Business Context and Reporting Period
This Form 8-K Current Report was filed by Diodes Incorporated on January 11, 2007, with the report signed on March 16, 2007. The filing discloses executive bonus awards under the 2001 Omnibus Equity Incentive Plan for services rendered during fiscal 2006.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures. It references performance criteria based on revenue growth relative to the industry and net income growth over the prior year, but does not disclose the actual values achieved.
Material Changes
The primary material event reported is the allocation of executive compensation. The Compensation Committee awarded bonuses based on the company meeting specific performance criteria for fiscal 2006. No other material changes to operations or financial status are detailed in this document.
Management Commentary and Unusual Items
Management commentary is limited to the explanation of the bonus structure. Bonuses were awarded to officers who were employed when the 2006 performance criteria were established, as well as discretionary bonuses to officers hired after those criteria were set. The total compensation disclosed includes:
- Keh-Shew Lu (President and CEO): $827,000
- Joseph Liu (SVP, Operations): $416,000
- Mark King (SVP, Sales and Marketing): $387,000
- Carl Wertz (CFO, Secretary & Treasurer): $283,000
- Steven Ho (VP, Asia Sales): $230,000
- Francis Tang (VP, Product Development): $270,000 (Discretionary)
- Rick White (SVP, Finance): $140,000 (Discretionary)
- Ed Tang (VP, Corporate Administration): $75,000 (Discretionary)
Investor Verification Checklist
- Verify the total aggregate bonus payout against the company's fiscal 2006 annual report (10-K) to confirm expense recognition.
- Confirm the specific revenue growth and net income figures for fiscal 2006 that triggered the bonus pool, as these are not listed in this 8-K.
- Review the 2001 Omnibus Equity Incentive Plan to understand the specific thresholds for "industry revenue growth" and "net income" used by the Compensation Committee.
- Check for any subsequent filings regarding the actual payment dates of these bonuses.