¨ | Preliminary Proxy Statement |
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x | Definitive Proxy Statement |
¨ | Definitive Additional Materials |
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¨ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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1. | to elect five (5) members to serve on our Board of Directors until the next annual meeting of shareholders and/or until his successor has been duly elected and qualified; and |
2. | to transact other business properly come before the Annual Meeting or any postponement(s) or adjournment(s) thereof. |
By Order of the Board of Directors, /s/ Stewart Wang Stewart Wang Chief Executive Officer, President and Director |
Name | Year First Became a Director | Position(s) | ||
Tzu Sheng (Johnson) Ku | 1989 | Director and Chairman | ||
Stewart Wang | 1989 | President, Chief Executive Officer and Director | ||
Richard Chiang | 1989 | Director | ||
Felix Sung | 1995 | Director | ||
Craig Miller | 2000 | Director |
Name | Age | Position(s) | ||
Tzu Sheng (Johnson) Ku | 63 | Director and Chairman | ||
Stewart Wang | 62 | President, Chief Executive Officer and Director | ||
Richard Chiang | 55 | Director | ||
Felix Sung | 62 | Director | ||
Craig Miller | 58 | Director | ||
David Vanderhorst | 47 | Chief Financial Officer and Corporate Secretary |
Director | Audit | Compensation | |||
Richard Chiang | ü | Chair | |||
Felix Sung | ü | ü | |||
Craig Miller | Chair | ü |
Name | Fees Earned or Paid in Cash [1] ($) | Stock Awards ($) | Option Awards [2] ($) | Non-Equity Incentive Plan Comp. ($) | Change in Pension Value and Nonqualified Deferred Comp. Earnings ($) | All Other Comp. ($) | Total ($) | Fees Earned or Paid in Cash [1] ($) | Stock Awards ($) | Option Awards [2] ($) | Non-Equity Incentive Plan Comp. ($) | Change in Pension Value and Nonqualified Deferred Comp. Earnings ($) | All Other Comp. ($) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||
R.Chiang | 1,500 | - | 1,200 | - | - | - | 2,700 | 1,500 | - | 5,333 | - | - | - | 6,833 | ||||||||||||||||||||||||||||||||||||||||||
F.Sung | 1,500 | - | 1,200 | - | - | - | 2,700 | 1,500 | - | 5,333 | - | - | - | 6,833 | ||||||||||||||||||||||||||||||||||||||||||
C.Miller | 1,500 | - | 1,200 | - | - | - | 2,700 | 1,500 | - | 5,333 | - | - | - | 6,833 |
[1] | Non-employee directors receive $1,500 for attending the annual Board of Directors meeting and the Company pays all out-of-pocket fees associated with all directors’ attendance. |
[2] | Non-employee directors receive annually 5,000 non-statutory options of Class A Common Stock exercisable at the fair market value of the Company’s Class A Common Stock on the date of grant. A discussion of the methods used in calculation of these values may be found in Note |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards [1] ($) | Non-Equity Incentive Plan Comp. ($) | Change in Pension Value and Nonqualified Deferred Comp. Earnings ($) | All Other Comp. [2] ($) | Total ($) | |||||||||||||||||||||||||
S.Wang | 2009 | 182,000 | - | - | 1,680 | - | - | 34,800 | 218,480 | |||||||||||||||||||||||||
CEO | 2008 | 182,000 | - | - | 5,000 | - | - | 35,500 | 222,500 | |||||||||||||||||||||||||
D.Vanderhorst | 2009 | 117,000 | - | - | 1,200 | - | - | 7,200 | 125,400 | |||||||||||||||||||||||||
CFO | 2008 | 119,000 | - | - | 3,300 | - | - | 3,800 | 126,100 |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards [1] ($) | Non-Equity Incentive Plan Comp. ($) | Change in Pension Value and Nonqualified Deferred Comp. Earnings ($) | All Other Comp. [2] ($) | Total ($) | |||||||||||||||||||||||||
S.Wang CEO | 2011 | 182,000 | - | - | - | - | - | 38,219 | 220,219 | |||||||||||||||||||||||||
2010 | 182,000 | - | - | - | - | - | 39,118 | 221,118 | ||||||||||||||||||||||||||
D.Vanderhorst CFO | 2011 | 123,000 | - | - | - | - | - | 14,461 | 137,461 | |||||||||||||||||||||||||
2010 | 117,000 | - | - | - | - | - | 7,875 | 124,875 |
[1] | A discussion of the methods used in calculation of these values may be found in Note 7 to our consolidated financial statements in our Annual Report on Form 10-K. Reflects the dollar amount recognized for financial statement reporting purposes with respect to the fiscal year computed in accordance with |
[2] | Reflects amounts primarily for unused vacation pay and auto allowance benefits. |
Option Awards [1] | Stock Awards | ||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) | Number of Securities Underlying Unexercised Options (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
Exercisable | Unexercisable | ||||||||||||||||||||||||||||||||
20,000 | - | - | 3.19 | 4/28/2010 | - | - | - | - | |||||||||||||||||||||||||
27,500 | - | - | 1.80 | 4/24/2011 | - | - | - | - | |||||||||||||||||||||||||
S. Wang | 15,000 | - | - | 1.30 | 5/10/2012 | - | - | - | - | ||||||||||||||||||||||||
CEO | 30,000 | - | - | 1.00 | 5/9/2013 | - | - | - | - | ||||||||||||||||||||||||
20,000 | - | - | 1.72 | 8/2/2014 | - | - | - | - | |||||||||||||||||||||||||
15,000 | - | - | 2.70 | 12/2/2011 | - | - | - | - | |||||||||||||||||||||||||
5,000 | 10,000 | - | 1.73 | 3/20/2013 | - | - | - | - | |||||||||||||||||||||||||
6,000 | - | - | 1.87 | 6/21/2009 | - | - | - | - | |||||||||||||||||||||||||
8,000 | - | - | 1.80 | 4/24/2011 | - | - | - | - | |||||||||||||||||||||||||
D.Vanderhorst | 3,500 | - | - | 1.30 | 5/10/2012 | - | - | - | - | ||||||||||||||||||||||||
CFO | 10,000 | - | - | 1.72 | 8/2/2014 | - | - | - | - | ||||||||||||||||||||||||
10,000 | - | - | 2.45 | 12/2/2016 | - | - | - | - | |||||||||||||||||||||||||
7,000 | - | - | 1.57 | 3/20/2018 | - | - | - | - |
Option Awards [1] | Stock Awards | ||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) | Number of Securities Underlying Unexercised Options (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
Exercisable | Unexercisable | ||||||||||||||||||||||||||||||||
S. Wang CEO | 15,000 | - | - | 1.30 | 5/10/2012 | - | - | - | - | ||||||||||||||||||||||||
30,000 | - | - | 1.00 | 5/9/2013 | - | - | - | - | |||||||||||||||||||||||||
20,000 | - | - | 1.72 | 8/2/2014 | - | - | - | - | |||||||||||||||||||||||||
15,000 | - | - | 1.73 | 3/20/2013 | - | - | - | - | |||||||||||||||||||||||||
5,333 | 2,667 | 0.92 | 5/6/2014 | - | - | - | - | ||||||||||||||||||||||||||
- | 30,000 | 1.33 | 7/5/2016 | - | - | - | - | ||||||||||||||||||||||||||
D.Vanderhorst CFO | 3,500 | - | - | 1.30 | 5/10/2012 | - | - | - | - | ||||||||||||||||||||||||
10,000 | - | - | 1.72 | 8/2/2014 | - | - | - | - | |||||||||||||||||||||||||
10,000 | - | - | 2.45 | 12/2/2016 | - | - | - | - | |||||||||||||||||||||||||
7,000 | - | - | 1.57 | 3/20/2018 | - | - | - | - | |||||||||||||||||||||||||
3,333 | 1,667 | - | 0.84 | 5/6/2019 | - | - | - | - | |||||||||||||||||||||||||
- | 9,000 | - | 1.21 | 7/5/2021 | - | - | - | - |
[1] | All options vest in three equal annual installments beginning one year from the date of grant and are subject to termination provisions as defined in the Plan. |
AUDIT COMMITTEE Richard Chiang Felix Sung Craig Miller, Chairman |
2009 | 2008 | |||||||
Audit Fees | $ | 59,200 | $ | 79,200 | ||||
Audit-Related Fees | - | - | ||||||
Tax Fees | - | - | ||||||
All Other Fees | - | - | ||||||
Total | $ | 59,200 | $ | 79,200 |
2011 | 2010 | 2009 | ||||||||||
Audit Fees | $ | 41,500 | $ | 43,600 | $ | 59,200 | ||||||
Audit-Related Fees | - | - | - | |||||||||
Tax Fees | - | - | - | |||||||||
All Other Fees | - | - | - | |||||||||
Total | $ | 41,500 | $ | 43,600 | $ | 59,200 |
Class A Common Stock (1) | Class B Common Stock (1) | Voting Percent | Class A Common Stock (1) | Class B Common Stock (1) | Voting Percent | ||||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner | Number of Shares | Percent of Class | Number of Shares | Percent of Class | All Classes of Common Stock (1) | Number of Shares | Percent of Class | Number of Shares | Percent of Class | All Classes of Common Stock (1) | |||||||||||||||||||||||||||||||||
Executive Officers and Directors: | |||||||||||||||||||||||||||||||||||||||||||
Tzu Sheng (Johnson) Ku | 1,001,523 | (2) | 20.28 | % | 7.81 | % | 936,053 | (2) | 18.97 | % | 7.30 | % | |||||||||||||||||||||||||||||||
Stewart Wang | 1,055,725 | (3) | 19.17 | % | 762,612 | 100 | % | 62.72 | %(4) | 931,053 | (3) | 20.24 | % | 762,612 | 100 | % | 63.13 | % | (4) | ||||||||||||||||||||||||
Richard Chiang | 57,194 | (5) | 1.20 | % | * | 54,694 | (5) | 1.14 | % | * | |||||||||||||||||||||||||||||||||
Felix Sung | 59,227 | (5) | 1.24 | % | * | 56,727 | (5) | 1.19 | % | * | |||||||||||||||||||||||||||||||||
Craig Miller | 20,000 | (6) | * | * | 20,000 | (6) | * | * | |||||||||||||||||||||||||||||||||||
David Vanderhorst | 74,606 | (7) | 1.56 | % | * | 72,272 | (7) | 1.51 | % | * | |||||||||||||||||||||||||||||||||
All directors and executive officers as a group (6 persons) | 2,235,775 | (8) | 46.80 | % | 762,612 | 100 | % | 73.36 | % | 2,194,422 | (8) | 45.94 | % | 762,612 | 100 | % | 72.79 | % | |||||||||||||||||||||||||
5% Shareholders: | |||||||||||||||||||||||||||||||||||||||||||
FMR LLC | 359,023 | (9) | 7.52 | % | 2.89 | % | 359,023 | (9) | 7.52 | % | 2.89 | % | |||||||||||||||||||||||||||||||
82 Devonshire Street | |||||||||||||||||||||||||||||||||||||||||||
Boston, MA 02109 |
(1) | Beneficial ownership is determined in accordance with rules of the Securities and Exchange Commission that deem shares to be beneficially owned by any person who has or shares voting or investment power with respect to the shares. Unless otherwise indicated, the persons named in this table have sole voting and sole investment power with respect to all shares shown as beneficially owned, subject to community property laws where applicable. |
(2) | Includes 81,962 shares owned by Mr. Ku’s wife, |
(3) | Includes 762,612 shares of Class A Common Stock issuable upon conversion of the 762,612 shares of Class B Common Stock owned by Mr. Wang, |
(4) | Excludes 762,612 shares of Class A Common Stock issuable upon conversion of the 762,612 shares of Class B Common Stock owned by Mr. Wang. The percentage of all classes owned represents the combined voting power of the Class A and Class B shares held by Mr. Wang. Mr. Wang is entitled to cast 10 votes for each share of Class B Common stock held. |
(5) | Includes |
(6) | Includes 20,000 shares of underlying options that are or will be exercisable within 60 days of March 31, |
(7) | Includes |
(8) | Includes the shares of Class A Common Stock referred to in footnotes (2), (4), (6), (7) and (8) above. |
(9) | Based on Amendment No. 7 to Schedule 13G filed on February 14, 2008 by FMR LLC and Edward C. Johnson. |
THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSAL 1 -THE ELECTION OF DIRECTORS. PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK AS SHOWN HERE x | |||
o FOR ALL NOMINEES o WITHHOLD AUTHORITY FOR ALL NOMINEES o FOR ALL EXCEPT (See instructions below) | NOMINEES: ¡ Tzu Sheng (Johnson) Ku ¡ Stewart Wang ¡ Richard Chiang ¡ Felix Sung ¡ Craig Miller | THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS OF TAITRON COMPONENTS INCORPORATED | |
The undersigned revokes any other proxy to vote at such Meeting and hereby ratifies and confirms all that said attorneys and proxies, and each of them, may lawfully do by virtue hereof. With respect to matters not known at the time of the solicitation hereof, said proxies are authorized to vote in accordance with their best judgment. This Proxy will be voted in accordance with the instructions set forth above. Where a vote is not specified, the proxies will vote the shares represented by the proxy “FOR” Proposal 1 and as said proxy shall deem advisable on such other business as may come before the Meeting, unless otherwise directed. The undersigned acknowledges receipt of a copy of the Notice of Annual Meeting of Shareholders and accompanying Proxy Statement dated April 30, 2012 relating to the Meeting. Please check here if you plan to attend the meeting. o | |||
INSTRUCTION: To withhold authority to vote for any individual nominee(s), mark “FOR ALL EXCEPT” and fill in the circle next to each nominee you wish to withhold, as shown here: l | |||
To change the address on your account, please check the box at right and indicate your new address in the address space Please note that changes to the registered name(s) on the account may not be submitted via this method. |
Signature of Shareholder | Date: | Signature of Shareholder | Date: |
Note: Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person. |