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 (Date of earliest event reported) February 12,
2009
ACORN
ENERGY, INC.
(Exact
name of Registrant as Specified in its Charter)
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Delaware
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0-19771
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22-2786081
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(State
or Other Jurisdiction
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(Commission
file Number)
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(IRS
Employer
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of
Incorporation)
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Identification
No.)
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4 West Rockland Road, Montchanin,
Delaware
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19710
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code (302)
656-1707
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-2 under the Exchange Act (17 CFR
240.14a-2)
¨ 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))
Section
5 - Corporate Governance and Management
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
February 12, 2009, the registrant, Acorn Energy, Inc., granted stock options to
Benny Sela, CEO of the registrant’s subsidiary dsIT Solutions
Ltd. Mr. Sela was granted non-qualified options exercisable for
20,000 shares of the registrant’s common stock at an exercise price of $2.51 per
share. All of the options were immediately vested, and will expire on
February 12, 2011. Following termination of Mr. Sela’s employment,
the options would remain exercisable (i) for 12 months following an involuntary
termination without cause or a voluntary termination by Mr. Sela, (ii) for 90
days following a termination for cause, or (iii) for 12 months following death
or disability. As a condition to the grant, Mr. Sela forfeited 20,000
fully vested options with an exercise price of $1.80 per share that were due to
expire on March 31, 2009.
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 on this 19th day of February, 2009.
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ACORN
ENERGY, INC.
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By:
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/s/ Joe B. Cogdell, Jr.
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Name:
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Joe
B. Cogdell, Jr. |
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Title:
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Vice
President, Secretary and General Counsel |