8-KLeadership ChangesMaterial AgreementsExhibits & Filings

MONOLITHIC POWER SYSTEMS INC 8-K Report, Material Agreement (Sep 14, 2006)

Filed September 14, 2006For Securities:MPWR

Summary

Monolithic Power Systems, Inc. (MPWR) filed an 8-K on September 14, 2006, reporting two key board-level changes. Victor Lee was appointed to the Board of Directors, effective September 14, 2006. He will serve on the Compensation, Audit, and Nominating committees. Mr. Lee brings extensive financial experience, having previously held CFO roles at Leadis Technology Inc. and SINA Corporation, as well as finance positions at VLSI Technology and Advanced Micro Devices. Concurrently, Jim Jones resigned from the Board and its committees. Mr. Jones was noted as the company's first venture capital investor, and his departure was not due to any disagreement. The filing also details the compensation package for Mr. Lee, including a stock option grant and an annual retainer, and confirms no reportable relationships or related transactions. This report signals a transition in board composition for MPWR.

Key Highlights

  • 1Appointment of Victor Lee to the Board of Directors, effective September 14, 2006.
  • 2Victor Lee appointed to serve on the Compensation, Audit, and Nominating committees.
  • 3Victor Lee's extensive financial background includes CFO roles at Leadis Technology and SINA Corporation.
  • 4Resignation of Jim Jones from the Board of Directors and its committees, effective September 14, 2006.
  • 5Mr. Jones' departure is stated as not resulting from any disagreement with the Company.
  • 6Victor Lee will receive a non-qualified stock option for 30,000 shares and an annual retainer of $15,000.
  • 7Confirmation that there are no reportable relationships or related transactions involving Victor Lee.

Frequently Asked Questions

Victor Lee has been appointed to the Board of Directors of Monolithic Power Systems. He has a strong financial background, previously serving as Chief Financial Officer and Secretary of Leadis Technology Inc. and SINA Corporation, and in finance leadership roles at VLSI Technology and Advanced Micro Devices.

Mr. Lee will receive a non-qualified stock option to purchase 30,000 shares of the Company's common stock, with vesting over two years. He will also receive an annual retainer of $15,000 for his services.

Jim Jones has resigned from the Board of Directors and its committees, effective September 14, 2006. He was identified as the company's first venture capital investor.

No, the filing explicitly states that Mr. Jones' departure from the Board did not result from or involve any disagreement with the Company.