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): June 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
(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
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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:
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 1.01 Entry into a Material Definitive Agreement.
On June 11, 2007, pursuant to the terms of the employment agreement dated May 1, 2007 by and
between Michael D. Heil and Mobility Electronics, Inc. (Mobility), Mr. Heil was awarded 1,000,000
restricted stock units (the RSUs). A copy of the agreements evidencing the RSUs granted to Mr.
Heil are attached as Exhibits 10.1 and 10.2 and are incorporated by reference herein. Pursuant to
the terms of the first RSU agreement, 500,000 of the RSUs granted to Mr. Heil will vest in
increments of 125,000 RSUs per year effective on June 11, 2008, June 11, 2009, June 11, 2010 and
June 11, 2011, or earlier, in full, upon a change in control of Mobility or, on a pro rata basis,
upon Mr. Heils death, disability or termination without cause. Pursuant to the terms of the
second RSU agreement, the other 500,000 RSUs granted to Mr. Heil will vest in increments of 250,000
RSUs, subject to Mobilitys achievement of annual performance objectives for the 2009 and 2011
fiscal years, respectively. The description of the terms of these agreements is not complete and
is subject to the terms of the attached RSU agreements.
On June 11, 2007, Mobilitys Compensation & Human Resources Committee adopted a revised
compensation program for its non-employee directors. A copy of Mobilitys non-employee director
compensation program is attached as Exhibit 10.3 and is incorporated by reference herein.
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Item 5.02. |
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Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously disclosed on a Current Report on Form 8-K filed by Mobility on May 3, 2007,
effective June 8, 2007, Charles R. Mollo ceased to serve as a member and chairman of Mobilitys
board of directors, as well as its president and chief executive officer, and Robert W. Shaner
assumed the position of chairman of Mobilitys board of directors. Also, on June 11, 2007, Larry
M. Carr was re-appointed as a member of Mobilitys board of directors, Jerre L. Stead declined to
stand for re-election, and resigned from his position, as a member of Mobilitys board of
directors, and Michael D. Heil was appointed as a member of Mobilitys board of directors and its
president and chief executive officer.
On June 11, 2007, Mr. Heil was awarded 1,000,000 RSUs. A copy of the agreements evidencing
the RSUs awarded to Mr. Heil are attached hereto as Exhibits 10.1 and 10.2 and are incorporated by
reference herein.
Item 9.01. Financial Statements and Exhibits
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Exhibit No. |
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Description |
10.1
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Mobility Electronics, Inc. Omnibus Long-Term Incentive Plan Restricted Stock Unit Award
Agreement.+ |
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10.2
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Mobility Electronics, Inc. Omnibus Long-Term Incentive Plan Restricted Stock Unit Award
Agreement.+ |
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10.3
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Mobility Electronics, Inc. Non-Employee Director Compensation Program.+ |
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Management or compensatory plan or agreement. |