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): September 20, 2007
Oakley,
Inc.
(Exact
name
of registrant as specified in its charter)
|
Washington
|
001-13848
|
95-3194947
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
|
One
Icon
Foothill
Ranch, California 92610
(Address
of principal executive offices and zip code)
Registrant’s
telephone number, including area code:
(949)
951-0991
N/A
(Former
name
or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following
provisions:
[] Written
communication 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
September
20, 2007, the Board of Directors (the “Board”) of Oakley, Inc. (the “Company”),
upon the recommendation of the Company’s Audit Committee, approved the Shared
Services Agreement, made as of September 20, 2007, by and between the Company
and Red.com, Inc. dba Red Digital Cinema Camera Company (“Red”) (the
“Agreement”). Jim Jannard, the Chairman of the Company, owns
Red. As a result, the Agreement is a related party transaction and
requires the approval of the Company’s Board.
Under
the
Agreement, the Company agreed to provide to Red, from time to time, defined,
agreed-upon services of certain of the Company’s employees at a fair market
value hourly rate. In addition, Red agreed to reimburse the Company
at cost for all other out-of-pocket costs incurred by the Company on behalf
of
Red. Furthermore, Red agreed to maintain a deposit with the Company
to prepay any costs incurred, which deposit shall be replenished on an as needed
basis.
The
term of
the Agreement is for one (1) year from September 20, 2007 and shall
automatically be renewed for additional one (1) year terms unless terminated
at
any time, including within the first year, by either party, with or without
cause, pursuant to thirty (30) days written notice.
The
foregoing description of the Agreement is only a summary, does not purport
to be
complete and is qualified in its entirety by reference to the
Agreement. The Agreement is attached hereto as Exhibit 10.1 and is
incorporated herein by reference.
Item
9.01(d). Exhibits.
|
10.1
|
Shared
Services Agreement, made as of September 20, 2007, by and between
Oakley,
Inc. and Red.com, Inc. dba Red Digital Cinema Camera
Company.
|
SIGNATURE
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 thereunto
duly
authorized.
OAKLEY,
INC.
Date:
September 20,
2007 By:
/s/ Richard Shields
________
Name: Richard
Shields
Title: Chief
Financial Officer