Deep Down, Inc. (Form: 8-K, Received: 07/14/2010 17:14:55)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

(Exact name of registrant as specified in its charter)

Nevada		0-30351		75-2263732
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

8827 W. Sam Houston Pkwy N. Suite 100, Houston, TX 77040

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code

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:

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECTION 1 – Registrant’s Business and Operations

ITEM 1.01 – Entry into a Material Definitive Agreement.

On May 3, 2010, Deep Down, Inc., a Nevada corporation (“Deep Down”), announced the execution of a Stock Purchase Agreement, effective as of May 3, 2010 (the “Purchase Agreement”), by and among Deep Down, Cuming Corporation, a Massachusetts corporation (“Cuming”), and the stockholders of Cuming (the “Selling Stockholders”), pursuant to which Deep Down has agreed to purchase all of the issued and outstanding shares of Cuming’s common stock (the “Acquisition”) for a purchase price of $47 million (less an amount of certain liabilities to be assumed and further subject to a purchase price adjustment for working capital).

On July 13, 2010, Deep Down entered into an Amendment No. 1 to Stock Purchase Agreement, by and among Deep Down, Cuming and the Selling Stockholders (the “Amendment”) dated effective as of June 30, 2010, to provide for an extension of the date on which Deep Down or the Selling Stockholders may terminate the Purchase Agreement.

The terms of the Purchase Agreement originally provided that either of Deep Down or the Selling Stockholders may terminate the Purchase Agreement if the Acquisition is not completed by June 30, 2010, provided the party wishing to terminate is not in breach of the Purchase Agreement. The Amendment now provides that either of Deep Down or the Selling Stockholders may terminate the Purchase Agreement if the Acquisition is not completed by July 31, 2010, provided the party wishing to terminate is not in breach of the Purchase Agreement.

The foregoing description of the Amendment contained herein is qualified in its entirety by reference to the full text of the agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

SECTION 9 – Financial Statements and Exhibits

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1*

Amendment No. 1 to Stock Purchase Agreement, dated July 13, 2010, among Deep Down, Inc., Cuming Corporation and the Selling Stockholders named therein.

* Filed or furnished herewith.

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.

	DEEP DOWN, INC.

	By :	/s/ Ronald E. Smith
		Ronald E. Smith President and Chief Executive Officer

AMENDMENT NO. 1 TO STOCK PURCHASE AGREEMENT

This Amendment No. 1 to the Stock Purchase Agreement (“ Amendment ”) is made and entered effective as of June 30, 2010 by and among Deep Down, Inc., a corporation existing under the laws of Nevada (“ Purchaser ”), Cuming Corporation, a corporation existing under the laws of Massachusetts (the “ Company ”), and the stockholders of the Company listed on the signature pages hereof under the heading “Selling Stockholders” (collectively, the “ Selling Stockholders ”). All capitalized terms not otherwise defined herein shall have the meanings as set forth in the Agreement (as defined below).

WHEREAS, on May 3, 2010, the parties entered into that certain Stock Purchase Agreement (the “ Agreement ”); and

WHEREAS, the parties desire to amend the Agreement in accordance with the terms of this Amendment.

1.	Amendment . Section 9.1(a) of the Agreement shall be amended by striking “June 30, 2010” and replacing it with “July 31, 2010.”

Counterparts; Facsimile Signatures . This Amendment may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. This amendment may be executed by facsimile signature.

3.	Effectiveness of Agreement . Except as amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

[Remainder of Page Intentionally Left Blank]

Signature Page Follows

Amendment No. 1 to Stock Purchase Agreement

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

	DEEP DOWN, INC.

	By:	/s/ Eugene L. Butler
		Eugene L. Butler, Executive Chairman




	Cuming Corporation

	By:	/s/ John W. Cuming
		John W. Cuming, Chairman


	SELLING STOCKHOLDERS:


	/s/ John W. Cuming
	John W. Cuming


	/s/ Jon E. Steffensen
	Ruth D. Cuming and Jon E. Steffensen, Executors for the Estate of William R. Cuming under will dated March 31, 2003, as amended

Amendment No. 1 to Stock Purchase Agreement

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