Item
5.02. Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Principal Officer; Compensatory Arrangements of Certain Officers.
Election
of a New Director.
On August
8, 2008, our Board of Directors elected Patricia Grace Smith as a director
effective immediately. Ms. Smith is the former Associate
Administrator of Commercial Space Transportation for the Federal Aviation
Administration (FAA). Her experience of over 25 years also includes other
leadership roles with the FAA, the U.S. Department of Transportation Office of
Commercial Space Transportation, and the Federal Communications Commission. In
addition to being a member of our Board of Directors, she has been selected to
serve on our Government Security Committee.
Ms.
Smith’s appointment increases the size of our Board to eleven directors,
consisting of six independent directors and five non-independent
directors.
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.
SPACEDEV, INC.
Date: August
13,
2008 By: /s/ Richard B.
Slansky
Richard B.
Slansky
President & Chief
Financial Officer
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