SBE,
INC.
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(Exact
name of registrant as specified in its charter)
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Delaware
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0-8419
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94-1517641
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer Identification No.)
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of
incorporation)
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4000
Executive Parkway, Suite 200
San
Ramon, CA
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94583
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (925)
355-2000
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Not
Applicable
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(Former
name or former address, if changed since last
report.)
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ITEM 1.01. |
ENTRY
INTO A MATERIAL DEFINITIVE
AGREEMENT.
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·
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A
merger, consolidation or similar transaction to which the Company
is a
party and, immediately after the consummation of such merger,
consolidation or similar transaction, the stockholders of the Company
immediately prior thereto do not own, directly or indirectly, outstanding
voting securities representing more than 50% of the combined outstanding
voting power of the surviving entity in such merger, consolidation
or
similar transaction or more than 50% of the combined outstanding
voting
power of the parent of the surviving entity in such merger, consolidation
or similar transaction; or
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·
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A
sale, lease, license or other disposition of all or substantially
all of
the consolidated assets of the Company and its subsidiaries, other
than a
sale, lease, license or other disposition of all or substantially
all of
the consolidated assets of the Company and its subsidiaries to an
entity,
more than 50% of the combined voting power of the voting securities
of
which are owned by stockholders of the Company in substantially the
same
proportions as their ownership of the Company immediately prior to
such
sale, lease, license or other disposition;
or
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·
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The
Company consummates a sale of equity or debt securities resulting
in at
least $2 million in net proceeds (after deduction of any underwriting
commissions, placement agent fees, attorneys’ fees and other transaction
expenses, as determined by the Board in its sole discretion);
or
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·
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There
occurs any other event as the Board, in its sole discretion, determines
constitutes a triggering event.
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Name
and Title
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Bi-Weekly
base salary before reduction
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Bi-weekly
base salary after reduction
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Total
dollar amount per Participant Agreement
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|||||||
Greg
Yamamoto, Chief Executive Officer & President
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$
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9,375
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$
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5,833
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$
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3,542
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||||
Leo
Fang, Executive Vice President
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$
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8,333
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$
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5,833
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$
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2,500
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||||
David
Brunton, Chief Financial Officer
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$
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7,500
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$
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6,000
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$
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1,500
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||||
Kirk
Anderson, Vice President Operations
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$
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6,875
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$
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5,500
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$
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1,375
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||||
Nelson
Abal, Vice President Sales
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$
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5,833
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$
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5,250
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$
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583
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Name
and Title
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Monthly
fees before reduction
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Monthly
fees after reduction
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Total
dollar amount per Participant Agreement
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|||||||
Ronald
Ritchie, Chairman
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$
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3,750
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$
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0
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$
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3,750
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||||
Marion
M. Stuckey, Director
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$
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2,500
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$
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0
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$
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2,500
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||||
John
Reardon, Director
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$
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2,500
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$
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0
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$
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2,500
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||||
William
B. Heye, Jr., Director
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$
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2,500
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$
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0
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$
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2,500
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||||
John
D’Errico, Director
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$
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2,500
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$
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0
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$
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2,500
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ITEM 9.01. |
FINANCIAL
STATEMENTS AND EXHIBITS.
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(c) |
Exhibits.
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10.1 |
Director
and Officer Bonus Plan, dated September 21,
2006.
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SBE, Inc. | ||||
By:
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/s/ David Brunton | |||
David
Brunton
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||||
Chief
Financial Officer
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Exhibit
Number
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Description
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10.1
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Director
and Officer Bonus Plan, dated September 21,
2006.
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