Item
5.02.
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Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain
Officers.
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Water Chef, Inc - Recent Material EventOn March
17, 2008, Water Chef, Inc. (the “Company”) issued a press release announcing the
appointment of Malcolm Hoenlein as a director of the Company on March 14, 2008
to serve until the next annual meeting of the Company’s stockholders and until
his successor is duly elected and qualified. A copy of the press
release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
In
connection with such appointment, on March 14, 2008 the Company’s board of
directors (the “Board”) granted to Mr. Hoenlein 250,000 restricted shares of the
Company’s common stock, which will vest on the one-year anniversary of his
appointment to the Board. Mr. Hoenlein also received a warrant to
purchase 500,000 shares of the Company’s common stock, which is exercisable for
a three-year period following the one-year anniversary of his appointment to the
Board at an exercise price of $0.0667 per share, which represents the average
closing price of the Company’s common stock during the three trading days prior
to the grant date.
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.
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