Business Context and Reporting Period
This Form 8-K is a current report filed by U.S. Auto Parts Network, Inc. (d/b/a Carparts.Com, Inc.) on January 29, 2008. The filing addresses corporate governance matters regarding executive compensation effective for the 2008 fiscal year.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation arrangements rather than operational financial performance.
Material Changes
On January 29, 2008, the Compensation Committee established new 2008 annual base salaries and target discretionary cash bonuses for certain officers. These changes are effective as of January 1, 2008.
Management Commentary and Compensation Details
The Compensation Committee finalized the following compensation packages for key officers:
| Officer | Position | 2008 Base Salary | Target Discretionary Bonus |
|---|---|---|---|
| Shane Evangelist | Chief Executive Officer | $350,000 | $210,000 |
| Michael J. McClane | CFO, EVP of Finance, Treasurer, Secretary | $280,000 | $150,000 |
| Alexander Adegan | Chief Information Officer | $231,000 | $75,000 |
| Houman Akhavan | Vice President of Marketing | $210,000 | $125,000 |
The filing contains no specific guidance, outlook, or discussion of risks and contingencies beyond the standard disclosure of these compensation arrangements.
Investor Verification Points
- Verify the total annual compensation cost impact of the new salary and bonus structures on the company's operating expenses.
- Review the specific performance metrics or conditions required to earn the "target discretionary cash bonuses" listed in Exhibit 10.1.
- Confirm if these compensation levels represent an increase or decrease compared to the 2007 fiscal year.