0-30907 (Commission File Number) |
86-0843914 (IRS Employer Identification No.) |
|
17800 North Perimeter Dr., Suite 200, Scottsdale, AZ (Address of Principal Executive Offices) |
85255 (Zip Code) |
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)) |
Item 5.02(e) | Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangement of Certain Officers. |
Annual Bonus % of | Quarterly Commission % of | |||||||
Named Executive Officer | Annual Salary | Quarterly Salary | ||||||
Michael D. Heil |
70 | %(1) | Not Applicable | |||||
Joan W. Brubacher |
60 | %(1) | Not Applicable | |||||
Jonathan Downer |
30 | %(1) | 0% - 30% (2) | |||||
Walter Thornton |
35 | %(1) | Not Applicable | |||||
Brian M. Roberts |
30 | %(1) | Not Applicable |
(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 participants annual salary. | |
(2) | Mr. Downer is also eligible to receive a quarterly commission under the Bonus Program in 2008 based on Mobilitys quarterly revenues. These commission payments will be based on a percentage of Mr. Downers quarterly salary. |
Named Executive Officer | Grant | |||
Michael D. Heil |
0 | (1) | ||
Joan W. Brubacher |
200,000 | |||
Jonathan Downer |
200,000 | |||
Walter Thornton |
125,000 | |||
Brian M. Roberts |
125,000 |
(1) | The Committee amended the vesting schedule of the performance RSUs previously granted to Mr. Heil as an inducement grant upon his joining Mobility in 2007 so that these 500,000 RSUs will vest evenly over a four-year period from the effective date of the amendment (i.e. 25% vest on March 19, 2009, 2010, 2011 and 2012), with unvested RSUs vesting earlier, on a pro rata basis, upon Mr. Heils death, disability, termination without cause or retirement or, in full, upon a change in control of Mobility. A copy of the amendment to Mr. Heils RSU grant is filed as Exhibit 10.2. |
Named Executive Officer | 2007 Salary ($) | Raise ($) | 2008 Salary ($) | |||||||||
Michael D. Heil |
400,000 | 0 | 400,000 | |||||||||
Joan W. Brubacher |
258,500 | 10,000 | 268,500 | |||||||||
Jonathan Downer |
230,000 | 15,000 | 245,000 | |||||||||
Walter Thornton |
190,000 | 0 | 190,000 | |||||||||
Brian M. Roberts |
165,000 | 30,000 | 195,000 |
(d) | Exhibits |
Exhibit No. | Description | |
10.1
|
Mobility Electronics, Inc. 2008 Executive Bonus Program. | |
10.2
|
Amendment No. 1 to Mobility Electronics, Inc. Omnibus Long-Term Incentive Plan Restricted Stock Unit Award Agreement by and between the Company and Michael D. Heil, dated March 19, 2008. | |
10.3
|
Form Mobility Electronics, Inc. Omnibus Long-Term Incentive Plan Restricted Stock Unit Award Agreement, dated March 19, 2008. |
MOBILITY ELECTRONICS, INC. |
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Dated: March 21, 2008 | By: | /s/ Joan W. Brubacher | ||
Joan W. Brubacher | ||||
Executive Vice President, Chief Financial Officer and Treasurer |