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): April 26, 2005
__________
SIGA Technologies, Inc.
-----------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 0-23047 13-3864870
-------- ------- ----------
(State or other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation or Organization) Number) Identification Number)
420 Lexington Avenue, Suite 408, New York, New York 10170
-------------------------------- ------------------ -----
(Address of Principal Executive Offices) (Zip Code)
(212) 672-9100
--------------
(Registrant's telephone number, including area code)
ITEM 1.01. Entry Into A Material Definitive Agreement.
------------------------------------------
Effective April [21], 2005, SIGA modified its existing Director Compensation
Program so that it is now as follows:
(a) Directors will receive $1,000 per meeting for board meetings and will
be reimbursed for expenses incurred by them in connection with serving
on our Board of Directors.
(b) The chairman of the Audit Committee will receive $1,000 per meeting
for meetings of the Audit Committee and all other members of the Audit
Committee will receive $500 per meeting for meetings of the Audit
Committee.
(c) Members of the Compensation Committee and the Nominating and Corporate
Governance Committee will receive $500 per meeting for meetings of the
Compensation Committee and the Nominating and Corporate Governance
Committee.
(d) Non-employee directors will receive an initial grant of 25,000
options, upon such non-employee director's first election to the Board
of Directors, which such options will be granted under SIGA's Amended
and Restated 1996 Incentive and Non-Qualified Stock Option Plan.
(e) In addition, non-employee directors will receive an annual grant of
10,000 options under SIGA's Amended and Restated 1996 Incentive and
Non-Qualified Stock Option Plan, made at each Annual Meeting and
commencing with the 2005 Annual Meeting. All such options have an
exercise price equal to the fair market value of the underlying SIGA
shares on the date of grant.
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.
SIGA TECHNOLOGIES, INC.
By: /s/ Thomas N. Konatich
--------------------------------
Thomas N. Konatich
Chief Financial Officer
Date: April 26, 2005