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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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 11, 2007
MOBILITY ELECTRONICS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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0-30907
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86-0843914 |
(Commission File Number)
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(IRS Employer Identification No.) |
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17800 N. Perimeter Dr., Suite 200, Scottsdale, Arizona
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85255 |
(Address of Principal Executive Offices)
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(Zip Code) |
(480) 596-0061
(Registrants 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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
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Item 5.02 |
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Departure of directors or Principal Officers; Election of Directors;
Appointment of Principal Officers |
(e) On April 11, 2007, the Compensation and Human Resources Committee of the Board of
Directors (the Committee) of Mobility Electronics, Inc. (Mobility) authorized, approved and
adopted modifications to the 2007 compensation arrangement for Jonathan Downer, Mobilitys Senior
Vice President, Worldwide Sales and Distribution. As a result of the modifications, Mr. Downer
will be granted up to an additional 65,000 restricted stock units (RSUs) pursuant to Mobilitys
Omnibus Long-Term Incentive Plan if Mobility achieves certain objectives set forth and determined by the
Committee. If earned, the RSUs will vest twenty-five
percent (25%) per year over four (4) years immediately upon the anniversary of each individual RSU
grant date.
The specific terms of the RSU grants will be set forth in a restricted stock unit award
agreement (the RSU Agreement). A copy of the form of RSU Agreement has previously been filed
with the Commission. The above description of the RSUs is not complete and is subject to the terms
of the RSU Agreement set forth on the Exhibit.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
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Exhibit No. |
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Description |
Exhibit 10.1
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Form of Mobility Electronics, Inc. Omnibus Long-Term Incentive Plan
Restricted Stock Unit Award Agreement (Previously filed as Exhibit 10.1 to
Mobilitys Current Report on Form 8-K filed with the Commission on January 5,
2007). |
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 12, 2007 |
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/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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