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 4, 2006
MOBILITY ELECTRONICS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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0-30907
(Commission File Number)
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86-0843914
(IRS Employer Identification No.) |
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17800 N. Perimeter Dr., Suite 200, Scottsdale, Arizona
(Address of Principal Executive Offices)
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85255
(Zip Code) |
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(480) 596-0061
(Registrants telephone number, including area code) |
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Not applicable
(Former Name or Former Address, if Changed Since Last Report) |
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:
¨ Written communications 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))
TABLE OF CONTENTS
Item 1.02. Termination of Material Definitive Agreement.
On April 3, 2006, Timothy S. Jeffries resigned from any and all positions that he held with
Mobility Electronics, Inc. (the Company) and its subsidiaries, including his position as the
Companys Executive Vice President and Chief Operating Officer. Mr. Jeffries resignation was
effective on April 3, 2006, and his responsibilities have been assumed by the Companys Chief
Executive Officer, Chief Financial Officer and other members of the Companys existing management
team. The Company does not intend to hire a new Chief Operating Officer.
In connection with Mr. Jeffries resignation, his employment agreement has been terminated and
he has executed a separation agreement with the Company, dated as of April 3, 2006 (the Separation
Agreement). Pursuant to the terms of the Separation Agreement, the Company will continue to pay
Mr. Jeffries annual base salary of $238,500, and continue his medical and dental benefits, for a
period of twelve months from his separation date.
The Company has also agreed to vest 17,500 of the 75,000 restricted stock units previously
granted to Mr. Jeffries, and further agreed to accelerate the vesting of 3,571 incentive stock
options awarded on November 19, 2002 with an exercise price of $0.84 per share, which were
originally scheduled to vest on May 19, 2006, and 14,290 incentive stock options awarded on
February 7, 2003 with an exercise price of $0.99 per share, which were originally scheduled to vest
on August 7, 2006. These options, together with the other vested stock options held by Mr.
Jeffries as of his separation date, will be exercisable until July 3, 2006, as provided under the
terms of the applicable stock option plan and related stock option agreements.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.
The information disclosed in Item 1.02 of this Current Report on Form 8-K with respect to Mr.
Jeffries resignation is incorporated into this Item 5.02.
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 thereunto duly authorized.
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MOBILITY ELECTRONICS,INC.
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Dated: April 4, 2006 |
By: |
/s/ Charles R. Mollo
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Name: |
Charles R. Mollo |
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Title: |
President and Chief Executive Officer |
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