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): | December 21, 2004 |
Ashworth, Inc.
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(Exact name of registrant as specified in its charter)
| Delaware | 001-14547 | 84-1052000 |
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_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 2765 Loker Avenue West, Carlsbad, California | 92008 | |
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_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 760-438-6610 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
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 1.01. Entry into a Material Definitive Agreement.
On December 21, 2004, Ashworth, Inc. (the "Company") issued stock option grants to each of its executive officers and non-employee directors, as approved by the Company's board of directors and in accordance with its 2000 Equity Incentive Plan. The opions have an exercise price equal to the fair market value of the Company's common stock on the grant date and will expire no more than 10 years from such date.
Each non-employee director was granted an option to purchase 20,000 shares of the Company's common stock. With the exception of Mr. Gambucci whose options vest immediately, the options granted to the non-employee directors will vest in four quarterly installments on each of February 1, 2005, May 1, 2005, August 1, 2005 and November 1, 2005.
The options granted to the executive officers will vest in three equal installments on each of the first, second and third anniversary of the grant date. The exectutive officers were granted ptions to purchase up to the following number of shares of the company's common stock:
Randall L. Herrel, Sr. - Chairman, President and CEO - 45,000
Terence W. Tsang - Executive Vice President and CFO - 30,000
Peter s. Case - Senior Vice President-Finance - 5,000
Peter E. Holmberg - Senior Vice President-Sales - 15,000
Gary I. Schneiderman - Senior Vice President-Sales - 18,000
In accordance with the Company's 2000 Equity Incentive Plan, the Company enters into a stock agreement with each optionee at time of grant. A copy of the Company's form of stock option agreement is attached hereto as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
Ex. 10.1 - Form of Stock Option Agreement
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.
| Ashworth, Inc. | ||||
| December 22, 2004 | By: |
Terence W. Tsang
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| Name: Terence W. Tsang | ||||
| Title: EVP and CFO | ||||
Exhibit Index
| Exhibit No. | Description | |
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10.1
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Form of Stock Option Agreement |