Form 8-K

Date: February 28, 2013

COBRA ELECTRONICS CORPORATION

/s/ Robert J. Ben

Robert J. Ben

Senior Vice President and

Chief Financial Officer

0001193125-13-082882.txt : 20130228 0001193125-13-082882.hdr.sgml : 20130228 20130228115119 ACCESSION NUMBER: 0001193125-13-082882 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20130222 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20130228 DATE AS OF CHANGE: 20130228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COBRA ELECTRONICS CORP CENTRAL INDEX KEY: 0000030828 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 362479991 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00511 FILM NUMBER: 13650205 BUSINESS ADDRESS: STREET 1: 6500 W CORTLAND ST CITY: CHICAGO STATE: IL ZIP: 60707 BUSINESS PHONE: 773-889-8870 MAIL ADDRESS: STREET 1: 6500 W CORTLAND ST CITY: CHICAGO STATE: IL ZIP: 60707 8-K 1 d494286d8k.htm FORM 8-K Form 8-K

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): February 22, 2013

COBRA ELECTRONICS CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware

0-511

36-2479991

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


6500 West Cortland Street, Chicago, Illinois		60707
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (773) 889-8870

N/A

(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 14a-12 under the Exchange Act (17 CFR 240.14a-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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 22, 2013, the Compensation Committee of Cobra Electronics Corporation (the “Company”) adopted the 2013 Executive Incentive Plan (the “Plan”) for the Company’s executive officers (other than James R. Bazet) and certain other key employees. Under the Plan, participants are entitled to earn cash bonus compensation based upon the achievement by the Company of a pre-established performance goal for 2013 outlined in the Plan. The performance goal consists of a targeted operating profit level of the Company. 100% of the “target” award for each participant in the Plan will be based on the Company meeting the target operating profit level. If the target operating profit level is exceeded by an identified amount, each participant will be entitled to receive 105%, 115%, 120%, 130% or 150% of her “target” award, in the case of Sally Washlow, 105%, 115%, 120%, 125% or 135% of his “target” award, in the case of Robert Ben, and 105%, 110%, 115%, 118% or 120% of his or her “target” award, in the case of the other participants in the Plan, in each case depending on the actual operating profit of the Company. If the target operating profit level is not met but one of five lesser identified operating profit levels is achieved, each participant will be entitled to receive 50%, 60%, 70%, 80% or 90% of his or her respective “target” award depending on the level of operating profit achieved. Under the Plan, the “target” award for Ms. Washlow is 40% of her base salary, the “target” award for Mr. Ben is 35% of his base salary and the “target” award for other participants in the Plan is 35%, 30% or 25% of their respective base salaries depending on the individual. For purposes of the Plan, “operating profit” means the Company’s consolidated operating profits calculated in accordance with generally accepted accounting principles without regard to extraordinary or other nonrecurring items or unusual items unless the Compensation Committee determines that any such extraordinary, nonrecurring or unusual item shall not be disregarded. The annual bonus to be received by Mr. Bazet is determined in accordance with the terms of his employment agreement.

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.