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MAD CATZ INTERACTIVE INC 8-K 2014

Documents found in this filing:

  1. 8-K
  2. 8-K
Form 8-K

 

 

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): March 28, 2014

 

 

MAD CATZ INTERACTIVE, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Canada   001-14944   N/A

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

7480 Mission Valley Road, Suite 101

San Diego, California 92108

(Address of Principal Executive Offices)

(619) 683-9830

(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:

 

¨ 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 240.14.a-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))

 

 

 


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On March 28, 2014, the independent members of Mad Catz Interactive, Inc.’s (the “Company”) Board of Directors (the “Board”) approved an executive bonus plan for the Company’s FY 2015. Bonuses awarded under the executive bonus plan will be based upon the Company’s FY 2015 operating income, as reported in the Company’s audited consolidated financial statements, compared to budgeted operating income approved by the Board on March 28, 2014. Bonuses awarded under the executive bonus plan will be based on the following formulas:

 

    Less Than Break Even Operating Income:

 

    % of Target Bonus Earned = 0%

 

    From Break Even Operating Income up to 100% of Budgeted Operating Income:

 

    % of Target Bonus Earned = (100% - ((100% - Operating Income as a % of Budgeted Operating Income) *.5)) * 50%

 

    Example: If 90% of budgeted operating income is achieved, bonus equals 47.5% of Target Bonus.

 

    Example: If 50% of budgeted operating income is achieved, bonus equals 37.5% of Target Bonus.

 

    Greater than 100% of Budgeted Operating Income (capped at 150% of Target Bonus):

 

    % of Target Bonus Earned = (100% + ((Operating Income as a % of Budgeted Operating Income - 100%) * 2.0)) * 50%

 

    Example: If 125% of budgeted operating income is achieved, bonus equals 75% of Target Bonus.

 

    Example: If 150% of budgeted operating income is achieved, bonus equals 100% of Target Bonus.

 

    Example: If 200% of budgeted operating income is achieved, bonus equals 150% of Target Bonus.

The Target Bonus, as a percentage of base salary, for the Company’s executive officers for the Company’s FY 2015 is set forth in the following table:

 

Name

   Title                           

Target Bonus

Award as % of

Salary

Darren Richardson    President and Chief Executive Officer    60%
Karen McGinnis    Chief Financial Officer    50%
Brian Andersen    Chief Operating Officer    50%
Whitney Peterson    Senior Vice President, Business Affairs; General Counsel; Secretary    50%


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 hereunto duly authorized.

 

Date: April 3, 2014     MAD CATZ INTERACTIVE, INC.
    By:  

/s/ KAREN MCGINNIS

    Name:   Karen McGinnis
    Its:   Chief Financial Officer
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