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): October 23, 2007
XsunX, Inc.
(Exact name of registrant as specified in its charter)
Colorado 000-29621 84-1384159
----------- --------- ----------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
65 Enterprise, Aliso Viejo, California 92656
--------------------------------------------
(Address of principal executive offices and Zip Code)
Registrant's telephone number, including area code (949) 330-8060
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))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS
Item 1.01 Entry into a Material Definitive Agreement
The Company authorized employment incentive option grants to the following
employees on October 23rd 2007 at an exercise price per share of $0.36 in
conjunction with a performance milestone based vesting schedule as described
below:
Joseph Grimes 500,000 Option Shares
Robert G. Wendt 500,000 Option Shares
Dr. Guang Lin 300,000 Option Shares
The common vesting schedule for Mr. Grimes and Mr. Wendt is:
The Option shall become exercisable in the following amounts upon the
delivery and/or achievement by Optionee(s) of the following performance
milestones as they may relate to the Company's phased build out plan for a
solar module manufacturing facility:
(a) 100,000 shares upon the assembly and commissioning of the base line
production system.
(b) 100,000 shares upon the production of a commercial size working
sample of the Company's planned tandem junction amorphous silicon solar
module.
(c) 300,000 shares upon the assembly and commissioning of the initial
25 mega watt production system as contemplated within the Company's phased
build out plan for a solar module manufacturing facility.
The vesting schedule for Dr. Guang is:
The Option shall become exercisable in the following amounts upon the
delivery and/or achievement by Optionee of the following performance
milestones as they may relate to the Company's phased build out plan for a
solar module manufacturing facility:
(a) 100,000 shares upon the assembly and commissioning of the base line
production system.
(b) 150,000 shares upon the production of a commercial size working
sample of the Company's planned tandem junction amorphous silicon solar
module.
(c) 50,000 shares upon the assembly and commissioning of the initial 25
mega watt production system as contemplated within the Company's phased
build out plan for a solar module manufacturing facility.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits
A. Financial Statements - none
B. Exhibits - 10.1 Stock Option Agreement (Joseph Grimes)
10.2 Stock Option Agreement (Robert G. Wendt)
10.3 Stock Option Agreement (Dr. Guang Lin)
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 thereunto duly authorized.
Date: October 29, 2007
XSUNX, INC.
By: /s/ Tom Djokovich
-----------------------------
Tom Djokovich, CEO/President