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): January 22, 2007
MOBILITY ELECTRONICS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| |
|
|
0-30907
(Commission File Number)
|
|
86-0843914
(IRS Employer Identification No.) |
| |
|
|
| 17800 N. Perimeter Dr., Suite 200, Scottsdale, Arizona
|
|
85255 |
| (Address of Principal Executive Offices)
|
|
(Zip Code) |
(480) 596-0061
(Registrant’s telephone number, including area code)
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:
| 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)) |
TABLE OF CONTENTS
|
|
|
| Item 5.02. |
|
Departure of Directors or Principal Officers; Election of Directors; Appointment
of Principal Officers; Compensatory Arrangements of Certain Officers. |
(e) On January 22, 2007, the Compensation
and Human Resources Committee of the Board of Directors (the
“Committee”) of Mobility Electronics, Inc. (“Mobility”) authorized, approved
and adopted an annual bonus plan for certain executives (the “Bonus Plan”). Under the Bonus Plan, each
of the Company’s senior
executives, including Charles R. Mollo, Chief Executive Officer, Joan W. Brubacher, Chief Financial Officer, and
Jonathan Downer, Senior Vice President, Worldwide Sales and Distribution, are eligible to receive an annual bonus, based
on a combination of each individual executive’s achievement of performance objectives and Mobility’s overall business and
financial performance.
The Committee, in its sole discretion, approved
target bonuses for each participant. Bonuses will be calculated using a formula that includes: (a) the executive’s salary, (b) the
executive’s target bonus, and (c) such other discretionary factors as the Committee determines appropriate given the performance of
Mobility, and the participant’s contribution to Mobility’s overall performance, including the growth and creation of increased
stockholder value through the efficient use of Mobility’s assets.
The following table sets forth the potential bonus for each of Messers. Mollo and Downer and Ms.
Brubacher:
| |
|
|
|
|
| Named Executive Officer
|
|
Annual Bonus % of
Annual Salary(1) |
|
Quarterly
Commission % of
Quarterly Salary |
| Charles R. Mollo
|
|
70%(1) |
|
Not applicable |
| Joan W. Brubacher
|
|
60%(1) |
|
Not applicable |
| Jonathan Downer
|
|
20%(1) |
|
0% - 75%(2) |
|
|
|
| (1) |
|
Participants have the opportunity to receive up to two times the stated bonus
percentage of salary based on the performance of the individual and
Mobility. These bonus payments will be based on a percentage of the
participant’s annual salary. |
| |
| (2) |
|
Mr. Downer is also eligible to receive a quarterly commission
under the Bonus Plan in 2007 based on Mobility’s quarterly sales
and direct margin performance. These commission payments will be based on a
percentage of Mr. Downer’s quarterly salary. |
A copy of the Bonus
Plan is attached as Exhibit 10.1 and is incorporated by reference herein. The above description of the Bonus
Plan is not complete and subject to the terms of the Bonus Plan set forth on the Exhibit.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| |
|
|
| Exhibit No. |
|
Description |
| |
10.1
|
|
Mobility Electronics, Inc. 2007 Executive Bonus Plan |