were approved to reflect increases in market salaries for executives holding comparable positions at companies of similar size to the Registrant.</FONT></P>
<P align=justify><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=2>Non-Equity Incentive Compensation</FONT></I></B></P>
<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>A Non-Equity Incentive Compensation Plan was established that provides for a Cash Incentive Pool if certain milestones related to total 2008 financial performance are achieved. Any specific Cash Incentive Pool allocation or distribution will be determined by the Compensation Committee of the Board. A Non-Equity Incentive Compensation Plan was also established for Mr. Rice to receive Non-Equity Incentive Compensation based on the Registrant&#146;s Signaling Systems Product Line revenue for 2008. Mr. Rice will not participate in the Cash Incentive Pool.</FONT></P>
<P align=justify><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=2>Option Awards</FONT></I></B></P>
<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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=left width="90%">&nbsp; </TD>
     <TD align=center width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><U>Number of</U></FONT>&nbsp; </TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><U>Named Executive Officer</U></FONT>&nbsp; </TD>
     <TD align=center width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><U>Shares</U></FONT>&nbsp; </TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John M. Slusser</FONT></TD>
     <TD vAlign=center align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>35,000</FONT></TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John J. Grana</FONT></TD>
     <TD vAlign=center align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>18,750</FONT></TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Dorrance W. Lamb</FONT></TD>
     <TD align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>18,750</FONT></TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John J. Peters</FONT></TD>
     <TD vAlign=center align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>14,000</FONT></TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>J. Patrick Rice</FONT></TD>
     <TD vAlign=center align=left width="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>23,500</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>The options were granted at an exercise price of $5.38 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=center><FONT face="Times New Roman" size=2>- 1 -</FONT><BR style="PAGE-BREAK-BEFORE: always" clear=all>
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<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Performance-vested non-qualified stock options were also granted to purchase common shares under the Registrant&#146;s 2003 Omnibus Incentive Plan to certain executive officers, including the Named Executive Officers identified in the table below:</FONT></P>
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<TR vAlign=bottom>
     <TD align=left width="90%">&nbsp; </TD>
     <TD align=center width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><U>Number of</U></FONT>&nbsp; </TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><U>Named Executive Officer</U></FONT>&nbsp; </TD>
     <TD align=center width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><U>Shares</U></FONT>&nbsp; </TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John M. Slusser</FONT>&nbsp; </TD>
     <TD align=right width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>51,000</FONT>&nbsp; </TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John J. Grana</FONT>&nbsp; </TD>
     <TD align=right width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>29,000</FONT>&nbsp; </TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Dorrance W. Lamb</FONT>&nbsp; </TD>
     <TD align=right width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10,500</FONT>&nbsp; </TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John J. Peters</FONT>&nbsp; </TD>
     <TD align=right width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8,000</FONT>&nbsp; </TD></TR>
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     <TD align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>J. Patrick Rice</FONT>&nbsp; </TD>
     <TD align=right width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>32,500</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>These options were granted at an exercise price of $5.38 and will vest only upon the Registrant achieving certain financial milestones related to pre-tax Earnings Per Share for at least one of the years ending December 31, 2008, 2009 and 2010. If the financial milestones are achieved, the options expire July 8, 2013. If the financial milestones are not achieved, the options effectively expire on June 1, 2011. The form of the stock option agreement will be filed with the Registrant&#146;s next quarterly report on Form 10-Q.</FONT></P>
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     <TD noWrap><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SIGNATURES</FONT></B></TD></TR></TABLE></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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></P>
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     <TD align=left width="22%">&nbsp; </TD>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>PERFORMANCE TECHNOLOGIES, INCORPORATED</FONT></B>&nbsp; </TD>
     <TD align=left width="30%"></TD></TR>
<TR>
     <TD width="70%" colSpan=2>&nbsp; </TD>
     <TD width="30%"></TD></TR>
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     <TD align=left width="22%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>July 11, 2008</FONT>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="48%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>By /s/ John M. Slusser</FONT>&nbsp; </TD>
     <TD align=left width="30%"></TD></TR>
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     <TD align=left width="22%">&nbsp; </TD>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John M. Slusser</FONT>&nbsp; </TD>
     <TD align=left width="30%"></TD></TR>
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     <TD align=left width="22%">&nbsp; </TD>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>President and Chief Executive Officer</FONT>&nbsp; </TD>
     <TD align=left width="30%"></TD></TR>
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     <TD width="70%" colSpan=2>&nbsp; </TD>
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     <TD align=left width="22%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>July 11, 2008</FONT>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="48%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>By /s/ Dorrance W. Lamb</FONT>&nbsp; </TD>
     <TD align=left width="30%"></TD></TR>
<TR vAlign=bottom bgColor=#80ffff>
     <TD align=left width="22%">&nbsp; </TD>
     <TD align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Dorrance W. Lamb</FONT>&nbsp; </TD>
     <TD align=left width="30%"></TD></TR>
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     <TD align=left width="22%">&nbsp; </TD>
     <TD align=left width="48%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Senior Vice President <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>and&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Chief Financial Officer </FONT></TD>
     <TD align=left width="30%"></TD></TR></TABLE>
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<P align=center><FONT face="Times New Roman" size=2>-&nbsp;2 -</FONT><BR>
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executivecomp2008.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
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: July 8, 2008
PERFORMANCE TECHNOLOGIES, INCORPORATED
Commission file number 0-27460
Incorporated pursuant to the Laws of the State of Delaware
Internal Revenue Service – Employer Identification No. 16-1158413
205 Indigo Creek Drive, Rochester, New York 14626
(585) 256-0200
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))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 8, 2008, the Compensation Committee of the Board of Directors of Performance Technologies, Incorporated ("the Registrant") approved the following actions:
Salary Increases
Salary increases were approved for certain of the Registrant's executive officers, including the Registrant's Named Executive Officers (those executive officers for whom disclosure is required in the Registrant's annual proxy statement), effective as of April 14, 2008, as follows:
Percentage
Named Executive Officer
Annual Salary
Increase
John M. Slusser
$330,000
10.00
%
John J. Grana
$230,423
10.00
%
Dorrance W. Lamb
$237,602
5.00
%
John J. Peters
$211,969
5.00
%
J. Patrick Rice
$200,003
5.33
%
The salary increases were approved to reflect increases in market salaries for executives holding comparable positions at companies of similar size to the Registrant.
Non-Equity Incentive Compensation
A Non-Equity Incentive Compensation Plan was established that provides for a Cash Incentive Pool if certain milestones related to total 2008 financial performance are achieved. Any specific Cash Incentive Pool allocation or distribution will be determined by the Compensation Committee of the Board. A Non-Equity Incentive Compensation Plan was also established for Mr. Rice to receive Non-Equity Incentive Compensation based on the Registrant's Signaling Systems Product Line revenue for 2008. Mr. Rice will not participate in the Cash Incentive Pool.
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
35,000
John J. Grana
18,750
Dorrance W. Lamb
18,750
John J. Peters
14,000
J. Patrick Rice
23,500
The options were granted at an exercise price of $5.38 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.
- 1 -
Performance-vested non-qualified stock options were also granted to purchase common shares under the Registrant's 2003 Omnibus Incentive Plan to certain executive officers, including the Named Executive Officers identified in the table below:
Number of
Named Executive Officer
Shares
John M. Slusser
51,000
John J. Grana
29,000
Dorrance W. Lamb
10,500
John J. Peters
8,000
J. Patrick Rice
32,500
These options were granted at an exercise price of $5.38 and will vest only upon the Registrant achieving certain financial milestones related to pre-tax Earnings Per Share for at least one of the years ending December 31, 2008, 2009 and 2010. If the financial milestones are achieved, the options expire July 8, 2013. If the financial milestones are not achieved, the options effectively expire on June 1, 2011. 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
July 11, 2008
By /s/ John M. Slusser
John M. Slusser
President and Chief Executive Officer
July 11, 2008
By /s/ Dorrance W. Lamb
Dorrance W. Lamb
Senior Vice President
and
Chief Financial Officer
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