8-K 1 a06-18689_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

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): August 22, 2006

@Road, Inc.

(Exact name of Registrant as specified in its charter)

Delaware

000-31511

94-3209170

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

 

47071 Bayside Parkway, Fremont, CA 94538

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code 510-668-1638

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.

On August 22, 2006, the Board of Directors of @Road, Inc. (the “Company”) approved new annual base salaries, granted stock options and determined target performance-based bonuses by which compensation to some of the Company’s executive officers will be determined with respect to the period from October 1, 2006 through September 30, 2007.

Below are summaries of the changed compensation packages for certain executive officers:

Name and Title

 

Annual
Salary

 

Stock
Options(1)

 

Performance
Bonus Target(2)

 

Krish Panu
Chairman of the Board, Chief Executive Officer and President

 

$

350,000

 

80,000

 

$

300,000

 

Michael Martini
Chief Financial Officer and Senior Vice President

 

$

250,000

 

50,000

 

$

150,000

 

Thomas Allen
Executive Vice President, Service Delivery and Systems

 

$

240,000

 

20,000

 

$

150,000

 

Michael Walker
Chief Technology Officer and Executive Vice President

 

$

230,000

 

20,000

 

$

150,000

 

Leo Jolicoeur
Chief Marketing Officer and Executive Vice President

 

$

250,000

 

50,000

 

$

150,000

 


(1)           The stock options are for shares of the Company’s common stock with a per share exercise price equal to the fair market value on August 23, 2006, or $4.40.  Each option will vest over a 36 month period, such that 1/36th of the total shares subject to the option grant will vest on each monthly anniversary of the Vesting Commencement Date of August 22, 2006.

(2)           The performance bonuses are to be paid quarterly based on the attainment of personal and Company performance objectives.

2




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

@Road, Inc.

 

 

(Registrant)

 

 

 

 

 

 

Date: August 25, 2006

By:

/s/ Krish Panu

 

 

 

Krish Panu

 

 

President and
Chief Executive Officer