Item 1.01 Entry into a Material Definitive Agreement
On November 26, 2007 the Company authorized an option grant to Dr. Michael A. Russak in recognition of his acceptance to serve as a member of the XsunX Board of Directors. The option provides for the grant of 500,000 options with an exercise price per share of $0.36 for Director services to be rendered commencing November 26, 2007. The vesting schedule is described below:
The vesting schedule for Dr. Russak is:
The Option shall become exercisable in the following amounts upon the delivery and/or achievement by Optionee of the following milestones:
(a) Beginning November 26, 2007 the Option shall vest and become exercisable at the rate of 62,500 Shares upon the anniversary of each calendar quarter of continuous service as a Director, or prorated portion thereof, for services rendered as a member of the Company Board of Directors up to a total of 500,000 shares.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
On November 28, 2007, the Company announced the appointment of Dr. Michael A. Russak as a Director, effective November 26, 2007. A copy of the related press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Dr. Michael A. Russak's professional resume is as follows:
Rutgers University, College of Engineering, B.S., Ceramic Engineering, 1968
Rutgers University, College of Engineering, Ph.D., Ceramic/Materials Science, 1971
Thirty five years industrial experience progressing from a research scientist to senior executive officer.
Expertise in thin film materials and devices for magnetic recording, photovoltaic, solar thermal applications, semiconductor devices as well as glass, glass-ceramic and ceramic materials.
Over twelve years experience at the executive management level of public companies with significant off shore development and manufacturing functions.
2007 - Present: Executive Director IDEMA-U.S. Responsibilities include oversight of activities, programs and trade shows organized and sponsored by IDEMA, the International Disk (Drive) Equipment and Materials Association. IDEMA is the HDD industry trade association.
2001-2006: President and Chief Technical Officer, Komag, Inc. Responsibilities include determining overall corporate business and technical direction, extensive interaction with customer base and investment community, led team investigating various diversification activities including single crystal and thin film photovoltaic devices and thin film displays. Between 2002 and 2006, the Komag more than tripled its production output, achieved record revenue, profitability and EPS. Yearly revenue grew from < $200M in 2001 to $900M in 2006.
1998 - 2001: Executive Vice President and Chief Technical Officer, HMT Technology Corporation. Principal in the merger activities between HMT and Komag in 2000. Merger completed in October 2000. Responsible for technical direction of HMT and product transfer to manufacturing.
1993 - 1998: Vice President of Research & Development; HMT Technology Corporation. Responsible for overall technical direction of company, research on emerging concepts and technologies and new product and process development. Principal in the management a leveraged buy out and subsequent IPO of HMT in 1995-1996
1985 - 1993: IBM Corporation; various positions starting as a Research Staff Member in the IBM TJ Watson Research Center, Yorktown Heights, NY and evolving to a middle management position. Areas of management and individual contribution included:
Materials and processes related to high density magnetic recording, micro magnetic modeling of soft magnetic materials.
Investigation of advanced plasma deposition and diagnostic techniques including low pressure sputter deposition, ion beam sputter deposition, ECR deposition and etching and various plasma emission diagnostic techniques.
Application of advanced techniques to semiconductor devices for solar energy conversion (photovoltaic), semiconductor device structures and packaging applications.
1971-1985; Grumman Corporation, Bethpage, N.Y., Held positions of increasing responsibilities up to rank of Senior Staff Scientist and Senior Program Manager. Areas of management and individual contribution include:
Photovoltaic materials, devices and applications; Led a team of scientists, engineers and business personnel in establishing a PV business base for Grumman Energy Systems division of the company
Experience with photo electrochemical devices, all solid state devices; single crystal Si and GaAs as well as thin film amorphous Si, II-VI compound and chalcogenide base devices.
Magnetic thin films for RAM and other applications.
High-Energy Laser countermeasures program.
Fundamental research into melting and fining of glasses and glass ceramic precursors in low gravity environment.
Thermal Protection Systems; study, characterization and development of closed pore insulation material for reusable heat shields for re-entry vehicles.
PATENTS & PUBLICATIONS: 23 Patents 90+ Publications