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
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Date of Report (Date of Earliest Event Reported): |
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May 19, 2005 |
Power-One Inc
(Exact name of
registrant as specified in its charter)
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Delaware |
000-29454 |
770420182 |
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(State or other jurisdiction |
(Commission |
(I.R.S. Employer |
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of incorporation) |
File Number) |
Identification No.) |
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740 Calle Plano, Camarillo, California |
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93012 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: |
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805-987-8741 |
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))
Section 1 — Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement
Effective May 17, 2005, the Board of Directors of the Company awarded stock units to officers of the Company as follows:
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NAME |
TITLE |
AWARD |
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William T. Yeates |
President and Chief Operating Officer |
100,000 stock units |
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Brad W. Godfrey |
President, CAPS Division |
100,000 stock units |
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William Franciscovich |
Senior Vice President, Worldwide Sales |
100,000 stock units |
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Paul Ross |
Vice President, Finance and Chief Financial Officer |
40,000 stock units |
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Veronica O. Tarrant |
Vice President, Finance and Chief Accounting Officer |
40,000 stock units |
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Randall H. Holliday |
Secretary and General Counsel |
40,000 stock units |
The awards were granted under the Company’s 1996 Stock Incentive Plan, as amended. Each award provides that the stock units subject to the award will generally vest, subject to the recipient’s continued employment by the Company, over four years at a rate of twenty-five per cent (25%) at each anniversary of the grant date of the award. Upon vesting, the Company will deliver to the award holder one share of Company common stock for each unit that has vested on the corresponding vesting date.
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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.
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Power-One Inc |
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By: |
/s/ Paul E. Ross |
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May 19, 2005 |
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Paul E. Ross |
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Vice President—Finance, Treasurer, |
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and Chief Financial Officer |
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