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): October 13, 2006
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 425 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 1.01 | Entry into a Material Definitive Agreement |
On October 13, 2006, the Board of Directors of Mad Catz Interactive, Inc. (the “Company”) approved and adopted a revised compensation program for non-employee directors of the Company, as described below. The revised program is effective immediately.
| | | |
Annual Cash Retainers | | Amount |
Board of Directors: | | $ | 35,000 |
Chairman of the Board of Directors: | | $ | 20,000 |
Chairman of the Audit Committee: | | $ | 10,000 |
Chairman of the Compensation and Corporate Governance Committee: | | $ | 5,000 |
| |
Meeting Fees | | |
In-Person Board Meetings: | | $ | 2,500 |
Telephonic Board Meetings (>2 hours): | | $ | 1,000 |
Telephonic Board Meetings (<2 hours): | | $ | 500 |
Audit Committee Meetings: | | $ | 1,500 |
Compensation and Corporate Governance Committee Meetings: | | $ | 1,000 |
| |
Equity Compensation | | |
Initial Grant of Options | | | 100,000 |
Annual Grant of Options | | | 25,000 |
The initial grant of options is to be made upon first election to the Board of Directors and each annual grant of options is to be made as of the annual shareholders meeting.
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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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| Date: October 13, 2006 | | | | MAD CATZ INTERACTIVE, INC. |
| | | | |
| | | | | | By: | | /s/ Darren Richardson |
| | | | | | Name: | | Darren Richardson |
| | | | | | Its: | | President and Chief Executive Officer |
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